🐋 WHALE WATCH : Hyperliquid open interest hit $11.5B a new 2026 high and the highest level since the leverage wipeout. Three things worth noting in that number. Traders arent returning to offshore CEXs for perps. They are staying on chain where execution and transparency hold. DeFi is taking CEX market share and the flow isnt reversing. $3.6B of that OI isnt crypto. Its traditional equities commodities and FX trading 24/7 on HyperCore via the RWA HIP3 engine. The perp market is broader than it looks. Leverage is back but this time it sits on deeper liquidity and stronger protocol fee generation. The structure is different from the last cycle. HYPE is proving the thesis. Are you positioned for the next leg or still in stables ?(Whale Factor)