Hyperliquid (HYPE) — Onchain News & Whale Tracking

Mainstream Perp DEX Overview: Recently, trading volumes on various platforms have seen a slight increase, with Hyperliquid maintaining the top spot in trading volume

**Perp DEX Trading Volume Sees Slight Rebound (Feb 24, DefiLlama Data)** Data from DefiLlama shows that trading volumes across major perpetual futures decentralized exchanges (Perp DEXs) posted a minor rebound on February 24, while open interest and total value locked (TVL) held steady with only minimal fluctuations. Hyperliquid maintains the top spot in trading volume, with Aster ranking second. Key metrics for leading Perp DEXs are below: - **Hyperliquid** ([https://app.hyperliquid.xyz/join/NTOD](https://app.hyperliquid.xyz/join/NTOD)): 24h volume ~$65.7B | TVL ~$42.1B | Open interest ~$52.6B - **Aster** ([https://www.asterdex.com/zh-CN/referral/aboter](https://www.asterdex.com/zh-CN/referral/aboter)): 24h volume ~$32.4B | TVL ~$10.4B | Open interest ~$18B - **EdgeX**: 24h volume ~$29B | TVL ~$1.83B | Open interest ~$9.75B - **Lighter** ([https://app.lighter.xyz/?referral=70045843](https://app.lighter.xyz/?referral=70045843)): 24h volume ~$28.3B | TV

A whale has deposited 7.35 million U into Hyperliquid to go long on Nvidia and SanDisk

On February 24th, LookOnChain monitoring data shows that whale wallet 0xcd6b deposited 7.35 million USDC into Hyperliquid to take long positions on NVDA and SNDK stocks. Currently, their holdings include a long position of 61,951 xyz:NVDA shares (valued at $11.94 million) and a long position of 2,920 xyz:SNDK shares (valued at $2 million). Additionally, there’s an open limit buy order for 40,778 xyz:NVDA shares (worth $4.53 million) awaiting execution.

A new address deposited 1.5 million U to open a 25x ETH long position on Hyperliquid.

Feb 23 — Per LookOnChain data, a new address deposited 1.5M USDC into Hyperliquid 5 hours ago. It subsequently opened a 25x leveraged long position on 15,103 ETH (valued at $29M), with a liquidation price of $1,819.60.

A whale deposited 2 million USDC into Hyperliquid to leverage up a SOL long position

On February 23, Onchain Lens monitoring revealed a whale deposited 2 million USDC into Hyperliquid and boosted its 20x-leveraged SOL long position—with open orders currently in place to expand the position further. The whale also holds an $11.14 million 20x-leveraged ETH long position.

A whale has deposited 5 million U into Hyperliquid to short gold with 4x leverage and silver with 3x leverage.

On February 21st, Onchain Lens monitoring data shows whale address 0xaCB deposited $5 million USDC into HyperLiquid, expanded its 4x-leveraged GOLD short position, and opened a new 3x-leveraged SILVER short position. Current holdings are as follows: - 2,978.17 GOLD (worth $15.21 million) - 97,085.91 SILVER (worth $8.22 million)

Polymarket, Hyperliquid, and Others Make the 2026 Forbes Fintech 50

On February 20, 2026, Forbes unveiled its 11th annual Fintech 50 list, forecasting that crypto market platforms Polymarket (which has raised $2.3 billion), Securitize ($425 million), Phantom ($2.68 billion), Ledn ($1.07 billion), and Hyperliquid (no funding raised) will rank among the top five cryptocurrency companies. While crypto industry valuations are viewed as more conservative than those of AI startups, the sector still boasts innovation and strong growth potential. Per CB Insights data, total fintech private funding hit $53 billion in 2025—down from $152 billion in 2021 but marking the first year of growth in four years.

Hyperliquid Lobbyist CEO: Frontend Interface Connecting to Decentralized Exchange Protocols Should Not Be Required to Perform KYC

On February 20th, Jake Chervinsky—CEO of the Hyperliquid Policy Center, the lobbying arm of decentralized exchange platform Hyperliquid—posted on social media: “Front-end interfaces connecting to decentralized exchange protocols shouldn’t be required to conduct KYC (Know Your Customer). Financial privacy is a fundamental right.” Of course, while on-chain illicit financial activity pales in comparison to that of the traditional financial system, we can’t ignore it. But the solution shouldn’t be to slap old rules—rules that have excluded billions from the financial system—onto new technology that can do better. (Note: The original link [https://app.hyperliquid.xyz/join/NTOD] is retained for context as per the source.)

