Hyperliquid Open Interest Surges 32%; SPCX Becomes Second-Largest Contract
Hyperliquid's open interest surged 32% over the week, with SPCX reaching $1.35 billion in daily trading volume and surpassing ETH as the platform's second-largest contract. HYPE token gained approximately 12% over a six-day winning streak, and a new wallet withdrew 150,000 HYPE tokens from Bybit over five days with approximately $1 million in floating profit. DeFi lending and DEX fees fell sharply following the June selloff, with analysts attributing the decline to deleveraging rather than structural contraction.
New weekly OI data shows 32% surge; SPCX surpassed ETH as second-largest Hyperliquid contract by daily volume at $1.35B.
Story timeline · 46 days
- Jun 30, 20267Singapore MAS Warns on Hyperliquid; HYPE Price Rebounds Toward Recent Highs
Singapore regulator warning confirmed in new Asia Express coverage; HYPE price rebounded toward recent highs after a dip to the $60s.
- Jun 30, 20268Hyperliquid Strategies Added to Russell 3000, Russell 2000, and S&P Global BMI Indices
Hyperliquid Strategies Inc formally added to Russell 3000, Russell 2000, and S&P Global BMI index families.
- Jun 30, 20267Solana RWA TVL Hits $3.03B With 120% Monthly Volume Surge
Solana RWA TVL confirmed at $3.03B with 120.5% monthly transfer volume growth reported.
- Jun 29, 20267Solana Tokenized Equity Volume Approaches $553M; RWA TVL at $3.18B
Tokenized equity volume on Solana reported approaching $553M today, described in context of the $70 SOL price threshold.
- Jun 29, 20267Hyperliquid HIP-4 Open Interest Hits $25M ATH; Platform Surpasses S.A.N.T.A in 24H Revenue
HIP-4 OI reached a new all-time high of $25M; Hyperliquid also recorded higher 24-hour revenue than S.A.N.T.A competitor.
- Jun 29, 20269HYPE Spot ETF Hits $300M in Net Inflows Since Launch; Bitwise and Grayscale Stake HYPE
HYPE spot ETF cumulative inflows since launch disclosed at $300M; Bitwise confirmed as having made a large HYPE investment alongside prior Grayscale staking data.
- Jun 29, 20267Multicoin Projects HYPE at $319 by 2028 as CEX Competition Framing Continues
Multicoin's $319 HYPE price target and CEX competition framing republished today with additional coverage.
- Jun 28, 20267Hyperliquid Faces MAS Investor Alert and Permissionless Claims Criticism
Singapore's MAS alert on Hyperliquid now accompanied by broader criticism of the platform's permissionless claims in light of the regulatory designation.
- Jun 27, 20268Grayscale and Bitwise Each Stake 1.775M HYPE Worth $114M Into Hyperliquid
Both Grayscale and Bitwise confirmed staking 1.775 million HYPE each at approximately $114 million into Hyperliquid, with Multicoin's $319 HYPE price target now accompanied by concrete institutional staking flows.
- Jun 27, 20269Hyperliquid Holds 80% of Decentralized Perp Volume; $700M Annualized Revenue From $3B Collateral
New metrics added: 80% decentralized perp market share and $700M annualized revenue from $3B collateral disclosed today.
- Jun 27, 20267Solana Tokenized Stock Daily Volume Hits $553M Record; RWA TVL Crosses $3.18B
New single-day record of $553M for tokenized stocks on Solana reported today, alongside updated RWA TVL of $3.18B.
- Jun 26, 20267Solana RWA TVL Crosses $3.18B; Tokenized Stock Weekly Volume Hits $1B
Solana RWA TVL crosses $3.18B and weekly tokenized stock volume reaches $1B, up from the $644M daily ATH reported June 25.
- Jun 26, 20267Multicoin Forecasts HYPE at $319 by 2028 as Hyperliquid Expands Product Scope
Multicoin publishes a $319 HYPE price target for 2028; a Barron's feature highlights a new HYPE ETF; a whale's BTC long on Hyperliquid reaches $445M.
