In the third quarter, open interest on perpetual DEXs increased to $24 billion, with Hyperliquid accounting for 53% of the total.

In Q3 2026, open interest on perpetual DEX contracts increased by 76% quarter-over-quarter to $24 billion, while trading volume decreased by 16% to $1.4 trillion. Hyperliquid's open interest more than doubled to $13 billion, representing a market share of approximately 53%. HIP-3 deployment platform trade[xyz] had open interest of approximately $3.9 billion, while Variational, Lighter, and Aster saw increases of 78%, 107%, and 66% respectively. This growth was primarily driven by the launch of new markets.