Hyperliquid will delist OM voting will be open to on-chain validators on February 23rd

February 19th, according to official sources, the on-chain validators for Hyperliquid will vote around 16:00 UTC+8 on February 23rd on whether to delist OM. MANTRA (OM) is planning a token swap, incremental adjustments, and a rebrand to MANTRA (MANTRA). If validators vote to delist the asset, related perpetual contracts will be settled using the 1-hour Time-Weighted Average Price (TWAP) prior to delisting, and all unfilled orders will be canceled. Please close your positions before this time to avoid automatic settlement. Once settlement is complete, no new orders will be accepted.

Hyperliquid has established a lobbying organization called the "Hyperliquid Policy Center," with $28 million in HYPE as seed funding

On February 18, a Fortune report noted that Hyperliquid has launched the Hyperliquid Policy Center — a lobbying organization led by Jake Chervinsky — with the Hyperliquid Foundation set to provide $28 million worth of HYPE as initial funding.

A certain whale address has deposited 30 million U into HyperLiquid to go long on BTC with 3x leverage

February 18th: Per Onchain Lens monitoring, the whale address "pension-usdt.eth" has again deposited 30 million USDC into HyperLiquid and opened a 3x leveraged long position on BTC. Position details: - Quantity: 1,000 BTC - Value: $67.59 million - Entry Price: $67,203.6 - Liquidation Price: $37,681.1

A whale deposited 1 million USDC into Hyperliquid to leverage 20x long ETH

**Feb 16 Onchain Lens Monitoring Update** A whale has deposited 1 million USDC to Hyperliquid, opened a 20x-leveraged ETH long position, and still holds a 20x-leveraged SOL long position. The whale also boosted spot holdings, including: - 20,000 SOL (~$1.7 million) - 8.5 million FARTCOIN (~$1.69 million) - 30 million MON (~$717,000) - 6.73 million XPL (~$651,000) To date, the whale’s total cumulative contract trading losses exceed $11.877 million.

A newly created address deposited 2 million U into Hyperliquid to leverage 2x long on Nvidia.

Per LookOnChain monitoring data on February 14th, a newly created address deposited 2 million USDC into HyperLiquid 11 hours ago to open a 2x long position on NVDA. The position includes 21,687 xyz:NVDA tokens, valued at $3.97 million.

Tether Invests in Hyperliquid Mobile Entry Dreamcash Parent Company

February 14 — Stablecoin giant Tether has invested in Dreamcash, the parent company of Hyperliquid’s mobile entry point. The move coincides with the launch of the first batch of USDT-collateralized real-world asset (RWA) perpetual contract markets on the popular DEX Hyperliquid, per a Friday announcement. The markets rolled out in partnership with Selini Capital, Dreamcash, and Tether, and include: ? Stock indices like the S&P 500 ? Commodities including gold and silver ? Individual stocks such as Tesla, NVIDIA, Google, Amazon, Meta, Robinhood, Intel, and Microsoft Tether’s investment will fund Dreamcash’s CASH market’s $200,000 weekly incentive program, where traders earn rewards based on their “share of total USDT trading volume.” Dreamcash did not disclose the specific size of Tether’s investment.

A whale deposits $2 million into HyperLiquid and goes 20x long on ETH and SOL

On February 13th, OnchainLens monitoring data shows that whale address "0x4A2" deposited $2 million worth of USDC into HyperLiquid and opened long positions on ETH and SOL with 20x leverage. Previously, the same whale had accumulated losses exceeding $6.88 million.

