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.
