Hyperliquid’s LITE and AAOI Perpetuals Rose as Open Interest Fell

Over the 24 hours ending at the market snapshot, Hyperliquid perpetual contracts tied to LITE and AAOI rose 9.53% and 9.91%, respectively, while open interest contracted after StoneX initiated Lumentum coverage.

StoneX began covering Lumentum (LITE) on Oct. 26 with a Buy rating and a $1,200 price target. The firm cited Lumentum’s position in high-speed indium phosphide lasers, optical transceivers and optical switching. It also pointed to management’s view that capacity for AI-related optoelectronics was largely booked through early 2029. The rating was part of StoneX’s coverage of Lumentum.

Both contracts briefly gained more than 10% intraday. After the rating, LITE open interest fell 21.97% to about $5.83 million from about $7.47 million. AAOI open interest dropped 34.61% to about $3.65 million from about $5.58 million.

Two large accounts took profit on combined LITE and AAOI long positions worth about $2.61 million. One account closed both positions.