u/shillxbt

Yesterday’s rally triggered $1.06B of short liquidations on Hyperliquid within the latest 24-hour window. BTC and ETH alone accounted for $943M.

https://preview.redd.it/rnrd6xxjpikh1.png?width=1874&format=png&auto=webp&s=792835f98ffb274646e36a4e49851dece7ebe806

The squeeze closed plenty of old risk, but total exposure kept growing. BTC open interest finished 4.8% higher than 24 hours earlier. ETH open interest rose 13.1%.

https://preview.redd.it/gfgxq2wmpikh1.png?width=862&format=png&auto=webp&s=963c5a73c12652b40a68d9bad4f60b529684dcdd

Short liquidations create forced buy flow as positions are closed. Open interest can only rise when new contracts are being added faster than existing ones disappear. Traders were putting risk back on at higher prices while the old shorts were still getting wiped out.

OI does not reveal which side those new positions chose. Some may be fresh longs. Others may be replacement shorts or hedges. What we can see is that the two largest crypto books did not finish the squeeze with less leverage.

If price holds while OI stays elevated, yesterday’s move created a new leveraged base. If price and OI fall together, the reload was temporary.

Are we back boys?

The Hyperliquid Policy Center and Douro Labs filed a joint letter with the SEC on August 17 supporting a full repeal of Rule 611. The rule generally stops a venue from filling a stock order at a worse price than a protected quote available elsewhere.

Their argument is that the national best bid and offer was built around connected venues with displayed quotes, while onchain order books and liquidity pools can trade around the clock. This is already a live market-structure issue on Hyperliquid: 262 HIP-3 markets carried $4.32B in open interest and produced $4.04B of 24-hour volume when checked at 08:39 UTC.

https://app.coinmarketman.com/hypertracker/perps

Brokers would still owe customers best execution if the SEC adopts the repeal. The practical burden would move toward evaluating the final price after protocol fees, network costs, price impact and settlement risk. For traders, interface and router choice would become a bigger part of execution quality. Is that enough protection without a national protected quote?

Unitree is expected to start trading this week. Before the cash market has even opened, its Hyperliquid perp is already pricing a huge premium to the IPO offer.
That gap looks even more interesting next to previous pre-IPO markets on Hyperliquid.

Before their public debuts, Hyperliquid was within roughly 3% of SK Hynix’s Nasdaq opening print and 11% of CXMT’s Shanghai opening print.
 It was not equally accurate for every IPO, but those cases show that Hyperliquid can carry a real price-discovery signal before conventional trading begins.

Unitree is now the next test:
Fresh positioning is leaning against the premium. HyperTracker’s <24h view currently shows about $293K short versus $147K long in positions opened during the last day.

https://preview.redd.it/be5qyzurpwjh1.png?width=1614&format=png&auto=webp&s=86bbb92fd42cb9cacbf7ffb5ef3c2b19451ffa55

That does not mean the shorts are right. It only shows that newer traders are fading the premium while the broader market is still holding it.

HyperTracker’s 24-hour Builders page currently shows a strange mismatch.

Sushiswap routed $36.1M in Hyperliquid volume from only two listed users. During the same window, Invo routed $71.2M across 10,047 users.

https://app.coinmarketman.com/hypertracker/builder/0x12ee177db3ceafedc639d023a29cc8588db3a4b9

That difference matters because builder volume is often interpreted as evidence of product adoption. The same amount of volume can come from thousands of smaller accounts or from a tiny number of high-volume traders. Those situations have very different implications for how durable the activity may be.

The aggregate data cannot tell us whether Sushiswap’s two listed users are independent traders, bots, subaccounts or accounts controlled by the same entity. It also cannot show whether this is recurring activity or a temporary routing decision. What it does show is extreme concentration.

This is why HyperTracker puts builder volume and user count beside each other. Looking only at volume would make Sushiswap appear to have substantial adoption. Adding the user layer reveals that its current position may depend on one concentrated routing relationship.

