TradingBeats data released on Aug. 20 showed that native perpetual nominal open interest on Hyperliquid’s main DEX was about $8.18 billion, equal to 66.97% of the combined OI measured against Trade.xyz. Trade.xyz stood at about $4.04 billion, or 33.03%.
Twenty-four hours earlier, the split was 64.18% for Hyperliquid native perpetuals and 35.82% for Trade.xyz. On a nominal basis, crypto perpetual market share rose by about 2.79 percentage points over the period.
Most of the gain came from price revaluation
The increase was driven largely by nominal value revaluation after BTC and ETH climbed. If current contract counts are uniformly repriced using the last 24 hours of price changes, crypto perpetual share would rise only to 64.44%, up about 0.26 percentage points from the earlier level.
If contract counts from 24 hours earlier were held unchanged and only current prices were plugged in, the share would reach 66.67%.
Based on that calculation, about 2.49 percentage points of the 2.79-point increase came from rising prices, close to 90% of the move. Changes in actual contract count contributed only about 0.3 percentage points.
Both sides were deleveraging after removing the price effect
Once price impact is stripped out, both native crypto perpetuals and Trade.xyz were deleveraging in actual terms. At current prices, native crypto OI fell by about $147 million, while Trade.xyz fell by about $129 million.
Trade.xyz, however, contracted by about 3.1% from its previous level, compared with a 1.8% decline for native crypto perpetuals.
BTC, ETH and HYPE showed different patterns
BTC showed the clearest divergence. Over the past 24 hours, BTC rose about 8.6%, but OI fell by about 2,542 BTC, worth roughly $177 million at current prices. Even so, nominal OI still increased from $2.42 billion to $2.449 billion.
ETH rose about 18%. Its nominal OI increased by about $310 million, but the actual increase was only around 1,475 ETH, worth about $3.34 million at current prices.
HYPE was the main exception. While its price rose about 23.2%, OI increased by about 811,000 HYPE, equivalent to about $58.36 million at current prices.
A return to 67% does not mean a wave of new leverage in BTC and ETH
The breakdown suggests that crypto perpetual OI returning to 67% does not indicate large new leveraged positioning in BTC or ETH. The bigger drivers were higher token prices lifting nominal OI and faster deleveraging on Trade.xyz.