Hyperliquid has set another record as total open perpetual futures positions climbed to an all-time high of 435,564 on October 6, according to HyperTracker. That marks roughly 115% growth from 202,943 open positions at the start of the year.
The number of active traders has grown at a similar pace, reaching about 320,600 wallets with an open position or perp volume in the last 30 days. In early January, that figure was closer to 155,000.
Total perp open interest is also near its record at $17.29 billion, roughly $920 million below the peak set on September 23. However, daily volume has not kept up. Hyperliquid processed about $4.54 billion in perp volume by mid-afternoon on October 6, with most recent sessions between $2 billion and $6 billion. In late August, daily volume cleared $12 billion several times and peaked near $16 billion around August 22.
According to the data, growth is coming mainly from new participants rather than existing traders stacking more positions. The average active wallet held about 1.36 open positions on October 6, up only slightly from around 1.3 in early January. This suggests more traders are arriving and bringing positions with them, rather than existing users significantly increasing leverage.
The combination of near-record open interest and much lower daily turnover points to a more patient, heavily positioned market. But it also creates risk: open interest is running at close to four times the day’s volume, meaning leverage is parked on order books that are not turning over much. A sharp move in either direction could trigger liquidations faster than the books can absorb them.
