Venue Integrity

How many times a venue's open book turns over in 24 hours. Volume is easy to print; open interest someone has to hold — when the ratio runs hot next to a points program, the volume is renting the leaderboard, not building a market.

Updated — · Sep 21, 06:24 PM

Source: venue public APIs, sampled every pipeline run since 2026-07-27

the disputed number · trade.xyz share of Hyperliquid volume

17.6%

latest sample

4.0–74.4%

full measured band since 2026-07-27 · median 29.1%

The timeline quotes 71–75% as a fact. Measured every run since 2026-07-27, the share is a moving band, not a number — it has lived as low as 4.0% and as high as 74.4%. Both sides of the argument are sometimes right, which is exactly why quoting a point estimate as identity is the tell of a narrative.

Churn — 24h volume ÷ open interest

Compare each venue to its own history, not to the venue next to it — OI conventions differ (marked †). A ratio drifting up while OI stands still means the same money is going around faster.

Venue	24h volume	Open interest	Churn now	Median	Band
Hibachi	$19M	$1.6M	11.62×	6.15×	2.0–18.0×
Extended	$661.8M	$203.2M	3.26×	2.90×	0.6–5.3×
Lighter †	$2B	$625.3M	3.24×	2.43×	0.7–6.0×
Bybit †	$22B	$7B	3.13×	2.22×	0.6–6.1×
Aster †	$3B	$1.2B	2.42×	1.82×	0.3–5.9×
Paradex	$22.2M	$21.4M	1.04×	0.75×	0.1–3.9×
Hyperliquid (main)	$10B	$13.7B	0.73×	0.47×	0.1–1.9×
trade.xyz (HIP-3)	$2.1B	$3.9B	0.55×	0.69×	0.1–2.6×

† OI conventions are not comparable across venues: Bybit reports one-sided open interest, Lighter reports two-sided per its whitepaper, Aster's OI covers its top-15 markets by volume (~94% of volume). That is why this board ranks nobody — each row is a venue against itself.

Volume and open interest read directly from each venue's public API on every data run since 2026-07-27 — 1777 samples so far. No aggregators. Churn is 24h notional volume divided by open interest at the same timestamp: how many times the standing book turns over per day. High churn is not an accusation — market making is churn too — but a churn trend that detaches from a venue's own history during an incentive program is the pattern this board exists to show.