- Jun 25, 20267HYPE Token Down 22% From Record Highs; Spot ETF Inflows and Whale Accumulation Continue
HYPE extended its decline to 22% from record highs, adding to the 11% drop and $96M whale activity reported on June 24.
- Jun 25, 2026524-Hour Crypto Liquidations Reach $967M; $107M in Long Positions Wiped in Single Hour
24-hour liquidations reached $967M and $107M in longs were liquidated in a single hour, extending the $600M+ liquidation data from June 24.
- Jun 25, 20266Hyperliquid Whale Liquidations Emerge as On-Chain Trading Signal
Hyperliquid's public whale liquidation transparency was identified as an emerging on-chain signal, adding analytical context to prior whale and volume data.
- Jun 25, 20267Standard Chartered Highlights $75B in Aave Deposits; Tokenized Stock Volume Hits $644M ATH on Solana
Standard Chartered flagged $75B in Aave deposits as a tokenization growth driver, and tokenized stock ATH volume of $644M was recorded on Solana, building on prior $1.29B tokenized stock processing data.
- Jun 24, 20267HYPE Drops 11% With $96M Whale Activity as DEX Fees Crater 50% in 2026
HYPE price down 11% from recent levels with $96M in whale activity identified; sector-wide DEX fee decline of 50%+ quantified for 2026.
- Jun 24, 20265SPCX Perpetual Liquidations Top $76M; Ethereum L2 Bridge Failure Exposes Rollup Exit Risk
SpaceX-linked SPCX perpetual contract recorded $76M in liquidations; separate L2 bridge failure added to on-chain infrastructure risk data.
- Jun 24, 20266South Korean Bank With 15M Users Adopts Solana Stablecoins; KG Inicis Integrates Stablecoin Payments
South Korean digital bank and payment platform KG Inicis both advancing Solana stablecoin integrations; Korean won stablecoin verification reported.
- Jun 24, 20264Altcoin Supply Tightening Prompts Altseason Narrative Discussion
Altcoin supply tightening flagged as potential altseason precursor, though prior analysis found altcoin dominance flat.
- Jun 23, 20267Solana Processes $1.29B in Tokenized Stock Trades; Claims 95% of Tokenized Equity Market
Solana's tokenized equity volume expanded to $1.29B total with a reported 95% market share, up from the $439M weekly Backpack figure previously reported.
- Jun 23, 20267Hyperliquid Volume Falls 50%; CZ Questions Decentralization; Whale Adds $30M in HYPE
Hyperliquid trading volume fell by half, CZ publicly challenged its decentralization, and a whale accumulated over $30M in HYPE tokens.
- Jun 22, 20268HYPE Spot ETF Records $27.95M Net Inflows as BTC and ETH ETFs See Outflows
HYPE ETF recorded $27.95M in net inflows last week while BTC and ETH ETFs continued to see net outflows.
- Jun 21, 20268Hyperliquid Open Interest Market Share Hits 8.4% ATH; Loses Anthropic and OpenAI Prediction Markets
Hyperliquid's perpetual contract open interest market share reached an all-time high of 8.4%; simultaneously the platform lost Anthropic and OpenAI prediction markets; HyperEVM received criticism for developer experience limitations.
- Jun 21, 20266HYPE Gains Flag as Exceptions Rather Than Altseason Signal; BTC Dominance Persists
Analysts explicitly framed HYPE's ATH gains as outliers rather than indicators of a broader altcoin season; CZ separately stated Hyperliquid validates new market demand.
- Jun 21, 20265Backpack Tokenized SpaceX on Solana: $439M Weekly Volume, 91.7% of Tokenized SPCX
Backpack's SPCX on Solana reached $439M weekly trading volume representing 91.7% of all tokenized SpaceX volume; PreStocks separately showed a 35.3% discount to actual SpaceX stock price.