Hyperliquid has opened its Foundation low-latency node to qualified infrastructure providers at a current reference price below $1,000 per month.

Direct access previously required staking 10,000 HYPE and generating more than 0.5% of Hyperliquid’s weighted maker volume over 14 days. That kept the fastest Foundation data path largely in the hands of established market makers.

HyperTracker’s 24-hour builder data shows how much activity already passes through intermediaries. Builders routed $489.6M in volume, with MetaMask, Phantom, Invo and Trust Wallet accounting for $198.7M, or 40.6% of the total.

https://app.coinmarketman.com/hypertracker/builders

The new providers must offer open access and cannot reserve faster dedicated lines for selected firms. If several providers launch, smaller trading teams can compete on data speed without first becoming major makers. If access remains concentrated among one or two providers, the cheaper headline will matter much less in practice.

I ran today’s top wallet through HyperTracker instead of assuming the leaderboard rank meant repeatable edge.

The wallet has closed 21 trades: 14 wins, seven losses, $5.03M net profit and a 1.99 profit factor.

https://app.coinmarketman.com/hypertracker/wallet/0xc8b527864ef2ad6dc49de7e99943a3a76ad48891

Looks solid until you open the asset breakdown.

A single SKHX trade made $5.36M. That is more than the wallet’s entire net closed-trade profit. Its eight MU trades produced only $648K, while three SNDK trades lost $669K.

https://app.coinmarketman.com/hypertracker/wallet/0xc8b527864ef2ad6dc49de7e99943a3a76ad48891

This is why I wanted HyperTracker to connect leaderboards with reconstructed trade history. A large PnL number can come from a repeatable process or one oversized winner. Those are completely different wallets to follow.

Hyperliquid added spot markets for Nvidia, SPY, QQQ, SK Hynix and Micron yesterday. The SK Hynix perp already carries $455M of gross position value, above SOL’s $385M.

https://app.coinmarketman.com/hypertracker/perps

This is AFTER the KOSPI crash. The index fell 6.7% from Wednesday’s close to Friday’s intraday low, then recovered 3.0% from that low by Tuesday’s close. SKHX followed the downturn and has only partially recovered.

The split is stranger: 3,105 long positions and 797 shorts. Since matched long and short dollars are equal, far fewer short positions are carrying the same exposure as thousands of longs.

https://app.coinmarketman.com/hypertracker/perps/xyz:SKHX

A sharp SK Hynix move higher would hit a smaller group of much larger shorts. The new spot markets now give that equity trade a route onto HyperCore without a perp liquidation price.

Invo routed 40,522 users and $1.41B in perp volume over the last 30 days, putting it first among Hyperliquid builders by users. Its volume increased 48% on the current dashboard.

https://app.coinmarketman.com/hypertracker/builder/0x557edb253b1d7ed5f15b248a5a3fd919fa5d3c81

Only 22% of those users were profitable in the same view.

Invo is built around social trading, so this is the builder metric I’d watch. Distribution is clearly working. The open question is whether copied and social flow can retain users through poor performance, or whether growth fades once losses accumulate.

This does not prove Invo is causing the losses. Market direction and strategy selection matter. But builders are becoming a major entry point to Hyperliquid, and the quality of the flow they attract may matter as much as its size.

Friday’s fresh ETH book looks balanced until you split it by profitable cohorts.

Among positions opened over the last 24 hours, Money Printers hold $41.7M with a strong long bias. Smart Money holds $61.1M with a strong short bias.

https://app.coinmarketman.com/hypertracker/perps/ETH

Those cohorts are heading into the weekend on opposite sides. If ETH pushes higher and Smart Money shorts retreat, Money Printers owned the better Friday positioning. If price rolls over and Money Printer longs unwind, Smart Money did.

Which cohort flinches first once weekend liquidity thins?

BTC, ETH and SOL shorts are choosing the maximum permitted leverage more aggressively than longs.

