Ethereum has overtaken Bitcoin for the first time in perpetual futures open interest on Hyperliquid, with ETH positions reaching about $3.02 billion versus roughly $2.8 billion for BTC. Hyperliquid’s total open interest rose to a record of about $18 billion in late September, equal to roughly 9% to 11% of global perpetual futures open interest. ETH and BTC have exchanged the leading position several times this year. Ethereum’s latest lead has prompted analysis that speculative derivatives demand is moving toward ETH, although open interest combines long and short positions and primarily reflects outstanding market exposure and leverage rather than a directional price view.