ETH took Bitcoin’s top Hyperliquid OI spot before Glamsterdam’s next test

Ethereum has taken Bitcoin’s top open-interest position on Hyperliquid just days before Ethereum’s next major public upgrade test. ETH perpetual open interest was reported at roughly $3.27 billion, ahead of Bitcoin’s approximately $2.98 billion. The next fixed Ethereum milestone is Glamsterdam’s activation on the Sepolia testnet on October 6 at 13:53:36 UTC. https:\/\/app.coinmarketman.com\/hypertracker\/perps That upgrade is more than a ticker event. Glamsterdam adds protocol-level proposer-builder separation, block-level access lists and new gas accounting. The Sepolia activation is a testnet event, not a mainnet launch, and Ethereum’s mainnet date is still unconfirmed. The timing creates a real event-risk question for Hyperliquid traders: is ETH’s OI lead a durable rotation into the asset ahead of a dated protocol catalyst, or simply leverage moving into the most active major market?