Hyperliquid's Open Interest Surpasses $14.7 Billion on Layer-2 Upgrades and Low Fees

Hyperliquid, a decentralized perpetual trading platform, has reached a milestone with its open interest in futures contracts surpassing $14.7 billion, a record high. This figure reflects a sharp rise in user activity, driven by institutional and retail traders capitalizing on the platform’s infrastructure for arbitrage and liquidity strategies. The achievement comes as crypto markets remain volatile, with Hyperliquid’s layer-2 solutions offering low fees and rapid execution times, which have attracted a growing user base [1].

The platform’s open interest has more than doubled in six months, attributed to recent upgrades such as enhanced risk management tools and the inclusion of stablecoins and blue-chip tokens. These improvements have bolstered its appeal as a hub for high-performance trading. Total daily trading volume approached $100 billion in June 2025, underscoring the platform’s role in facilitating large-scale transactions. Hyperliquid now competes with established rivals like dYdX and GMX, but its focus on order-book depth and low-latency execution has enabled it to secure a significant market share [1].

Hyperliquid’s user base has expanded to 1.2 million active traders, with a notable rise in Asian participation, though regional data remains undisclosed. The surge in open interest highlights the platform’s ability to attract liquidity providers, yet raises questions about long-term sustainability amid regulatory scrutiny. While the broader crypto derivatives sector faces regulatory reviews in multiple jurisdictions, Hyperliquid has not encountered direct legal challenges. Advocates point to its on-chain transparency and compliance measures as risk mitigants, but critics warn that rapid growth could expose systemic vulnerabilities during extreme market conditions [1].

The record-breaking open interest underscores the evolving dynamics of decentralized derivatives markets, where user demand for efficiency and accessibility continues to reshape competition. As Hyperliquid navigates regulatory uncertainties, its performance will likely influence the trajectory of the sector, balancing innovation with operational resilience.

Source: [1] [Crypto Newsletter, 24/7 Real-Time Market Updates, Global] [https://www.coinglass.com/newsflash]