Hyperliquid holds $14.9 billion in open bets, second only to Binance on CoinGecko
CoinGecko ranks Hyperliquid second of all derivatives exchanges by open interest, about $14.9 billion. Its traders also churn their positions far less than on centralized rivals.
Key points
- Hyperliquid had 195,681 BTC worth of open futures bets, about $14.9 billion, second only to Binance's 422,710 BTC, CoinGecko's derivatives ranking shows.
- That is more than Bybit (174,659 BTC, sixth) and nearly 1.75 times OKX (112,345 BTC, 11th).
- Hyperliquid's 24-hour volume was only 1.32 times its open interest. At Binance it was 3.68 times, at OKX 5.2 times.
The ranking
Open interest is the total value of futures bets that are still open. It shows how much money traders keep at risk on an exchange, not just how much they trade.
CoinGecko's derivatives exchange ranking (read November 6, 2026, 6:47 a.m. ET) puts Binance first with 422,710 BTC of open interest. Hyperliquid, an on-chain exchange where every trade settles on its own blockchain, is second with 195,681 BTC, just ahead of OrangeX (191,843 BTC). Gate, MEXC and Bybit follow, while OKX ranks 11th. CoinGecko states the figures in bitcoin. At $76,090 per BTC on CoinGecko at 6:48 a.m. ET, that is about $14.9 billion for Hyperliquid and $32.2 billion for Binance. Adding up Hyperliquid's 344 markets gives a similar $14.79 billion.
Open interest, top 7 derivatives exchanges plus OKX (11th)
BTC
Source: CoinGecko derivatives exchanges API, read November 6, 2026, 6:47 a.m. ET. Figures are reported by the exchanges. CoinW from a re-read at 6:56 a.m. ET.
Hyperliquid traders churn less
Volume tells a different story. Hyperliquid traded 257,981 BTC in 24 hours, 1.32 times its open interest. Binance traded 1.56 million BTC, 3.68 times its open interest. OKX traded 584,027 BTC, 5.2 times, and Bybit 305,916 BTC, 1.75 times.
A low ratio means positions stay open longer compared with how often they are traded. On Hyperliquid, a growing part of open interest also sits in stock and commodity markets run by outside builders, which we covered separately.
HYPE bets live at home
Across the 95 HYPE perp markets CoinGecko tracks, open interest totals $5.01 billion. Hyperliquid alone holds $1.74 billion of it, about 35%. Gate is next at $445 million and Binance at $395 million. HYPE traded at $78.45 on CoinGecko, down 4.7% in 24 hours.
What the numbers do not show
Exchanges report their own open interest to CoinGecko, and smaller venues are hard to check from outside. Hyperliquid's positions sit on its public chain. The ranking also says nothing about whether traders are long or short.
LC Insight analysis
This section is our reading of the facts above, not a statement of fact.
- We think Hyperliquid holding second place right after a sell-off matters: crashes usually wipe out leverage, and its open bets stayed larger than at Bybit and OKX.
- The low volume-to-open-interest ratio suggests Hyperliquid's users hold positions rather than churn them, though it also means fewer trades per dollar for the exchange to earn fees on.
- Self-reported open interest at some centralized venues should be read with care.
What's next
- Whether Hyperliquid's open interest passes 200,000 BTC
- Binance's lead if volatility returns
- HYPE's share of its own perp market
Disclaimer. This article is based on public information and the sources listed below as of the update time shown. It is for information only and is not investment, legal or tax advice. Figures may change as companies and authorities publish new data.
Sources
- CoinGecko derivatives exchanges API (read November 6, 2026, 6:47 a.m. ET)
- CoinGecko derivatives API, Hyperliquid tickers (read November 6, 2026, 6:47 a.m. ET)
- CoinGecko derivatives tickers API, all exchanges (read November 6, 2026, 6:48 a.m. ET)
- CoinGecko simple price API, BTC and HYPE (read November 6, 2026, 6:48 a.m. ET)
