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$BTC Wow, the altcoins in the Grayscale sector. LAP suddenly had two waves of volume spikes. Looks like the funds are about to start making moves this time. But what needs attention is that the neighboring LPT has an annualized yield as high as 213%. It’s possible someone is borrowing coins to pump and dump. Worth keeping an eye on. See if there’s an opportunity. #披萨节狂欢：预测哈希能赢BTC，你敢预测一下吗？ $ETH $HYPE

$HYPE's record-breaking surge Hyperliquid's HYPE token soared over 20% driven by a massive short squeeze, hitting a new all-time high above $62 — with $31.8 million in short liquidations within 24 hours, compared to only $2 million in long liquidations. ETF inflows into the US HYPE spot ETF recorded a net inflow of $16.15 million on May 21, led by Bitwise's BHYP. a16z has accumulated $356 million in HYPE, becoming the largest external institutional holder. #HYPE多空决战：最大空头爆仓删号 $BTC $ETH

$HYPE CoinWorld news, Arkham reports that the Hype token has just surpassed $60, with a market cap exceeding $15 billion. Institutional ETF inflows, pre-IPO stock trading of companies like SpaceX and OpenAI, and a surge in perpetual contract trading volume have driven this rise. Our research team has analyzed the factors behind Hype's surge. #HYPE多空决战：最大空头爆仓删号 $BTC $ETH

$HYPE Lookonchain reported that an anonymous address opened a $38.63 million 25x leveraged long position on Ethereum. Lookonchain also mentioned that in the past four days, this address earned about $7.5 million from long positions in Zcash and Hyperliquid #HYPE多空决战：最大空头爆仓删号 $BTC $ETH

$HYPE Odaily Planet Daily reports that according to Arkham monitoring, James Wynn was partially liquidated on his short position of the S&P 500 on Hyperliquid. He still holds a 50x leveraged short on the S&P 500, with an entry price of 7400 points and a notional value of $184,000. This account. #HYPE多空决战：最大空头爆仓删号 $BTC $ETH

$HYPE Hyperliquid exchange's traditional asset trading accounts for 35% Hyperliquid has evolved from a crypto decentralized exchange (DEX) into a 7×24 comprehensive trading platform. According to PANews, the platform priced WTI crude oil 48 hours in advance during the Iran airstrike. Currently, traditional asset trading accounts for 35% of its total trading volume, with revenue close to that of the Chicago Mercantile Exchange (CME) #HYPE多空决战：最大空头爆仓删号 $BTC $ETH

$HYPE BlockBeats news, on May 22, according to Arkham monitoring, Bitwise and 21 Shares HYPE ETF saw an inflow of 16.1 million USD yesterday. In addition, Bitwise HyperLiquid ETF (BHYP) currently has about 15.45 million USD worth of HYPE staked. #HYPE多空决战：最大空头爆仓删号 $BTC $ETH

$HYPE Bitwise, 21 Shares HYPE ETF saw an inflow of $16.1 million yesterday According to Mars Finance, on May 22, Arkham monitoring reported that Bitwise and 21 Shares HYPE ETF had an inflow of $16.1 million yesterday. Additionally, the Bitwise Hyperliquid ETF (BHYP) currently has about $15.45 million worth of HYPE staked. #HYPE Long and short battle: the largest short liquidation account deleted $BTC $ETH

$HYPE 21Shares: The market is pricing HYPE based on the traditional exchange framework According to a research report released by 21Shares, the market is pricing HYPE using a traditional exchange valuation framework. The report states that Hyperliquid's 2025 revenue is $873 million, with a team of 11 people, generating $79.36 million revenue per person; CME Group's 2025 revenue is $6.5 billion, with 3,875 employees, generating $1.7 million revenue per person. HYPE's revenue over the past 12 months is $944 million, with a current circulating market cap of about $9.4 billion, and a price-to-sales ratio of about 10x, while CME Group's price-to-sales ratio is 17.32x. 21Shares notes that HIP-3 accounts for about 35% to 37% of Hyperliquid's total trading volume, with half of the top ten traded assets being traditional market assets; the Assistance Fund uses 97% to 99% of platform fees for automatic buybacks, with cumulative buybacks exceeding $1.5 billion, implying an annualized buyback yield of about 13%. The report provides three scenarios: bull market target of $62 to $70 (market cap about $15 billion to $17 billion); baseline target about $75 (market cap about $17 billion to $18 billion); bear market target of $15 to $19 (market cap about $3.5 billion to $4.5 billion). #HYPE多空决战：最大空头爆仓删号 $BTC $ETH

