AMON HENthe Seat of Seeing · Hyperliquid
Erebor · protocol & HYPE

Hyperliquid

Hyperliquid cleared $15.07B in the last 24 hours, and paid the protocol $3.41M in fees. HYPE trades at $68.40 (-1.2 % over 24h); 2.09M HYPE are on their way out of staking.

Collected 11-15 10:15 UTC · hourly · observed since 09-24 02:28 UTC

HYPE spot price

$68.40-1.2 % over 24hHYPE/USDC on HyperCore

Protocol fees · 24h

$3.41Mwindow ending 11-14 23:51 UTCMeasured by Hypurrscan

Share of the five venues

—$15.07B of 24h volumeAmong the venues we follow, not the whole market

Leaving staking · 8 days

2.09M HYPE1,133 withdrawal requestsBecoming liquid, not a sale
The ravens · omens

No omen this hour

The ravens of the mountain carry word when price, fees, staking and holders part ways. None of the divergence rules fired: that does not make the market calm.

How to read this

The rules compare matching 24-hour observations: HYPE rising while fees fall by more than 10 %, or the staking withdrawal queue growing by more than 20 %. Cohort divergence compares successive complete holder snapshots. They do not estimate the probability of a reversal.

I · The Forge

What the protocol produces and earns

The forge still burns: every trade pays the mountain. What it earned, day by day, and where the activity comes from.

Fees paid to the protocol

$3.41M in the last day. Trailing 24-hour fees, measured once a day · last 98 days · USD

Where the volume comes from

Rolling 24h volume and open interest, by product.
  • Native perps$13.82B
    open interest $7.03B
  • HIP-3 · xyz$1.22B
    open interest $4.20B
  • Spot$525.05M
    no open interest (spot)
  • HIP-3 · io$24.20M
    open interest $231.73M
  • HIP-3 · para$4.22M
    open interest $15.92M

7 other HIP-3 exchanges traded less than $1M: flx, vntl, hyna, km, abcd, cash, mkts.

How to read this

HIP-3 exchanges are components of Hyperliquid: they must not be added to an aggregate that already includes them. Spot has no perpetual open interest.

Who trades

Accounts on the public leaderboard: not every Hyperliquid user, and an address is not a person.

Leaderboard accounts

47,450
Present on the public leaderboard

Their equity

$40.20B
Account value, including PnL; not net deposits

Trading in the latest interval

8,798
Cumulative volume moved between observations

Returning within 7 / 30 days

90.4 % / 96.0 %
Active now and at least once before

Top 10 share of volume

45.0 %
Concentration among comparable accounts
How to read this

Activity is a positive change in cumulative traded volume between daily observations. Returning means active in the latest interval and at least once in the preceding 7 or 30 days. Latest interval: 23.0 hours.

Fee-paying users, fee per user and retained net deposits need a complete trade and transfer index; account equity is not a substitute for deposits. These are not available yet.

II · The Rival Halls

Hyperliquid among the perpetual venues

Four other halls glow on the horizon. Shares appear once all five report.

Share of reported 24h volume

Hyperliquid, Lighter, Aster, edgeX and Variational: the set we observe, not the global market.

Shares stay blank while one of the five venues is unavailable.

Hyperliquid$15.07B$11.48B—$4.69M$87.50M
Lighter$3.67B$416.10M—$455.0k$6.68M
Aster$3.05B$1.17B—$267.1k$4.10M
edgeX———$139.5k$1.91M
Variational$1.29B$703.44M———

Not measurable yet · share changes over 7, 30, 90 days need that many days of observations with the same venue coverage.

How to read this

Volume is reported by each venue and is not normalized for wash trading or incentives. Aster and Variational gross open interest is divided by two for a one-sided comparison; Lighter open interest is converted from token units. Stablecoin quotes are treated at parity with USD.

Fees come from DefiLlama’s public fee dataset; product scope may differ between providers. Standardized execution costs and incentive-adjusted volumes are not available yet.

III · The Hoard

HYPE supply and staking

Of a billion HYPE, 30.2 % circulates and 43.8 % sleeps with the validators. 2.09M HYPE are walking out of staking this week.