- Jun 20, 20268Hyperliquid HYPE Gains ~200% in 2026; Whales Accumulate $17M as Overextension Flagged
HYPE rally extended to approximately 200% year-to-date; new $17M whale accumulation reported; analysts flagged potential overextension alongside continued supply tightening data.
- Jun 19, 20266FalconX Transfers 250,000 HYPE to Two Wallets Worth Over $17M
Two wallets received over 250,000 HYPE from FalconX worth over $17M, adding to the pattern of large HYPE transfers via the institutional broker.
- Jun 19, 20265HYPE Leads Losses Alongside BTC in Crypto Market Decline
HYPE named as a top loser alongside BTC and BCH during a broader crypto market decline.
- Jun 18, 20268HYPE ETF Options Begin Trading on NYSE; Weekend Gap Risk Identified
HYPE ETF options began trading on NYSE; analysts flagged weekend gap risk as a specific structural concern for HYPE holders using regulated derivatives.
- Jun 18, 20268HYPE Whale Accumulation: $91.67M Staking Withdrawal and 71,100-Token TWAP Buy
A new whale address continuously withdrew and staked $91.67M HYPE from exchanges; a second whale Garret Jin accumulated 71,100 HYPE with ongoing TWAP orders; Hyperliquid treasury disclosed it holds 25% of circulating HYPE supply.
- Jun 18, 20265SPCX Large Short Position on Hyperliquid Reaches $27.7M; $15.5M BTC Short Opens
A SPCX short position on Hyperliquid reached $27.7M with $1.4M daily profit; a separate large BTC short of $15.5M was opened with 63% unrealized profit within half a day.
- Jun 18, 20266Backpack Tokenized SpaceX Token on Solana Crosses 10,000 Holders
Backpack's tokenized SpaceX equity on Solana crossed 10,000 holders, nearly doubling xStocks' SPCXx holder count.
- Jun 17, 20267· this storyHyperliquid Open Interest Surges 32%; SPCX Becomes Second-Largest Contract
New weekly OI data shows 32% surge; SPCX surpassed ETH as second-largest Hyperliquid contract by daily volume at $1.35B.
- Jun 17, 20264SpaceX Crypto Derivatives Volume Explosion Across Platforms
SPCX surpassed ETH as second-largest Hyperliquid contract; Binance ignited trading frenzy with bStocks SpaceX launch; derivative market coverage expanded.
- Jun 16, 20268Spot HYPE ETFs Near $900M Volume; Bitwise and Whales Accumulate HYPE
Spot HYPE ETFs hit $900M volume; Bitwise purchased $5.18M in HYPE via FalconX; a new wallet withdrew $39.88M HYPE from Coinbase; HYPE broke $70 with 7.1% daily gain.
- Jun 16, 20267SpaceX IPO Drives $1.4B in Hyperliquid HIP-3 Perp Volume; SPCX Metrics
SpaceX IPO perp activity on Hyperliquid reached $1.4B under HIP-3; SpaceX contract volumes on Binance and Trade.xyz also recorded; SPCX short losses confirmed; SpaceX after-hours surge drove highest liquidation volumes across exchanges.
- Jun 16, 20267Hyperliquid Monetizes Trading 15x Better Than Uniswap; Anthropic/OpenAI Markets Shut Down
New data published showing Hyperliquid monetizes trading 15x better than Uniswap; separately the Anthropic/OpenAI perp markets on Hyperliquid were shut down by their creator.
- Jun 15, 20264Hyperliquid Integrates Tokenized US Equities; Moomoo Adds Hyperliquid Market Data
Hyperliquid expanded into tokenized US equities with storage sector stocks gaining over 4%, and Futu's Moomoo app integrated Hyperliquid market data, extending the platform's mainstream visibility.
- Jun 15, 20267HYPE Surges After Peace Deal; Faces Key Resistance at $65
HYPE gained 6-9% post Iran peace deal with key resistance identified at $65 and support at $54; large concentrated long position showing $34M unrealized gains.
