Hyperliquid Open Interest: Core vs HIP-3, History and ATH, Plus the Perp DEX OI Ranking and How to Read OI

1. Perp DEX open interest today (live)

The table below is rebuilt from CoinGecko’s derivatives-exchange feed every time the site builds (about every six hours), sorted by open interest. Turnover is 24-hour volume ÷ open interest: how many times the open positions changed hands in a day. OI share and volume share are each venue’s part of the totals across the 19 DEXs tracked here, from the same read. Venues above 5× turnover are flagged ⚑: that much trading against so little open exposure usually means volume driven by points, rebates or wash trading. For fees, leverage and pair counts, see the full perp DEX ranking.

Data as of Tue, 03 Nov 2026 12:27 UTC. Source: CoinGecko /derivatives/exchanges (open interest and volume in BTC), converted at Hyperliquid’s BTC mid price of $77,376. CoinGecko does not put venues on one counting basis (its Lighter figure matches Lighter’s two-sided field, section 2), so treat absolute levels with care. Hyperliquid includes its HIP-3 builder markets. ⚑ = turnover above 5×. “Review” links go to our venue reviews.

OI share vs volume share. In this read Hyperliquid holds 69.2% of the open interest but 47.9% of the 24-hour volume of the DEXs tracked. Its traders hold positions more than they churn them: a larger share of the money left on the exchange than of the trading.How to read turnover: in this build GMX (Solana) turned its open interest over 6.64 times in a day, the fastest among the ten largest, while Hyperliquid turned over only 0.71 times. 4 venues sat above 5× (GMX (Solana), Pacifica, Helix, SynFutures). OI is harder to inflate than volume because it ties up margin, which is why this page ranks by it.

2. Which number to trust: venue APIs vs CoinGecko vs DefiLlama

The two tools Google puts first for “open interest DEX” are DefiLlama and CoinGecko. For the same DEX they can differ by about 2×. This table puts each venue’s own API next to both trackers, all read in the same build:

3. Hyperliquid open interest

Current value. Hyperliquid carried $14.9B of open interest by its own API (November 3, 2026, 12:27 UTC): the sum of openInterest × mark price across its 179 core perp markets and 167 live HIP-3 markets. CoinGecko showed $14.9B on November 3, 2026, which is 69.2% of the open interest across the perp DEXs in our table. The registry’s live figure for the core perps alone is $10.5B (build of November 3, 2026).

Core perps vs HIP-3 dexs

Hyperliquid info API (metaAndAssetCtxs for the validator dex and for each HIP-3 dex listed by perpDexs), live markets only, open interest × mark price, November 3, 2026, 12:27 UTC. Dexs with no open interest are left out.

HIP-3 dexs carried 29.5% of Hyperliquid’s open interest in this build, spread over 4 dexs; trade.xyz (stocks, indices, commodities) alone held $4.26B, 97% of the HIP-3 total. HIP-3 markets also turn over differently: trade.xyz’s turnover was 1.10× against 0.59× on the core perps. BTC and ETH together were 35.9% of the total. Details on the builder markets: trade.xyz on Hyperliquid and the HIP-3 guide.

Top 20 Hyperliquid markets by open interest

Same read as the table above; share = the market’s OI ÷ Hyperliquid’s total; HIP-3 markets carry their dex prefix (xyz: = trade.xyz). Every market: our Hyperliquid open interest by market table.

Trading one of these markets? Every market above, core or HIP-3, trades from one Hyperliquid account. Open it with code HOLYGRAIL first → (4% off your fees on the first $25M of volume).

To see which wallets hold that open interest, look them up with the Hyperliquid Explorer & Scan tools. History and the all-time high: section 11.

Where to see it:

• Trade page. The market header above the chart shows open interest, 24h volume and funding for the selected market.
• Funding Comparison page (app.hyperliquid.xyz/fundingComparison). A table of markets sorted by Hyperliquid OI, next to Binance and Bybit funding. It is the quickest OI ranking inside the app, though it leaves out some markets (HYPE was missing on September 25).
• API. POST { "type": "metaAndAssetCtxs" } to api.hyperliquid.xyz/info; add "dex": "xyz" for trade.xyz (section 12).
• History. DefiLlama’s daily series (section 11). TradingView’s crypto open interest indicator has Hyperliquid from September 2025, Trade[XYZ] HIP-3 from October 2025 and Paragon HIP-3 from April 2026; the HIP-3 markets are not in its aggregated series.
• Every market at once: our Hyperliquid open interest by market table (volume, OI, leverage, funding; rebuilt every six hours).

