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Perpetual futures news and analysis from LC Insight: 33 stories, newest first.
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.
Nvidia bets traded $1.95 billion on Hyperliquid in a day, more than ether, as bitcoin fell
In the 24 hours to 6:38 a.m. ET Friday, the day after Nvidia announced its CEO's exit, its main perpetual market on Hyperliquid outtraded ether's and trailed only bitcoin's. Stock and commodity markets now hold 35% of the exchange's open bets, CoinGecko data show.
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.
Two Hyperliquid traders made $111.7 million in the week bitcoin fell below $70,000
DeepSea's smart money board puts SMc060 at +$57.45 million and SM6e36 at +$54.30 million over 7 days. Together they hold 60% of the top 10's gains.
ARB fell 8% after one wallet's $3.17 million buy. Shorts now pay on 79% of its futures bets
Sharks bought $3.65 million of Arbitrum's ARB in a day and sold $9,135, DeepSea's data show. The price kept sliding, and on most futures markets traders betting on a fall now pay those betting on a rise.
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.
Lighter's LIT rose 10%, and Hyperliquid holds more LIT bets than Lighter itself
LIT climbed to $3.47 while Lighter's fees held near $260,000 a day on DefiLlama. Rival Hyperliquid carries $61.4 million of open LIT bets, against $39.1 million on Lighter's own market.
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.
Smart money trader SMffa1 made $13.8 million in a week, 40% of its $34.3 million wallet
DeepSea ranks SMffa1 No. 3 on Hyperliquid this week. At 6:45 a.m. ET its live trades were in stock-price markets such as LITE, SKHY and SOXL, not crypto.
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.
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.
Smart money SM2b00 made $22 million on $13.29 billion of trades. Now it holds 15 shorts
SM2b00 is No. 4 on DeepSea's 7-day board at +$10.26 million. Its biggest bets are against ETH, SOL and HYPE, and CoinGecko prices show most of them in profit.
Influencer panceramic sold $351,000 of silver bets in 20 orders and went all cash
DeepSea shows 20 silver sell orders on Hyperliquid, then a wallet of $353,200 in USDC and no open bets. Ninety percent of the influencer's 30-day profit came this week.
Last week's worst crypto influencer is now No. 2 and holds a $13.4 million Zcash short
The KOL wallet mk4 was down $2.84 million for the week on November 5. DeepSea now shows +$2.24 million over seven days, but still minus $876,800 over 30.
The No. 1 smart money trader is short $474 million of crypto and up $45.7 million on paper
SMc060 retook first place on DeepSea's 7-day board with +$36.67 million. Its 19 open bets against BTC, ETH, ZEC and others are all in profit on paper.
Trader SMb7ae made $11.5 million in a week, and 18 of its 20 open bets are shorts
SMb7ae is No. 5 on DeepSea's 7-day Smart Money board. Its open positions on Hyperliquid bet against bitcoin, HYPE, Starknet and 15 other tokens.
Shorts now pay longs on 77% of ether's open futures bets. On Friday it was 21.5%
After Sunday's 4.6% drop, funding turned negative on Binance's biggest ether market. Bitcoin barely moved: 1.4% of its bets lean short.
A smart money trader fell from No. 1 to No. 6. Two days later it is No. 2 with $23 million
SMc060's 7-day profit on DeepSea went from $59.67 million to $9.49 million and back up to $23.24 million. The top 10 now show $129.55 million, all on Hyperliquid.
Hyperliquid holds $626 million of open Zcash bets, more than Binance's $556.9 million
On a quiet Sunday, Zcash was the second most traded market on Hyperliquid, ahead of ether. CoinGecko's data shows the on-chain exchange now carries the largest pile of open ZEC futures of any venue.
A Nasdaq-listed HYPE holder wants to be a US futures broker. HYPE is down 15% in a week
Nasdaq-listed Hyperliquid Strategies says a subsidiary has applied to become a futures commission merchant, a step toward offering Hyperliquid perps to US customers. It also booked a $620.6 million quarterly profit, nearly all of it paper gains on HYPE.
Shorts are paying longs on 21.5% of ether's open futures bets, against 1.4% for bitcoin
CoinGecko's data on 287 bitcoin and ether perp markets shows short sellers paying to hold their bets on 21.5% of ether's open interest, against 1.4% for bitcoin, a day after the sell-off.
Hyperliquid holds $14.9 billion in open bets, second only to Binance on CoinGecko
CoinGecko ranks Hyperliquid second of all derivatives exchanges by open interest, about $14.9 billion. Its traders also churn their positions far less than on centralized rivals.
Bitcoin fell 6%. DeepSea's top 10 smart money traders went from $98M to $256M
In about 18 hours, the 7-day profit of DeepSea's ten best wallets more than doubled. All ten trade perps on Hyperliquid, and the leader alone added $47.9 million.
Smart money is 15 to 1 long on ether, but only 2 to 1 on Zcash
DeepSea's Long / Short panel shows all seven of its biggest coins leaning long. Ether and NEAR are the most one-sided, while bitcoin carries the largest short bets.
DeepSea's top 10 smart money traders made $98.4 million in a week, all on Hyperliquid perps
The first 41 names on DeepSea's 7-day leaderboard are Hyperliquid perpetual futures traders. The leader made $16.44 million on $208 million of assets.
The CFTC cleared perpetual futures on US stocks. Cboe and Citadel filed legal action that day
On November 3, CFTC Chairman Michael Selig said perpetual futures on single US stocks can trade on CFTC-registered exchanges for the first time. The same day, Cboe, Citadel Securities and Healthy Markets Association took legal action to stop it.
How crypto liquidations work: why a 10% move can wipe out a 10x trade
A liquidation is when an exchange force-closes a leveraged trade because losses have eaten through the trader's collateral. It protects the exchange and other traders from debts the trader cannot pay.
Perpetual futures funding rates explained: how 0.05% can cost 55% a year
A funding rate is a small payment that traders of perpetual futures make to each other to keep the contract's price close to the real market price. When it is positive, longs pay shorts. When it is negative, shorts pay longs.
What is Hyperliquid? How the $188B-a-month onchain perps exchange works
Hyperliquid is a blockchain built for trading. Its HyperCore engine runs perpetual futures and spot order books fully onchain, and DefiLlama showed $188.1 billion of perp volume in the 30 days to November 2, 2026.
What is Ethena USDe? How the hedged synthetic dollar works and what can break it
USDe is Ethena's synthetic dollar. It is backed by crypto and stablecoins, with the crypto's price risk canceled out by short futures, and its staked version, sUSDe, earns from that trade until funding rates turn against it.
Hyperliquid's big traders flipped from 4.2x long to net short, then swung back to 86% long
In mid-October, traders tracked by DeepSea dumped their bullish bets and piled into ETH and BTC shorts worth more than $200 million apiece. Two weeks later they were leaning long again, even as prices kept sliding.
NYSE owner ICE wants Hyperliquid perps in America. What stands in the way?
Intercontinental Exchange plans to run Hyperliquid-based perpetual futures markets for US retail traders with Trade[XYZ], and is taking a minority stake. HYPE jumped almost 20% on the day, but nothing goes live until US regulators approve it.