Hyperliquid Posts Record Open Interest and $191M Revenue for Q3

Hyperliquid closed the third quarter with a record $16.8 billion in open derivatives positions, up nearly 80% from the end of June after a slow July, The Block reported on November 13. The figure lifted the platform past Bybit, Kraken and OKX in open interest, and its share across Hyperliquid and eight major exchanges rose to 11.7% from 9.6% three months earlier.

The numbers come from the Hyperliquid Research Collective’s Q3 2026 report. Revenue was about $191 million, or $190.9 million per TronWeekly, which is 21.7% higher than the second quarter but 36.5% below the same period a year ago. That total includes $17.3 million from a USDC reserve-income arrangement tied to Coinbase’s role as treasury deployer, accrued from August 27, according to the report as summarized by TronWeekly.

Activity rose through the quarter. Native perpetuals volume grew from $109.5 billion in July to more than $188 billion in September. Within HIP-3 markets, stock-linked perpetuals volume rose 161% to $153.8 billion, overtaking commodities, and HIP-3 traded $262 billion in total. Average daily traders reached a quarterly record of 65,161.

The data show growth in positions and users while revenue remains below last year’s level, so the picture is mixed. All figures are reported by the research collective and have not been independently verified here.

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Sources:

• The Block: Hyperliquid leapfrogs Bybit, Kraken and OKX in open interest

• TronWeekly: Hyperliquid Q3 revenue hits $190.9M