More on the venue: Hyperliquid review · Hyperliquid fees · how to use Hyperliquid.

4. Lighter open interest

Current value. Summing Lighter’s own API gives $527M of open interest across 213 active perp markets (November 3, 2026, 12:27 UTC), with $2.26B of 24-hour volume, a turnover of about 4.29×. The largest markets were BTC ($170M), ETH ($75.2M) and LIT ($35.8M). CoinGecko showed Lighter at $1.06B on November 3, 2026, number 4 among perp DEXs by OI and 4.9% of the table, +101% against the API sum; DefiLlama, which treats Lighter’s field as one-sided, showed $528M (Nov 3, 2026).

Where to see it: the trade page header shows Open Interest for each market next to mark price, 24h volume and the 1-hour funding rate. By API, GET https://mainnet.zklighter.elliot.ai/api/v1/orderBookDetails returns open_interest (in the base asset), open_interest_usd and mark_price for every market; multiply open_interest by the mark price and sum the active ones for the one-sided total. Lighter’s deployment on Robinhood Chain is tracked as a separate venue (DefiLlama showed another $187M there).

Trading on Lighter? Sign up with code 718610TD and you get 10% of your trading fees rebated every Monday on any fees you pay (Lighter referral code guide). Compare the two venues in Hyperliquid vs Lighter.

5. What open interest counts, with a worked example

Every derivatives position has a counterparty. If you are long 1 BTC in a perpetual, someone is short 1 BTC. Open interest adds up the positions that are still open. The standard convention counts one side, so total open longs equal total open shorts, and OI equals either one (not every venue follows it; section 8). Hyperliquid’s API reports OI in coins. Multiply by the mark price for the dollar value: 39,983 BTC × $84,800 ≈ $3.39B at 09:31 UTC on September 25, 2026.

Follow one hypothetical market through a day. It starts with 100 BTC of open interest:

By the end of the day, 26 BTC traded but OI moved only from 100 to 102. That gap is the whole point: volume says trades happened; OI says whether they added exposure or took some away. The general rules:

OI never tells you who is long. Longs and shorts are always equal. What changes is who is paying to hold, which is what funding shows.

6. Open interest vs volume

Volume is the notional that changed hands over a window. Hyperliquid’s dayNtlVlm covers a rolling 24 hours. OI is what is still open right now. Divide volume by OI and you get a churn ratio: how many times the open positions turn over per day.

• Exchange-wide (Hyperliquid core, build of November 3, 2026): $6.15B ÷ $10.5B = 0.59.
• High churn among Hyperliquid markets with more than $50M of OI (November 3, 2026, 12:27 UTC): xyz:AAPL 2.12, xyz:SNDK 1.79, xyz:CL 1.72, xyz:XYZ100 1.55. These are dominated by intraday trading, so positioning changes within hours.
• Low churn (same read): DOGE 0.12, ZRO 0.15, VVV 0.19, LIT 0.20. Positions here are held rather than traded, so a 5% OI change took days to build and matters more.

Across exchanges, the same ratio helps you spot inflated volume. The Turnover column in the live table does this for every DEX, and flags anything above 5×.

7. Is high open interest good? Does it mean liquidity?

For a venue: mostly yes. OI is money traders are willing to leave on the exchange as margin, so it is a better measure of trust and real usage than volume. That is why we rank DEXs by it.

But OI is not liquidity. Liquidity is how much you can trade near the current price: order-book depth and spread. OI is how much is already positioned. A market can hold a lot of OI that rarely trades. In this build trade.xyz carried $4.26B of OI against $4.67B of 24-hour volume, a turnover of about 1.10. Before a large order, check the book, not the OI.

For a single market: high OI relative to its own history means more leverage is waiting to be unwound. That is fuel for sharp moves in either direction, not a buy or sell signal. Read it with funding (section 10) and a liquidation map.

