Ethereum’s open interest on Hyperliquid has surpassed Bitcoin’s, reaching approximately $3.02 billion versus BTC’s roughly $2.80 billion. This shift occurred on Hyperliquid, a decentralized perpetual futures exchange that now accounts for an estimated 8.7% to 10.9% of global perpetual futures open interest. The platform reached a record high of approximately $18 billion in total open interest as of late September 2026. Launched around late 2023, Hyperliquid operates a decentralized order book model and offers up to 50x leverage across its markets. This flip reflects a rotation in trader sentiment, with ETH and BTC having been in a tight contest for the top spot throughout 2026.
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