Hyperliquid OI Closes to 93.7% of OKX's Level

Hyperliquid (HYPE)'s 14-day moving average open interest (OI) has risen to 93.7% of OKX's level, with the gap between the two exchanges narrowing to 6.3 percentage points. The figure is based on data as of September 19. Ublockchain reported analysis from @0xMaxs indicating Hyperliquid is rapidly closing in on OKX.

Open interest refers to the total value of unsettled derivative contracts. A 14-day moving average smooths out short-term fluctuations, reflecting longer-term trends rather than daily spikes. The current metric shows a sustained trend compared to single-point rankings.

Hyperliquid first surpassed Bybit in daily open interest on July 26 before continuing its climb toward OKX, the second-largest centralized exchange. As of September 19, Hyperliquid's 14-day average OI stands at 22.5% of Binance's level and accounts for 12.2% of total centralized exchange OI.

Ublockchain noted that while Hyperliquid's size is about one-fifth of Binance's, the gap with OKX remains smaller than with Binance. Open interest growth does not necessarily indicate bullish sentiment or price increases, as both long and short positions can grow simultaneously.

Hyperliquid provides decentralized derivative trading. Unlike centralized exchanges, its structure and data scope differ, so direct comparisons require careful interpretation. Ublockchain previously reported that Hyperliquid's OI grew 7.2% over four days, noting that such growth reflects new positions but not directional bias.

@0xMaxs' analysis as of September 19 suggests Hyperliquid could surpass OKX in the 14-day moving average ranking before year-end if current trends continue. This would make it the second-largest liquidity provider in derivatives markets after Binance, though this projection depends on sustained momentum and may vary based on trading volume, position changes, and exchange coverage.