HYPE rose 4% as bitcoin fell 5%. Longs pay on 84% of its $2.6 billion in futures bets
Hyperliquid's token was the best performer among CoinGecko's 50 largest coins on the day bitcoin fell below $70,000. Futures traders kept betting on it to rise, and on Hyperliquid itself HYPE bets now outweigh ether's.
Key points
- HYPE traded at $73.66 at 6:45 a.m. ET on November 13, 2026, up 4.1% in 24 hours, the biggest gain among CoinGecko's top 50 coins. Bitcoin fell 5.0%.
- It is still 6.3% lower than a week ago and 25% below its September 23, 2026, record of $97.96.
- 90 HYPE perpetual markets held $2.60 billion in open bets. Funding was positive on 74 of them, covering 84% of the money.
- On Hyperliquid, HYPE's $798 million in open bets trailed only bitcoin's and topped ether's $724 million.
What moved
HYPE is the token of Hyperliquid, an onchain exchange for perpetual futures (new to Hyperliquid? Read our guide). At 6:45 a.m. ET on November 13, 2026, CoinGecko's market data showed it at $73.66, up 4.1% in 24 hours. It had traded as low as $69.52 in that window.
No coin in CoinGecko's top 50 by market value rose more. Outside stablecoins, HYPE was the only one of the ten largest to gain. Bitcoin fell 5.0% and slipped below $70,000, ether fell 3.4% and BNB 3.8%. HYPE's market value reached $17.51 billion, tenth on the list, and $1.12 billion of it changed hands on spot markets.
The rise is a one-day move. HYPE is still 6.3% below its price a week ago and about 25% under its record of $97.96, set on September 23, 2026.
Where the bets sit
A perpetual future is a bet on a price that never expires. Open interest counts the dollars in bets nobody has closed yet. At 6:44 a.m. ET, CoinGecko's derivatives list showed 90 HYPE perpetual markets with open bets totaling $2.60 billion. They traded $5.72 billion in a day, about five times HYPE's spot volume.
Hyperliquid's own HYPE market was the biggest, with $797.6 million open. Binance followed with $385.3 million and Gate with $213.6 million. On Hyperliquid, its tickers show HYPE's open bets were second only to bitcoin's $1.35 billion, and above ether's $724.1 million.
Largest HYPE perpetual markets by open bets
US$ million
Source: CoinGecko API, derivatives, read November 13, 2026, 6:44 a.m. ET
Who pays whom
Funding is a small fee that passes between the two sides of a perpetual to keep its price near the spot price. When it is positive, traders betting on a rise (longs) pay traders betting on a fall (shorts).
Funding on HYPE was positive on 74 markets, negative on 12 and zero on 4. The positive group held about 84% of all open HYPE bets. Bitcoin showed the opposite picture at the same time: 60% of its bets sat in markets where shorts were paying.
The public data show the size of the bets and the fees, not who holds them.
LC Insight analysis
This section is our reading of the facts above, not a statement of fact.
- We think HYPE held up because traders see it as tied to Hyperliquid's trading volume, which tends to rise when prices swing. That link is a view, not a rule.
- Longs paying on 84% of the bets means the trade is crowded on one side. If the price turns down, forced selling by those longs could speed up a fall.
- One green day after a 6.3% weekly loss is not a trend. The gap to the $97.96 record is still large.
What's next
- Whether HYPE funding stays positive if bitcoin keeps falling
- HYPE open bets against $2.60 billion
- The $69.52 low from the past 24 hours
Disclaimer. This article is based on public information and the sources listed below as of the update time shown. It is for information only and is not investment, legal or tax advice. Figures may change as companies and authorities publish new data.
