Hyperliquid closed the third quarter with a record $16.8 billion in open derivatives positions, marking a nearly 80% jump from the end of June, according to the Hyperliquid Research Collective. The decentralized exchange's share of open interest across Hyperliquid and eight major exchanges climbed to 11.7%, up from 9.6% three months earlier, enough to surpass centralized rivals Bybit, Kraken and OKX.
Activity accelerated after a July slowdown. Native perpetuals volume rose from $109.5 billion in July to more than $188 billion in September. Average daily traders reached a quarterly record of 65,161. Protocol revenue increased 21.7% quarter over quarter to nearly $191 million, including $17.3 million earned from its USDC reserve-income arrangement tied to Coinbase's role as Hyperliquid's treasury deployer. Revenue remained 36.5% below the same period last year. Stock-linked perpetuals volume climbed 161% to $153.8 billion, overtaking commodities within HIP-3, which allows third-party operators to launch perpetual futures.
Bloomberg also reported that market maker Wintermute has become a major user of Hyperliquid's auctions for early access to trading data. A wallet linked to Wintermute won 76% of auctions for the top-priority data slot over the preceding month, according to Loris Tools. The system allows traders to see incoming orders earlier, giving them a potential speed advantage. Critics say it unfairly benefits larger firms, while Wintermute defended the mechanism as a transparent way to compete for speed.
