Hyperliquid Open Interest vs Volume: 180-Day Chart

Yes, within this reviewed first-perp-DEX window. Average open interest increased from $4.47B in the first 30 usable days to $7.31B in the last 30, while average trailing-24-hour volume fell from $5.81B to $3.36B. The average daily OI-to-volume ratio consequently rose from 1.02 to 2.55, showing that outstanding exposure grew relative to trading turnover over the period.

No. Open interest counts outstanding perpetual exposure, with a long and a short side to every open contract, so a higher total does not reveal the market's directional bias. Answering whether traders were bullish or bearish would require additional evidence such as positioning, funding, basis, or liquidation data. This chart also cannot explain why open interest changed or predict what prices will do next.

No. The denominator includes markets represented on Hyperliquid's first perp DEX at each comparable daily snapshot. HIP-3 builder-deployed perpetual markets are excluded because they belong to a separate market universe. The chart therefore describes the original perp DEX rather than all perpetual activity across the Hyperliquid ecosystem.

Those dates did not have a comparable 23:59 UTC day-end observation under the reviewed completeness rules. They remain explicit null gaps rather than being filled from a different intraday snapshot or interpolated between neighboring days. Keeping the gaps visible prevents the chart from implying measurements that the source data cannot support.