Derivatives Data

April 9, U.S. March CPI data will be released on April 11. The market expects the year-over-year rate to rise from 2.4% to 3.4%. The Bitcoin market has responded calmly, with the options market’s volatility range only at 2.5%. Attention has been drawn by the rise in gasoline prices. Analysts believe that CPI data coming in either too soft or too hot will have different impacts on the crypto market.

Gate News message; on April 9, according to official Hyperliquid data, the combined trading volume of WTI crude oil (U.S. West Texas Intermediate crude oil) and Brent crude oil (Brent crude oil) perpetual contracts surpassed Bitcoin for the first time. The data shows that Bitcoin’s trading volume was $2.29 billion, WTI crude oil’s trading volume was $1.68 billion, and Brent crude oil’s trading volume was $770 million; the combined volume of the two oils reached $2.45 billion.

According to Hyperinsight monitoring, after the ceasefire news, Abraxas Capital—the largest crude-oil short institution—saw its funds rebound by more than $12 million. It successfully turned a $9.7 million floating loss into a profit, with its current floating profit at $8.7 million. Its position size is $152 million, including short positions in both WTI and Brent crude oil and long positions in the crypto market.

On April 9, Hyperinsight detected that address 0x94d3 increased its holdings by 81.06 BTC short positions. Its total position size is $75.2048 million, with an unrealized loss of approximately $1.8229 million, and it is currently the largest BTC short position on Hyperliquid. The address previously established a large BTC short position in reverse back in December of last year.

The decentralized derivatives platform Hyperliquid’s liquidity vault HLP suffered an estimated loss of about $1.5 million. The attacker used the low-liquidity token FARTCOIN to carry out a “suicide liquidation” attack, systematically triggering the ADL mechanism and forcing HLP to absorb the losses. On the surface, the vault’s books show a loss of $3 million. This incident reveals weaknesses in the ADL mechanism in low-liquidity markets; the attacker could also be profiting by hedging at the same time, indicating that the operation looks more like arbitrage than sabotage.

Gate News, April 9, according to CoinAnk data, the total liquidation amount across the entire network over the past 24 hours reached $232 million. Of that, long liquidations totaled about $144 million, accounting for more than 60%; short liquidations totaled about $88.17 million. From the distribution by asset, the liquidation amount for Bitcoin was about $68.95 million, and the liquidation amount for Ethereum was about $35.32 million.

Bitcoin has recently been trading in a high-level range. The price rebounded from $67,000 to $70,900, driven by a U.S.-Iran ceasefire agreement. Market analysis suggests that weakness in oil prices—or easing inflation pressure—may support Bitcoin’s upside. If it breaks above $72,500, it could trigger short liquidations and push the price up to $80,000. However, instability in the Middle East and a rebound in oil prices could act as a drag. Volatility in the energy market will be a key factor influencing Bitcoin’s direction.

Short sellers of XRP faced significant losses as the asset's price rebounded over 4%, resulting in $2.63 million liquidated. The increase in price and trading volume, coupled with institutional interest, indicates positive market sentiment despite caution around resistance levels.

On April 9, a whale address starting with 0x9fa opened an approximately $4.35 million ETH long position with 10x leverage, with an entry average price of $2,179 and a liquidation price of $2,001. Subsequently, the address planned to take profit at $2,220 and place a $4.45 million sell order.

FARTCOIN experienced a brief surge of more than 27% in the early hours of April 9, followed by a drop of more than 20% within 5 minutes; overall, it fell by more than 26%. Analysis suggests this incident is similar to the XPL flash-crash tactic from April 3, and is believed to be market manipulation, although no regulatory body has conducted an official investigation yet. The strategy includes using high-leverage long orders to drive the market upward, followed by large-scale selling that triggers liquidations.

According to Hyperinsight monitoring, the whale address starting with 0xe84 opened a 40x leveraged BTC long position on April 9, with a trade size of $3.55 million. The opening average price was $70,965. Currently, it has set sell orders totaling $1.94 million to take partial stop-losses.

Gate News message: On April 9, the HIP-3 ecosystem project Trade.xyz launched a Nikkei 225 Index (Japan stock market benchmark index) contract, supporting up to 20x leverage.

On-chain analyst 0xMacroGuy noted that Hyperliquid HLP lost approximately $1.2 million due to a takeover by a malicious actor of a large Fartcoin long position, representing about a 0.35% drawdown. The attacker intentionally incurred losses after establishing a large amount of leverage, causing HLP to absorb greater losses. HLP’s current TVL is $420 million, and its APR over the past month was 0%.

Gate News message, four wallets connected to a single entity opened long positions worth $33.3 million in $FARTCOIN over the past four hours. These positions were subsequently liquidated, resulting in a loss of $3.02 million. The trading activity has raised concerns about potential market manipulati

Glassnode reports that although the Bitcoin price rebounded to $72k due to a U.S.-Iran ceasefire, the market structure is still in a bear market. In the short term, the downside may be limited, but the $78k level faces pressure overhead. ETF capital inflows have ticked up slightly, but they have not yet fully returned; trading activity in derivatives remains sluggish, indicating insufficient market confidence. Going forward, we need to monitor changes in the futures trading and options markets.

Onchain perpetual futures trading has sharply declined for five consecutive months, with March 2026 volume dropping to $699 billion from a peak of $1.36 trillion in October 2025. Hyperliquid dominates the market, capturing 34% of recent trading activity.

Key Insights Solana records four consecutive days of gains as funding rates rise, signaling stronger retail interest while overall market conviction remains divided across participants. Declining futures Open interest alongside rising funding rates highlights reduced trader exposure,

Key Insights: PEPE price stabilizes near strong support despite sustained negative funding rates, highlighting a clear divergence between trader sentiment and actual market behavior. Declining open interest and reduced liquidation activity indicate leverage reset, suggesting the market has c

Key Insights Cardano trades above $0.25 as steady recovery continues, supported by improving sentiment and growing engagement across crypto discussions among market participants globally. Derivatives data show rising long positions and positive funding rates, indicating traders

Contract whales share their trading strategy: when there is no extreme news, it’s recommended to open a short position when the overall market is up 5%–10%, and to open a long position when it falls. Today, the trader successfully closed the position, making profits of $12.12 million and $728k. Remind users to trade cautiously.