Open interest tracks the total value of unsettled futures contracts and is often seen as a signal of liquidity and market sentiment. But the rise in open interest also brings added volatility. While deeper liquidity can support healthier markets, leveraged positions increase the risk of sharp price swings.
It shows that crypto traders increasingly favor decentralized platforms for speed, transparency, and non-custodial execution. Hyperliquid offers these qualities, which have helped cement its position in the market.
Unsurprisingly, Hyperliquid accounts for over 60% of the on-chain perpetual futures market. In April alone, the platform processed $187 billion in trades.
However, some traders defended the platform’s action, citing its performance and reliability.
