Leverage moved its centre of gravity without expanding the total: aggregate futures open interest held near $136bn while the altcoin book overtook bitcoin's for the first time in 21 months. Every figure below carries its snapshot time and named source.
Aggregate futures open interest held at $136bn for a second consecutive day into 2 September, on 24-hour futures volume of $203bn (+19%). Bitcoin's share of that book shrank: $53.44bn at the weekly close, -1.64% ($890m) on the week. Funding stayed subdued on both settlement clocks. The liquidation record is three windows, not one: a risk-off day on 3 September that took longs, a squeeze day on 4 September that took shorts at an 84% share, and a payrolls print that took longs again.
| Metric | Reading | Change / context | Snapshot | Source |
|---|---|---|---|---|
| Hyperliquid 30-day perp volume | $212.09bn | 29.59% over the 30 days | 4 September 2026 | DefiLlama via PerpFinder |
| Hyperliquid 30-day fees | $70.0m | trailing 30d measure | 4 September 2026 | DefiLlama via PerpFinder |
| Hyperliquid top-40 open interest | $10.15bn | from $9.69bn a week earlier | 4 September 2026, 14:02 UTC | Hyperliquid API |
| Bitcoin aggregate futures OI | $53.44bn | -1.64% ($890m) | week to 6 September 2026 | CoinGlass via Zerocap |
| Bitcoin futures OI, coin terms | 709,000 BTC | +3.2% (from 687,000) | 4 September 2026 | KuCoin |
| Total futures OI, all assets | $136bn | flat for a second day | 2 September 2026 | CoinGlass via Crypto Economy |
| Bitcoin perp funding, aggregate | 4.39% annualised | positive but subdued | week to 6 September 2026 | CoinGlass via Zerocap |
| OI-weighted funding, HL cohort | 10.88% annualised | on $9.87bn notional | 4 September 2026, 14:02 UTC | Hyperliquid API |
| 24h liquidations | $557m | $469m short / $88m long | 24 hours to 4 September 2026 (UTC) | CoinGlass via TASS |
| Stablecoin collateral base | $305.6bn | up from $304.6bn at the start of the period | 5 September 2026 | CoinGecko via OriginBrief |
Bitcoin aggregate futures open interest closed the week at $53.44bn, -1.64% ($890m) week on week, against a weekly average of $54.63bn. The intra-week range ran from $52.88bn to $58.12bn - the high printed during the 4 September squeeze, when open interest expanded 7.79% in a day as new positioning chased the move. In coin terms the book grew even as its dollar value fell: 709,000 BTC on 4 September from 687,000, a +3.2% rise.
The crossover is the structural event of the week. Assets excluding bitcoin and ether - a complex that had lost nearly 23% in the first half of 2026 - now carry more aggregate futures open interest than bitcoin itself, the first such reading in 21 months. Nothing in the bitcoin book's own weekly path suggests it drove the shift.
| Measure | Value | Note |
|---|---|---|
| Week close (6 September) | $53.44bn | -1.64% week on week |
| Week average | $54.63bn | daily average across the week |
| Week high | $58.12bn | intra-week peak |
| Week low | $52.88bn | intra-week trough |
| Coin-denominated, 4 September | 709,000 BTC | +3.2% from 687,000 BTC |
Aggregate bitcoin perpetual funding printed 4.39% annualised for the week - positive but subdued, and notable for staying subdued through a squeeze. The 8-hour settlement reading on 4 September was 0.0079%, or 8.65% annualised under the site's standard convention (rate x 3 x 365). On Hyperliquid's 1-hour clock, bitcoin funded at 0.0012% per hour at the 4 September snapshot, 10.5% annualised.
The cohort-wide reading matters more than any single market: OI-weighted funding across the tracked Hyperliquid cohort printed 10.88% annualised on $9.87bn of open interest. Longs were paying for exposure - but at rates close to the venue's own average, not at the elevated prints that mark crowded-leverage tops.
