Long Xing on Hyperliquid is currently trading at a negative premium versus its A-share underlying stock, and the funding rate on its short positions has already been annualized to 2700%.


This isn’t that crypto traders or overseas funds are bearish. In fact, it’s people who bought the dip on Long Xing at today’s lows—because with T+1 they can’t sell at higher prices—who opened shorts on Hyperliquid in advance to hedge.
HYPE-2.66%
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