The open interest (OI) on decentralized perpetual futures exchange Hyperliquid has reached approximately $10.28 billion, surpassing major centralized exchanges Bybit and Gate.
Notably, Hyperliquid’s BTC perpetual futures OI has also exceeded OKX’s, putting the platform on par with some of the world’s largest crypto exchanges.
This highlights the growing influence of Perp DEXs in the perpetual futures market. Decentralized exchanges are increasingly becoming serious competitors to CEXs, not only in spot trading but also in leveraged derivatives.
However, high OI also means greater exposure to liquidations and potential volatility when leveraged positions unwind. ⚠️
Overall,
Hyperliquid’s OI surpassing major CEXs is a strong sign that the onchain derivatives market is rapidly expanding in scale and influence. 👀
Notably, Hyperliquid’s BTC perpetual futures OI has also exceeded OKX’s, putting the platform on par with some of the world’s largest crypto exchanges.
This highlights the growing influence of Perp DEXs in the perpetual futures market. Decentralized exchanges are increasingly becoming serious competitors to CEXs, not only in spot trading but also in leveraged derivatives.
However, high OI also means greater exposure to liquidations and potential volatility when leveraged positions unwind. ⚠️
Overall,
Hyperliquid’s OI surpassing major CEXs is a strong sign that the onchain derivatives market is rapidly expanding in scale and influence. 👀
