Hyperliquid's open interest rose to a record high of $16.8 billion at the end of the third quarter, surpassing Bybit, Kraken, and OKX.

November 14 - Hyperliquid Research Collective's Q3 report shows that as of the end of September, Hyperliquid's derivatives open interest hit a record $16.8 billion, up nearly 80% from the end of June, surpassing Bybit, Kraken, and OKX. Among Hyperliquid and the other 8 major exchanges tracked in the report, its open interest share rose from 9.6% to 11.7%.

Trading activity is also recovering. Hyperliquid's native perpetual contract monthly volume increased from $109.5 billion in July to over $188 billion in September, with quarterly average daily traders reaching a record 65,161. Equity-linked perpetual contracts saw Q3 volume grow 161% to $153.8 billion, surpassing commodity-based contracts. Such contracts are deployed by third parties through the HIP-3 mechanism.

Hyperliquid's Q3 protocol revenue was approximately $191 million, up 21.7% quarter-over-quarter but down 36.5% year-over-year. The USDC reserve yield-sharing arrangement with Coinbase contributed $17.3 million, accounting for about half of the quarterly revenue increase; priority fee revenue was $9.6 million.

Additionally, according to Bloomberg citing Loris Tools' analysis, a wallet associated with market maker Wintermute won approximately 76% of the highest-priority data seat auctions last month. Winning bidders can see order information before orders are processed in order to adjust quotes or hedge. Critics argue this gives large trading institutions an unfair advantage; Wintermute says public bidding is a transparent way to gain a speed advantage.