The hoard, against the maximum supply

Each bar is a share of the 1,000,000,000 HYPE maximum.
  • Circulating301.63M · 30.2 %
    in the market
  • Staked with validators438.48M · 43.8 %
    includes non-circulating allocations
  • Future emission reserve409.91M · 41.0 %
    no dated unlock calendar
  • Assistance Fund48.98M · 4.9 %
    bought back with fees

The Assistance Fund was seen buying 122.06 HYPE in the displayed journal (not a complete 24h total).

How to read this

These quantities overlap and must not be added: staked HYPE includes allocations that do not circulate. Supply is reported by Hyperliquid; Assistance Fund holdings are shown apart from the max-minus-total reduction and are not counted twice as burns. The future emission reserve is a reserve, not a dated unlock schedule.

HYPE price

Daily close on HYPE/USDC · last 90 days · 48.98M HYPE bought back by the Assistance Fund

Daily staking & trading volumes

Calendar days in UTC · quantities in HYPE · the current day is incomplete.

Delegated vs undelegated

Gross validator flows · HYPE

Net delegation

Delegated minus undelegated · HYPE

Staking withdrawal requests

Daily requests to move HYPE into spot

HYPE spot trading volume

Daily HYPE traded on HYPE/USDC
Delegation and undelegation are validator movements; switching validators can increase both gross volumes. Net delegated volume excludes staking rewards. Withdrawal requests leave staking after the seven-day queue; their dates are derived from scheduled availability. Undated withdrawal records are excluded. Spot volume covers the HYPE/USDC market only, in tokens rather than an estimated dollar volume. Missing staking coverage is left blank.

The caravan: HYPE leaving staking

Each withdrawal becomes liquid seven days after it is requested.
2.09MHYPE on the road

1,133 requests walk out of staking over the next 8 days.

Becoming liquid, day by day
  • Sun 15 Nov0.01M · 84
  • Mon 16 Nov0.60M · 155
  • Tue 17 Nov0.14M · 168
  • Wed 18 Nov0.35M · 106
  • Thu 19 Nov0.13M · 141
  • Fri 20 Nov0.18M · 164
  • Sat 21 Nov0.61M · 247
  • Sun 22 Nov0.07M · 68
HYPE · number of requests
The ten largest · 62 % of the queue

One address, 0x393d0b…2109, accounts for 0.56M HYPE across 4 requests: 27 % of the whole queue.

0x393d0b…210911-16 20:58 UTC264,677
0x393d0b…210911-21 23:49 UTC252,513
0x82b02b…7e3911-18 09:11 UTC155,026
0x0aadc5…1f4611-16 18:23 UTC150,028
0xa9ff08…dfe211-20 01:42 UTC101,746
0xe44bd2…9ea811-21 07:32 UTC92,082
0xfc667a…ca0611-16 17:25 UTC90,000
0x0ee0a8…d02811-21 17:48 UTC85,752
0x85c769…1ca111-18 14:25 UTC67,000
0xfbd537…bd3d11-19 16:28 UTC43,258
HYPE in the queue, hourly
How to read this

Availability is estimated from the protocol’s seven-day delay: it is not proof that tokens have arrived, nor that they will be sold. Staking rewards, transfers and new allocations have different economic meanings.

IV · The Watchers

Who holds HYPE, and who moves

268,628 addresses hold HYPE on HyperCore; the ten largest hold 20.6 % of it. We keep an eye on the biggest, and on those who move.

Addresses holding HYPE

268,628
Spot balances on HyperCore

Held by the top 10

20.6 %
Of included spot balances

System addresses set aside

25
Holding 103.69M HYPE · labelled custody and protocol addresses

Panel fully observed

20 / 22
Accounts with complete execution coverage

Who is changing their HYPE balance?

Cohorts compared at the same initial holding size. Winner and loser refer to the account’s historical PnL, not to its result on HYPE.
Reset
Winners$10M+256,175,754-1,423.6001
Losers$10M+21,061,9670.0000
Mixed / unknown<$10k246,3131,960,246+4,112.67138251
Mixed / unknown$1M–10M532,326,650-21,868.4605
Mixed / unknown$10M+71,047,3030.0000
Winners$1M–10M2887,518,3240.0000
Winners<$10k10,814876,235-78,538.091525
Winners$100k–1M1,8715,021,648-68,618.4575
Mixed / unknown$100k–1M159366,366-2,366.6739
Losers$100k–1M32137,627-1,678.6303
Losers$1M–10M644,526-3,501.7001
Mixed / unknown$10k–100k6,3391,812,204-246.401614
Winners$10k–100k1,314605,277-230.5896
Losers<$10k1,36326,712-181.15210
Losers$10k–100k6417,210-66.0001

Balance changes from 11-15 09:01 UTC to 11-15 10:01 UTC. Cohort totals ignore the address filter.

