Hyperliquid's total open interest climbed from roughly $10.56 billion on Monday to about $11.325 billion ahead of the U.S. July CPI release, an increase of around $765 million over four days, or 7.2%, according to TradingBeats, formerly Hyperinsight.
Of that total increase, crypto markets contributed about $583 million, while HIP-3 markets added about $183 million.
Fresh leverage clustered in crypto and large-cap tech
Over the past 24 hours, the build in positioning was concentrated in crypto assets and major tech names. ETH rose 0.7% while open interest increased by about $86.51 million. BTC fell 0.5%, but its open interest still expanded by about $39.52 million. At the same time, combined trading volume in the two assets dropped about 11%, even as positions kept growing.
Tech stocks showed a similar pattern. PLTR rose only 0.4%, yet open interest jumped by about $29.47 million, a 253.2% increase. META gained 0.9% and added about $23.8 million in open interest, up 37.2%. GOOGL fell 3.1%, but open interest still increased by about $18.12 million, or 14%.
NBIS and INTC also saw additional positioning, with open interest up by about $7.63 million and $5.8 million, respectively.
Index positioning split between tech exposure and the S&P 500
In index products, XYZ100, described as the Nasdaq 100 proxy, fell about 0.5% over the past three days, while open interest increased by about $41.33 million, a 22.2% gain. SP500 posted a similar price move over the same period, but its open interest fell by about $5.63 million.
During the past 24 hours, both long and short positions of at least $1 million on SP500 saw more than $7 million withdrawn, pointing to simultaneous contraction on both sides of the leverage book.
Storage names rose, but positions were cut
In the storage segment, SKHX, MU, and SNDK were up about 5.9%, 1.5%, and 4.5% on the day. Even so, combined open interest across the three fell by about $45.71 million.
Among addresses with positions of at least $1 million, longs posted a net reduction of about $20.89 million, while shorts covered about $32.10 million in net terms.
TradingBeats' read on the data was that large-cap tech names were being rebuilt before prices had clearly broken higher, while storage stocks were seeing both longs and shorts step back during the rebound. One of the few exceptions was SKHY, the Hynix ADR, which rose about 5.8% while open interest increased by about $1.9 million. Large long positions in SKHY added about $3.42 million on a net basis.
Other increases were more scattered
Outside those names, new positioning was more dispersed. Brent crude fell 0.5% over the past 24 hours, but open interest still rose by about $16.9 million. The DRAM index gained 4.5%, with open interest up about $6.49 million.
That said, those increases were smaller than the additions seen in BTC, ETH, PLTR, META, and GOOGL. SPCX continued to cool off, with open interest down about $25.17 million, a 9.9% decline.
TradingBeats noted that these fund-flow observations are based only on Hyperliquid open interest and trackable addresses, and do not represent full-market capital allocation. Some institutions may also hold hedges on other trading venues, in spot markets, or in traditional markets, so the data should be read as a partial view of positioning.