Hyperliquid: Open Interest Hits $5.25B

Hyperliquid open interest reached $5.25B and flipped Bybit, HTX, Bitfinex, Kraken and Coinbase without any reversal since the shifts. HYPE perpetuals now lead those venues on the latest dates recorded, leaving only OKX ahead at $6.37B. The move underscores hyperliquid perpetuals open interest growth amid tightening crypto exchange competition and shifting derivatives market leadership in exchange open interest rankings.