How to read this

Groups and USD size bands are frozen when an address first enters observation. HYPE-specific winners and losers remain unknown without a verified acquisition history; a received transfer does not establish a cost basis. Increases and decreases include transfers and staking movements.

The watchlist

1 addresses: the 100 largest spot balances, the 50 largest changes and the fixed execution panel.
0x7dacca…f410Winners$10M+258,346-1,424———Bulk spot balance; execution history not sampled
How to read this

25 labelled or system addresses are excluded, holding 103,688,559 HYPE. HyperEVM balances, exchange customers and liquid-staking beneficial owners are not resolved; unlabelled custodians can remain. First observed means first seen by this collector, not the acquisition date.

The journal of moves, and the price after

2 of the latest 300 moves. Balance changes and executed trades are kept apart.
11-15 10:15 UTC0x7dacca…f410Spot balance decreasedWinners$10M+-1,423.60$97.4kpendingpendingpending
11-15 09:15 UTC0x7dacca…f410Spot balance decreasedWinners$10M+-2,264.78$152.2kpendingpendingpending
How to read this

HYPE amounts are valued at the reference price at detection. Price changes at 1h, 4h and 24h start at detection, exclude fees, and are neither trade PnL nor a success rate. Missed measurements stay blank; the first collection emits no events.

Holder breadth

Addresses with a positive HYPE balance, hourly, after labelled exclusions.
V · The Ledgers

Sources and limits

96 of 97 feeds answered this hour. A missing answer is never read as a zero balance or an exit.

What was read this hour

Source timestamps and failures are part of the reading.
Address labels11-15 10:12 UTCObserved
Staking withdrawal queue11-15 10:12 UTCObserved
Fees history11-14 23:51 UTCObserved
Competitor fees11-15 10:12 UTCObserved
HYPE holders11-15 10:01 UTCObserved
Spot markets11-15 10:12 UTCObserved
HYPE supply11-15 10:12 UTCObserved
Validator stakes11-15 10:12 UTCObserved
HYPE daily candles11-15 10:12 UTCObserved
Staking transactions11-15 10:12 UTCObserved
Historical staking archive09-24 02:35 UTCHistorical archive cached; recent transactions collected hourly
Withdrawal history11-15 10:12 UTCObserved
Perpetual exchange list11-15 10:12 UTCObserved
Native perpetuals11-15 10:12 UTCObserved
Perpetuals · xyz11-15 10:12 UTCObserved
Perpetuals · flx11-15 10:12 UTCObserved
Perpetuals · vntl11-15 10:12 UTCObserved
Perpetuals · hyna11-15 10:12 UTCObserved
Perpetuals · km11-15 10:12 UTCObserved
Perpetuals · abcd11-15 10:12 UTCObserved
Perpetuals · cash11-15 10:12 UTCObserved
Perpetuals · para11-15 10:12 UTCObserved
Perpetuals · mkts11-15 10:12 UTCObserved
Perpetuals · io11-15 10:12 UTCObserved
Lighter markets11-15 10:12 UTCObserved
Variational markets11-15 10:12 UTCObserved
edgeX V2 markets11-15 10:12 UTCObserved
edgeX V1 markets—Unexpected token '<', "<!DOCTYPE "... is not valid JSON
Aster Simple markets11-15 10:12 UTCObserved
Aster Pro markets11-15 10:12 UTCObserved
Leaderboard activity11-15 01:12 UTCDaily snapshot
Closing HYPE reference11-15 10:15 UTCObserved

Plus 65 per-account feeds for the execution panel (staking, perp hedge and spot executions of each account): 65 observed.

Limits of this page

The holder index covers HyperCore spot balances. Labels describe addresses, not verified beneficial owners. Forward observations are archived for later evaluation; no predictive accuracy is claimed.

Staking mechanicsFees & Assistance FundHypurrscan APIThe Two Towers · perpetual behavior