Hyperliquid (HYPE) Adds 111% in Futures Flow: Will Price Follow?

After a powerful multi-week push, Hyperliquid is attempting to stabilize, but the structure is currently mixed rather than clearly bullish.

The recovery is yet to come

After rejecting from the mid-$40s, the price is currently hovering around the $40–$41 range. More significantly, it is testing the stability of its rising trendline. It's the core of the current uptrend, as that trendline has defined the recovery phase since March.

HYPE/USDT Chart by TradingView

The asset is still above its mid-term moving averages from a technical perspective, maintaining the larger recovery. Sellers are active at higher levels, though, as evidenced by the repeated rejections around $44-$46. In contrast to the earlier leg up, momentum is clearly losing strength, cooling off rather than collapsing.

Derivatives data is where things become more intriguing. With short-term inflows spiking sharply and occasionally pushing well above 100% net change, futures flows exhibit sharp acceleration. There is a noticeable positive net inflow on shorter time intervals (5–30 minutes), indicating that capital is swiftly entering derivatives markets. Such actions typically indicate an increase in speculative interest.

Net flows flip

The structure isn't one-sided, though. Higher timeframe data (such as the 4-hour window) reveals periods of negative net flow, indicating that capital is also departing equally quickly, even though short-term flows are positive. This discrepancy suggests a volatile leveraged environment, as opposed to consistent accumulation.

That perspective is supported by liquidation data. Bursts of short selling are occurring, but long liquidations are also continuing. This results in a two-sided market where both directions are penalized, which is more indicative of a transitional stage than the continuation of a trend.