Midweek Hyperliquid Report // 24Sep26

The week’s forced flow on Hyperliquid ran against the shorts by nearly three to one, with $365MM of short liquidations over 7d against $133MM of longs, though the skew is concentrated in one session, 21 Sep alone carrying $218MM of forced flow of which $207MM was liquidated shorts. The direction has since turned over, with 23 Sep closing on long liquidations and 24 Sep running the same way through the first half of the session.

(i) Forced flow (ii) Funding and turnover (iii) The algo tape and HIP-3 markets

Forced flow

$BTC took $313MM of the week’s liquidated notional, the bulk of it squeezed shorts, and the step down to the next book is steep; $ETH follows at roughly $41MM, with XRP, ZEC and NEAR clustered around $20MM and below. Five of the top 12 instruments are HIP-3 builder perps, led by xyz:CL at just under $7MM.

Funding

The @tradexyz builder book carries funding that no on-venue spot or borrow leg disciplines, with SMSN longs paying 165% APR on $67MM of OI and SKHX 164% on $320MM. The native comparison needs care, since 161 of 234 native listings sit on the +10.95% funding default and the +7% OI-weighted figure on the chart is pulled down almost entirely by HYPE; native funding excluding HYPE weights out at +11.4%. STRC sits at -35% on $10MM at the other end, which leaves the sign and the size of builder funding a function of order flow alone.

Turnover

Among the venue’s twelve largest books only three turn over more than their entire OI inside 24h, $BTC at 154% of its $3.15B, native NEAR at 132% and ZEC at 118%. The highest ratios on Hyperliquid sit in much smaller listings, xyz:META at 180% on $0.08B of OI and the @tradexyz index and energy names XYZ100 and CL at 151% each, so the churn is a builder-market characteristic more than a venue-wide one.

The algo tape

The week’s largest algo prints cleared in full. The biggest was a $42.61MM $BTC sell worked over a 20m schedule, followed by a $26.16MM $ETH sell and a $24.31MM $BTC sell on 5m schedules, and all twelve of the largest executions completed at 100% of target, builder markets included. The ranking is by executed notional and therefore cannot show orders that failed to fill, so it is worth saying that the one sizeable shortfall in the week’s tape is a $9.18MM xyz:XYZ100 buy terminated at 72% of target.

HIP-3 markets

The top 12 HIP-3 markets hold $2,500MM of OI and every one of them is @tradexyz, with SP500 at $414MM, SKHX at $320MM, GOLD at $308MM and SILVER at $231MM leading the book. Single-name semiconductors are the largest theme inside it, SKHX at $320MM and SKHY at $172MM ahead of MU at $170MM, INTC at $139MM, NVDA at $135MM and SNDK at $124MM, and no crypto perp appears anywhere in the twelve.

Sign-off

The venue absorbed $365MM of short liquidations and a run of eight-figure TWAPs this week while the typical native book stayed pinned to its +10.95% funding default. The extreme carry sits in the builder layer, where single names print triple-digit APRs on books a fraction of the size, but the single largest funding dislocation on Hyperliquid is native rather than builder, HYPE paying its shorts 17% APR on $1.89BN of open interest.

Rick, Head of Markets

Midweek Hyperliquid | 2026-09-24 | Derivatives via Laevitas