Ethereum Open Interest on Hyperliquid Surpasses Bitcoin, Tops $3 Billion

Forecast Trend Report by Period

Ethereum has surpassed Bitcoin in open interest on decentralized derivatives exchange Hyperliquid.

Crypto Briefing reported on September 29 that open interest in Hyperliquid’s ETH perpetual futures stood at about $3.02 billion, compared with about $2.8 billion for BTC.

Open interest refers to the total value of derivatives contracts that have not yet been liquidated or closed. Unlike trading volume, it measures the size of positions still outstanding in the market.

ETH and BTC have traded places at the top of Hyperliquid’s open interest rankings several times this year. With ETH moving back ahead of BTC, some analysis suggests speculative demand in the derivatives market is shifting toward Ethereum.

Hyperliquid’s total open interest reached about $18 billion as of late September, a record high. That is equivalent to roughly 9% to 11% of global perpetual futures open interest.

Still, an increase in ETH open interest does not necessarily signal a rise in bullish bets. Because open interest includes both long and short positions, it is better viewed as a gauge of market participation and increased leverage than of price direction.