Hyperliquid volume and market share
Hyperliquid's share of open interest across decentralized perp exchanges, day by day, next to its own daily perp volume.
Hyperliquid held 56.6% of open interest across decentralized perp exchanges on 2026-11-04 (DefiLlama): $7.65B of $13.5B, 5.3 times the share of the next venue, Aster (10.7%). Its share averaged 57.0% over the 7 days from 2026-10-29 and 56.9% over the 30 days from 2026-10-06. Hyperliquid perps traded $13.8B in the 24 hours to 2026-11-05 10:15 UTC (Hyperliquid API).
What this means: Open interest is the value of perp positions still open, so this share says where traders keep money committed. On that measure Hyperliquid is about 57% of the decentralized perp market. Share of trading volume is not shown: DefiLlama's per-venue perp volume data is now paid-only, and venues count volume differently (incentive programs can inflate it). HIP-3 markets such as trade.xyz's stock perps run on Hyperliquid's order book and are counted inside Hyperliquid here.
- Share of perp DEX OI
- 56.6%
- 2026-11-04
- 7-day average share
- 57.0%
- from 2026-10-29
- 30-day average share
- 56.9%
- prior 30 days 58.0%
- Hyperliquid volume, 24h
- $13.8B
- core + HIP-3, Hyperliquid API
- Hyperliquid volume, 30d
- $243B
- to 2026-11-03
Share of decentralized perp open interest by venue
Open interest on 2026-11-04 per DefiLlama, grouped by protocol (Lighter's two products count as one venue). 74 venues had open interest that day.
| # | Venue | OI (one side) | Share | 7-day share | 30-day share | vs prior 30d |
|---|---|---|---|---|---|---|
| 1 | HyperliquidHyperliquid Perps | $7.65B | 57.0% | 56.9% | -1.1 pp | |
| 2 | AsterAster Perps | $1.44B | 10.6% | 10.0% | -0.0 pp | |
| 3 | Variational | $916M | 6.7% | 7.2% | +0.3 pp | |
| 4 | LighterLighter Perps, Lighter Robinhood Perps | $736M | 5.4% | 5.5% | -0.3 pp | |
| 5 | GRVTGrvt Perps | $430M | 3.1% | 3.2% | -0.2 pp | |
| 6 | Antarctic | $346M | 2.5% | 2.4% | -0.1 pp | |
| 7 | GMXGMX EVM, GMX Solana | $240M | 1.8% | 1.9% | -0.0 pp | |
| 8 | QFEX | $175M | 1.3% | 1.2% | +0.2 pp | |
| 9 | edgeXedgeX V2 | $160M | 1.0% | 1.3% | -0.8 pp | |
| 10 | SoDEXSoDEX Perps | $159M | 1.2% | 1.1% | +0.5 pp | |
| 11 | ArcusArcus Perps | $113M | 0.9% | 0.8% | +0.6 pp | |
| 12 | Polymarket Perps | $112M | 0.8% | 0.7% | +0.3 pp | |
| 13 | PopDEXPopDEX Perps | $93.6M | 0.6% | 0.4% | +0.4 pp | |
| 14 | Ondo Perps | $92.1M | 0.8% | 0.7% | +0.1 pp | |
| 15 | Vest Markets | $90.2M | 0.7% | 0.7% | -0.0 pp |
Showing 15 of 25 venues.Full table as CSV
Hyperliquid perp volume, last 10 days
Full UTC days, newest first. HIP-3 is every builder-deployed dex combined; the live 24-hour figure above is a rolling window, so it won't match a calendar day.
