The Hyperliquid crypto -rope, specializing in derivatives, climbed fifth place in the daily volume of trading in unlimited futures and open interest (OI) among all similar platforms after Binance, Bitget, Bybit and OKX. According to the Laevitas analytical service on May 22, the indicators reached almost $ 19 billion and $ 8.2 billion, respectively. More than 10% of the contribution to this was made by only one trader, which put on the growth of Bitcoin right before he updated the maximum, writes RBC Crypto.
Hyperlique works as a decentralized exchange (DEX) on its own blockchain. In terms of functionality, it is closer to traditional platforms: it supports trading with the credit shoulder and provides high liquidity, but does not require personality verification.
Due to the fact that all transactions on Hyperlique occur in the blockchain, they are completely transparent, and anyone can in real time track large positions, entrance prices, liquidation levels and potential profit. Such openness allows analytical services and market participants to quickly notice abnormally large transactions.
Approximately 19, when Bitcoin was approaching the historical maximum, the attention of the crypto community was attracted by one trader, which opened a long position on Bitcoin with a 40x shoulder, at the peak of $ 1.1 billion. The position of a trader using the pseudonym James Winn took more than 10% of the total interest on Hyperliquid. The deal was opened at a price of $ 108,084, and the liquidation level was just below $ 103,640.
Liquidation occurs when the exchange forcibly closes the trader’s position at a loss if the market goes against its rates. This happens when the trader is not able to fulfill the requirements for securing a pledge for a position with a credit shoulder, that is, he does not have enough funds to keep the transaction open. The trader took on a huge risk. With a 40-time credit shoulder, there is enough price drop by about 2.5% of the entrance price so that the position is eliminated.
Unlimited (perpetual) futures are a type of estimated contracts that differ from the traditional lack of the end of the contract. Traiders working with such futures can hold a position while they have enough money security on the balance sheet. Such instruments were most common in the crypto tank due to the features of the work of crypto-streaks open for bidding 24/7 and seven days a week. Open interest is determined by summing up all open positions in the market of futures or options, regardless of whether they are long (purchase) or short (sale), with further subtraction of closed positions.
The position of this trader began to be discussed a few hours before the price of bitcoin at the new historical maximum on the evening of May 21, when the quotes were slightly higher than $ 109.5 thousand. During these several hours, James Winn’s unrealized profit was $ 15 million, after an hour there was already a potential loss of $ 16 million. And only by the morning he went to the indicators of potential profit about $ 39 million.
At the time of writing, Winn has an unrealized profit of more than $ 14.5 million, according to Hyperdash (the amount is constantly changing with the volatility of bitcoin). And the liquidation price of a trading position is just below $ 100 thousand per bitcoin.
The Hyperlique platform occupies almost 75% of the market in the segment of unlimited futures traded on decentralized services (Decentralized Exchange, DEX). According to Defillama, the share of Hyperlique in the futures market reached 10% of the Binance share, which may indicate a gradual shift in interest from centralized sites in onchain-solutions.
Hype token
Along with the growth of volume and open interest in Hyperlique, the price of Hype is also growing. From the minimum in April, the price of Hype increased more than three times, to $ 31. The historical maximum was recorded at the end of 2024 at a level just above $ 32.
It is noteworthy that since the launch of the HYPE token has not got into trading lists for large exchanges like Binance or Coinbase, although it occupies the 14th line in the ranking of the largest capitalization cryptocurrencies.
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Source: Cryptocurrency
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