Hyperliquid Open Interest Hits Record $18B

Record open interest and record daily active users landing together suggests Hyperliquid's growth is coming from actual trading participation rather than a one-off positioning spike, which matters for a venue that competes directly with centralized derivatives exchanges. The figures also give RWA and on-chain perp watchers a concrete benchmark for how much leverage is now sitting on decentralized rails. Whether the user count holds near this level or reverts once whatever drove the September 21 activity fades is the open question.