Holding more than OKX but with only about one-third of its daily trading volume, how much room for growth does Hyperliquid have? A few days ago, we discussed the repurchase of Hyperliquid and also discussed who would ultimately take over the approximately $330 million HYPE sold by the team These questions all revolve around the supply of HYPE: how many chips have entered the market, and how many buying orders can digest them? But the foundation for continuous repurchases ultimately lies in how much money Hyperliquid, a trading platform, can make. Now, its position size has exceeded OKX, and quotes are beginning to enter Bloomberg terminals Just looking at the data together, the growth story of Hyperliquid is far from conclusive According to on chain data, the unilateral open interest contracts of Hyperliquid are approximately $8.02 billion, OKX is approximately $7.82 billion, and Bybit is approximately $7.06 billion. This means that Hyperliquid's position size has reached approximately 1.03 times that of OKX and 1.14 times that of Bybit Over the past 30 days, its open interest contracts have increased by approximately 12%. In the comparative sample consisting of Hyperliquid and eight CEX, Hyperliquid's holdings reached about 11.5%, an increase of about 0.5 percentage points A blockchain trading platform that is already on the same table as some large centralized exchanges in terms of contract position size But if the position exceeds, it does not mean that the trading volume exceeds, nor does it mean that the income exceeds According to the same page system, the daily trading volume of Hyperliquid is about $4.08 billion, OKX is about $11.96 billion, Bybit is about $7.48 billion, and Binance is about $29.9 billion. The daily trading volume of Hyperliquid is about 34% of OKX, 54% of Bybit, and 14% of Binance In the above comparison sample, Hyperliquid's trading volume share is about 7%, which is lower than its holding share of about 11.5% It is currently relatively stronger in terms of position size, but there is still a significant gap in transaction size What does this mean for HYPE? Open interest contracts measure the open contract positions, not the margin deposited by users, nor the income earned from the agreement. A position left on the platform will not continue to incur opening and closing fees just because it has not been closed. What affects trading revenue is still the actual transaction size, applicable fees, and how much fees can be retained in the agreement So, 'holding more than OKX' cannot be directly converted into 'handling fees exceeding OKX', and it is not possible to calculate how many times HYPE repurchase will increase based on this But looking at it the other way around, this also provides an observable growth direction for Hyperliquid If it can maintain a large position size while attracting more real trades, the gap between trading volume and competitors may narrow. If these growth can be sustained and converted into agreement retention fees, it may increase the funds entering the Assistance Fund Of course, the gap may also exist for a long time The user structure, trading strategies, market coverage, and fee arrangements of different platforms are different. We cannot assume that the trading volume will eventually approach just because the positions are close Bloomberg terminal access to Hyperliquid quotation can be understood in this context Bloomberg terminals have started displaying real-time market trends for some Hyperliquid perpetual contracts, including crude oil, gold, S&P 500, and chip company related markets This is not just an additional place to display prices, it makes it easier for Hyperliquid's on chain market to enter the scope of traditional institutional traders' daily observation, research, and comparison, especially after the traditional market is closed, Hyperliquid continues to trade Institutions can observe how on chain traders respond to weekend news, unexpected events, and emotional changes before traditional markets open through these quotes These prices may not accurately predict the trend of traditional markets after opening, but they provide a continuous and observable price curve As we discussed earlier, the imagination of Hyperliquid comes not only from Crypto perpetual contracts, but also from its opportunity to become an on chain price discovery and trading infrastructure Bloomberg terminal displays these quotations, adding a specific case to this route But being able to view the market does not mean being able to place orders through the terminal, and the quotation access itself does not prove that Bloomberg has already connected to Hyperliquid's transaction execution, nor can it be said that the institution's compliance trading portal has been fully completed based on this Institutions focusing on a market and actually placing orders in that market are still two different things For HYPE, the first increase in Bloomberg access is visibility and opportunities for institutional research and adoption Only when these concerns are further transformed into real transactions can they potentially affect the agreement revenue and repurchase ability Hyperliquid's next stage of proof is not just about being able to access Wall Street's screens But can we turn the attention in front of the screen into actual transaction orders and continue to use it to repurchase HYPE's revenue HYPE Hyperliquid Bloomberg DeFi