Hyperliquid's open positions reach $16.8 billion, passing Bybit, Kraken and OKX, a perps venue
Equity perps traded $153.8 billion in the third quarter on Hyperliquid, a perps venue, with Korean shares helping the gain. A July pricing incident led the venue to close $57.4 million of leveraged positions.
Hyperliquid passed Bybit, Kraken and OKX as positions in its perps, contracts without an expiry date, reached a record $16.8 billion, CoinCentral reported. That gave it 11.7% of the value of all open positions across Hyperliquid and eight major exchanges.
The value of its open positions rose nearly 80% from the end of June to the end of September. The increase put an exchange that runs on a blockchain ahead of three major company-run rivals by this measure.
| Measure | Figure | Baseline or status |
|---|---|---|
| US access at quarter-end | Not yet available | Proposed Bitnomial route awaited approval |
| Value of open positions | $16.8 billion | Nearly 80% higher than at the end of June |
| Share across nine exchanges | 11.7% | Up from 9.6% |
| Native perp volume | More than $188 billion in September | $109.5 billion in July, CoinCentral reported |
| Equity-perp volume | $153.8 billion | Up 161% quarter over quarter |
| Average daily traders | 65,161 | Up 20% quarter over quarter |
| SK hynix liquidations | $57.4 million | Triggered by a July pricing incident |
Trading in Hyperliquid's own crypto perp market also accelerated. Monthly volume rose from $109.5 billion in July to more than $188 billion in September, CoinCentral reported.
Why it matters
Stocks supplied another market.. Stock-linked trading supplied much of the activity in markets that outside firms list on Hyperliquid. Stock perps traded $153.8 billion in the third quarter, up 161%, and overtook commodities in those outside-listed markets.
Those contracts made up 58.8% of HIP-3's record $262 billion in quarterly volume. Trade[XYZ] handled 97.5% of that volume in September, concentrating most activity with one operator.
Growth brought pricing risk.. A reference-price incident in the SK hynixSKHYNIX$867.55-2.24% perp caused $57.4 million of liquidations, in which the venue closed leveraged positions after their margin ran short. The report said the incident exposed weak pricing outside Korean market hours.
The same books reached more traders.. Hyperliquid averaged a record 65,161 daily traders, up 20% from the prior quarter. CoinbaseCOIN$120.65-6.11% decided to route Base App perp trades to Hyperliquid's order books, giving users another way to trade against them.
Protocol revenue reached $190.9 million, up 21.7% from the second quarter. Trading and network activity supplied $173.6 million of that total.
Traders outside the US can use Hyperliquid. The exchange is closed to US residents. US clients could not yet trade through the proposed Bitnomial route at quarter-end.
What's next
President Donald Trump said on August 19 that the CFTC, which oversees US derivatives markets, was working to bring Hyperliquid to the US. Payward, Kraken's parent, announced plans on September 16 for Bitnomial, a US-regulated derivatives exchange, to run a venue on Hyperliquid, but approval remained pending at quarter-end.