Hyperliquid open interest rises to 18000000000 USD a new high

Risks and unknowns

• Whether Hyperliquid's open interest can remain near 18000000000 USD
• Changes in position concentration, funding rates, and liquidation volumes
• Whether elevated daily active users are sustainable
• Whether the platform publishes its statistical methodology or independently verifiable data
• Conditions that would reverse the assessment of Hyperliquid platform activity: If subsequent data shows that open interest declines rapidly, active users decrease, or the official statistical methodology is revised, this positive interpretation will weaken.
• Conditions that would reverse the assessment of leverage risk in the crypto derivatives market: If margin levels are sufficient, positions are diversified, and open interest declines in an orderly manner, the risk of cascading liquidations will decrease.