Hyperliquid HIP-3 triggers a 90% fee cut that encourages new market creation and boosts liquidity activity.
Funding stays mostly positive while traders maintain a strong long bias despite recurring long liquidations.
HYPE trades at $37.45 as open interest rises and market sentiment leans bullish across major exchanges.
Hyperliquid HIP-3 sets the tone for shifting market behavior as traders respond to reduced fees, rising open interest, and steady bullish positioning across major derivatives platforms.
HIP-3 Growth Mode Alters Market Structure
Hyperliquid HIP-3 enters the landscape with a 90% fee reduction on new markets. The update aims to draw liquidity providers and expand market listings. This fee cut lowers the cost of participation during early market formation.
The reduced cost structure supports broader experimentation. New assets and pairs can enter the ecosystem without the heavy operational load often attached to early liquidity deployment. Traders and algorithmic strategies also gain access to cheaper execution, especially during volatile sessions.
This growth phase aligns with Hyperliquid’s push for high-speed, on-chain derivatives trading. The platform continues to position itself near exchanges offering rapid settlement and deep liquidity conditions. HIP-3 becomes a strategic tool for attracting teams seeking flexible market creation.
Wallet Distribution Shows Distinct Positioning Trends
Hyperliquid HIP-3 launches at a moment when wallet data shows clear behavioral separation across capital tiers. Retail groups such as shrimps, fish, and dolphins hold a strong bullish bias with steady long positions. These segments show active participation through rising position counts.
Mid-sized participants mirror this trend. Small whales and whales maintain higher long exposure while managing measured short activity. Their wallet bias labels indicate a steady lean toward the upside while avoiding extreme positioning risk.
The largest wallets tell a different story. Leviathan wallets display a bearish tilt despite holding large total positions. Their stance contrasts with smaller groups, adding nuance to the broader sentiment picture. This divergence suggests varied strategies across capital profiles.
Funding Trends and Liquidations Shape Short-Term Behavior
Hyperliquid HIP-3 enters a market where HYPE experiences shifting funding conditions. Funding remains mostly positive, signaling that longs pay shorts across time periods. These conditions persist even as periodic negative dips appear during retracements.
Recent liquidation figures show long positions taking most of the losses. Over the last 24 hours, long liquidations reached $1.91M of a $2.02M total. This pattern continues across 1-hour and 12-hour charts, showing that leverage remains skewed toward bullish positioning.
HYPE as of writing, trades at $37.45 with a 24-hour volume of $387.4M. The asset shows a mild decline over daily and weekly periods. Open interest stands at $1.68B, rising slightly even as overall trading volume drops 49.68%. This divergence reflects position retention ahead of potential market movement.