Hyperliquid holds 57% of perp open interest

DefiLlama's derivatives open-interest list on November 7, 2026 put Hyperliquid Perps at $7.420 billion. That is 57.2 percent of the $12.982 billion the list counts as derivatives. Aster Perps is next, at $1.368 billion, or 10.5 percent. The same pull puts the rest of the list well below that. A desk note this afternoon rounded the pair to 57 percent of about $13 billion, and the next venue to about 10 percent. The page is the finer print.

Open interest is the value of positions that are still open. It is not the volume traded today, and it is not the price of HYPE. A position that was opened last week and is still on the book counts. A trade that opened and closed this morning does not. The plain version of that distinction is here: https://cryptokeymedia.com/news/what-is-open-interest

The 57.2 percent is a share of one category. DefiLlama also lists a tradeXYZ row of $4.274 billion, and it files that row as an interface, not as a derivatives venue. It is not inside the $12.982 billion. Adding it, or adding prediction markets and options, produces a different denominator and a smaller share. The 57 percent only holds on the derivatives list.

The filing is a different company from the venue. Hyperliquid Strategies Inc., the Nasdaq-listed firm that trades as PURR, said with its third-quarter results that a subsidiary has applied to become a futures commission merchant. Chief executive David Schamis said the firm deployed $802 million in the quarter and filed the application. The $802 million is the company's deployment. It is not a line on the open-interest list, and it does not add to the $7.420 billion.

A futures commission merchant is the registered broker that carries a customer's futures account. The company's release says that, if the application is approved, the subsidiary would carry U.S. client accounts for permissioned markets deployed under HIP-3*. HIP-3 is how a team other than the core group lists a market. HIP-3* is the permissioned variant, for a deployer who limits who can trade. The release says the chain underneath would stay the infrastructure, and that there is no assurance on the timing or the outcome of the application. A filing is not an approval, and an approval is not a book of open positions.

Two other paths were already on the record before this application. Coverage of the same disclosure says Payward, Kraken's parent, is deploying through Bitnomial, with NinjaTrader Clearing as the futures commission merchant. That is a different firm holding the account. Hyperliquid said on October 29 that trade.xyz and Intercontinental Exchange plan to use HIP-3* for contracts aimed at traders in the United States, subject to regulatory approval. The post is here:

None of those paths is in the $7.420 billion. DefiLlama's figure is the open interest on the venue as it trades now. The release does not say how much of it, if any, would be eligible for a U.S. account, or whether a permissioned book would be new positions or a move out of the existing ones. A reader who treats the filing as a relocation of 57 percent is reading a sentence the results do not contain.

The desk note on the share and the filing is here:

What comes next is a decision, not a larger share. The number that would change the story is open interest that sits in a permissioned book a U.S. customer can actually use. Until the Commodity Futures Trading Commission acts, and until a book prints, the figure to keep is the list: $7.420 billion on Hyperliquid Perps, 57.2 percent of DefiLlama's derivatives total, with Aster at 10.5 percent.