Three windows tell the week. The 24 hours to 3 September cleared $286m across 105,000 traders, 57% of it longs, on the strike-driven risk-off day. The 24 hours to 4 September cleared $557m, with shorts taking 84% of the flow as the Waller squeeze ran. And around the payrolls print itself, roughly $278m liquidated, predominantly longs. The largest single position in the 4 September window was $5.26m.
| Window | Total | Long / short | Traders | Reported by |
|---|---|---|---|---|
| 24h to 3 September | $286.0m | $164m long / $122m short | 105,000 traders | Gate news, 3 September 2026 |
| 24h to 4 September | $557.0m | $88m long / $469m short | 99,000 traders | TASS |
| Around the payrolls print, 4 September | $278.0m | predominantly longs | - | Zerocap |
| Asset | Liquidated (USD millions) | Share of total |
|---|---|---|
| BTC | 278.62 | 50.0% |
| Others | 278.43 | 50.0% |
| Total | 557.05 | 100.0% |
The table below is the full tracked cohort at the 4 September 2026, 14:02 UTC snapshot, via the venue's public API. Funding is quoted per hour on the 1-hour settlement clock; the annualised column applies rate x 24 x 365. ZEC's 15.5% daily move against a 0.0013% hourly funding rate is the week's cleanest disconnect between price momentum and the cost of holding it.
| Asset | Mark | 24h | Funding / hour | Annualised | Open interest | 24h volume |
|---|---|---|---|---|---|---|
| BTC | 80,901 | +4.0% | 0.0012% | +11% | $2,900m | $4,320m |
| ETH | 2,508 | +4.3% | 0.0013% | +11% | $2,260m | $1,270m |
| HYPE | 86 | +4.7% | 0.0013% | +11% | $2,050m | $722.6m |
| SOL | 104 | +2.8% | 0.0013% | +11% | $597.5m | $307.5m |
| ZEC | 955 | +15.5% | 0.0013% | +11% | $541.8m | $399.5m |
| XRP | 1.448 | +5.7% | 0.0013% | +11% | $240.2m | $122.4m |
| PUMP | 0.0043 | -0.8% | 0.0013% | +11% | $176m | $81.3m |
| LIT | 4.33 | +11.5% | -0.0010% | -9% | $179.6m | $87.4m |
| XMR | 502 | -2.2% | 0.0013% | +11% | $97.9m | $36.3m |
| NEAR | 1.92 | +1.0% | 0.0013% | +11% | $90m | $23m |
| LINK | 12 | +5.9% | 0.0013% | +11% | $83.2m | $18.5m |
| AAVE | 134 | +4.7% | 0.0013% | +11% | $80.9m | $11.4m |
| DOGE | 0.0869 | +4.7% | 0.0013% | +11% | $60.3m | $33.2m |
| ENA | 0.1619 | +6.8% | 0.0013% | +11% | $60.6m | $50.1m |
| CASHCAT | 0.2635 | +0.6% | 0.0013% | +11% | $57.8m | $48.6m |
| XPL | 0.093 | +8.5% | 0.0013% | +11% | $52.2m | $30.9m |
| PONS | 0.6651 | +34.4% | 0.0013% | +11% | $48.7m | $82.6m |
| UNI | 6.309 | +10.3% | 0.0013% | +11% | $48.4m | $67.9m |
| BNB | 724 | +4.1% | 0.0013% | +11% | $44.2m | $9.4m |
| TAO | 229 | +3.8% | 0.0013% | +11% | $40.5m | $14.7m |
| FARTCOIN | 0.1714 | +6.9% | 0.0051% | +45% | $33.6m | $18.2m |
| ADA | 0.221 | +7.1% | 0.0013% | +11% | $32.4m | $10.1m |
| SUI | 0.7676 | -0.3% | 0.0013% | +11% | $31.6m | $13.4m |
| MON | 0.0262 | +2.9% | 0.0013% | +11% | $35.6m | $7.7m |
| ASTER | 0.7184 | -1.0% | 0.0013% | +11% | $26.3m | $7.9m |
PerpFinder's snapshot of 87 tracked perp DEXes put Hyperliquid at 36.6% of reported 24-hour volume on 4 September, with Aster at 11.4% and no other venue above 8%. On the flows side, US spot bitcoin ETFs took $987m across the week to 6 September - including $730.9m on 3 September alone, the largest single day since January. Spot ether ETFs added $162.2m over seven days; spot XRP ETFs $170m over eleven.
