On the decentralized perpetual futures exchange Hyperliquid, ETH open interest is about $3.02 billion, above BTC's roughly $2.8 billion. According to Odaily, Hyperliquid's total open interest is about $18 billion, a record for the platform, and accounts for about 8.7% to 10.9% of global perpetual futures open interest. Since 2026, ETH and BTC have repeatedly alternated in leading this metric.