Midweek Hyperliquid Report // 22Oct26

Above the $50MM OI floor, eleven of the twelve fastest-turning books on HL are @tradexyz builder markets, led by SPCX at 228% of its $0.14B OI daily, with DRAM at 167%, SNDK at 144% and NVDA at 120% behind it. NEAR is the only native HL name in the top twelve, at 84%.

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

Forced flow

Hyperliquid’s forced flow changed sides midway through the week. Liquidations totalled $161MM long against $143MM short over 7d, though that near-balance conceals the turn; 17 Oct peaked at $61MM with $57MM of it long, while the 21 Oct session inverted to roughly $52MM of which some $48MM was liquidated shorts. The closing 22 Oct bar covers two hours only.

BTC absorbed $86MM of the week’s forced flow with $59MM of that liquidated shorts, and ETH followed at roughly $70MM on the same skew. Six of the top twelve instruments are @tradexyz builder perps; xyz:TSLA, xyz:SOXL and xyz:SKHX flushed mostly longs at around $6MM apiece, while xyz:MRNA was almost entirely short liquidations and xyz:SPCX split $2.8MM of shorts against $2.1MM of longs.

Funding

@tradexyz’s SKHX carries $328MM of OI at +66% APR and CXMT pays +80% on a $30MM book, against native HL where 155 of 178 listings sit pinned at the +10.95% default and the OI-weighted mean is +4%, dragged under the mode by the negative tail in the large native books. UNITREE mirrors at -80% on $20MM; both tails sit on books too thin to arbitrage.

The algo tape

SOL and BTC dominate the week’s algo tape. The biggest fill is a $20.73MM 30m SOL buy that stopped at 80% of target, against a $20.58MM SOL sell completed in full, while five BTC schedules cleared $16.35-16.45MM apiece. xyz:SP500 is the only builder market in the top twelve, a $10.35MM buy at 97%; 15 of 40 retained TWAPs fell short.

HIP-3 markets

The builder book’s top twelve markets carry $2,547MM of OI and every one of them is @tradexyz. SP500 leads at $384MM, SKHX at $328MM and GOLD at $293MM, with XYZ100 at $282MM and BRENTOIL at $213MM behind; indices, Korean semis, metals and energy, with MU at $145MM and META at $118MM filling out the tail.

Sign-off

Hyperliquid flushed longs into 17 October and squeezed shorts back out by 21 October, leaving the whole venue’s aggregate close to balanced at $161MM of longs against $143MM of shorts. The long crowding that survived sits in @tradexyz’s semis and index book, where $328MM of SKHX OI is still paying +66% APR to stay on.

Midweek Hyperliquid | 2026-10-22 | Derivatives via Laevitas