Short sellers dominated Hyperliquid today, driving severe negative funding anomalies across ACE, SKR, and MINA, while SUSHI recorded an orderly reduction in open interest.
ACE stood out as the most active asset of the day, generating 767 insights driven entirely by persistent negative funding anomalies. Throughout the session, hourly funding rates repeatedly sank past -0.05%, sliding as low as -0.1096%. Because funding rates are periodic fees paid between traders to keep contract prices pegged to spot, these deep negative values indicate short sellers were paying a heavy premium to long holders to keep their positions open.
While ACE had the highest frequency of alerts, SKR registered the most severe funding spikes of the day. In the late afternoon, SKR hourly funding plunged from -0.06% down to -0.1544% around 18:00 UTC, with subsequent periods hovering near -0.1285%. These extreme rates highlight aggressive short crowding, significantly increasing the holding costs for traders positioned on the short side.
SUSHI registered the largest single structural event of the session as total open interest—the amount of active capital locked in open contracts—dropped by 10.9%. Despite this sudden drop in market participation, the price moved by only -0.01%, pointing to an orderly unwinding of contracts rather than a disorderly liquidation cascade.
MINA also faced sustained negative funding rates that deteriorated from -0.0506% to -0.0905% per hour. Bucking the dominant short bias, CHIP saw localized bursts of aggressive long buying, pushing hourly funding rates from 0.0505% up to a peak of 0.0674% as long traders paid premiums to maintain upward exposure.