Mainstream Perp DEX Overview: Hyperliquid Maintains Top Trading Volume, EdgeX Rises to Second

February 13th — Per DefiLlama data, mainstream perpetual DEX (Perp DEX) trading volume posted a slight decline, while open interest and total value locked (TVL) showed little change, with overall stability holding. Hyperliquid remains the top Perp DEX by trading volume, and EdgeX has overtaken Aster to claim the second spot. Below are key 24-hour metrics for major platforms: - Hyperliquid: ~$65.6B trading volume | ~$42.3B TVL | ~$49.7B open interest [Link: https://app.hyperliquid.xyz/join/NTOD] - EdgeX: ~$30.3B trading volume | ~$1.83B TVL | ~$9.93B open interest - Aster: ~$29.8B trading volume | ~$10.7B TVL | ~$17.9B open interest [Link: https://www.asterdex.com/zh-CN/referral/aboter] - Lighter: ~$20.6B trading volume | ~$9.20B TVL | ~$7.25B open interest [Link: https://app.lighter.xyz/?referral=70045843] - Apex: ~$13.0B trading volume | ~$39.40M TVL | ~$1.12B open interest - Grvt: ~$8.86B trading volume | ~$90.68M TVL | ~$3.89B open interest - Pacifica:

The BTC Short Position Size of T3 Addresses on Hyperliquid is now sitting at a realized profit of $2.434 million

As of February 13, monitoring from AI Auntie shows the top 3 short positions for BTC address 0xd62...b7d91 on the Hyperliquid platform have an unrealized profit of $2.434 million. The address has been shorting BTC since February 2, currently holding a 40x leveraged short position of 278.76 BTC (worth approximately $18.51 million) with an average entry price of $75,150.50.

A whale deposited $4.8 million into HyperLiquid and shorted ETH with 20x leverage

On February 13, OnchainLens monitoring data shows that whale address 0x982 has deposited $4.8 million in USDC into HyperLiquid and opened a 20x-leveraged short position on ETH. The address is currently still actively adding to this position. Six days ago, the same address deposited $2.4 million in USDC, opening a 10x-leveraged short position on HYPE and a 20x-leveraged long position on BTC.

Hyperliquid is pleased to announce that HIP-3 Cross-Margin Functionality has been enabled on the testnet.

February 13th — Official sources confirm Hyperliquid has activated the cross-margin feature for its HIP-3 permissionless perpetual contract market on testnet (mainnet support is not yet live). Notably, this feature qualifies for Hyperliquid’s mainnet-level bug bounty program. For HIP-3 deployers: An asset must first have cross-margin enabled before users can utilize it for cross-margin trading. How it works: Under a unified account, all cross-margin perpetual contracts using the same collateral asset can share margin across multiple DEXs. Assets from different DEXs are protected up to their maintenance margin threshold to prevent automatic liquidation caused by sharp price swings on other DEXs. This “protective cross-margin” system balances system solvency with user experience. Key caveat: Cross-margin is not designed for DEX abstract interfaces, and such interfaces should not support cross-margin usage via abstract trades. Users should use a unified account or portfolio margi

Mainstream Perp DEX Overview: Hyperliquid's TVL Continues to Struggle While Trading Volume Surges to $7.5B

Feb 12 – According to DefiLlama data, mainstream perpetual DEX trading volumes have broadly rebounded, though open interest across platforms remains low and overall market conditions are stable. Hyperliquid leads in trading volume, with its 24-hour volume hitting ~$75.3 billion (a sharp increase from the prior day) — yet its open interest has not seen a notable rebound. Key metrics for major perpetual DEXs are as follows: - [Hyperliquid](https://app.hyperliquid.xyz/join/NTOD): 24h Volume ~$75.3B | TVL ~$42.3B | Open Interest ~$49.0B - [Aster](https://www.asterdex.com/en/referral/aboter): 24h Volume ~$36.4B | TVL ~$10.8B | Open Interest ~$18.2B - EdgeX: 24h Volume ~$35.1B | TVL ~$18.5B | Open Interest ~$10.2B - [Lighter](https://app.lighter.xyz/?referral=70045843): 24h Volume ~$23.0B | TVL ~$9.22B | Open Interest ~$7.22B - Grvt: 24h Volume ~$18.4B | TVL ~$89.26M | Open Interest ~$3.86B - [Pacifica](https://app.pacifica.fi/?referral=pacbot): 24h Volume ~$7.6B | TVL ~$37

Hyperliquid Launches AZTEC Contract Trading with Up to 3x Leverage

On February 12, official sources confirm Hyperliquid has launched the AZTEC/USDC perpetual contract, offering up to 3x leverage.

