Hyperliquid ended Q3 with a record $16.8 billion in open positions, passing Bybit, Kraken and OKX. Protocol revenue rose 21.7% quarter over quarter, though it remains below last year's level. Separately, Bloomberg reported that Wintermute is a major user of the platform's auctions for early order data.
Hyperliquid closed the third quarter with a record $16.8 billion in open derivatives positions, following a July slowdown. The figure lifted the venue past centralized exchange rivals Bybit, Kraken and OKX in open interest.
Open interest jumped nearly 80% from the end of June, according to a report from the Hyperliquid Research Collective. Hyperliquid's share across itself and eight major exchanges climbed to 11.7%, up from 9.6% three months earlier.
Volumes, traders and revenue climb
Trading activity rose alongside positions. Native perpetuals volume climbed from $109.5 billion in July to more than $188 billion in September, and average daily traders hit a quarterly record of 65,161.
Protocol revenue rose 21.7% quarter over quarter to nearly $191 million, including $17.3 million from a USDC reserve-income arrangement tied to Coinbase's role as treasury deployer. However, revenue remained 36.5% below the same period last year.
Stock-linked perpetuals volume also rose 161% to $153.8 billion. That overtook the commodities asset class within HIP-3, which lets third-party operators launch perp futures.
Wintermute bids for early order data
Separately, Wintermute, one of crypto's biggest market makers, has become a major user of Hyperliquid's auctions for early access to trading data, Bloomberg reported Thursday. A wallet linked to Wintermute won 76% of auctions for the top-priority data slot over the preceding month, according to analysis from Loris Tools cited by Bloomberg.
The system gives traders an early look at incoming orders, letting them change positions before other orders are processed. Critics say the feature gives larger firms an unfair advantage, while Wintermute defended it as a transparent way to compete for speed.
Source: The Block
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