AM edition
issue generated 2026-09-25 06:32 UTC · data as of 2026-09-25 06:32 UTC
140 up · 38 down — 78.7% of markets up 24h
AM edition
issue generated 2026-09-25 06:32 UTC · data as of 2026-09-25 06:32 UTC
140 up · 38 down — 78.7% of markets up 24h
PM edition
issue generated 2026-09-25 18:32 UTC · data as of 2026-09-25 18:31 UTC
146 up · 31 down · 1 flat — 82.0% of markets up 24h
7-day: Infrastructure leads at +28.5%; Other lags at +8.1%.
Hyperliquid perps: 178 markets traded $8.2B in 24h volume against $12.8B of open interest; the median market moved 1.68%. Confirmed liquidations over the window: at least $2.7M across 2 bursts.
178 markets · $8.25B 24h volume · $12.83B open interest · median 24h +1.7%
XPL led Layer 1 with a 32.2% advance amid a burst of long liquidation, extending the category's third straight edition higher. Breadth stayed positive as XLM rose 7.78% while SAGA slid 26.28% and BCH eased 1.78%. Category open interest held above $10.9B with funding averaging 11.68%.
LDO and CHIP diverged from the pack, rising 10.22% and 8.54% respectively. LIT and MET lagged, falling 6.89% and 5.53%. The category posted its third consecutive advance with funding at 11.59%.
ONDO rose 24.98% on 7.28-times average volume, marking the category's third straight edition higher. STBL climbed 5.72% at 94.97% funding while USELESS and PUMP eased 6.03% and 1.88%.
FET extended its run, climbing 14.97% to pace AI's second consecutive advance and lift the category 4.6% on the day. VIRTUAL added 5.85% as funding averaged 14.01% and open interest reached $243M.
OI-weighted funding +12.5% annualized at the issue clock — longs paying shorts.
Extremes: STBL +95% ann (longs pay) · GRAM +70% ann (longs pay) · MON +69% ann (longs pay) · XAI -218% ann (shorts pay)
TRUMP and CASHCAT edged higher by 2.2% and 2.06% while PENGU and FARTCOIN slipped 4.7% and 2.29%, leaving the category 0.17% lower against the 1.68% tape median. Funding held near 11.04% as the group posted its first decline in two editions.
LINK rose 7.93% while NIL dropped 13.96% on 4.62-times average volume. PYTH added 5.97% as the group extended its third straight edition higher with funding at 11.91%.
POL and OP advanced 5.6% and 5.22% to lead Layer 2's second consecutive gain, lifting the category 1.21% on the day. ARB and STRK eased 0.88% and 0.43% as funding averaged 12.92% and open interest reached $77M.
No report for this section this edition — the draft didn't clear our fact checks.
7-day confirmed liquidations $45.0M — longs $7.7M, shorts $37.3M (lower bound). Last 24h: $2.7M across 2 bursts — largest $2.3M in XRP longs.
24h return dispersion σ 5.55% across 156 markets.
Widest 7-day gap in Infrastructure: NIL +169.6% vs LINK +13.8% — 156pp apart.
At open-interest cap: CANTO, FTM, JELLY, LOOM, RLB, VINE, ZEREBRO.
1 market excluded from this issue (unlisted in our registry or missing a week of candles) — excluded means excluded, never zero-filled.
Machine-written from venue data and machine-checked before publish; sections that fail checks are omitted, whole editions are withheld. Perpetual futures are high-risk, leveraged instruments — this is market reporting, not investment advice or a recommendation of any kind.
7-day: Infrastructure leads at +27.1%; Other lags at +8.2%.
Hyperliquid perps: 178 markets traded $7.5B in 24h volume against $13.1B of open interest; the median market moved 1.93%. Confirmed liquidations over the window: at least $911.0k across 2 bursts.
178 markets · $7.47B 24h volume · $13.14B open interest · median 24h +1.9%
Grass led AI perps with a 27.72% surge on mainnet launch, major exchange listings and airdrop-driven user growth, pushing the category to a 5.55% median gain. Artificial Superintelligence Alliance rose 8.54% amid ongoing ecosystem developments, while Venice slipped 1.14%. The group extended a third straight edition higher, now up 19.29% over seven days.
Layer 1 rose 1.99% over 24h against a 1.93% median move across the tape, extending a 16.12% 7-day advance. Canton Network (CC) rose 16.47% on $3.7M of volume, with funding at 194.5% annualized as longs pay shorts. A 4th straight edition higher for the category. Saga turned over 4.1× its trailing 7-day average volume.
Aerodrome Finance surged 22.69% on chatter around an upcoming tokenomic upgrade and revenue distribution, while Ethena climbed 20.57% after a Binance partnership to back USDe via tokenized-stock basis trades. Lighter flipped to shorts paying at -34.51% annualized, the only funding-sign change in the group. DeFi perps posted a fourth consecutive edition higher, now up 11.79% over seven days.
Ondo rose 7.41% as BlackRock-developed on-chain portfolios were tokenized on the platform. Pump.fun added 6.84% while the category posted a fourth straight edition higher, now up 8.19% over seven days.
OI-weighted funding +13.0% annualized at the issue clock — longs paying shorts.
Extremes: CASHCAT +214% ann (longs pay) · GRASS +202% ann (longs pay) · CC +194% ann (longs pay) · XAI -305% ann (shorts pay) · LIT -35% ann (shorts pay)
Memes rose 1.61% over 24h against a 1.93% median move across the tape, extending a 8.74% 7-day advance. Cash Cat (CASHCAT) rose 14.01% on $19.9M of volume, with funding at 213.8% annualized as longs pay shorts. Moo Deng turned over 4.7× its trailing 7-day average volume.
Infrastructure rose 3.13% over 24h against a 1.93% median move across the tape, extending a 27.10% 7-day advance. Nillion (NIL) rose 14.65% on $17.0M of volume, with funding at 10.9% annualized as longs pay shorts. A 4th straight edition higher for the category.
Optimism flipped to longs paying at 10.95% annualized and rose 6.76%, while POL added 5.28%, driving the category 2.59% higher. Layer 2 perps extended a third straight edition higher against a 10.28% seven-day gain.
No report for this section this edition — the draft didn't clear our fact checks.
7-day confirmed liquidations $45.6M — longs $7.7M, shorts $37.9M (lower bound). Last 24h: $911.0K across 2 bursts — largest $571.4K in XRP shorts.
24h return dispersion σ 5.30% across 158 markets.
Widest 7-day gap in Infrastructure: NIL +189.3% vs LINK +12.8% — 177pp apart.
At open-interest cap: CANTO, FTM, JELLY, LOOM, RLB, SAGA, VINE, ZEREBRO.
1 market excluded from this issue (unlisted in our registry or missing a week of candles) — excluded means excluded, never zero-filled.
Machine-written from venue data and machine-checked before publish; sections that fail checks are omitted, whole editions are withheld. Perpetual futures are high-risk, leveraged instruments — this is market reporting, not investment advice or a recommendation of any kind.