Markets · GRAM up to 150x
Leveraged GRAM bets trade 4.4 times their recent median volume as the price jumps
The GRAM perp, which trades around the clock, traded $29.3 million in 24 hours. Its price rose 9.5% over the same day.
What's happening
Trading in the GRAM perp ran at 4.4 times its recent median volume over 24 hours, and the price rose 9.5%. On Hyperliquid, a crypto exchange, the price was lower a week later after each of the three earlier days with a similar surge.
If the funding fee that shorts pay longs on Hyperliquid kept its average hourly pace from the preceding 24 hours, shorts would pay 0.0% a day, or 0.2% over a week, on a constant position value. Past price moves were far larger than that fee: the median fall in the week after the past three surges was 6.6%. That price change excludes fees and historical funding, so this comparison does not establish a trading return.
Rolling 24-hour volume on venues present in every reading, through 1:31 p.m. ET, November 11, 2026. The windows can overlap. The line is the median of the earlier readings, not a long-run normal day.
| November 7 | $2.8M |
|---|---|
| November 8 | $6.1M |
| November 9 | $7.2M |
| November 10 | $18.5M |
| November 11 | $29.3M |
GRAM+2.29% perps are contracts that track GRAM's price on Hyperliquid, with no expiry date. On Gate, another crypto exchange, traders pick their leverage on the GRAM perp, from one up to 75 times. At 75 times, every dollar of deposit controls $75 of GRAM. The contract gives no ownership of the underlying asset.
The GRAM perp traded $29.3 million in the 24 hours, against a median of $6.6 million in the earlier 24-hour periods. The historical comparison on Hyperliquid estimates turnover from units traded times the daily close, measured against the prior 14 days. Traders outside the US can trade GRAM perps on Hyperliquid with a crypto wallet and USDC+0.00%, a token pegged to the dollar.
- Volume against its recent median
- 4.4 times Over the last day
- Traded in 24 hours
- $29.3 million Across the venues read
- Price change in 24 hours
- +9.5% Weighted by open interest
- Earlier surges lower a week later
- 3 of 3 Completed days meeting the historical test on Hyperliquid
What happened the last 3 times
It first happened on 21 July 2026, when GRAM rose 8.2% in a day, and a week later it was 6.5% lower.
Four weeks later, on 21 August, GRAM rose 6.7% in a day, and a week later it was 8.3% lower.
Five weeks later, on 26 September, GRAM rose 11.1% in a day, and a week later it was 6.6% lower.
The backdrop
The GRAM perp trades at $1.21, up 9.5% from $1.10 24 hours earlier (weighted by open interest across venues). $84.0 million of positions are open across 22 venues.
Holding a short costs money right now. Shorts pay longs 9.1% a year, weighted by open interest.
The two sides
The table models a long and a short at the Gate leverage cap. Actual liquidation depends on the entry price, collateral and maintenance margin on the account.
GRAM traded $29.3 million against a recent median of $6.6 million.
| Hypothetical long | Hypothetical short | |
|---|---|---|
| The bet | GRAM keeps rising. | GRAM falls. |
| Liquidation move and price | Model estimate: A 0.7% fall, near $1.20, at Gate's 75x cap | Model estimate: A 0.7% rise, near $1.21, at Gate's 75x cap |
| Who is positioned this way | Longs, paid 9.1% a year by shorts | Shorts, paying 9.1% a year to hold |
| Entry reference price | $1.21, the perp's latest price | $1.21, the perp's latest price |
Why this could be wrong
Three earlier cases are a small sample. The record shows what followed them, not why, and the thresholds are ours.
The yearly rate is today's pace, not a locked-in cost. No cause for the surge is known from this data.
What happens next
The latest day on Hyperliquid has so far traded 6.9 times its prior median. Its qualification and starting close are still open.
At 7 p.m. Eastern Time (ET) Wednesday, another daily candle closes on Hyperliquid. If turnover reaches 4 times its prior median and the price closes up at least 6%, that day meets the test.