[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]
Henrik @Henrik_on_HL on x 7113 followers
Created: 2025-07-23 12:39:27 UTC
Hyperliquid currently inflates open interest by summing both longs and shorts. When they show $14B OI, the real exposure is closer to $7B since only one contract exists per matched long-short pair.
Most major CEXs like Binance, Bybit and OKX report net OI (notional value of open contracts, without double-counting). Net OI is usually more useful because it reflects the actual market exposure and is the industry standard.
So yes: Hyperliquid’s method currently overstates OI (if you assume that net OI is the industry standard method). An adjustment seems reasonable tbh.
XXXXX engagements
Related Topics okx bybit binance exchanges cexs $7b $14b hyperliquid