Hyperliquid's SPCX Perpetual Surpasses Binance in Open Interest

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 2 days ago

HYPE+11.5199995%

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Open Interest Lead: Hyperliquid's SPCX contract has surpassed Binance by approximately 28% in open interest, indicating a significant liquidity signal in one of the most active real-world asset derivative trades, potentially enhancing its role in price discovery.
Market Data Insights: The SPCX contract is currently trading near $165.25, with total futures open interest around $482.98 million and a 24-hour futures volume close to $9.13 billion, demonstrating that trading activity is heavily concentrated in derivatives rather than the spot market.
Risks and Opportunities: While the increase in open interest may lead to sharper price movements, Hyperliquid's advantage in the SPCX contract could attract more traders, especially for continuous positioning outside normal stock market hours.
Regulatory Environment Changes: The CFTC's latest crypto futures pathway provides a clearer compliance route for registered U.S. futures exchanges, and Hyperliquid's performance in this context will be closely monitored, particularly regarding the tracking of SPCX contracts against Nasdaq-listed share prices.

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Technical Analysis for HYPE

Technical Sentiment Analysis for Hyperliquid (HYPE). As of , Hyperliquid (HYPE) is exhibiting a Strong buy technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 5 indicators are flashing buy, while 0 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for HYPE stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, HYPE is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Hyperliquid (HYPE) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	36.325	44.498	52.366	60.539	68.407	76.58	84.448
Fibonacci	44.498	50.625	54.411	60.539	66.666	70.452	76.58

About HYPE

Hyperliquid represents a cutting-edge blockchain platform, specifically designed to enhance the efficiency and performance of decentralized finance (DeFi) applications. At its core, Hyperliquid introduces a novel Layer 1 (L1) blockchain that is meticulously engineered from the ground up to optimize performance and scalability. This optimization is largely attributed to its proprietary consensus mechanism, HyperBFT, which plays a pivotal role in ensuring rapid transaction finality and robust security measures.One of the standout features of Hyperliquid is its focus on decentralized perpetual exchange services. This platform facilitates perpetual futures trading directly on its native L1 blockchain, setting itself apart by eliminating gas fees for transactions. This approach not only reduces the cost barrier for participants but also significantly enhances transaction speed and efficiency.Hyperliquid's architecture boasts a fully on-chain order book, a rarity among decentralized exchanges (DEXs), which typically rely on off-chain order books to manage trades. This on-chain approach ensures greater transparency and security, as all transactions are verifiable on the blockchain.The development team behind Hyperliquid is composed of individuals with impressive backgrounds, including alumni from prestigious institutions such as Harvard, Caltech, and MIT, and professionals with experience in notable companies within the tech and financial sectors. This diverse and skilled team underscores the project's commitment to innovation and excellence.Notably, Hyperliquid is a self-funded initiative, emphasizing its independence and dedication to its vision without the influence of external capital. This autonomy allows for a focused development process, tailored to the needs and expectations of the DeFi community.In summary, Hyperliquid aims to revolutionize the DeFi space by offering a high-performance, cost-effective, and transparent platform for perpetual futures trading. Its unique combination of a custom L1 blockchain, zero gas fees, and a fully on-chain order book positions it as a promising player in the blockchain and cryptocurrency ecosystem. As with any investment in the crypto space, individuals should conduct thorough research to understand the risks and potential of the platform.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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