Storage-linked trades on Hyperliquid rose with the broader rally, but the move did not trigger large liquidations, according to TradingBeats, formerly Hyperinsight, on Aug. 14.
The monitoring data showed that the combined open interest value of the three main storage names on Hyperliquid increased from about $691 million over the past week to $832 million, a gain of roughly $141 million, or 20.4%, even as volatility in storage stocks kept expanding and prices jumped on the day.
Positioning split across MU, SNDK and SKHX
MU was the only one of the three to show clear deleveraging. Its open interest value fell by about $32.045 million, down 18.6%, while the price rose 7.6% over the same period. Measured by contract count, actual position size dropped 24.3%.
SNDK posted a 25.5% increase in open interest value. But with the price up 21.7% in the same window, actual position size, after removing the impact of price appreciation, increased only about 3.1%, leaving the added risk exposure relatively limited.
SKHX recorded the largest build. Its open interest value rose by about $138 million, up 36.2%, while the price gained 15.1%. Actual position size still increased about 18.4%, making SKHX the main source of new positioning among the three storage names this week.
Taken together, the actual aggregate position size of the three contracts was up about 3.7% from a week earlier. TradingBeats said funds may have partly exited MU and continued to concentrate in SKHX.
Near-term liquidation risk has pulled back
Even with total positioning still at a high level, near-term liquidation risk has narrowed sharply, the data showed.
Among addresses that had been active in the past seven days and currently held single positions worth more than $1 million, there were no liquidation levels within 5% above or below the current price.
Widening the range to 10% above and below the current price brought only three positions into the liquidation zone, with a combined value of about $10.73 million. TradingBeats also said there were no liquidations of more than $1 million during the day’s move.
The firm said total positioning remains elevated, but the high-risk leverage most vulnerable to market swings has already exited. Whale traders may have moved their liquidation levels outward by adding margin or reducing leverage.
TradingBeats tool goes live
TradingBeats said its on-chain perpetuals and address analytics tool is now live, offering real-time Hyperliquid data and tracking that ranges from address attribution to whale trading activity.