Midweek Hyperliquid Report // 17Sep26

$ZEC is now the busiest book on HL, churning 115% of its $0.86B OI a day against $BTC at 107% and $ETH at 63%. Native HL funding on $ZEC sits near its 10% APR floor while Binance and Bybit shorts pay roughly 35% and 32% annualised, so long $ZEC on Binance against short on HL collects about 45pp, held open by dual-venue margin on a book that turns over daily.

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

Forced flow

Forced flow on HL ran $290MM of liquidated longs against $167MM of shorts over 7d, with the largest single day the $188MM flush on 11 Sep. The sign has flipped every session since; 14 Sep took roughly $30MM of shorts against $20MM of longs, 15 Sep flushed about $106MM of longs against $10MM of shorts, and 16 Sep swung back to roughly $52MM of shorts.

$BTC absorbed $238MM of the week’s liquidations, roughly $161MM of it longs, with $ETH next at about $82MM and skewed to the short side. $ZEC took around $34MM, roughly $24MM of it shorts, which is the forced buying behind the length in the hook. Six of the top twelve instruments are @tradexyz builder perps, led by xyz:NVDA and xyz:HOOD at about $5MM each, almost all of it long-side.

Funding

Native HL funding is flat, with $BTC, $ETH and $HYPE all on the 11% APR baseline, while the @tradexyz book pays in bursts. xyz:SKHX, at $346MM OI, is printing about 108% APR and xyz:CXMT around 235% on a $52MM book turning over 16% a day; xyz:SKHY sits near -21% on $203MM. The gap between the two SK Hynix lines is wide because the builder book is thin and each spike resets within a day.

The algo tape

The TWAP tape leaned to the buy side in $BTC, with a $33.01MM buy filled over 3h30m, a $23.16MM buy over 12h and a $14.14MM fill pulled at 29% of target, against $ETH sells of $25.22MM and $17.57MM. A $15.79MM $ZEC sell sits mid-board, so part of the hook’s length is already coming off. On @tradexyz only xyz:XYZ100 made the board, a $14.57MM buy and a $10.18MM sell, both filled in full.

HIP-3 markets

HIP-3 builder markets now carry about $4.06bn of OI against $10.5bn native, 28% of the venue, and @tradexyz is $3.99bn of that. Indices and commodities lead the book, with xyz:SP500 at $413MM, xyz:SKHX $346MM, xyz:GOLD $321MM and xyz:XYZ100 $276MM, and xyz:MU at $210MM the largest single name; the top twelve hold $2,753MM between them, every one of them on @tradexyz.

Sign-off

That is the Hyperliquid state of play for the week: $ZEC carrying the venue’s churn and a 45pp cross-venue funding gap, forced flow flipping sign daily, and a builder book at 28% of all HL OI while its funding spikes and resets on its own clock. Full charts and the underlying node data are available via Laevitas.

Rick, Head of Markets

Midweek Hyperliquid | 2026-09-17 | Derivatives via Laevitas