$HYPE Overview of the 2026 Crypto Perpetual Contract Market: Open interest shrinks sharply, DEXs steadily rise The overall open interest in the crypto market has been halved from the $210 billion all-time high before the liquidation rally on October 10 last year. Written by: CoinGecko Compiled by: Chopper, Foresight News The perpetual contract exchange industry is undergoing structural transformation. Since BitMEX pioneered the perpetual contract trading model in 2016, centralized perpetual contract exchanges have remained the core liquidity hubs of the crypto market, with a total trading volume of $85.3 trillion expected by 2025. With rapid product iteration and a sharp rise in on-chain trading activity, decentralized perpetual contract exchanges have grown from niche protocols into highly competitive market participants. CoinGecko has released the 2026 Crypto Perpetual Contract Trading Market Report, which summarizes the key points below: From January 2025 to April 2026, MEXC and BingX led the industry in the number of new perpetual contracts listed, reaching 879 and 565 respectively The top 11 centralized perpetual exchanges will have average monthly trading volume drop to $4.7 trillion in 2026, up from $7.1 trillion in 2025 The top 12 decentralized perpetual exchanges are projected to have an average monthly trading volume of $611.57 billion in 2026, compared to $531.65 billion in 2025 Driven by Hyperliquid, decentralized perpetual contract trading volume is expected to grow significantly by 2025, with centralized contract trading volume peaking at 13% In 2025, the open interest share of decentralized perpetual exchanges will continue to rise, currently accounting for 13.5%, with Hyperliquid leading the way New contracts are becoming more diverse, with small and medium-sized platforms becoming more aggressive Since January 2025, MEXC and BingX have ranked second in the industry in the number of new perpetual contracts newly listed, with 879 and 565 new contracts respectively, averaging 55 and 35 new monthly subscriptions respectively. Both platforms focus on long-tail token contracts. Among the top 11 exchanges, 6 have fewer than 20 new contracts per month, showing a conservative layout style. Crypto.com had the fewest new listings, with only 2 contracts listed in December 2025 and a peak of just 13 in April 2026. Large exchanges generally prioritize listing perpetual contracts, with relatively few new listings of spot currencies. In the past 16 months, Binance added 305 perpetual trading pairs, while spot trading pairs were only 125, with most new contracts concentrated in meme coins and AI-related tokens. Major new contract listings on MEXC, BingX, Gate, and other cryptocurrencies are also aggressively positioned. Niche coins have low demand for leveraged trading, and the audience has a higher risk appetite threshold. Due to compliance requirements, the listing process for perpetual contracts is longer than for spot tokens, and the trading activity of niche tokens is relatively limited. Since January 2025, CoinGecko has listed a total of 7,803 new tokens, but the top 11 centralized exchanges have only enabled perpetual contracts for 1,030 tokens. Centralized contract transaction volume shrank year-on-year The top 11 centralized perpetual exchanges have a monthly average trading volume of $4.69 trillion in the first four months of 2026, a 34% decrease from $7.11 trillion in 2025. BingX's performance has bucked the trend this year, with its market share rising from 3% in 2025 to 5%, ranking seventh in the industry. Bitget's trading volume declined, with its monthly average falling from $740.62 billion to $287.08 billion, still ranking sixth with a 6% share. Binance and OKX have solidified their leading positions, with market shares slightly increasing, accounting for 33% and 15% respectively in the first four months of 2026. The scale of decentralized contracts is steadily increasing, and emerging platforms are rapidly breaking through In January 2026, decentralized contract trading volume reached $751.59 billion, then declined month by month, with April trading volume at $481.84 billion, still far exceeding the less than $300 billion level in the same period in 2025. In 2025, decentralized perpetual contract trading volume for the year reached $6.38 trillion, a several-fold increase compared to $1.5 trillion in 2024. Even if the overall market is under pressure, the industry's transaction volume in 2026 is still expected to remain flat or even surpass last year. Emerging decentralized contract platforms such as Pacifica, Extended, and Variational continue to expand their market share, with all three launching points campaigns and likely launching airdrops later. In April, the market shares of these three companies were 4%, 4%, and 3% respectively, surpassing established platforms like Jupiter and dYdX. After a surge in the proportion of decentralized contracts, it pulled back, with leading projects standing out in scale In 2025, the trading volume ratio between decentralized and centralized perpetual contracts will continue to climb, rising from just 3% at the beginning of the year to 13% by year-end. In 2026, this proportion declined somewhat, dropping to 10% in April, with centralized exchanges reclaiming over 90% of market dominance, marking the first return to this pattern since October 2025. Hyperliquid accounted for most decentralized contract trading volume, with April trading volume of $190.28 billion, accounting for 3.9% of the industry's total contract volume, ranking ninth, slightly behind BingX's $196.81 billion, and ahead of KuCoin's $83.71 billion. Currently, the growth rate of decentralized contracts is temporarily slowing, but newcomers like Pacifica are attracting capital based on points airdrop expectations, and there is room for a rebound in market share going forward. Overall open interest has shrunk, while the proportion of decentralized contract holdings has increased significantly $BTC $ETH #HYPE多空决战: Largest short position liquidation and account deletion