Midweek Hyperliquid Report // 30Oct26

The week’s funding dislocation of scale sits on the native book, where $HYPE longs pay 143% annualised on $1.94BN of OI, the venue’s third-largest native book; across the @tradexyz builder book UNITREE shorts pay 522% annualised, though on $27MM of OI a sized long moves that rate before it ever collects it. CXMT shorts pay 105% on $36MM, while SMSN longs pay 70% on $42MM; native HL prints +10.95% across 103 of 179 listings and +18% OI-weighted.

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

Forced flow

Hyperliquid’s liquidation tape reversed polarity inside 48 hours, with forced buys outweighing forced sells on both 27 and 28 October before the 29th took $252MM in a single session, $222MM of that liquidated longs. Across the 7d window that leaves $508MM of longs flushed against $93MM of shorts; the 30 October bar is a one-hour part session and is already near $100MM, almost all of it long.

At 43% of the venue’s $601MM, $BTC took the largest single share of the week’s forced flow, $258MM in all with $223MM of it liquidated longs, and $ETH followed at roughly $85MM. Three of the twelve largest liquidation books are @tradexyz builder perps - GOOGL, EWZ and SOXL - so the week’s forced selling is reaching well beyond the native crypto listings.

HIP-3 turnover

Churn on Hyperliquid is broad-based: $kPEPE turns over 429% of its $0.06B OI in a day and BNB 361% on $0.08B, against $BTC at 170% on a $3.27B book and $HYPE at 144% on $1.94B. Above the chart’s $50MM OI floor, six of the twelve busiest markets are @tradexyz listings, four of them memory names - MU at 241%, DRAM at 233%, SNDK at 213% and SKHX at 198%.

The algo tape

The week’s algo flow is dominated by $BTC buying, with five $BTC buy TWAPs clearing $52.28MM between them, the largest $18.73MM in 20 minutes at a full fill. The sells are smaller and patchier: $16.33MM of $SOL at 99% over 1h30m, $9.50MM of $HYPE over 3h30m. Ranked by executed notional, 8 of 40 retained TWAPs fell short, the worst an $ETH buy at 39%.

HIP-3 markets

Every market in the HIP-3 top twelve is an @tradexyz listing, and what that book expresses is stocks, indices, energy and metals: SP500 leads at $399MM of OI, GOLD $301MM, GOOGL $277MM and XYZ100 $260MM, with $2,584MM carried in the top twelve all told. The memory complex is the concentrated piece, SKHX, SNDK and SKHY together holding $496MM.

Sign-off

Taken together the week was a long flush across the venue, $508MM of liquidated longs against $93MM of shorts, of which $421MM landed on native books, running alongside a builder venue that keeps adding TradFi exposure. Funding is doing the work at both ends of the ledger, and the widest rates sit on the smallest builder books, where depth caps a position well before the carry stops looking attractive.

Midweek Hyperliquid | 2026-10-30 | Derivatives via Laevitas