In the cryptocurrency derivatives market, there is a piece of data that is more deceptive than trading volume and more truthful, which is open interest (Open Interest, OI).

Trading volume can be painted over by API wash trading, high-frequency market-making, or short-term emotional bursts, but OI does not lie. OI represents how much real money traders are willing to use as margin, staying on your platform for a long time. It is the ultimate test of a platform's trustworthiness, liquidity depth, and capital retention ability.

Recently, Hyperliquid submitted a report on this most hardcore indicator, delivering a score that sent shivers down the spines of all centralized exchanges (CEX).

OI share rises to 9%: from "on-chain first" to "global giant"

According to the latest statistics from the data analysis platform on July 12, based on a 14-day rolling average, Hyperliquid's share of the global perpetual contract open interest has soared to 9.0%, setting a new historical high.

If you have no concept of the number 9%, we can make a more intuitive horizontal comparison. The current OI volume of Hyperliquid is approximately equal to 9.9% of all CEX combined.

This means that Hyperliquid is no longer the "small pond" that can only reign supreme in the DEX circle. It has successfully entered the ranks of global derivatives trading, gradually eating away at the core market share that originally belonged to CEX.

Capital is the smartest. When huge positions begin to migrate from CEX to Hyperliquid on a large scale, it’s not just about the pursuit of "no KYC," but also a "vote with their feet" for Hyperliquid's transparency on the entire chain, zero slippage matching, and a fairer trading environment.

Follow the smart money to reap the rewards: Hyperliquid's wealth code on-chain

With the influx of capital, Hyperliquid is gathering the top traders and institutional funds in the network. In this fully transparent market, retail investors have the biggest advantage: you can clearly see what the "smart money" (Smart Money) that earned hundreds of millions of dollars is actually buying.

Open AiCoin's latest upgraded Hyperliquid data section, and you will be shocked by the holding data of these whales:

From AiCoin's [Smart Money Position List], we can clearly see that among the top five whales, three are heavily long on $HYPE, with individual positions reaching tens of millions of dollars, all having realized floating profits of tens of millions of dollars. Meanwhile, non-HYPE assets such as ZEC and LIT have also become major targets for smart money, with similarly astonishing returns.

Not only is it about static positions, but AiCoin's [Whale Dynamics] also captures real-time movements of millions of dollars in the last two hours:

-0x1e9b...3855 just closed a position of 99.4 BTC (valued at $6.27 million)
-0x49ee...0362 closed a position of 3000 ETH (valued at $5.58 million) Whales are taking profits in the short term, and this instant on-chain movement often serves as a barometer for short-term market trends.

Teaching a man to fish: AiCoin's "Smart Money Tracking" dimensional attack

Knowing what smart money is buying is not enough. Because you don’t know when they bought, or at what price they will sell. Blindly copying their strategies often results in becoming a bag holder.

To solve this pain point, AiCoin has launched the revolutionary "One-click to K-line" feature.

In AiCoin's [Smart Money] panel, the system has selected hundreds of top traders for you based on dimensions like 30-day return rate, drawdown rate, and win rate (such as "low drawdown 58a6" with a 30-day return rate of up to 600,000%, or "high win rate f036").

All you need to do is click "Show on K-line," and all historical buying and selling tracks of this smart money will be directly overlaid on the K-line chart you are viewing.

- Did he accumulate on the left side in batches during a sharp drop, or chase after highs on the right side when breaking through key resistance?
- Did he decisively cut losses before the death cross on the moving average, or stubbornly hold through the drawdown waiting for a rebound?
- Is his trading logic based on MACD divergence, or some pattern support you haven't noticed?

K-lines do not lie. By observing their opening and closing positions on the K-line, you can not only judge whether current operations are profitable to copy, but also "steal lessons" from these top traders' trading systems and market feel.

As Hyperliquid is reshaping the global derivatives market landscape, liquidity is shifting on-chain. In this highly transparent yet extremely fragmented new battlefield, AiCoin provides you with a radar that pierces through the data fog.

👉 Log in to AiCoin now to experience Hyperliquid's exclusive data panel and "Smart Money One-click to K-line" feature. (When binding your Hyperliquid account, enter the invitation code AICOIN88 for a 4% permanent fee rebate)

 🔗 Exclusive registration link:

https://app.hyperliquid.xyz/join/AICOIN88

📖 Beginner's Tutorial:

- "AiCoin PC Hyperliquid Authorization Trading Tutorial":

https://www.aicoin.com/zh-Hans/article/514197

- "AiCoin Mobile Hyperliquid Authorization Trading Tutorial":

https://www.aicoin.com/zh-Hans/article/541383

- "Zero Basics Entry! Hyperliquid First Trading Ultra-detailed Graphic Tutorial":

https://www.aicoin.com/zh-Hans/article/510225

The content of this article represents the author's personal views and does not represent the stance of this platform. The views, conclusions, and suggestions in the article are for reference by investors only and do not constitute any investment advice related to this platform. Investors in U.S. stocks still need to bear market risks, regulatory risks, and compliance risks with local laws and regulations (especially foreign exchange controls, offshore investment declarations, etc.).

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