Hyperliquid's oil market fell 7% and a chip-stock market rose 21%. Crypto bets shrank $420M
Hyperliquid's crypto markets held $9.18 billion of open bets, down from $9.60 billion a day earlier. Its stock and commodity markets now hold a third of the total.
Key points
- Hyperliquid's 179 crypto markets held $9.18 billion of open bets in CoinGecko's data last updated at 12:16 a.m. ET on November 10, down about $420 million from $9.60 billion late on November 8.
- Its 160 builder-run stock and commodity markets held $4.45 billion, 32.7% of the $13.63 billion total.
- The Brent oil market fell 7.26% in 24 hours with $323.7 million open, and shorts were paying longs. The SOXL chip-stock market rose 20.73%.
Oil down, chips up
Hyperliquid lists perpetual futures, bets on a price that never expire. It also lists builder markets on stocks and commodities. CoinGecko shows 160 of them with the XYZ: prefix, next to 179 crypto markets.
In the 24 hours to 12:16 a.m. ET on November 10, those markets moved the most. CoinGecko's per-market data shows the BRENTOIL market down 7.26% to $90.38, with $323.7 million in open bets, and the CL (U.S. crude) market down 6.19% to $85.16 with $145.3 million open. Chip stocks went the other way: SOXL, a leveraged chip-stock fund ticker, rose 20.73% and traded $409.6 million in a day, AMD rose 11.07% and MU 5.85%.
24-hour price change on Hyperliquid builder markets
%
XYZ builder markets on Hyperliquid, data last updated 12:16 a.m. ET November 10, 2026. Source: CoinGecko derivatives API.
Who is paying whom
Funding is a small fee that keeps a perp's price near the real one. When it is negative, shorts pay longs, a sign that more traders are betting on a fall. Brent oil's funding was minus 0.011% an hour and crude's minus 0.0053%. On the SKHX market, longs paid 0.0147% an hour, about 12 times bitcoin's 0.00125%.
Ether's market, which had negative funding on November 9, was back to positive at 0.00072% an hour with $1.69 billion open. Solana's flipped back to positive too, with $412.4 million open.
Crypto bets keep shrinking
Open bets on Hyperliquid's crypto markets fell to $9.18 billion, about $420 million less than the $9.60 billion CoinGecko showed late on November 8. Bitcoin held $3.15 billion, HYPE $1.62 billion and Zcash $486.8 million as ZEC fell 5.93%. The builder markets edged up to $4.45 billion from $4.41 billion, and their 24-hour trading of $5.41 billion nearly matched crypto's $5.73 billion.
Hyperliquid's own API could not be reached from our tools this run, so these figures come from CoinGecko's copy of Hyperliquid's market data.
LC Insight analysis
This section is our reading of the facts above, not a statement of fact.
- We think the split shows Hyperliquid traders using it more and more as a place to bet on oil and chip stocks, while crypto bets keep shrinking.
- Negative funding on oil after a 7% drop means many traders added shorts into the fall. If oil bounces, those shorts would be the first under pressure.
- Ether and Solana funding turning positive again suggests the selling pressure seen on November 9 has eased, at least on this exchange.
What's next
- Whether builder markets pass a third of Hyperliquid's open bets for good
- Whether oil funding stays negative if prices steady
- Whether crypto open bets fall below $9 billion
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.
Sources
- CoinGecko derivatives tickers API, Hyperliquid markets (read November 10, 2026, 12:46 a.m. ET; Hyperliquid data last updated 12:16 a.m. ET)
- CoinGecko API, Hyperliquid (Futures) exchange data (read November 10, 2026, 1:03 a.m. ET)
- CoinGecko API, Zcash (ZEC) market data (read November 10, 2026, 1:03 a.m. ET)
