Hyperliquid’s notional volume has reached $249.2 billion, more than double the $106 billion of its closest competitor, TradeXYZ. Nasdaq-listed Hyperliquid Strategies has increased its HYPE treasury to 29.3 million tokens, worth $1.9 billion as of June 30, after deploying an additional $773.4 million to purchase 16.5 million HYPE tokens. Approximately 80% of one-month liquidation exposure and 82% of three-month exposure is on the long side, versus 20% and 18% on shorts respectively. According to Joao Wedson, CEO of Alphractal, this imbalance poses a significant risk if bullish positioning unwinds.
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