Markets · HYPE up to 150x
Leveraged HYPE bets trade 2.7 times their recent median volume as the price drops
The HYPE perp, which trades around the clock, traded $1.41 billion in 24 hours. Its price fell 9.9% over the same day.
Key points
- It first happened on 29 January 2026, when HYPE fell 10.6% in a day, and a week later it was 7.5% higher.
- The HYPE perp trades at $64.68, down 9.9% from $71.82 24 hours earlier (weighted by open interest across venues).
- Its turnover was 2.4 times its prior median.
What's happening
Trading in the HYPE$64.26-10.27% perp ran at 2.7 times its recent median volume over 24 hours, and the price fell 9.9%. On Hyperliquid, after one earlier qualifying days, the price was higher a week later one times.
If Hyperliquid's average hourly funding over the preceding 24 hours persisted, shorts would receive 0.0% a day, or 0.1% over a week, on a constant position value. The median fall in the week after the same test across Hyperliquid's busiest perps was 0.7%. 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 7:43 p.m. ET, November 14, 2026. The windows can overlap. The line is the median of the earlier readings, not a long-run normal day.
| November 10 | $595.7M |
|---|---|
| November 11 | $388.4M |
| November 12 | $436.0M |
| November 13 | $673.3M |
| November 14 | $1.41B |
HYPE perps trade around the clock, with no expiry date. On Hyperliquid, traders pick their leverage on the HYPE perp, from one up to 10 times. At 10 times, every dollar of deposit controls $10 of HYPE. The contract gives no ownership of the underlying asset.
It traded $1.41 billion, against a median of $515.9 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. US traders can trade Hyperliquid perps on Kalshi, while Hyperliquid, a crypto exchange, is closed to US residents.
- Volume against its recent median
- 2.7 times Over the last day
- Traded in 24 hours
- $1.41 billion Across the venues read
- Price change in 24 hours
- -9.9% Weighted by open interest
- Earlier surges higher a week later
- 1 of 1 Completed days meeting the historical test on Hyperliquid
What happened the last 1 times
It first happened on 29 January 2026, when HYPE fell 10.6% in a day, and a week later it was 7.5% higher.
Each case met the same test, on Hyperliquid's daily candles.
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The backdrop
The HYPE perp trades at $64.68, down 9.9% from $71.82 24 hours earlier (weighted by open interest across venues). $1.84 billion of positions are open across 37 venues.
On Veranta, 57% of open positions are long: $33,000 long and $25,000 short.
Holding a short costs money right now. Shorts pay longs 7.2% a year, weighted by open interest.
The two sides
The table models a long and a short at the Hyperliquid leverage cap. Actual liquidation depends on the entry price, collateral and maintenance margin on the account.
HYPE traded $1.41 billion against a recent median of $515.9 million.
| Hypothetical long | Hypothetical short | |
|---|---|---|
| The bet | HYPE keeps rising. | HYPE falls. |
| Liquidation move and price | Model estimate: A 5.3% fall, near $61.28, at Hyperliquid's 10x cap | Model estimate: A 4.8% rise, near $67.76, at Hyperliquid's 10x cap |
| Who is positioned this way | Longs, paid 7.2% a year by shorts | Shorts, paying 7.2% a year to hold |
| Entry reference price | $64.68, the perp's latest price | $64.68, the perp's latest price |
Why this could be wrong
One 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 completed day on Hyperliquid fell short of that test. Its turnover was 2.4 times its prior median. The rolling volume figure covers a different window.
At 7 p.m. Eastern Time (ET) Sunday, another daily candle closes on Hyperliquid. If turnover reaches 3 times its prior median and the price closes down at least 6%, that day meets the test.