| Venue | Share of 24h volume |
|---|---|
| Hyperliquid | 36.6% |
| Aster | 11.4% |
| ApeX Omni | 7.1% |
| edgeX | 6.5% |
| Lighter | 6.2% |
| Variational | 5.9% |
| GMTrade | 5.6% |
| Grvt | 1.9% |
| StandX | 1.8% |
| Pacifica | 1.6% |
| Product | Flow | Window | Note | Source |
|---|---|---|---|---|
| US spot Bitcoin ETFs | $987.0m | week to 6 September 2026 | roughly $4.25bn over the trailing thirty days | Zerocap citing ETF flow data, week to 6 September |
| US spot Bitcoin ETFs, single day | $730.9m | 3 September 2026 | largest single-day inflow since January; IBIT took about $731m of it | Zerocap citing ETF flow data, week to 6 September |
| US spot Ether ETFs | $162.2m | trailing 7 days | seven-day net inflow | Lookonchain, week to 6 September |
| US spot XRP ETFs | $170.0m | 11 days to 2 September 2026 | cumulative inflow over eleven days | reported 2 September 2026 |
The stablecoin base grew to $305.6bn from $304.6bn at the start of the window. USDT held $183.4bn and USDC $74.7bn, with USDC issuance rising roughly $2bn on the week. The top two assets are 84.5% of the base. Collateral composition matters more than its level this week: USDC supply grew while the regulated-wrapper story advanced, and USDC is the margin asset most used on US-facing venues.
The standard desk check: what it costs to hold $100,000 of perp exposure on Hyperliquid's bitcoin market at the snapshot funding rate, before fees and price movement.
| Holding period | Funding cost | Share of notional |
|---|---|---|
| 1 day | $28.80 | 0.03% |
| 1 week | $201.60 | 0.20% |
| 1 month | $864.00 | 0.86% |
| 1 quarter | $2,628.00 | 2.63% |
Two readings follow from the table. First, at the snapshot rate, carry is cheap relative to the week's realised price movement: the cost of holding a position was not what forced traders out - price did. Second, the annualised framing matters even when the per-interval print looks trivial. A rate near the venue's average compounds to a material share of notional over a quarter, which is why a subdued reading is information for structured carry trades even when it looks like noise to a directional trader.
Every derived figure on this site uses the same conventions, so the arithmetic can be checked by hand from the printed inputs. The two annualisation formulas below apply throughout the issue; anything the sources do not disclose is printed as not disclosed rather than estimated.
| Term | Formula | Why it is used |
|---|---|---|
| Annualised funding, 8-hour settlement | rate x 3 x 365 x 100 | Three settlement periods per day, 365 days a year. |
| Annualised funding, 1-hour settlement | rate x 24 x 365 x 100 | Twenty-four settlement periods per day. Hyperliquid settles hourly, so its 0.0012-0.0013% per hour reads as roughly 10.5-11.4% annualised, not 1.2-1.3%. |
| Open interest | sum of the notional value of open contracts, USD | USD-denominated throughout. Where a source reports coin-denominated OI we print it as such and label it. |
| Volume-to-open-interest ratio | 30-day volume / open interest | Separates venues that hold committed capital from venues that cycle it. High ratios usually indicate incentive-driven churn. |
| Basis | perpetual mark price - reference spot price | Quoted in both absolute terms and as an annualised percentage where a term structure exists. |
| Week-on-week change | absolute change and percentage change, always both | A percentage alone hides small-base distortion; an absolute change alone hides scale. |
| Unavailable data | "not disclosed" | We never interpolate, backfill or carry a stale value forward. If a figure cannot be verified against a whitelisted source, it does not ship. |
CoinGlass reported aggregate futures open interest unchanged near $136bn for a second consecutive day on 2 September, on 24-hour futures volume of $203bn, up 19%. Note the measure includes dated futures; perp-only open interest is smaller and reported separately where a source separates them.
$557.05m across roughly 99,000 traders in the 24 hours to 4 September (UTC): $469.46m short against $87.60m long. The largest single position was a $5.26m BTCUSDT short on Binance. Bitcoin futures open interest expanded 7.79% over the same window.
Aggregate perpetual funding printed 4.39% annualised for the week to 6 September - positive but subdued. The 8-hour settlement reading on 4 September was 0.0079%, or 8.65% annualised (rate x 3 x 365). On Hyperliquid's 1-hour clock bitcoin funded at 0.0012% per hour, 10.5% annualised.
Because the week had three distinct liquidation regimes: 3 September ($286m, 57% longs, risk-off), 4 September ($557.05m, 84% shorts, short squeeze), and the 4 September payrolls print (~$278m, predominantly longs). A single weekly total would average away exactly the information a risk reader needs.
$305.6bn as of 5 September 2026, up from $304.6bn at the start of the window. USDT held $183.4bn and USDC $74.7bn, with USDC issuance up roughly $2bn on the week.