- Jun 15, 20265Large Leveraged Positions on Hyperliquid: ETH 40x Long, SPCX Long, EUR/USD Short
Multiple large leveraged positions opened on Hyperliquid including a $49.2M 40x ETH long and a $2.72M SPCX long, following Hyperliquid's earlier record open interest and $4B USDC inflow.
- Jun 13, 20267SpaceX Becomes Hyperliquid's Second Most-Traded Asset; HYPE Surges 7%
SpaceX is now Hyperliquid's second most-traded asset; HYPE rose 7% on Kalshi futures launch and SpaceX IPO speculation.
- Jun 13, 20268Hyperliquid Hits ATH 8.2% Open Interest Market Share; $4B USDC Inflow
Hyperliquid open interest market share reached 8.2% ATH and $4B USDC inflow recorded, following prior report of holdings exceeding $200M pre-SpaceX IPO.
- Jun 13, 20265Hyperliquid Price Trend and HYPE Analysis Following SpaceX IPO Activity
HYPE price trend analysis and Arthur Hayes 'classic crypto grift' commentary published following SpaceX IPO activity on Hyperliquid.
- Jun 12, 20265Hyperliquid Holdings Exceed $200M Pre-SpaceX IPO; HIP-4 Prediction Markets Launch
Opinion timeline
Takes over time· 11 takes
Earlier takes (5)
- Sat, Jun 13First Take· 7
HYPE Whale: $4 billion in, $35 million out — read the scoreboard right
Hyperliquid Hits ATH 8.2% Open Interest Market Share; $4B USDC Inflow
Full summary & sources →$4 billion in fresh USDC flowing into Hyperliquid while a genesis whale quietly moves 576,000 HYPE to Coinbase. Both happened on the same day the venue hit a new high-water mark of 8.2% open interest market share.
The whale exit is the number everyone will fixate on. It's real — early holders selling is always a drag. But one early investor cashing out against $4 billion of fresh liquidity arriving is not a bearish signal. It's the opposite: someone found $35 million worth of buyers willing to absorb the sale without the market blinking.
The venue is winning. The 8.2% share figure is what matters here — that's Hyperliquid compressing the gap with Binance in the one market it was built to own.
- Tue, Jun 16Throwaway· 5
HYPE ETFs: Bitwise buying is boring — and that's the signal
Spot HYPE ETFs Near $900M Volume; Bitwise and Whales Accumulate HYPE
Full summary & sources →A $5 million top-up through FalconX by an ETF issuer is not exciting. It is methodical. That's exactly the point.
Bitwise isn't speculating. It's building a position incrementally to back a product it has to hold. Meanwhile a fresh wallet pulled $40 million of HYPE off Coinbase — meaning someone else is moving it away from an exchange entirely, not toward one.
Institutional buying through an ETF wrapper and large holders pulling coins into self-custody are usually opposite instincts. Here they're happening simultaneously, which suggests demand is coming from genuinely different directions at once.
The venue keeps attracting new money. That's the only number that matters.
- Thu, Jun 18First Take· 8
HYPE Options: Wall Street just hired a weekend night-shift it doesn't know about
HYPE ETF Options Begin Trading on NYSE; Weekend Gap Risk Identified
Full summary & sources →BHYP options close Friday afternoon. HYPE trades straight through until Monday morning. That gap is the whole story here.
A market maker who sells HYPE calls or puts into the weekend now carries live exposure it can only hedge on crypto-native spot and perp markets — the ETF itself is dark until Monday's open. So the risk doesn't disappear; it migrates. Wall Street prices it during business hours, and Hyperliquid's on-chain markets absorb the overnight movement.
That's not a flaw to be fixed. It's a permanent feature of linking a 24/7 venue to a five-day exchange. The more institutional options volume grows, the bigger that weekend hedging pressure gets — and all of it flows back through Hyperliquid.
