Midweek Hyperliquid Report // 15Oct26

Hyperliquid’s forced flow over the past 7d has been overwhelmingly one-sided: $211MM of liquidated longs against $74MM of shorts, across three heavy consecutive sessions from 12 to 14 October. The peak came on the 13th at $82MM, $64MM of it long. The 15 October bar is a part session, so the run has not closed.

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

Forced flow

$BTC led the week’s tape at $92MM of liquidated notional, of which $51MM was shorts being squeezed, so the venue-wide long skew does not hold at the instrument level on the largest book. Four of the top 12 lines are HIP-3 builder perps - xyz:SOXL at ~$13MM, xyz:LITE ~$8MM, xyz:SKHX ~$6MM and xyz:INTC ~$6MM - and each of those four is long-only.

Turnover

Above a $50MM OI floor, the top of the Hyperliquid turnover table is a builder-layer affair, with 11 of the 12 fastest-turning books being @tradexyz listings, led by xyz:NVDA at 258% of its $0.10B OI changing hands daily and xyz:XYZ100 at 193% on $0.30B. The only native book on the list is $BTC at 126%, carrying $3.20B of OI behind that ratio.

The algo tape

The week’s algo flow was $BTC-dominated and largely completed, the biggest fill a $23.11MM sell over 5h00m at 100%, with a $17.47MM $HYPE buy over 8h00m alongside it. Eleven of 40 retained TWAPs fell short, the worst a $BTC 15m schedule at 16% of target, with $ETH at 29% and a second $BTC at 19% on equally tight windows, consistent with orders pulled early.

HIP-3 markets

The @tradexyz top 12 carry $2,589MM of OI between them and the composition is TradFi throughout: xyz:SKHX leads at $410MM, ahead of xyz:SP500 at $368MM, xyz:GOLD at $319MM and xyz:XYZ100 at $300MM, with xyz:SILVER at $201MM and xyz:BRENTOIL at $166MM behind them. Above a $10MM OI floor, xyz:SKHX holds both the largest HIP-3 book and the widest funding on the venue, at $410MM of OI and +262% annualised.

Sign-off

The week on Hyperliquid has been long positioning getting cleared out while the builder layer took a growing share of both the forced flow and the churn. xyz:SKHX is the market to watch into next week, carrying the largest HIP-3 book at $410MM, turning over 144% of it daily, and paying 262% annualised funding that the native side never approaches.

Midweek Hyperliquid | 2026-10-15 | Derivatives via Laevitas