Midweek Hyperliquid Report // 06Nov26

Above the turnover fixture’s $50MM OI floor, eleven of the twelve fastest-turning markets on Hyperliquid are @tradexyz listings, with SOXL leading at 727% of its $0.05B OI daily. The Asian memory complex sits right behind, SKHX turning 163% of a $0.32B book and DRAM 223%, which is where the week’s funding dislocation has opened. Native $BTC churns 128% on $2.94B.

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

Forced flow

The week’s forced flow split into two opposite episodes. 30 October cleared $216MM, $179MM of it liquidated longs; 4 November reversed into a short squeeze of roughly $214MM, around $137MM of that liquidated shorts. The 7d totals of $408MM longs against $210MM shorts read as capitulation, though the daily shape shows positioning rotating, the shorts that replaced the flushed longs run over five sessions later. 5 November is a 15h part session.

$BTC absorbed $289MM of the week’s forced flow and was two-sided, with $149MM of that total in liquidated longs and the balance in liquidated shorts. Behind it the tape thins quickly, $ETH near $40MM, XPL around $25MM and almost entirely forced sales, $HYPE and $SOL near $20MM each. Five of the top twelve are @tradexyz builder perps, SOXL the largest at roughly $19MM.

Funding

The @tradexyz memory book is charging a synthetic borrow fee, with shorts paying 1242% APR in SMSN, 955% in SKHX and 939% in CXMT, while longs still pay 38% in MU. Native HL sits pinned at its +10.95% default across 140 of 179 listings. SKHX carries the depth at $315MM of OI; SMSN and CXMT are $42MM and $35MM books whose funding swung four figures inside the week.

The algo tape

The four largest algo orders of the week were all $BTC and two-way, between $20.72MM and $22.35MM executed, two buys and two sells filling 100%, 100%, 96% and 80%. Of the $BTC orders shown the longest schedule fared worst, the 24h30m buy stopping at 58% on $11.28MM. Of 40 retained TWAPs ranked by executed notional, 14 fell short, the @tradexyz SK Hynix perp worst at 41%.

HIP-3 markets

The top twelve @tradexyz markets hold $2,890MM of OI and not one of them is a crypto perp, with SP500 at $376MM, BRENTOIL at $349MM, SKHX at $315MM, GOLD at $309MM and XYZ100 at $273MM leading, and SILVER, GOOGL, MU, CL, SPCX, SNDK and AAPL filling the rest. The builder book is TradFi exposure settled on-chain.

Sign-off

The week on Hyperliquid came down to positioning that rotated hard enough to run both sides over inside six sessions, and a builder book whose Asian memory listings are paying between 939% and 1242% annualised funding to whoever holds the long. The second is the more interesting trade and the harder one to size, since two of the three listings carrying it hold under $45MM of OI apiece.

Midweek Hyperliquid | 2026-11-06 | Derivatives via Laevitas