8. One-sided vs two-sided reporting

This is the detail most OI explainers skip, and it can double a number. Exchanges do not all count the same way:

Hyperliquid core from the registry’s live fact (its API); the other rows from their own APIs and docs or CoinGecko’s derivatives API (converted at BTC $84,700), read at about 09:30 UTC on September 25, 2026; Polymarket Perps from its exchange stats (September 24).

Bybit is explicit. Its v5 docs define openInterest as “the sum of both sides” and singleOpenInterest as “the single side”. On September 25 the BTCUSDT values were 60,214.57 and 30,107.29 BTC, exactly half. GMX publishes long OI ($138.4M) and short OI ($134.7M) and adds them into a $273.1M total. Polymarket Perps labels its figure one-sided. Hyperliquid and dYdX return one OI field per market and do not say which convention they use. DefiLlama treats Hyperliquid’s as two-sided (section 2).

Why it matters: CoinGecko listed Bybit’s BTCUSDT OI at $5.03B on September 25. That is Bybit’s both-sides value; one side was about $2.52B. The same page showed Binance BTCUSDT at $8.15B and Hyperliquid BTC at $3.37B. So “Hyperliquid BTC OI is two-thirds of Bybit’s” and “Hyperliquid BTC OI is larger than Bybit’s” can both come from the same data, depending on which number you use. Before comparing venues, check the label, or compare each venue only with itself over time.

9. Hyperliquid’s largest markets: concentration, held vs traded (live)

Computed from the same API read as the top-20 table (November 3, 2026, 12:27 UTC), core and HIP-3 markets together. The API also returns delisted entries, so they are filtered out before summing.

• Concentration: BTC was 20.7% of Hyperliquid’s open interest, BTC and ETH together 35.9%, and the five largest markets 55.8%. 22 markets had more than $100M of OI and 39 more than $50M.
• Held vs traded: among the 39 markets above $50M, turnover ran from 0.12 (DOGE) to 2.12 (xyz:AAPL). A low figure means positions are held for days; a high one means the same open interest is traded in and out within hours.
• Funding against the baseline: Hyperliquid’s funding has an interest component of 0.00125% per hour that longs pay shorts even when the perp trades flat to the oracle. No core market above $50M of OI paid four times that or more in this build, so the large markets were not crowded on the long side.

The HIP-3 markets are a separate dex per builder; details in trade.xyz on Hyperliquid. For current values per market, use the Hyperliquid markets table.

10. Reading OI with price, volume and funding

Volume separates conviction from drift: an OI change on above-average volume shows commitment, and the same change on thin volume means little. Funding shows who is paying. Hyperliquid charges funding every hour. It has an interest component of 0.00125%/hour, which longs pay shorts even when the perp trades flat to the oracle, and a cap of 4% per hour. Rising OI with funding far above baseline means the new positions are longs paying a premium. At 0.05%/hour, a $10,000 long pays $120 a day. The mechanics are in our Hyperliquid funding rate guide.

11. Hyperliquid open interest history and all-time high

Hyperliquid’s info API returns current open interest only, so for history we use DefiLlama’s daily series for “Hyperliquid Perps” (core and HIP-3 markets, halved by its adapter as one-sided; section 2). On that basis the all-time high is $9.06B, set on Sep 23, 2026; the latest daily value, for Nov 3, 2026, is $7.37B, 18.6% below it, and +35% against 90 days earlier.

Two habits make a series like this useful. First, compare like with like: this line is DefiLlama’s one-sided figure, so set it against DefiLlama’s numbers for other venues, not against the API total in section 3. Second, dollar OI moves with price: when BTC rallies, dollar OI rises even if no one opens a position, so check OI in coins (the API’s openInterest field) before reading a change as new positioning.

