Ethereum Open Interest Overtakes Bitcoin on Hyperliquid at Roughly $3.02 Billion

Ethereum's open interest on decentralized perpetual futures exchange Hyperliquid has surpassed Bitcoin's, reaching approximately $3.02 billion compared to Bitcoin's roughly $2.80 billion. The shift occurred as Hyperliquid's total platform open interest reached a record high of approximately $18 billion in late September 2026, representing between 8.7% and 10.9% of total global perpetual futures open interest. Alongside the derivatives positioning flip, institutional demand continued with BlackRock's ETHA recording $15.35 million in daily net inflows, bringing cumulative net inflows above $13 billion and total spot Ethereum ETF assets under management to approximately $17.78 billion.