CoinMeta data: According to an analysis published, following the decentralized exchange Hyperliquid's open interest contracts surpassing those of Bybit for the first time on July 26th of this year, it is now rapidly approaching OKX, which ranks second among centralized exchanges. As of September 19, 2026, the scale of open interest contracts at Hyperliquid calculated using a 14-day rolling average has reached 93.7% of that of OKX. The gap between the two has significantly narrowed, and this figure represents 22.5% of Binance's total (about one-fifth), as well as 12.2% of the total open interest in the monitored mainstream CEX exchanges. Analysts believe that if the current growth trend continues, Hyperliquid is expected to officially overtake OKX in terms of sustained average volume by the end of the year, becoming the second-largest liquidity provider in the derivatives market after Binance.