A whale deposited 5.1 million USDC into Hyperliquid and shorted gold with 1x leverage

On February 12, Onchain Lens monitoring showed a newly created wallet deposited 5.1 million USDC into Hyperliquid and opened a 1x-leveraged short position on GOLD.

Hyperliquid Strategies Announces Financial Report: Spends $129.5 Million to Purchase 5 Million HYPE Tokens, Still Holds $125 Million in Cash Reserves

On February 11, U.S.-listed Hyperliquid Strategies (PURR) — the treasury arm for HYPE — released its financial report, noting it spent $129.5 million to acquire 5 million HYPE tokens at a weighted average price of $25.90. The firm currently maintains a $125 million cash reserve.

Hyperliquid's largest ETH long position continues to add leverage, with longs now totaling $205 million

February 11: EmberCN monitoring shows that as ETH briefly dropped to ~$1,950, the largest ETH long position on Hyperliquid has added 5,000 ETH to its holdings. The position, initially opened with 105,000 ETH at an average price of $2,029-$2,060, is now down $10.43 million, with a total value of $205 million.

Hyperliquid's HIP-3 daily trading volume hit $5.2 billion on February 5, marking a new all-time high.

On February 11th, Hyperliquid’s HIP-3 permissionless perpetual contract market reported a daily trading volume of $5.2 billion on February 5th—its highest single-day record since the protocol launched in October 2025. As the leading market maker on HIP-3, TradeXYZ holds nearly 90% of total trading volume via its perpetual contracts across precious metals, stock indices, and individual stocks. TradeXYZ’s silver perpetual contract alone generated $4.09 billion in volume on February 5th, accounting for roughly 68% of that day’s total HIP-3 activity. This surge is tied to the commodity’s price volatility, which has drawn traders seeking alternatives to crypto assets.

Mainstream Perp DEX Overview: Hyperliquid's TVL Hits Nearly 9-Month Low, Drops 40% MoM

On February 10, DefiLlama data shows Hyperliquid remains the top-ranked platform by trading volume, while other leading perpetual DEXs have daily volumes below $4 billion. Over the past two days, Hyperliquid’s open interest has stayed under $5 billion—dropping to levels last seen in early May 2023, marking a nearly 9-month low. Below are key metrics for major Perp DEXs: - **Hyperliquid**: 24h trading volume ~$66.4B; TVL ~$41.9B; open interest ~$49.5B - **Aster**: 24h trading volume ~$37.2B; TVL ~$11.0B; open interest ~$18.6B - **EdgeX**: 24h trading volume ~$33.0B; TVL ~$1.81B; open interest ~$10.1B - **Lighter**: 24h trading volume ~$22.4B; TVL ~$9.22B; open interest ~$7.36B - **Grvt**: 24h trading volume ~$17.6B; TVL ~$90.99M; open interest ~$4.04B - **Pacifica**: 24h trading volume ~$9.16B; TVL ~$39.10M; open interest ~$50.01M Links (cleaned of non-English paths): [Hyperliquid](https://app.hyperliquid.xyz/join/NTOD) | [Aster](https://www.asterdex.com/referral/

A newly created address deposited 12.88 million USDC into Hyperliquid, going long on ETH with 20x leverage

February 10th, per LookOnChain monitoring, the new address 0x6C85 deposited 12.88 million USDC into Hyperliquid to open a long ETH position with 20x leverage. As of now, the user holds an open long position of 16,270 ETH (valued at $33.38 million).

A whale has deposited 1.22 million USDC into Hyperliquid to leverage long positions on BTC, INTC, and AMD.

Per Onchain Lens monitoring on February 10th, a whale address (0x960B...e2Ee) deposited 1.22 million USDC into Hyperliquid and opened long positions on BTC (5x leverage), INTC (2x leverage), and AMD (2x leverage). The whale is currently continuing to add to these positions.

