INIT Falls Nearly 60% From High as Funding Turns Deeply Negative

Initia's INIT token fell nearly 60% from its previous day's high on Hyperliquid as 24 consecutive hourly funding settlements for its perpetual contract remained negative.

INIT traded near $0.112, down 49.78% over 24 hours and 59.92% from the previous day's $0.279 high. The two declines use different baselines: one covers the preceding 24 hours, while the larger figure compares the contract with its prior-day peak.

Negative funding means short holders pay long holders. The 24 hourly settlements totaled -7.70%, and eight reached -0.5% per hour. The latest reference rate was -0.117% per hour.

The contract had about $1.5 million in notional open interest and $16.15 million in trading volume over 24 hours. Notional open interest is the value of positions still open, while trading volume records activity over the full 24-hour period.

Initia paused its layer-1 network Nov. 10 after a security incident. The project said about $3.27 million in assets moved to an attacker address, with about $2.16 million still on the paused chain. It also said it planned to replenish reserves for affected assets.