Hyperliquid’s SPCX perpetual has moved ahead of Binance by open interest, with the latest SPCX dominance dashboard putting Hyperliquid roughly 28% above Binance on the SpaceX-linked contract. The move gives Hyperliquid a clear liquidity signal in one of the most active real-world asset derivative trades in crypto. Open interest measures the value of active futures positions still open in the market, not just how much volume changed hands over a short window. A higher open-interest figure means more outstanding leverage is sitting on that platform.