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HYPE Hyperliquid's positions hit record highs, new funds drive user growth
Hyperliquid once again set a new record, with its total open interest reaching a record high. According to HyperTracker, as of October 6, the number of open positions in perpetual contracts on the platform was 435,564. At the beginning of the year, this number was only 202,943, achieving an increase of approximately 115% in more than nine months.
The number of active traders on the platform also showed a similar growth trend. HyperTracker data shows that there are currently approximately 320,600 active traders on the platform. An "active trader" is defined here as a wallet address that has open positions or generated perpetual contract trading volume in the past 30 days. In comparison, the number was about 155,000 at the beginning of January this year and is now close to an all-time high.
New wallet addresses are the main driver of growth
When the number of positions and the number of traders increase simultaneously over the same period of time, this suggests that the growth is mainly due to new participants. Dividing the total number of positions by the number of active traders yields approximately 1.36 positions per average active wallet currently held. At the beginning of January this year, the figure was around 1.3, which means that the number of positions in a single active wallet has hardly changed.
Recently, existing traders have not significantly increased their positions. The reality is that more new users are joining and bringing their positions into the market.
Average daily trading volume is much lower than August levels
交易量并未与持仓增长保持同步。截至10月6日下午，Hyperliquid处理的永续合约交易量约为45.4亿美元，过去一个月的大部分交易日成交量在20亿至60亿美元之间波动。而在8月下旬，日交易量曾多次突破120亿美元，并在8月22日左右达到近160亿美元的峰值。
将这两项趋势并列对比，交易行为的变化便一目了然：交易者倾向于建立头寸并长期持有，而非在日内频繁进出。在日均交易量仅为8月零头的情况下，未平仓合约却接近历史高位，这表明市场变得更加耐心，且整体仓位更重。
杠杆率接近历史高位，流动性逐渐减弱
这种局面伴随着明显的风险。由于未平仓合约规模约为当日交易量的四倍，大量杠杆资金沉淀在订单簿中，而订单簿的换手率并不高。无论是向上还是向下的剧烈波动，都可能导致清算速度超过订单簿的吸收能力，而强制平仓往往会进一步拖累价格下跌。
九个月来钱包数量和持仓数量的稳步增长确实反映了真实的采用率，而较长的持仓周期既可能代表坚定的信念，也可能暗示市场的自满情绪。尽管如此，在今年第四季度，尤其是如果市场波动性加剧的情况下，Hyperliquid上存在的杠杆规模与实际每日交易量之间的差距，将是值得密切关注的关键指标。
