SK Hynix-Linked Contracts Lead Hyperliquid Trading as Funding Rate Surges

Trading in SK Hynix-linked contracts has surged on decentralized derivatives platform Hyperliquid.

Crypto-focused media outlet BlockBeats reported on July 14 that combined 24-hour trading volume in SKHX and SKHY, two contracts tied to SK Hynix, reached $1.836 billion. That exceeded Bitcoin's volume and made the contracts the most-traded assets on the platform.

SKHX recorded $1.63 billion in 24-hour volume and $635 million in open interest. SKHY posted $206 million in volume and $101 million in open interest. SKHY traded at a premium of about 26% to SKHX.

SKHX's funding rate jumped to +0.0151% from +0.0064% in one hour, an increase of more than 130%.

Funding rates are used to calculate periodic payments between long and short holders in perpetual futures contracts. A sharp increase in the rate means the cost of maintaining long positions has risen, a sign that bullish positioning is becoming more concentrated.

Over the same period, SKHX trading volume slipped to $1.604 billion from $1.663 billion, while open interest fell to $627.1 million from $638.6 million.

"A sharp rise in the funding rate usually means long sentiment is heating up quickly and buy-side flows are entering the market in a concentrated way," BlockBeats wrote.

Market participants are watching whether speculative demand for assets tied to SK Hynix's U.S. stock is expanding rapidly in Hyperliquid's derivatives market.