Midweek Hyperliquid Report // 01Oct26

@tradexyz builder listings occupy the whole top of Hyperliquid’s turnover table, with BRENTOIL churning 116% of its $0.14B OI daily, SILVER 114% on $0.17B and CL 111% on $0.15B; $BTC is the only native book above $50MM of OI keeping pace, at 102% on $2.85B of OI. Those builder books are roughly a twentieth the size, so the churn is cheap to produce.

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

Forced flow

Hyperliquid liquidated $154MM of longs against $58MM of shorts over 7d, with almost half the long damage arriving in a single session on 28 Sep, which peaked at $76MM and carried $74MM of that on the long side. The days either side were balanced or short-leaning, bar a $30MM long day on 29 Sep; the 01 Oct bar is a part session of 12h.

$BTC absorbed $72MM of the week’s forced flow, $55MM of it liquidated longs and $17MM liquidated shorts, which is more than ZEC ($21MM), XRP ($16MM) and NEAR (~$16MM) took together; $ETH sat mid-table near $8MM. Only one HIP-3 listing reaches the top twelve, xyz:SILVER at ~$3MM, but the builder layer in aggregate took $26MM across 126 instruments, 12% of the venue’s forced flow and second only to $BTC as a bloc.

Funding

The native HL book sits on a +9% OI-weighted baseline while builder funding disperses far wider among the venue’s larger books; above $50MM of OI the native spread is under 24pp against 179pp across these HIP-3 listings. @tradexyz SKHX shorts are paying 151% annualised on $312MM of OI and SMSN 147% on $31MM, with MU longs paying 28% on $190MM at the other end. These are single-tick prints on equity perps marked against a cash index shut most of the day, and the sign flips through the week, so the receive is not bankable at size.

The algo tape

The week’s largest algo order was a $27.38MM $ETH buy cleared in 5m, trailed by a $27.21MM $ETH buy over 30m. The two visible shortfalls on this executed-notional ranking are native, an $ETH buy stopping at $13.84MM or 34% of target and a SOL buy at 57%, and @tradexyz’s xyz:XYZ100 ($12.18MM over 8h30m) and xyz:SNDK ($8.86MM over 12h30m) both completed; the top twelve nonetheless hide where truncation concentrated, because 17 of 40 retained TWAPs fell short, 9 of them @tradexyz listings carrying $49MM of unfilled notional against $46MM native, with xyz:SP500 (55%) and xyz:NVDA (59%) both terminating on insufficient margin just below the cut.

HIP-3 markets

The top twelve HIP-3 books hold $2,448MM of OI and every one of them is a @tradexyz listing, led by SP500 at $364MM, SKHX at $312MM and GOLD at $288MM. Equity indices, semis and metals fill the rest, with CL at $150MM and BRENTOIL at $144MM; there is no crypto underlier anywhere in the table.

Sign-off

Hyperliquid’s builder layer is where the turnover and the funding dispersion now live, and it carries 23.5% of the venue’s open interest against 12% of its forced flow; $BTC remains the single largest casualty at a third of the week’s liquidations, though the marginal one was increasingly a long in a metal, with silver, gold, WTI, Brent and copper taking $10.91MM between them. The two sit on the same venue with very different liquidity profiles, and a HIP-3 funding print is worth checking against its own hourly series before anyone trades it.

Midweek Hyperliquid | 2026-10-01 | Derivatives via Laevitas