A certain newly created address deposited $1.98 million into HyperLiquid, longing ETH with 20x leverage

On February 10, per Onchain Lens data, a new address deposited $1.98 million into HyperLiquid and opened a 20x long position on ETH, with an average entry price of $2,068.

「Hyperliquid Early Contributor Loracle」 Turns Gold Long Position from Loss to Profit, Now the Biggest Long Whale of on-chain PAXG

On February 10, data from the Coinbob Popular Address Monitor shows that “Hyperliquid Early Contributor Loracle” opened a long position in PAXG (Gold Mapping Contract) six days ago. After a short-term paper loss, the position has turned profitable as spot gold prices climbed. The average entry price for this position is $5,047, with a position size of roughly $46.5 million—currently the largest long position in on-chain PAXG assets. This address has recently used a continuous compounding hedging strategy. Beyond the PAXG long, it also holds a large HYPE position and a substantial BTC short. As of now, this whale holds Hyperliquid’s largest long positions in HYPE and PAXG, plus its largest BTC short. Total position size: $109 million; overall unrealized gain: nearly $10 million. Loracle (X: loraclexyz)—formerly Laurent Zeimes—is active in the Hyperliquid ecosystem, counted among its early contributors, and founder of Hypurrfun. Recently active in Hyperliquid’s contract market,

Mainstream Perp DEX Overview: Hyperliquid Open Interest Continues to Decline, Now Below $5 Billion

A new address has deposited 5 million U into HyperLiquid to open a 20x ETH short position.

On February 9, per Onchain Lens monitoring, a newly created wallet deposited 5 million USDC into HyperLiquid and opened a 20x leveraged ETH short position.

Kyle's Hyperliquid Criticism Met with Mockery, Crypto Community Rallies Behind Latter

On Feb 9 (yesterday), former Multicoin co-founder Kyle Samani criticized Hyperliquid, claiming its closed-source code "facilitates crime and terrorism." Most crypto industry participants collectively pushed back against the remarks. DBA co-founder Jon Charbonneau rebutted point-by-point: Hyperliquid’s founder was forced to leave his home region amid regulatory pressure; the "aiding crime and terrorism" claim was nothing more than hyperbole—any large financial system (including Solana and traditional banks) faces similar challenges; closed-source code is a product of current security and competitive dynamics, and many projects (including some backed by Multicoin) operate the same way. Andy, Rollup founder and Good Idea VC investor, emphasized Hyperliquid is forcing the market to reexamine token design: Over the next 1-2 years, projects that don’t proactively share revenue with users via buybacks or direct payouts will face a dim future. The key lies in current industry projects’ r

Kyle criticized Hyperliquid, sparking a heated debate, as FWDI faced backlash due to poor performance and was mocked in retaliation.

**February 9** Kyle Samani—former Multicoin co-founder and board chair of Forward Industries (FORD)—criticized Hyperliquid in a post, sparking heated community debate. His take: *“Hyperliquid epitomizes crypto’s worst traits in many ways. The founder fled his home country to build it; it openly enables crime and terrorism; it has closed-source code and is permissioned.”* Yunt Capital analyst Steven pushed back: *“Yes, Hyperliquid embodies most of crypto’s downsides—including VC rejection, democratizing liquidity via HLP, growing its community with the largest token airdrop in history ($9B), and using all $960M in HL revenue to buy back tokens instead of pocketing any. Updated data on Hyperliquid’s Aid Fund buyback shows the fund holds 40M HYPE tokens, funded by long-term protocol revenue.”* Hyperliquid community member Luke Cannon mocked Samani’s role as chair of Solana’s largest treasury firm Forward Industries (FWDI): *“FWDI has all the problems of a DAT company—its stock

BTC Tops Global Liquidations in Last 4 Hours, Hyperliquid Whale Faces $11.6M Single Liquidation

February 9 — Per data from Telegram’s HyperInsight and CoinGlass, Bitcoin’s brief spike to $72,300 early today drove roughly $93.14 million in BTC liquidations over the past 4 hours. BTC led all assets in liquidations, with 81.4% of closed positions being short positions. Hyperliquid accounted for 60% of these liquidations. Monitoring shows a whale with the address prefix 0x5dc on Hyperliquid had their BTC short positions liquidated in quick succession across 201 positions, totaling ~$14.49 million. The largest single liquidation from this whale hit $11.63 million, and the position is now fully closed. Separately, the platform saw another large liquidation topping $18 million over the same period.

