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Hyperliquid’s SK Hynix-related contracts saw funding fee rates surge more than 130% within an hour
BlockBeats message, July 14: On the Hyperliquid platform, SK Hynix-related contracts SKHX and SKHY saw unusually explosive trading activity. Over the past 24 hours, the combined trading volume reached $1.84B, surpassing BTC to become the most active asset by trading volume on the platform. Among them, SKHX’s 24-hour trading volume was $1.63 billion, with open interest (OI) of $635 million; SKHY’s 24-hour trading volume was $206 million, with OI of $101 million. Compared with SKHX, SKHY still trades at about a 26% premium.
Worth noting: SKHX funding rate surged sharply within just one hour, jumping from +0.0064% to +0.0151%, an increase of more than 130%. At the same time, the contract’s trading volume edged down from $1.66B to $1.6B, while open interest fell from $638.6 million to $627.1 million.
A rapid spike in the funding rate usually indicates that bullish sentiment is heating up quickly, with market long positions concentrating and pouring in. Traders need to pay higher costs to maintain long positions, reflecting that the long-vs-short battle in the current SKHX contract has become increasingly intense, and market speculation enthusiasm for Hynix’s US listed-equity related assets continues to rise.