HyperLiquid Derivatives Traders Taking A Step Back? Here’s What Happened

Hyperliquid registered impressive growth in the last few months as the derivatives market ballooned alongside the recent market excitement.

The DEX has become one of the key players in the derivatives segment, and as such, it has also become a decent yardstick for assessing the state of the market.

Speaking of the state of the market, Lookonchain data revealed recently that a Hyperliquid whale secured a $13.6 million profit.

It also revealed that the whale closed perpetual positions, then acquired over $12.8 million worth of ETH in the spot segment.

While this was an isolated observation, it was relevant because it highlighted a shift towards more caution. An outcome that reflected recent market moves across most of the top coins.

Most of the top coins recently experienced overheated levels of open interest. This also underscored risk of volatile swings characterized by heavy liquidations. As such, risk appetite in the derivatives segment cooled down....

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