Hyperliquid OI looks very different from a few months ago.
Majors dropped from ~80% share in January to ~57% by April, with commodities, equities, and alts taking the rest.
That shift comes from new listings pulling fresh flow rather than existing pairs losing interest. Traders rotate into whatever offers better volatility or positioning opportunities.
For the market, this widens the trading surface. Hyperliquid is starting to behave less like a BTC/ETH venue and more like a multi-asset derivatives platform.
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