Hyperliquid Overtakes Bybit, Kraken and OKX as Open…
By Abdelaziz Fathi
AI summary of the source article
Hyperliquid reached a record $16.8 billion in derivatives open interest in Q3 2026, overtaking Bybit, Kraken, and OKX. Meanwhile, the platform faces scrutiny over priority-data auctions heavily dominated by market maker Wintermute.
Why it matters
The text notes that "the concentration of priority-data auction wins creates a market-structure issue as Hyperliquid attracts institutional participants."
Key facts
- Hyperliquid's derivatives open interest surged nearly 80% from June to end Q3 2026 at $16.8 billion.
- Protocol revenue reached $190.9 million in Q3, up 21.7% quarter-over-quarter, with $17.3 million from USDC reserve income.
- Wintermute won roughly 76% of auctions for Hyperliquid's highest-priority order data slot over the preceding month.
Source excerpt · FinanceFeeds
Hyperliquid ended the third quarter of 2026 with a record $16.8 billion in derivatives open interest, overtaking centralized exchanges Bybit, Kraken and OKX as trading activity recovered and demand for stock-linked perpetual futures accelerated.Open interest increased nearly 80% from the end of June, according to a November 13 report by the Hyperliquid Research Collective, an independent research…