Hyperliquid Platform Revenue Grows for Third Consecutive Week, HYPE Surges Over 80% from Lows Before Pullback

Per Defillama figures, Hyperliquid’s revenue hit $25.19 million this week, marking three straight weeks of growth for the platform. Per HTX market data, HYPE climbed from a Jan. 21 low of $20.5 to briefly top $38, and now trades at $31.5. Even amid the broader crypto market downturn—with Bitcoin dipping to $60k at one point—the HYPE/BTC pair has surged over 70% in the past two weeks.

Kyle Samani Slams Hyperliquid: Closed-Source Code Facilitates Crime and Terrorism

February 8th: Kyle Samani, former Multicoin co-founder and Forward Industries (FORD) chairman, posted on X that Hyperliquid epitomizes many of the crypto industry’s worst flaws. The project’s founder fled his home country to launch it, it openly enables crime and terrorism, and its code is closed-source and permissioned.

A certain contract whale deposited 2.5M U into HyperLiquid to leverage 10x long on ETH

February 7th — Per Onchain Lens monitoring, a whale address recently deposited 2.5 million USDC into HyperLiquid and opened a 10x leveraged long position on ETH. This investor has previously sustained losses exceeding $2.568 million.

「Hyperliquid Early Contributor Loracle」, who made a substantial profit, is now re-depositing BTC, feeling comparatively less HYPE, and plans to take profit in stages between $58,800 and $59,900.

February 6 – Per data from the Coinbob Popular Address Monitor (via https://t.me/Coinbob_track_CN), BTC and ETH prices have declined over the past 24 hours, while HYPE has held relatively steady. The largest HYPE whale trader, “Hyperliquid early contributor Loracle,” closed all BTC and ETH short positions initiated the previous day within the last 6 hours. These shorts totaled roughly $56 million, with the BTC short yielding ~$2.43 million in profits and the ETH short netting ~$3.6 million—pushing their weekly total profits to $16.6 million. After closing those positions, the trader opened new BTC shorts around $63,200 and established ETH short positions, continuing their hedge strategy of “shorting BTC/ETH while longing HYPE.” They are already in profit again. Reports indicate the trader plans to take profits in batches as BTC falls to the $58,800–$59,900 range. Key position details are below: - HYPE (5x Long): Position size ~$50 million, average entry price $24.37, profits ~

Precious Metals Cool Down, Gold-Silver Contract on Hyperliquid Maintains Top Ten 24-hour Trading Volume

A certain new address deposited 4 million U into HyperLiquid to short SOL with 3x leverage

On February 5th, on-chain Lens monitoring indicates a newly created wallet deposited 4 million USDC into HyperLiquid and opened a 3x-leveraged short position on SOL.

An entity conducted a large-scale ETH dump on Hyperliquid to repay its loan on Aave

February 4th — Per MLM Monitor, a single entity is currently dumping large amounts of ETH via 11 wallets on Hyperliquid to repay a loan on Aave: In the past 5 hours, the entity has sold 31,700 ETH (≈$80.8M) on Hyperliquid; over the past 4 days, it has offloaded a total of 47,000 ETH (≈$120M). Currently, the entity still holds 49,600 ETH (≈$112M) as collateral on Aave, where it has borrowed $86M in USDC. As ETH prices fall, the position is near liquidation—pushing the entity to keep selling ETH to repay debt and avoid full liquidation. Relevant wallet addresses: 0xc1ae7B499fA724A4A5098d308eBAcb49B7272e2c 0xC7880fC94d88476c0df9272928645834E6F39854 0xdb906D0dfd17C05DF42B9A20EBd1287Ff88Cb13c 0xaDfFE2BEAfaE564E6FE372d660AA8b27767F2B33 0x04c58EE5E5FC5f56A824184c5d88e94B7cA4aA76 0x57f4Fb3bd619f50d0fe74aaaCff723494CfDE132 0x2BFA70961B22af71E41028E57D18AA23e640971e 0x0246B8b0CF8c681a14EefDDa6Db2f9f8Ae28DEF2 0x23B6820d1563a21Ba1D81631214fccBAd72982c2 0xe7CEAD883d

