Did You Know? Hyperliquid Is Now the 2nd Largest Perpetuals Exchange By OI

On top of breaking into the top 10 crypto rankings by market cap, Hyperliquid's Open Interest hit $9.3B on July 1, 2026, surpassing Bybit, MEXC, Gate, and other major CEXs to become the second-largest perp exchange by OI, behind only Binance ($22.1B).

A primer for those unfamiliar with Open Interest (OI): it is the total number of outstanding derivative contracts that have not yet been settled or closed. For the perps space, OI is the equivalent of Total Value Locked (TVL) in DeFi it basically shows how much capital is actually live and trading.

Besides HIP-3's constant OI records, HYPE also experienced a trend shift with stocks perps tripling its share of HIP-3 trading volume to 47%, with commodities declining to 21%. This is from our Q2 2026 crypto industry report ,more charts and breakdowns on Hyperliquid, HYPE, and the rest of the market in the full writeup if anyone's interested.

writeup: https://www.coingecko.com/research/publications/2026-q2-crypto-report