Open interest — the total USD value of outstanding perpetual-swap positions — on the ZEC and BTC Hyperliquid markets. ZEC on the left axis, BTC on the same LOG axis, so the size gap between them stays visible rather than being scaled away.
Rising open interest means new leverage is entering the market; falling means positions are being closed or liquidated. Computed as open-interest (in coins) × mark price. Toggle 7-day-smoothed (default) vs raw daily with the “7-day avg” chip. Accumulates from when this site began snapshotting Hyperliquid. Source: Hyperliquid metaAndAssetCtxs (openInterest × markPx).
BTC Open Interest was $3.11B on 2026-09-26, the last full day of data. That is 5.3% higher than 28 days ago, when it was $2.95B.
🔗 permalink ⇆ compareThis is open interest — the notional value of positions currently open on Hyperliquid's ZEC and BTC perpetual-swap markets. Nothing here happens on the Zcash chain. No coin moves, no pool balance changes, and none of it appears in supply or transactions. It is a claim about price, settled on another system entirely.
One venue, not the market. Hyperliquid is where this data comes from because it publishes it; other venues are larger and are not in these lines. Read levels as “on this exchange” and trends as the part that generalises.
Both series share one logarithmic axis so the size gap between ZEC and BTC stays visible instead of being scaled away. A constant vertical distance is a constant RATIO — the gap is the point, and flattening it would hide the only honest comparison available.
Open interest is a stock, not a flow. It says how much is at risk right now, not how much traded. It can sit flat through a day of furious turnover, and it falls when positions close whether they closed at a profit or a loss.