Hyperliquid Native Token Overtakes Ethereum in Open Interest on HyperliquidX
A brief market update states that Hyperliquid’s native token has moved ahead of Ethereum in open interest on HyperliquidX, pointing to stronger derivatives positioning in that market.
ETH
HYPE
Fact Check
The claim rests solely on a single X post by @DegenerateNews (a secondary market commentary account), confirmed via the linked URL. No official confirmation from @HyperliquidX or hyperliquid.xyz was found. However, the claim is directionally plausible: the TradingView/NewsBTC March 2026 article showed HYPE OI at $6.41B on Hyperliquid and ETH already being displaced in platform rankings by other assets; the CoinDesk June 2025 article showed HYPE was already fifth globally by futures OI and rising fast; and HYPE's price surged ~16% just days before (May 15, 2026 CoinDesk). The trajectory supports the possibility that HYPE OI surpassed ETH OI specifically on the Hyperliquid exchange by May 20, 2026, but this cannot be confirmed without live exchange data or an official source. The assessment is plausible but unverified.
Summary
A short market post says Hyperliquid’s native token has flipped Ethereum in open interest on HyperliquidX. Open interest refers to the total value or number of active derivatives contracts that have not been closed, and the change indicates that trader exposure tied to Hyperliquid’s native asset on that venue has risen above Ethereum’s. The source does not provide numerical figures, timing beyond the post itself, or reasons for the shift.
Terms & Concepts
- Open interest: The total number or value of outstanding derivatives contracts that remain active and have not yet been closed or settled.
- HyperliquidX: A crypto trading venue associated with Hyperliquid, where traders can take derivatives positions on digital assets.
- Native token: The primary token issued by a blockchain or crypto protocol, typically used within its own ecosystem.