The crypto market is producing a striking contrast this week: while one of its most established derivatives exchanges is shutting its doors after more than a decade, a newer decentralized venue is reaching unprecedented levels of activity.
Hyperliquid’s open interest has climbed to an all-time high of $18 billion, while its native HYPE token has approached the $100 mark. At the same time, BitMEX has officially ended its exchange operations after 11 years.
Hyperliquid’s $18 billion milestone is significant because open interest measures the value of outstanding positions rather than trading volume.
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The figure is calculated on a two-sided basis, meaning longs and shorts together account for the reported amount. The latest record surpassed the previous $16.36 billion high set on September 19.
Bitcoin, Ether and HYPE remain among the largest sources of positions, while Hyperliquid’s expansion into stocks, commodities and indices through its HIP-3 markets is adding another layer of activity.
The rise also illustrates how decentralized derivatives markets are evolving beyond their original role as venues for crypto-native speculation.
Traders are increasingly able to access markets that resemble traditional futures products while remaining within a blockchain-based trading environment.
That combination is important because derivatives have historically been one of the strongest bridges between crypto infrastructure and professional financial markets.
HYPE’s move toward $98 adds another dimension. The token’s price performance is occurring alongside record positioning on the underlying platform, linking the market value of Hyperliquid’s ecosystem with growing demand for its trading infrastructure.
Yet the relationship should not be interpreted mechanically. High open interest does not reveal whether traders are collectively bullish or bearish. It indicates that more capital is committed to outstanding positions and, consequently, that the market has greater exposure to potential liquidations when prices move sharply.
Then comes the other side of the story: BitMEX has closed its exchange. Founded in 2014, BitMEX became one of the defining institutions of the early crypto derivatives era.
The exchange helped popularize the highly leveraged perpetual swap, including contracts offering leverage of up to 100 times.
BitMEX says its platform operated for more than 11 years without losing customer funds to a hack, a record that became part of its identity within the industry.
The closure was announced in July following a strategic review by HDR Global Trading Limited, BitMEX’s owner and operator. The company said the decision followed an assessment of its business and the broader cryptocurrency industry and was not caused by legal or regulatory issues.
Trading and exchange services officially ceased at 04:00 UTC on September 23, while customers can still access accounts and withdraw available funds during the wind-down. The juxtaposition is revealing.
BitMEX represents the first generation of institutional-style crypto derivatives platforms, while Hyperliquid represents a newer model in which derivatives infrastructure is built directly around blockchain settlement and decentralized market architecture.
The industry is therefore not simply growing or shrinking. It is changing form. As BitMEX closes one chapter, Hyperliquid’s record open interest suggests that demand for sophisticated derivatives has not disappeared.
Instead, capital and traders may increasingly be migrating toward platforms that combine deep liquidity, perpetual contracts, and broader on-chain financial markets. The $18 billion milestone is consequently more than a record: it is another indication that the center of gravity in crypto derivatives continues to move.