Midweek Hyperliquid Report // 08Oct26

Among HL listings carrying at least $10MM of OI, the energy corner of the @tradexyz book carries the most dislocated funding: BRENTOIL at -271% annualised on $204MM OI and CL at -99% on $142MM, both paying the long side, against a native HL modal baseline of +10.95% across 156 of 178 listings. NATGAS is the mirror image at +713% on a $31MM book; with no cash-and-carry leg on a HIP-3 oil perp, funding is the only mechanism clearing the short.

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

Forced flow

Forced flow concentrated into a single session, with 7 October taking $180MM of liquidations and $176MM of that on the long side, inside a 7d window of $319MM longs against $84MM shorts. The 8 October bar is a 13h part session and is already past $50MM, almost all of it long again.

BTC absorbed $168MM of the week’s forced flow with $124MM of that flushed from longs, and ETH follows at roughly $66MM on an almost entirely long-side bar. Ranked by liquidated notional, three of the top twelve instruments are @tradexyz builder perps, and xyz:SP500 is the most short-skewed name on the board, with $8.88MM of liquidated shorts against $0.03MM of longs.

HIP-3 turnover

Among HL markets carrying at least $50MM of OI, eight of the twelve fastest-churning are @tradexyz builder listings, led by DRAM turning over 127% of its $0.08B of OI in 24h and SNDK 122% on $0.16B. These are small books; BTC churns 71% against $3.29B of OI, which dwarfs all of them on absolute volume.

The algo tape

The large-order tape leans to BTC accumulation, with four BTC buy programmes in the top twelve by executed notional at $8.44MM, $8.41MM, $8.30MM and $8.29MM, three of them filled in full. The biggest fill of the week is an $18.68MM xyz:CXMT buy worked over 168h, and 14 of 40 retained TWAPs fell short, worst BTC at 19%.

HIP-3 markets

The top twelve HIP-3 markets hold $2,475MM between them and the composition is TradFi, with SP500 at $359MM, GOLD at $299MM and XYZ100 at $271MM. The largest single-name equity line is SKHX at $307MM, more than double NVDA at $149MM, and the memory names SKHX, SNDK, SKHY and MU sum to $745MM.

Sign-off

The builder book is behaving like a venue in its own right, clearing a crowded energy short through funding alone, putting three names into the week’s top twelve by liquidation and supplying eight of the twelve fastest-churning markets above $50MM of OI. The native book still carries the size, with BTC at $3.29B of OI.

Midweek Hyperliquid | 2026-10-08 | Derivatives via Laevitas