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Hyperliquid
Perpetual-futures volume and open interest on Hyperliquid, and its standing against centralised venues.
Why it matters
It sizes the on-chain derivatives venue against the exchanges it competes with.
How it is built
Traded notional and outstanding open positions are summed per period and set beside the tracked centralised exchanges.
What to watch
An on-chain venue taking share from centralised books is the clearest evidence that decentralised derivatives work at scale — a claim only this comparison can settle.