- Thu, Jun 18First Take· 7
HYPE Whale: Garret Jin's ZEC position tells you more than his HYPE buy
HYPE Whale Accumulation: $91.67M Staking Withdrawal and 71,100-Token TWAP Buy
Full summary & sources →The $5 million HYPE purchase is the headline. The $23.87 million Zcash perp position sitting alongside it is the more interesting detail.
Garret Jin — the wallet traced to the so-called "1011 insider whale" — isn't just accumulating HYPE. He's running a concentrated book that includes one of the most aggressively delisted privacy assets in crypto, held in meaningful size through a perp venue that doesn't require him to touch a regulated exchange.
That's not a coincidence of portfolio construction. It's a specific thesis: Hyperliquid as the venue where exposure that can't easily live elsewhere actually lives.
For HYPE, that's a genuine signal — not because Garret Jin is always right, but because the kind of trader who sees Hyperliquid that way keeps showing up.
- Sat, Jun 20First Take· 7
HYPE Rally: active users halved, but the floor held
Hyperliquid HYPE Gains ~200% in 2026; Whales Accumulate $17M as Overextension Flagged
Full summary & sources →The number that should give pause isn't the 200% gain — it's the active address count dropping from 3,300 to 1,650 in three weeks. When the users doing the transacting quietly halve while the price is still near all-time highs, that gap tends to close in one direction.
And yet the $66 support held. Open interest cooling from $3.5 billion to $2.8 billion isn't panic — it's digestion.
A venue that keeps its floor while the froth bleeds off is behaving like something durable, not something about to snap. The risk here is a sharp profit-taking flush if conviction doesn't return. But the structure hasn't broken.
- Sun, Jun 21Throwaway· 6
Hyperliquid: 8.4% and nobody cares about the cracks
Hyperliquid Open Interest Market Share Hits 8.4% ATH; Loses Anthropic and OpenAI Prediction Markets
Full summary & sources →The open interest share hitting a fresh all-time high of 8.4% is the number that matters. The AI prediction markets folding and the HyperEVM criticism are the noise around it.
HyperEVM's problems are real — developers complaining that simple cross-asset operations require multiple transactions, that the tooling is underbaked, that the team's attention has been elsewhere. That's a genuine drag on ecosystem growth.
But the perp engine doesn't need HyperEVM to keep winning. Volume keeps arriving anyway.
The venue is winning despite itself. That's actually the more impressive signal.
- Mon, Jun 22First Take· 7
HYPE ETF: six weeks, $185 million, and BTC is bleeding
HYPE Spot ETF Records $27.95M Net Inflows as BTC and ETH ETFs See Outflows
Full summary & sources →The numbers are stark. While Bitcoin ETFs shed roughly $5 billion in net outflows over the past six weeks, the HYPE ETF pulled in $185 million during the same window — every single week in the green, including the weeks when the broader market was at multi-year lows.
That's not rotation noise. That's a sustained directional bet on the venue itself.
Bitwise's BHYP alone accounts for $118 million of that cumulative total, built methodically through a period of genuine market fear. Institutions aren't buying HYPE despite the turbulence — they're buying it through it.
The asset under management is still small — $221 million total, just 1.45% of HYPE's market cap. There is plenty of room for this to reverse. But six consecutive inflow weeks, launched mid-May into one of the uglier stretches of 2026, is harder to dismiss than a single good number.
- Sat, Jun 27First Take· 7
Hyperliquid: 80% of the market, zero of the regulatory credit
Hyperliquid Holds 80% of Decentralized Perp Volume; $700M Annualized Revenue From $3B Collateral
Full summary & sources →Singapore's warning doesn't say Hyperliquid broke the law. It says users might *think* they're protected when they're not — and that distinction is doing a lot of work.
Hyperliquid's response is technically correct: it never claimed to be MAS-licensed, trades settle on-chain, users keep custody. All true.