Across the three books, $812M of short notional is sitting at maximum leverage, compared with $535M on the long side.

https://preview.redd.it/h8y8t2j6iqhh1.jpg?width=1100&format=pjpg&auto=webp&s=af92a71dbce2e47e5808c8933a137a4d38d80fe3

The important part is distance to liquidation.
Less than $1M of that max-leverage short exposure has crossed 80% liquidation progress, all of it in BTC. ETH and SOL currently show none.
SOL longs are under more immediate pressure. Its max-leverage longs are sitting on $13.8M in unrealized losses, with 11 positions already above 80% liquidation progress.

https://preview.redd.it/f7ap6x28iqhh1.jpg?width=1120&format=pjpg&auto=webp&s=774f98ed4908e21f52df1570c6ea82cf620b3cef

That tells us which side can produce forced flow first.

If the market weakens, SOL longs are currently closer to becoming forced sellers. If the majors rally and short liquidation progress spreads from BTC into ETH and SOL, the much larger short pile becomes fuel for a broader squeeze.

The leverage imbalance alone does not decide the direction. The next price move decides which side becomes trapped.

On July 15, Pump.fun distributed 57.279B PUMP to 121 team and investor wallets after the one-year cliff expired.
The tokens were worth roughly $86.5M and represented about 14% of circulating supply.
PUMP rose 11.7% over the following day.

The unlock calendar had shown 82.5B PUMP becoming eligible, but only 57.3B actually moved on-chain. Roughly 69% of the headline amount was distributed.

An unlock makes tokens transferable. It does not place them on an exchange or guarantee a sale. We saw these happen quite a lot, especially with HYPE but less expected PUMP investors to keep their tokens.

Current Hyperliquid positioning shows 2,531 PUMP longs against 1,408 shorts. Shorts represent only 36% of positions, but the average short is approximately 1.8 times larger than the average long.

Those shorts currently hold $6.6M in unrealized losses. Longs are up $5.4M.

https://app.coinmarketman.com/hypertracker/perps/PUMP

The July cliff also started a three-year vesting period, so the dilution overhang remains. The signal to watch is whether tokens begin leaving those 121 recipient wallets for exchanges faster than buybacks can absorb them.

Until that happens, every unlock headline risks attracting another crowded short.

10/10 erased half of Hyperliquid’s perp OI in ten minutes.
OI fell from $12.1b to $6.0b, while open positions dropped from 190.6k to 124.8k.

Nearly ten months later, open positions have climbed to 328.5k. That is 41% above the pre-crash high.
OI has recovered to $10.7b, but remains 31% below its $15.5b pre-crash peak.

https://app.coinmarketman.com/hypertracker/stats

That changed the structure of the market. Average OI per open position fell from roughly $66.7k before the crash to $32.5k today. Active perp traders are also back near record highs.

Hyperliquid rebuilt participation faster than gross exposure. The venue now supports far more positions, with roughly half as much OI attached to the average position.

Smaller average size does not automatically make the market safer. Large positions can still dominate risk, and position count does not equal unique traders. But the recovery since 10/10 came through breadth before leverage fully returned.

BTC is trading around $62.6K.

Among positions of at least $500K opened during the last 24 hours, $86.8M of long notional has liquidation prices roughly 2–3% below the market.

Two positions account for $85.2M of the total:

- $52.4M with liquidation around $61.08K
- $32.7M with liquidation around $61.10K

They were opened in the same second. The other two positions in the corridor total only $1.6M.

https://app.coinmarketman.com/hypertracker/perps/BTC

So $61.1K is not where dozens of traders are collectively trapped. It is a concentrated risk node controlled by a tiny number of positions.

If those positions remain open as BTC approaches $61.1K, they could become the marginal forced sellers. If they reduce exposure or add collateral first, most of the apparent wall disappears.

BNB gained 2.1% while its Hyperliquid open interest expanded 23.3% to $28.2 million.

That initially looks like broad long confirmation. The position-level composition tells a different story.