Mainstream Perp DEX Overview: Recent Position Holdings Have Continued to Decline Across Platforms, with Hyperliquid's TVL Dropping by 36.2%

February 4th — DefiLlama data shows open interest across perpetual decentralized exchanges (Perp DEXs) has continued to decline over the past seven days. Hyperliquid’s open interest is down roughly 36.2% week-over-week, while its trading volume has rebounded. This may be driven by frequent position adjustments from existing traders in response to market volatility over the past 24 hours, leading to "passive unwinding." Below are current 24-hour trading volumes, total value locked (TVL), and open interest for major Perp DEXs: - Hyperliquid (https://app.hyperliquid.xyz/join/NTOD): ~$13.08B (24h volume) | ~$4.36B (TVL) | ~$5.82B (open interest) - Aster (https://www.asterdex.com/en/referral/aboter): ~$5.66B (24h volume) | ~$1.14B (TVL) | ~$2.00B (open interest) - EdgeX: ~$5.20B (24h volume) | ~$195M (TVL) | ~$869M (open interest) - Lighter (https://app.lighter.xyz/?referral=70045843): ~$4.46B (24h volume) | ~$974M (TVL) | ~$1.05B (open interest) - Extended: ~$2.43B (24h volume) | ~$218M

「Hyperliquid Early Contributor Loracle」 Increases PAXG Long Position, Holding Reaches $3.77 Million

On February 4, per monitoring from HyperInsight, the address tied to Hyperliquid early contributor Loracle (0x8def...) rolled over its long position in PAXG (On-chain Gold), adding 157.68 PAXG tokens (valued at roughly $834,500) to its holdings. Post-operation, the total value of its PAXG long position stands at $3.7659 million, with its average entry price climbing from $4,983.39 to $5,007.74. The position currently holds an unrealized profit of ~$71,300, representing a 9.47% return. The address belongs to Loracle (aka Laurent Zeimes)—an early Hyperliquid ecosystem contributor and founder of Hypurrfun. He’s recently active in Hyperliquid’s smart contract market, and in December, he opened long positions in ZEC via bottom-fishing.

「Hyperliquid Early Contributor Loracle」 Initiates $56M BTC & ETH Short, Total Position Exceeds $110M

On February 4, per data from Coinbob Popular Address Monitor, Hyperliquid ecosystem early contributor Loracle opened 20x leveraged short positions totaling $56 million on BTC and ETH—both currently showing floating losses. The address also placed an ETH short order worth ~$6.6 million in the $2,400-$2,440 range (unfilled). Additionally, amid a rally in spot gold prices, it opened a 10x leveraged long position on PAXG (the on-chain gold token). **Key Position Details**: - HYPE (5x Long): ~$49.67M size, avg entry $24.37, floating profit ~$13.63M (+137%) - ETH (20x Short): ~$29.49M size, avg entry ~$2,207, floating loss ~$0.93M (-64%) - BTC (20x Short): ~$27.08M size, avg entry ~$74,467, floating loss ~$0.737M (-56%) - PAXG (10x Long): ~$3.02M size, avg entry ~$4,985, floating profit ~$0.063M (+20%) Total position size grew from $50M to $110M vs. yesterday. The HYPE long’s floating profit retreated ~$6M from yesterday’s level. The large BTC/ETH shorts likely hedge its

Mainstream Perp DEX Overview: Hyperliquid Trading Volume Rebounds to $11.7 Billion, EdgeX Surpasses Lighter in Daily Trading Volume

