The HYPE-linked platform has surpassed Bybit, HTX, Bitfinex, Kraken and Coinbase in open interest and is now targeting OKX's $6.37 billion, according to Onchain Lens.
Hyperliquid's open interest has climbed to $5.25 billion, putting it ahead of Bybit, HTX, Bitfinex, Kraken and Coinbase in the size of outstanding derivatives positions, according to Onchain Lens. The post said Hyperliquid most recently moved past Bybit on July 29, 2026, when Bybit's open interest stood at $5.07 billion, after earlier overtaking HTX on May 21, 2026, when HTX was at $3.67 billion, and then Bitfinex, Kraken and Coinbase on Nov. 19, 2025, when their open interest stood at $1.21 billion, $304 million and $235 million, respectively. Onchain Lens said Hyperliquid's next target is OKX, which has $6.37 billion in open interest, leaving a gap of $1.13 billion. Open interest is commonly used in crypto derivatives markets as a gauge of trader participation and liquidity.