Midweek Hyperliquid Report // 10Sep26

@tradexyz crude has become the most expensive crowded short on Hyperliquid. $CL turns over 151% of its $0.19B OI every day, the fastest churn on the venue, and with funding running near -241% annualised the short side is paying heavily to stay pinned below index, and the squeeze that follows is visible in the week’s liquidation tape.

(i) Forced flow (ii) Funding and the algo tape (iii) HIP-3 builder markets

Forced flow

The week’s forced flow ran long-heavy across Hyperliquid as a whole, with $139MM of long liquidations against $74MM of shorts over 7d, and the $60MM print on 04 Sep stands as the single largest day at a little over a quarter of the week’s total. The tape then rebuilt through the back half of the week, climbing from a quiet $7MM on 05 Sep to roughly $46MM by 09 Sep with the long side carrying most of those later sessions; 06 Sep is the one exception, the single day where shorts took the brunt at around $24MM of the $28MM cleared.

$BTC absorbed $80MM of the week’s liquidations, overwhelmingly longs, with $ZEC a distant second near $29MM where the flush ran the other way and shorts were bought in. Two of the top twelve are @tradexyz builder perps, xyz:CL around $5MM and xyz:BRENTOIL around $3MM, both almost entirely short liquidations.

Funding

The funding split between native HL and the builder book has widened into something worth trading around. Native HL weights out at roughly +1% annualised on OI, effectively flat carry, while the @tradexyz book weights out near -20%, dragged there by the energy and Korean-semi shorts; the newer deployers sit the other way, with EntropyIO near +23% on a $52MM book.

The algo tape

Algo flow this week was dominated by $BTC, the largest single fill a $47.56MM buy worked over 6h00m at 100% completion, followed by a $33.64MM sell over 3h02m. Fills were not uniform, with one 4h30m $BTC sell managing $11.94MM at 30% of target, while xyz:CL cleared $13.00MM of selling inside 30m.

HIP-3 markets

The @tradexyz book is increasingly an expression of the memory cycle, with SKHX at $375MM sitting second only to SP500 at $378MM, and MU at $186MM and SNDK at $137MM behind it; the nine memory and storage listings together carry about 28% of the builder book. GOLD at $326MM and BRENTOIL at $243MM fill out the top.

Sign-off

Hyperliquid’s builder markets are where the idiosyncratic risk now sits, with crude carrying a squeezed short base that is still paying for the privilege, and the memory complex carrying a genuine sector view at size, while native HL settles back into flat carry after an early-month long flush.

Rick, Head of Markets

Midweek Hyperliquid | 2026-09-10 | Derivatives via Laevitas