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 s
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