| Day (UTC) | Core venue | HIP-3 dexes | Total |
|---|---|---|---|
| 2026-11-03 | $4.70B | $3.72B | $8.42B |
| 2026-11-02 | $5.88B | $5.02B | $10.9B |
| 2026-11-01 | $2.26B | $642M | $2.91B |
| 2026-10-31 | $2.31B | $380M | $2.69B |
| 2026-10-30 | $9.90B | $4.11B | $14.0B |
| 2026-10-29 | $12.9B | $4.87B | $17.7B |
| 2026-10-28 | $4.38B | $4.34B | $8.72B |
| 2026-10-27 | $3.75B | $2.84B | $6.59B |
| 2026-10-26 | $4.93B | $3.19B | $8.12B |
| 2026-10-25 | $3.02B | $801M | $3.82B |
How this is measured
Market share = Hyperliquid's open interest divided by the open interest of every decentralized perp exchange DefiLlama tracks (category "Derivatives"), per UTC day, from DefiLlama's free open-interest API. HIP-3 deployers such as trade.xyz are included inside Hyperliquid (DefiLlama counts them in "Hyperliquid Perps" and flags their own rows as double-counted, so those rows are dropped), and so are other products that only run on Hyperliquid L1. Prediction markets, options and interest-rate protocols are excluded. Hyperliquid's API counts open interest on both sides (longs plus shorts); DefiLlama halves it to the one-sided convention, the same one our markets pages use, so the figures are comparable. Each venue's figure comes from its own DefiLlama adapter. 7-day and 30-day shares are open-interest-weighted averages of the daily figures; today's incomplete UTC day is left out. Share of perp DEX trading volume is not measured: DefiLlama's per-protocol derivatives-volume endpoint is paid-only, and venues count volume differently. Volume = Hyperliquid's own daily perp volume (core venue plus HIP-3 dexes) from UnderHyper's daily history of the Hyperliquid info API; days marked est were rebuilt from Hyperliquid's hourly candles (base volume x typical price) for markets still listed, before our hourly snapshots began.
- Hyperliquid's API counts open interest on both sides (longs plus shorts, as Hyperliquid's own announcement of September 23, 2026 notes). DefiLlama halves it to the one-sided figure exchanges quote, which is the convention every UnderHyper page uses, so these numbers line up with our markets page.
- Leverage cuts both ways: open interest is borrowed exposure as much as committed money, and perps can be liquidated quickly. A large share says where traders are, not that a venue is safer.
- Per-market volume, open interest and liquidity are on perp markets; HIP-3 dex shares are on HIP-3 dexes.
Source: DefiLlama open-interest API (api.llama.fi/overview/open-interest) for market share; Hyperliquid info API (UnderHyper daily history) for volume. Snapshot taken 2026-11-05 10:15 UTC; the site rebuilds every 2 hours (DefiLlama updates daily) and keeps the last good file if an upstream response fails our sanity checks. Not investment advice.
Questions people ask
What is Hyperliquid's market share of perp DEX volume?
Measured by open interest, Hyperliquid held 56.6% of the decentralized perp market on 2026-11-04 and averaged 56.9% over the 30 days from 2026-10-06, per DefiLlama. We don't publish a volume share: DefiLlama's per-venue perp volume data is paid-only, and venues count volume differently, so open interest is the cleaner comparison.
How much volume does Hyperliquid do?
Hyperliquid perps (core venue plus HIP-3 dexes) traded $13.8B in the 24 hours to 2026-11-05 10:15 UTC, per Hyperliquid's API, $65.4B over the 7 days to 2026-11-03 and $243B over 30 days. Daily volume swings a lot: the busiest day in our history was 2026-10-29 at $17.7B.
Which perp DEX is second to Hyperliquid?
Aster, with 10.7% of decentralized perp open interest ($1.44B) on 2026-11-04, per DefiLlama. The five largest venues held 82.7% between them.
Are HIP-3 stock perps counted as Hyperliquid?
Yes. HIP-3 markets such as trade.xyz's stock and commodity perps trade on Hyperliquid's order book, and DefiLlama counts their open interest inside Hyperliquid Perps, so they are part of Hyperliquid's share here. The per-dex split is on the HIP-3 data page.
Cite or reuse this data
Free to reuse with attribution under CC BY 4.0. Machine-readable: /data/volume.json and /data/volume.csv.
Suggested citation:
UnderHyper (2026). Hyperliquid volume and market share of perp DEXs. https://underhyper.com/data/volume/ (data as of 2026-11-05 10:15 UTC; source: DefiLlama open-interest API + Hyperliquid info API).