SKHX, the Hyperliquid market linked to South Korean chipmaker SK Hynix, extended its decline on July 29 after SK Hynix shares had closed down 14.7% the previous day, according to monitoring data from Hyperinsight.
At press time, SKHX was trading at $973.06, down 10.7% over the past 24 hours. Even so, Hyperliquid’s liquidation board had not shown any million-dollar liquidation, and forced liquidations above $100,000 were only appearing sporadically.
Open interest rose despite the sell-off
The latest price drop did not trigger another wave of cascading liquidations. SKHX open interest rose from 385,500 contracts yesterday to 461,600 contracts, an increase of 19.7%.
Based on the mark price over the same period, notional open interest also climbed from about $411 million to $449 million, up 9.3%. The figures pointed to continued bottom-fishing flows entering the market.
Longs outnumber shorts, but position sizes differ
Data showed SKHX currently had 2,677 long accounts and 791 short accounts. Longs made up 77% of total accounts, but notional exposure on both sides was roughly $217 million.
That puts the average short position at about $274,000, versus about $81,000 for the average long position, making the average short 3.4 times larger. In other words, there were more long accounts, but their positions were generally smaller. Fewer traders were short, yet their individual positions were much larger. The funding rate stood at +0.036% per hour.
Larger accounts leaned more heavily short
As account size increased, positioning became more skewed to the short side. Whales with positions above $5 million held a combined $73.37 million in shorts and $39.07 million in longs. Shorts accounted for about 65% of those positions, leaving net short exposure at roughly $34.30 million.
By contrast, among accounts with positions below $10,000, about 90% of positions were long.
Losses were concentrated across many smaller long accounts
Hyperinsight’s data also showed that about 74% of accounts were sitting on unrealized losses at the time of writing. Those losses were mainly spread across a large number of smaller long accounts, while larger notional positions were more concentrated on the short side.