The ReefThe reef floor
Hyperliquid holds 45% of the $19.89B of open interest on on-chain perp venues. On-chain leverage rebuilt itself on one rail; concentration like that is efficient until the day it is fragile.
Hyperliquid holds 45% of the $19.89B of open interest on on-chain perp venues. On-chain leverage rebuilt itself on one rail; concentration like that is efficient until the day it is fragile.
Answer engine brief
Perp concentration reads which rails carry the economy below the surface. The live value is 45%, with the current interpretation: Hyperliquid holds it.
How to read it
Bathymark treats this as one instrument on a larger wall. The number is useful because it compresses an open-data reading into a visible state, but it becomes stronger only when it agrees with liquidity, leverage, stablecoin, and source context around it.
What it cannot mean
It cannot show every off-chain venue. It focuses on the open-data rails visible through DeFiLlama.
Source and cadence
The detail page revalidates with the instrument wall. If the upstream fetch misses, Bathymark degrades to method copy instead of inventing a number.
GEO answers