12. Where to get open interest data

• Hyperliquid API (no key). POST { "type": "metaAndAssetCtxs" } to https://api.hyperliquid.xyz/info. The response pairs universe (name, maxLeverage, isDelisted) with asset contexts in the same order. Each context has openInterest (coins), markPx, dayNtlVlm, funding, premium and prevDayPx. Add "dex": "xyz" for trade.xyz; { "type": "perpDexs" } lists every HIP-3 dex. The call gives the current value only, so log it hourly to build your own history. See the Hyperliquid API guide.
• Lighter API (no key). /api/v1/orderBookDetails returns open_interest, mark_price and daily volume for every market (section 4).
• DefiLlama open interest. A sortable, filterable table of perp DEXs (and prediction markets) with history and CSV export. It normalizes to one side where it believes a venue reports two (section 2).
• CoinGecko derivatives. Exchange-level OI (in BTC) and per-contract open_interest_usd for most perp DEXs and CEXs, without normalizing the counting method. Our live table uses this feed.
• Exchange APIs with history. Binance futures/data/openInterestHist gives 30 days. Bybit /v5/market/open-interest gives both-sides and single-side values. dYdX’s indexer candles include startingOpenInterest. GMX’s stats API splits long and short.
• TradingView. The crypto open interest indicator covers the big CEXs from February 2020 and Hyperliquid from September 2025, with Trade[XYZ] and Paragon HIP-3 markets available per symbol but not in the aggregate. It also plots Hyperliquid funding, liquidations and long/short ratios.
• Per-account data. On Hyperliquid, large individual positions are public. See the whale tracker guide and the liquidation map.

13. Comparing DEX and CEX open interest

The biggest CEXs still hold more open interest than any DEX. CoinGecko’s exchange-level figures at 09:30 UTC on September 25, 2026 (converted at BTC $84,700): Binance $35.0B, Bybit $15.1B (both-sides convention), OKX $8.0B. Set Hyperliquid’s $14.9B on the same feed (latest build, HIP-3 included) against those, and remember that a one-sided comparison would roughly halve Bybit’s number. Three rules for lists like this:

• Check the counting method first. Bybit’s headline figure counts both sides; DefiLlama halves Hyperliquid’s and edgeX’s.
• Compare OI with volume. High churn relative to OI often points to incentive-driven volume (Vol ÷ OI column above).
• OI is harder to fake than volume, because it ties up margin. Head-to-heads: Hyperliquid vs dYdX, Hyperliquid vs GMX, Hyperliquid vs Bybit, and the DEX vs CEX fee comparison.

14. Five ways to use OI in a trading plan

1. Confirm a breakout before chasing it. When a level breaks, check whether OI (in coins) rose through the break. If price moved but OI did not, it was covering or a sweep of a thin book. Wait for a retest.
2. Watch divergence at highs and lows. Price makes a higher high while OI makes a lower high, so fewer positions are carrying the move. That is a fade setup only with a tight stop, because divergences can last longer than your margin.
3. Trade after the flush, not during it. Price gaps down, volume spikes, OI drops several percent within an hour and funding snaps toward zero. Forced sellers are done once OI stops falling, and that is when entries have the best risk-reward.
4. Use funding and OI together as a crowding filter. Don’t add to a long when OI is at a multi-week high and funding is several times baseline. The holding cost eats the trade, and the crowded side is the one that gets liquidated.
5. Pick markets with enough OI. Below a few tens of millions of dollars, one participant can dominate positioning and OI turns into noise. On September 25, about 23 Hyperliquid markets had more than $50M. Treat the rest as event-driven. Size positions with the liquidation price calculator in mind.

15. Pitfalls

• Dollar OI moves with price. Compare OI in coins, or deflate it by price, before calling a change in positioning (the September 21, 2026 example in the FAQ).
• Mixed conventions and scopes. Adding Bybit’s both-sides OI to one-side figures overstates the total, and so does adding trade.xyz on top of a Hyperliquid figure that already includes it.
• OI is symmetric. It cannot tell you the long/short split. Funding and price direction show which side is aggressive.
• One reading is only a level. Every pattern above is a change, so you need a series before direction means anything.
• Delisted and builder markets. On Hyperliquid, sum the main dex without delisted entries, and add HIP-3 dexes only on purpose.
• Incentives distort. Points programs can reward holding OI as well as trading volume, so part of a venue’s OI may exist to farm rewards.

16. FAQ

Disclosure: HOLYGRAIL (Hyperliquid, edgeX), 718610TD (Lighter) and DTLpLc (Aster) are our referral codes, and we earn a share of referred accounts’ fees at no cost to you. The ranking, the Hyperliquid split and top-20 tables, the cross-check and the history chart are rebuilt from the Hyperliquid, Lighter, CoinGecko and DefiLlama APIs on every site build (about every six hours), with the read time next to each table; other figures are dated where they appear. Open interest changes by the minute. Not investment advice.