Across HyperTracker’s 24-hour size-bucket series, one new position above $2.5 million appeared with $2.98 million of long exposure. That single position represented more than half of the net increase in tracked open interest.
Meanwhile, the $50,000 to $2.5 million position bands added approximately $2.31 million of short exposure while losing nearly $1 million of longs. Smaller positions added another $1.04 million and remained 62.6% long.

https://app.coinmarketman.com/hypertracker/perps/BNB

The result is a barbell rather than consensus:

- one concentrated $2.98 million long  
- growing mid-sized short exposure  
- smaller participants leaning long

None of the positions above $100,000 was currently flagged as close to liquidation, so this was not an immediate liquidation setup.

The more interesting condition is persistence. If BNB continues higher while those mid-sized shorts remain open, they become potential squeeze fuel. If the $2.98 million long disappears, more than half of the apparent bullish OI expansion loses its strongest contributor.

Paying the highest funding on Hyperliquid was expensive, but immediately fading those markets would have been even more expensive.

https://app.coinmarketman.com/hypertracker/perps

Across a 90-day sample of 28 liquid native perps, the highest-funding quintile outperformed the lowest-funding quintile by 0.17% over the following eight hours and 0.31% over 24 hours.
The spread remained positive after including subsequent funding payments: 0.15% over eight hours and 0.25% over 24 hours, before fees and slippage.

HyperTracker’s current position data adds an interesting detail. In the six markets with the highest average funding over the past 48 hours, 69.8% of the exposure opened during the latest 24 hours was long. But those fresh positions represented only 2.8% of the group’s total tracked open value.

That does not look like a sudden wave of new longs creating the funding premium. It could reflect a more persistent trend, older directional exposure, or basis and market-making inventory that is expensive to balance.
The important catch is that the historical effect was unstable. The 24-hour result was roughly 0.50% in the first half of the sample and effectively disappeared in the second half.

Funding may therefore be more useful as a measure of trend pressure than as an automatic reversal signal. The better warning could be a divergence where funding stays elevated while price strength and new exposure stop confirming it.

Hyperliquid’s PnL cohorts are carrying opposite sides of the market with very different levels of modeled liquidation pressure.

Accounts classified above $1 million in all-time PnL on HyperTracker held $4.49 billion of open exposure, with only 31.9% on the long side. The cohort between minus $10,000 and zero PnL was 63.9% long, while accounts below minus $1 million were 74.5% long.

https://app.coinmarketman.com/hypertracker/segments/money-printer

The split persisted across six exchange-wide samples spanning ten hours, so it was not created by one temporary positioning change.

The difference becomes more interesting when liquidation pressure is included. Modeled at-risk OI represented just 0.059% of exposure for the profitable cohort. It reached 1.13% for the near-breakeven loss cohort and 1.59% for accounts below minus $1 million.

One possible explanation is risk transfer between participants with different balance-sheet capacity. Profitable accounts may be carrying short inventory with more collateral or using it inside market-making, basis, and relative-value books. Historical PnL does not prove directional skill, and the long exposure could include hedges.

https://app.coinmarketman.com/hypertracker/heatmap

Hyperliquid is quietly becoming a different kind of market.

HIP-3 markets now carry $3.43 billion in open interest, or almost 32% of the entire venue. Their share of activity is even larger: they generated 57.8% of reported perp volume during the past 24 hours.

The composition of newer open positions points in the same direction. HIP-3 represents 45.8% of notional among positions opened within the past seven days and still open today. The average position in that slice is roughly twice the size of one in Hyperliquid’s native markets.

This is already visible near the top of the venue. Twelve of the twenty largest markets by open interest are XYZ markets, with SP500 and SKHX both carrying more OI than SOL.

https://app.coinmarketman.com/hypertracker/perps

There is one major caveat. XYZ accounts for about $3.42 billion of the total $3.43 billion in HIP-3 open interest. HIP-3 has clearly broken through as a product category, but builder-deployed markets have not yet become a broad ecosystem. Most of the adoption still depends on one deployer.

ETH has outperformed this week.

Since July 20, ETH is up 5.2%. BTC is up 1.6% and SOL is roughly flat.

