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?

hyperliquid

ITS HAPPENING

hyperliquid is coming to the US

no more VPN's.

log in lose money right away

Yesterday at a White House crypto meeting, President Trump specifically called out Hyperliquid:

>

This is one of the clearest public signals yet that the administration wants to pull major on-chain perpetual infrastructure onshore.

Immediate reaction:

• $HYPE jumped double digits (reports ranging 11–19%)
• Related vehicles (Hyperliquid Strategies / PURR and some HYPE ETFs) also moved hard
• Traditional exchange stocks saw pressure

Hyperliquid has been the dominant decentralized perps venue but has blocked US users. A compliant US path would open a much larger regulated market while keeping the core product intact.

For context: this came during a White House event with crypto executives (Coinbase, Ripple, Robinhood etc.) and regulators present.

Curious how the community is reading this , real regulatory path opening, political talk, or something in between?

Sources: Bloomberg, CoinDesk, The Block, CNBC.

(NFA / DYOR)

Been looking at some of the tools being built around Hyperliquid and came across the Hyperliquid bot on Towns. It got me thinking about how disconnected the average trading setup still is. You discuss trades in one place, get alerts somewhere else then jump over to the platform when you want to do something.

Would having Hyperliquid tools right in the group be useful or would that just make things messy?

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.

I found a Hyperliquid wallet that is long and short SK Hynix at the same time.

At first that looks like indecision.

But I don’t think it is.

The current structure is roughly:

• Long $3.47M of SKHX

• Short $3.35M of SKHY

• Both at 10x cross margin

SKHX maps to SK Hynix’s Korean-listed shares.

SKHY maps to its US ADR.

Same underlying company, different market representation.

That creates an interesting setup.

The wallet seems to be long the cheaper representation and short the richer one, betting that the gap between the two eventually converges.

So the thesis is not really:

“SK Hynix goes up.”

It is more like:

“The spread between SKHX and SKHY is mispriced.”

The current PnL shows why this has to be evaluated as one structure:

• SKHX long: about -$50.1K

• SKHY short: about +$57.8K

• Combined: about +$7.7K

If you only look at one leg, the read is wrong.

The SKHX long is losing. But the pair is slightly profitable because the short leg is doing more work.

That is the part I find interesting.

We usually talk about DeFi perps traders as directional punters: long BTC, short ETH, chase momentum, take leverage.

But this looks closer to a relative-value trade.

Buy the cheaper version.

Sell the richer version.

Wait for the relationship to normalize.

Of course, this is not “risk-free arbitrage.”

The account is running about $6.81M in combined gross notional against roughly $707K in perp account value.

Margin usage was close to 99.8% at the snapshot, with only about $1.7K withdrawable.

So even if the idea is right, the wallet still has to survive the path.

The spread can widen before it converges.

The hedge ratio may be imperfect.

ADR conversion, FX, funding, liquidity and trading-hour differences all matter.

Cross margin also means stress elsewhere can affect the whole account.

That is the bigger lesson for me.

Relative-value trading reduces simple direction risk, but it replaces it with basis risk, model risk, execution risk and leverage risk.

Finding the gap is only the first part.

The real edge is sizing it correctly and having enough margin to wait.

Curious how others would read this.

Would you treat this as a clever relative-value trade, or just a leveraged pair trade with very little room for error?

Data is based on public Hyperliquid / HyperTrend snapshot before posting. Values may change quickly.

I came across a Hyperliquid wallet where one ADL-related close realized about $2.55M in profit.

The wallet appears to have been on the winning side of the event, not the liquidated side. So the position was clearly right. But ADL, rather than a discretionary exit, determined when much of the profit was realized.

That made me wonder whether we should evaluate this differently from an ordinary closed trade.

The trader still deserves credit for direction, sizing and surviving long enough to benefit. But an ADL event is not something a strategy can reliably reproduce.

Would you count the full result as evidence of trading skill, or separate position selection from exit quality when evaluating the wallet?

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.

Is it just me or has volume on eth and btc fallen so much in the past few days what is happening?

Hey everyone 🦅

A lot of S2 farming discussions are focused on Sybil risk and active streaks, but there is still a lot of guessing around what actually makes an on-chain footprint look organic.

Executing thousands of automated micro-transactions doesn't necessarily protect a wallet. Based on on-chain behavior, what actually matters most is:

📊 Liquidity Quality (real volume & pair depth)

📅 Consistency Streaks (active days spread naturally over time)

🌐 Protocol Breadth (EVM footprint, staking, HyperLend, Kinetiq, etc.)

To make this transparent and easy to audit, I built the Hyperliquid S2 Analyzer.

🛡️ What the tool tracks:

1️⃣ Anti-Sybil Risk Engine (0-100 Score):

Evaluates whether trades are spread across weeks, checks pair diversity, EVM activity, and staking commitment to give a clear green/amber/red diagnostic.

2️⃣ Tier System & Streaks:

Ranks wallets from Explorer to Legend based on overall activity, monthly active days, and relative percentile rank.

3️⃣ 100% Safe & Read-Only:

• Zero wallet connection or signatures required

• No permissions requested

• Just paste any public EVM/Hyperliquid address

🔍 Tool name: Hyperliquid S2 Analyzer

https://preview.redd.it/70w04a2treih1.png?width=840&format=png&auto=webp&s=c86cce033090708607c19a35a4d9e836ed73b4d3

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.