Hyperliquid Open Interest Hits $12.5B, Highest Since Oct 10

Open interest is the more honest gauge of conviction here: it reflects capital committed to positions rather than the churn of volume, so a push to the highest level since October 10 signals traders are sizing up rather than just rotating. For a platform whose visibility has rested heavily on perp activity, that depth matters for liquidity and for how orderly any unwind would be. The open question is whether this build is directional conviction or two-sided positioning — the next move in price, and whether open interest holds or flushes, will say which.