The new ETH perp book is clearly long-weighted.

Positions opened during the last 7 days currently hold about $209.9m of gross long notional versus $133.6m of gross short notional.

https://app.coinmarketman.com/hypertracker/perps/ETH

The obvious conclusion would be that ETH is now vulnerable to a long flush. The liquidation map says the situation is more nuanced.

Looking only at positions opened this week that are at least $500k and have a reported liquidation price:

- about $9.9m of fresh long exposure would be liquidated within a 5% drop from the current ~$1,960 ETH price

- about $24.0m of fresh short exposure would be liquidated within a 5% move higher

https://app.coinmarketman.com/hypertracker/market-radar?coin=ETH&tab=0&candle=5m&order=all

So the new book is long-heavy by notional, but its nearby forced-liquidation risk is still more asymmetric to the upside.

That does not mean ETH has to keep rallying. It means the simple “ETH outperformed, therefore fresh longs are the weak side” story is incomplete.

The market has added new longs, but it has not yet built an equally fragile long-liquidation pocket.

I pulled the positions opened over the last 24 hours and found three markets with very different cohort behavior.

For this, I grouped HyperTracker's "Money Printers" and "Smart Money" as the positive-PnL cohorts, and the negative-PnL segments together as the losing cohorts.

1. MU

MU is down about 1.6% today, but the larger and more profitable flow is leaning hard long.

- Money Printers: $31.1M gross, 84.1% long, +$21.2M net long

- Leviathans: $31.2M gross, 83.5% long, +$20.9M net long

- Smart Money: $6.4M gross, only 9.3% long, -$5.2M net short

The Money Printer and Leviathan flow is adding meaningful long exposure while the market is red.

https://app.coinmarketman.com/hypertracker/perps/xyz:mu

2. BTC

BTC is almost flat on the day, but the cohort split is much more aggressive.

- Money Printers: $37.8M gross, only 7.4% long, -$32.3M net short

- Positive-PnL cohorts overall: $108.0M gross, -$32.4M net short

- Negative-PnL cohorts: $143.5M gross, 58.1% long, +$23.1M net long

- The negative-PnL side includes more than 4,300 wallets

The profitable flow is pressing short while the much broader losing cohort is still adding net long exposure.

https://app.coinmarketman.com/hypertracker/perps/btc

3. AMD

AMD is down about 2.8% today and has the cleanest opposite-side setup.

- Positive-PnL cohorts: $19.2M gross, 63.1% long, +$5.0M net long

- Negative-PnL cohorts: $7.9M gross, only 19.3% long, -$4.9M net short

- Money Printers alone: $16.7M gross, +$4.5M net long

The higher-PnL flow is buying the red move while the losing cohorts are selling it.

https://app.coinmarketman.com/hypertracker/perps/xyz:amd

As I said, these are positions opened within the last 24 hours, not a read of complete portfolio exposure. They can include hedges or relative-value trades.

Still, the differences are interesting:

- MU: large high-PnL and large-size flow leaning long  

- BTC: profitable wallets short, broad losing flow long  

- AMD: profitable wallets long, losing flow short  

 Interesting split in HYPE positioning today where we will use our magnifying glasses to take a deeper look.

The broader market is down, HYPE had a triple top and everyone suddenly turned bearish and believes the narrative is over but let's go over the hard facts:

 OI is sitting around $1.34B, up roughly $18.8M over the last 24 hours.

 The 7d Money Printer view is still bearish: 30 HYPE positions with about $45.7M in value.

HyperTracker

 Smart Money is bullish in both windows:

- 24h: 35 positions / $5.86M  

 - 7d: 95 positions / $27.1M

HyperTracker

 I would not turn this into a “HYPE is guaranteed to go up” call. The fresh 24h positioning is a smaller slice of the broader 7d book.

 But it is worth watching: new high-PnL-wallet flow is leaning bullish while the older Money Printer positioning has not flipped yet.

We could definitely see a bottom here at the prevous ATH but we will see if we go higher.

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