Hyperliquid's HYPE drops 5.9% as $1.66B in leverage sits on the token
- —HYPE trades at $82.61, down 5.9% in 24 hours and 11.5% in a week, but still up 4.5% over 30 days
- —HYPE open interest of $1.66B against $611M daily turnover gives a ratio of 2.72
- —Bitcoin's open interest-to-turnover ratio is 1.03 ($3.14B vs $3.06B)
- —HYPE funding rate is positive at +0.00125% per eight hours, meaning longs pay shorts
Why it matters: Heavy open interest against thin turnover makes HYPE prone to cascading liquidations on a 10% price move.
Source: CryptoTicker