Decentralized Perps Open Interest Hits Record ~$26B; $6 Trillion Traded YTD, Up 42% Year Over Year
Open interest on decentralized perpetual futures exchanges hit a record approximately $26 billion as of end of Q3 2026, per @Bitwise Asset Management. Year-to-date notional volume across leading exchanges like Hyperliquid and Lighter exceeded $6 trillion, up 42% from the same period last year.
What's notable is where that open interest is coming from. It's no longer just crypto assets. These venues now offer 24/7 leveraged exposure to stocks, ETFs, commodities, currencies, and pre-IPO names including Anthropic, alongside crypto.
The CFTC approved the first U.S. bitcoin perps in May 2026 and has since started writing formal perp rules, with two proposals already under White House review. @Bitwise projects the perp market to accelerate in Q4 as regulatory support clears and U.S. investors begin accessing these venues.
The revenue side confirms the scale. Hyperliquid generated $685.8 million in trailing 12-month revenue through September 30, 2026, making it the top-grossing crypto application by a wide margin ahead of http://Pump.fun at $465.0 million and Axiom at $207.8 million.
Open interest on decentralized perpetual futures exchanges hit a record approximately $26 billion as of end of Q3 2026, per @Bitwise Asset Management. Year-to-date notional volume across leading exchanges like Hyperliquid and Lighter exceeded $6 trillion, up 42% from the same period last year.
What's notable is where that open interest is coming from. It's no longer just crypto assets. These venues now offer 24/7 leveraged exposure to stocks, ETFs, commodities, currencies, and pre-IPO names including Anthropic, alongside crypto.
The CFTC approved the first U.S. bitcoin perps in May 2026 and has since started writing formal perp rules, with two proposals already under White House review. @Bitwise projects the perp market to accelerate in Q4 as regulatory support clears and U.S. investors begin accessing these venues.
The revenue side confirms the scale. Hyperliquid generated $685.8 million in trailing 12-month revenue through September 30, 2026, making it the top-grossing crypto application by a wide margin ahead of http://Pump.fun at $465.0 million and Axiom at $207.8 million.