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.
Bitcoin fell below $70,000. Shorts now pay longs on 60% of its $43.7 billion in futures bets
Funding turned negative on seven of the ten biggest bitcoin perpetual markets as the price fell 5% in a day, CoinGecko data show. Solana bets leaned even harder toward a fall. XRP and zcash bets did not.
MEET48's IDOL rose 65% and halved in under 16 hours. Futures traded 16 times spot
The small BNB Chain token jumped from $0.024 to $0.040 on Wednesday evening and was back below $0.020 by dawn. Open futures bets on it are worth more than the token's whole market value.
PEPE fell 11% in a day. Shorts now pay longs on half of its $465 million in futures bets
The frog memecoin was the worst performer among the 50 biggest coins on CoinGecko. Its open futures bets equal about a quarter of its market value, and on the biggest market, Binance's, shorts now pay longs.
Zcash fell 12% to $1,015. Hyperliquid lost 57% of its open Zcash bets in a day
ZEC dropped from about $1,160 to $1,015 in 24 hours. On Hyperliquid, open interest in the ZEC perpetual fell from $486.8 million to $211.3 million, CoinGecko data show, the steepest cut of any big venue.
Zcash fell 9% in two days. Open bets on its six biggest futures markets fell 40%
ZEC slid from $1,279 to about $1,160 since November 8. Over the same stretch, open interest on Hyperliquid, OrangeX, CoinW, Gate, OKX and Bybit dropped from $2.51 billion to $1.50 billion, CoinGecko data show.