Third Quarter Perpetual DEX Open Interest Grows 76% to $24 Billion, Hyperliquid Market Share at 53%

In the third quarter of 2026, the open interest (OI) for perpetual contract DEXs increased by approximately 76% quarter-on-quarter, reaching about $24 billion; during the same period, trading volume decreased by about 16% to approximately $1.4 trillion. Hyperliquid's open interest more than doubled to around $13 billion, capturing a market share of about 53%. The open interest for trade[xyz], the deployer of HIP-3, is approximately $3.9 billion, while the open interests for Variational, Lighter, and Aster grew by approximately 78%, 107%, and 66%, respectively. This growth is primarily driven by the launch of new markets.

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