But the MAS listing targets the gap between what the protocol *is* and what a retail user *perceives* when they open the interface. A high-performance derivatives venue running 80% of decentralised perp volume, generating $700 million in annualised revenue, looks a lot like a regulated exchange to someone who isn't reading the fine print.
That's the pressure point. Not the code — the front door.
For HYPE bulls, the venue's dominance is the whole thesis. But dominance at this scale makes every regulator's list eventually. The question is whether Singapore is the first flag or the first of many.
- Sat, Jun 27Throwaway· 6
HYPE ETFs: staking $228 million changes the incentive
Grayscale and Bitwise Each Stake 1.775M HYPE Worth $114M Into Hyperliquid
Full summary & sources →Grayscale and Bitwise didn't just buy HYPE — they staked it. Both ETF issuers deposited roughly 1.775 million tokens each, around $114 million apiece, directly into Hyperliquid's staking system.
That distinction matters. An ETF that stakes its holdings isn't a passive price bet. It's locked into the network's security and earns yield from it. The issuer now has a financial reason to want Hyperliquid's protocol healthy, not just its token price high.
Two of Wall Street's most active ETF builders just aligned their economics with the venue itself. That's a different kind of institutional commitment than simply holding coins in a cold wallet.
- Mon, Jun 29First Take· 7
HYPE ETF: staking changes what 'holding' means
HYPE Spot ETF Hits $300M in Net Inflows Since Launch; Bitwise and Grayscale Stake HYPE
Full summary & sources →Bitwise didn't just buy $114 million of HYPE. It locked the tokens into Hyperliquid's staking mechanism — meaning those tokens earn yield directly from the protocol's trading revenue, not from new token issuance.
That's a different kind of institutional bet. The return isn't just price appreciation; it scales with how much volume Hyperliquid actually handles. Bitwise wins more if the venue keeps growing, and loses yield if volume dries up.
With $300 million in ETF inflows across three products since launch, a meaningful chunk of HYPE's liquid supply is now locked and yield-bearing. The more assets under management grow, the more HYPE gets staked — which tightens supply further.
The uncomfortable side of that loop: if ETFs ever need to sell, they're unwinding staked positions into a market their own accumulation helped inflate. For now though, institutional demand and on-chain yield are pulling in the same direction.
- Tue, Jun 30First Take· 7
HYPE Index Entry: the Russell 3000 just became a prediction market on Hyperliquid itself
Hyperliquid Strategies Added to Russell 3000, Russell 2000, and S&P Global BMI Indices
Full summary & sources →Hyperliquid Strategies Inc landing in the Russell 3000 means every passive fund tracking that index now holds HYPE exposure whether it chose to or not. That's not organic institutional demand — it's mandatory buying baked into index mechanics.
At the same moment, institutions are apparently trimming Bitcoin and Ethereum ETF positions while actively adding HYPE wrappers. So you have forced passive buying from one direction and deliberate active rotation from another, hitting simultaneously.
That's a lot of tailwind for one token. The honest question is how much of this is durable conviction versus index-rebalancing noise that unwinds just as mechanically as it arrived.
Sources · 7
- DeFi Lending and DEX Fees Slump as Leverage Drains Out After June Selloffthedefiant.io · T2
- DeFi lending and DEX fees have fallen sharply, which analysts say is a result of deleveraging rather than a structural recession.panewslab.com · T2
- The crypto market saw mixed performance, with the DeFi sector rising 7.29% while the NFT sector fell for the third consecutive day.panewslab.com · T2
- Hyperliquid open interest surges 32% in week: Is $80 HYPE next?cointelegraph.com · T1
- SPCX daily trading volume reached $1.35 billion, surpassing ETH as the second-largest contract on Hyperliquidlookonchain.com · T2
- HYPE surges 12% in 6-day winning streak – Will THIS trigger move to $76?ambcrypto.com · T2
- A new wallet has withdrawn 150,000 HYPE tokens from Bybit in the past five days, and has already made a floating profit of approximately $1 million.panewslab.com · T2