Hyperliquid Flips XRP in Futures Open Interest

As Hyperliquid ($HYPE) continues to make waves in the crypto market, pulling strong price moves and impressive network activity, the altcoin has finally outpaced $XRP in the derivatives market.

Latest data from Coinglass shows that $HYPE has overtaken $XRP in crypto futures open interest, claiming the fourth largest open interest, a position previously held by $XRP.

$HYPE OI hits $1.45 billion

The data shows that $HYPE now has a massive $1.45 billion in futures open interest, surpassing $XRP, which is currently sitting at $1.12 billion.

While open interest typically measures the total value of active futures contracts that have yet to be settled on a specific crypto asset, Hyperliquid now ranking in fourth place behind only Bitcoin, Ethereum, and Solana suggests that futures traders are largely betting on the asset instead of $XRP.

Simply put, crypto futures traders are strongly participating in Hyperliquid, and its derivatives market is rapidly gaining traction over $XRP.

Hyperliquid Vs $XRP

It is important to note that Hyperliquid has flipped $XRP in open interest despite $HYPE slipping 1.28% over the past 24 hours to around $59.24.

Meanwhile, $XRP has surged modestly by 1.26% to about $1.09, suggesting that $XRP is currently pulling stronger moves than $HYPE in the spot market.

Nonetheless, the mild surge in $XRP's trading price was not enough to keep it ahead in the futures rankings. Regardless, $XRP still remains ahead of $HYPE in the broader crypto market, maintaining its position as the fourth largest crypto asset by market capitalization.