On the decentralized exchange Hyperliquid, Ethereum has overtaken Bitcoin in terms of open interest for perpetual futures contracts. ETH reached approximately $3.02 billion, while BTC open interest stands at roughly $2.80 billion.
Hyperliquid currently accounts for an estimated 8.7% to 10.9% of global perpetual futures open interest. As of late September 2026, the total open interest on the platform reached a record high of approximately $18 billion.
Launched around 2023, the platform operates on its own Layer-1 blockchain and utilizes an on-chain central limit order book rather than an automated market maker model. This architecture allows for up to 50x leverage across its markets.
The exchange introduced the HIP-3 framework in October 2025, enabling the trading of tokenized traditional assets such as commodities, individual stocks, and equity indices like the S&P 500. Some of these assets have previously surpassed Bitcoin in open interest on the platform.
