According to @phantom, Hyperliquid closed the previous month with more than $5 billion in perpetual futures trading volume and achieved all-time-high open interest, indicating record outstanding positions on the venue, source: @phantom on X on Sep 5, 2025. Open interest measures the number of outstanding derivative contracts, and rising OI alongside high volume reflects increased market participation and leverage rather than a directional signal, source: CFTC Glossary and CME Group education. When OI is at records, traders should closely monitor funding rates, order book depth, and liquidation metrics because perpetual swap funding and liquidation mechanics can magnify price moves during volatility, source: BitMEX Perpetual Swap Guide and Binance Futures education.

According to Phantom, Phantom perps recorded $5 billion in trading volume over 5 weeks on Hyperliquid; source: Phantom on X, Aug 14, 2025 https://twitter.com/phantom/status/1956106371772113034. This equates to roughly $1 billion per week and about $143 million per day, offering a concrete run-rate benchmark for derivatives liquidity monitoring; source: Phantom on X, Aug 14, 2025 https://twitter.com/phantom/status/1956106371772113034.