Hyperliquid’s open interest has surpassed $11 billion, making it the third-largest crypto exchange by that measure and positioning the decentralized perpetual futures platform as a growing competitor to Binance. Zach Pandl of Grayscale highlighted the exchange’s expansion, while the broader market views its growth as a positive indicator for its prospects in on-chain derivatives. Market pricing for HYPE’s future performance remains mixed, with a slight decline in the probability of the token reaching $100 by the end of 2026. Earlier monitoring put Hyperliquid’s open interest at about $10.28 billion as of Sept. 14, above Bybit and Gate, while its Bitcoin perpetual futures open interest exceeded OKX’s level. CoinMarketCap data at that time showed HYPE at $79.74, up 0.42%.