Altcoins Slide as 84.6% of High-Volume Contracts Decline
Seventy-seven of 91 Hyperliquid contracts with more than $1 million in 24-hour volume fell, while open interest dropped across most markets.
Altcoins declined broadly on Hyperliquid on Sept. 29, with 77 of 91 high-volume contracts falling as open interest also contracted across most markets.
The declining contracts accounted for 84.6% of those with more than $1 million in 24-hour trading volume. Twenty-four contracts fell more than 10%, led by NEAR at 13.48%, ZEC at 13.14% and ARB at 13.39%. UNI dropped 10.98%, while HYPE declined 5.38%.
Bitcoin (BTC) fell 0.83% over the same period, while Ether (ETH) was little changed. The comparison excluded BTC, ETH and the gold token PAXG.
Open interest declined in 67 of the 91 contracts after adjusting for the effect of falling prices on dollar-denominated positions. The adjustment indicates a net reduction in outstanding contracts rather than a decline caused only by lower prices.
ONDO posted the largest open-interest decline at 19.64%, followed by UNI at 14.13%, ARB at 12.46% and NEAR at 10.98%.
The pullback in open interest varied by token. ZEC’s open interest fell 3.34%, while HYPE’s dropped 1.12%. Their remaining notional open interest stood at about $700 million and $1.746 billion, respectively.
Some tokens added open interest even as prices declined, indicating that open interest did not decline uniformly.
