Hyperliquid's open interest reached a record $16.8 billion at the end of Q3, up nearly 80% from June, according to the Hyperliquid Research Collective report.

The platform's share among itself and eight major venues climbed to 11.7%, surpassing Bybit, Kraken and OKX.

Protocol revenue rose 21.7% quarter-over-quarter to $190.9 million, with $17.3 million from USDC reserve income.

Stock-linked perpetuals volume jumped 161% to $153.8 billion, overtaking commodities on HIP-3.

Hyperliquid closed the third quarter with a record $16.8 billion in open derivatives positions following a July slowdown, a nearly 80% increase from the end of June, according to the Hyperliquid Research Collective's Q3 report. This growth was sufficient for the decentralized perpetual exchange to surpass centralized rivals Bybit, Kraken and OKX in open interest.

The platform's share of open interest across itself and eight major exchanges rose to 11.7% from 9.6% three months earlier. Native perpetuals volume climbed from $109.5 billion in July to more than $188 billion in September, while average daily traders hit a quarterly record of 65,161, up 20% quarter-over-quarter.

Protocol revenue increased 21.7% to $190.9 million, though it remained 36.5% below the same period last year. Of that total, $17.3 million came from USDC reserve-income arrangements tied to Coinbase's role as treasury deployer, accounting for roughly half the quarterly increase, as detailed in the report. Trading and network revenue rose 10.7% to $173.6 million.

On the HIP-3 front, equity perpetuals traded $153.8 billion, up 161% quarter-over-quarter and comprising 58.8% of HIP-3's $262 billion quarterly volume, overtaking commodities. Korean stocks helped drive the surge, though the report noted operational concentration, with one entity handling 97.5% of HIP-3 volume in September. Native volume recovery reduced HIP-3's share of total perpetuals volume from 51% in July to 25% in September.

The Assistance Fund spent $148.7 million on HYPE tokens in the quarter, 5.7% more than in Q2, but acquired 26.4% fewer tokens as the average purchase price rose to $72.93. Separately, trading firms have sought early access to order flow data through the platform's auctions.

While the Q3 figures highlight Hyperliquid's expanding role in crypto derivatives, open interest has since moderated amid broader market declines, with on-chain data showing levels well below the quarter-end peak. The growth underscores rising competition from decentralized venues, though regulatory hurdles for U.S. access remained pending at quarter-end, as noted in the research.