Hyperliquid holds $15.6 billion in perpetual open interest

Hyperliquid held $15.6 billion of perpetual open interest on October 10, 2026. A CoinGecko ranking built that day put the venue at 65.6 percent of the open interest across the 20 perp DEXes it tracked. Aster was next, at $2.43 billion. Open interest is the value of contracts still open. It is not the volume traded, and it is not a forecast.

A perpetual is a futures contract with no expiration date. The trader posts margin and the position stays open until it is closed or the margin is gone. Hyperliquid's figure is the stock of those bets sitting on its books. What that contract is, in plain words, is here: https://cryptokeymedia.com/news/what-is-a-perpetual-future

The $15.6 billion is the wide count. It includes Hyperliquid's own markets and the HIP-3 markets built on the same stack. OpenChainBench, timestamped 13:00 UTC on October 10, split the book. It put Hyperliquid's core markets at $11.94 billion of open interest and trade.xyz, the HIP-3 venue, at $3.56 billion. Those two lines add to about $15.5 billion. A board that lists trade.xyz on its own will show Hyperliquid with a smaller dollar figure and a smaller share. CoinGecko's 65.6 percent and a same-day note's 65.7 percent are one reading, rounded differently.

Leverage on the exchange side was still rising, on a CryptoQuant reading carried in that note. The estimated leverage ratio, open interest divided by exchange reserves, stood near 0.250, up from about 0.234 at the start of the week. A higher ratio means more open contracts against the coins sitting on exchanges. It does not say whether those contracts are long or short. It says the book was using more leverage than it was on Monday. The week's change is a build, not an unwind.

Ethereum accounts were leaning long. The account board in the note showed 75.2 percent long and 24.9 percent short, a split it said showed up on major venues including Binance. An account ratio counts accounts, not dollars. One large short can outweigh many small longs, and the same note says top-trader ratios have diverged from the account count before. The 75.2 percent is how many accounts were long. It is not how much money was.

Sentiment on the note's Crypto Fear and Greed Index was 64, which that index calls Greed. The scale runs from 0 to 100. A different board, Flicker, printed a market-wide 48 at 12:22 UTC on October 10 and called it Neutral. The two are not the same formula. A reader who sees 64 and 48 on the same morning is looking at two indexes. Neither number is a price, and neither one says what the next hour will do.

USDF was the stablecoin that did not match the rest of its board. The note put circulating supply up 35.56 percent over 30 days, the outlier among tracked stablecoins above $1 billion. Falcon Finance issues USDF and describes it as an overcollateralized synthetic dollar. A quote page on the morning of October 10 showed a market cap of about $1.82 billion, with the token a fraction under one dollar. Most large stablecoins, on the note, were up or down by low single digits. Supply and market cap describe the same pile only while the token holds its peg.

Read together, the figures are a positioning snapshot, not a trade. One venue held about two-thirds of tracked perp-DEX open interest. A leverage ratio rose on the week. Ethereum accounts were three-quarters long. One sentiment index said greed and another said neutral. One stablecoin grew faster than the large ones around it. A down move would meet a book that is already long and already more leveraged than it was on Monday. That is a description of the positioning. It is not an instruction to take the other side.

What comes next is the next print of the same boards. Hyperliquid's open interest on October 10 was $15.6 billion on the CoinGecko count and $11.94 billion on the core-only count. The Fear and Greed number depends on which index is open. USDF's 30-day supply change is the note's 35.56 percent, against a market cap of about $1.82 billion that morning. Those are the figures on the desk until the boards print again. Open interest, the term those dollar figures are using, is here: https://cryptokeymedia.com/news/what-is-open-interest