As of February 3rd, DefiLlama data shows Hyperliquid’s trading volume has surged to $117.8 billion (holding the top spot), while EdgeX has recently seen active trading volume—surpassing Lighter to now rank third. Despite a sharp rise in trading volume across major perpetual DEXs, open interest has remained stable. This reflects current market activity is dominated by position turnover and adjustments, with relatively weak momentum for new position openings. Key 24-hour metrics for top Perp DEXs are below: - **Hyperliquid** (https://app.hyperliquid.xyz/join/NTOD): ~$117.8B trading volume, ~$44.0B TVL, ~$60.2B open interest - **Aster** (https://www.asterdex.com/en-US/referral/aboter): ~$63.8B trading volume, ~$11.4B TVL, ~$20.8B open interest - **EdgeX**: ~$54.1B trading volume, ~$2.00B TVL, ~$8.61B open interest - **Lighter** (https://app.lighter.xyz/?referral=70045843): ~$44.4B trading volume, ~$9.53B TVL, ~$11.3B open interest - **Extended**: ~$29.6B trading volume, ~

A Whale Long Position in Gold Preference has been established on xyz:GOLD, with trading volume on Hyperliquid for this contract approximately 12 times that of PAXG.

February 3rd — Per official data from Hyperliquid, synthetic gold asset xyz:GOLD has far outpaced physically-backed PAXG on the platform’s gold-related contracts. Its 24-hour trading volume hit ~$410 million — roughly 12x PAXG’s ~$34.5 million. Open interest (OI) for xyz:GOLD reached ~$170 million, more than double PAXG’s ~$77.7 million. Key asset comparisons: - PAXG (Paxos Standard, 1:1 physical gold-backed): 24hr vol ~$34.5M, OI ~$77.7M, up to 10x leverage - xyz:GOLD (TradeXYZ synthetic via HIP-3): 24hr vol ~$410M, OI ~$170M, up to 20x leverage Hyperliquid leads peers in total gold contract OI but trails Binance in trading volume. Binance’s PAXG contract logged ~$940M in 24hr volume (with ~$154M OI) and supports up to 75x leverage. Per HyperInsight monitoring, whale long positions using PAXG on Hyperliquid are generally under $4 million — while xyz:GOLD’s long positions are noticeably larger. This may stem from xyz:GOLD’s attributes, lower overall costs, better order

A certain newly created address deposited 3.18 million U to go long on ETH with 20x leverage on HyperLiquid.

On February 2nd, data from Onchain Lens indicates a newly created crypto wallet has just deposited 3.18 million USDC into HyperLiquid and opened a 20x leveraged long position on ETH. The whale is likely to continue accumulating or opening new positions moving forward.

Hyperliquid Ecosystem Assistance Fund has accumulated over 40 million HYPE through buyback.

On-chain data as of February 2 shows Hyperliquid’s ecosystem Assistance Fund has accumulated 40,028,984 HYPE tokens via buybacks. The total buyback cost is ~$8.9 billion, accounting for roughly 4% of HYPE’s total supply. The fund’s current market value stands at ~$12.49 billion.

Weekend Mainstream Perp DEX Overview: Open Interest across platforms has decreased, with Hyperliquid's TVL dropping by around 30%

Feb 2 — Per DefiLlama data, while mainstream perpetual futures DEXs (Perp DEXs) still see solid trading activity, open interest and total value locked (TVL) have trended steadily downward, signaling a broad market shift toward deleveraging. Among these platforms, Hyperliquid maintains relatively high trading volume but has seen a sharp drop in open interest—down ~30% from its prior reading. Below is the 24-hour trading volume breakdown for major Perp DEXs: - Hyperliquid (https://app.hyperliquid.xyz/join/NTOD): 24h volume ~$83B, TVL ~$43.9B, open interest ~$59.1B - Aster (https://www.asterdex.com/en/referral/aboter): 24h volume ~$47.8B, TVL ~$11.4B, open interest ~$20.2B - EdgeX: 24h volume ~$46.1B, TVL ~$2.02B, open interest ~$8.53B - Lighter (https://app.lighter.xyz/?referral=70045843): 24h volume ~$40.5B, TVL ~$9.54B, open interest ~$11.3B - Extended: 24h volume ~$22B, TVL ~$2.15B, open interest ~$3.11B - Pacifica (https://app.pacifica.fi/?referral=pacbot): 24h volume

Hyperliquid: HIP-3 Open Interest Hits All-Time High of $1 Billion Since Last Week

On February 2, Hyperliquid tweeted that HIP-3 markets’ open interest has reached a record $1 billion since last week, with 24-hour trading volume hitting $4.8 billion.