Hyperliquid Stock Contracts Rebound Above 20% as Trading Cools

Contracts on Hyperliquid tied to Micron, SanDisk and Hynix shares rebounded 21.3% to 22.9% from their Nov. 6 lows by Nov. 12, according to the report's figures. Their latest 24-hour turnover and notional open interest remained below readings from the 24 hours before those lows.

How far did the contracts rebound?

By Nov. 12, Micron-linked contracts had gained 22.9%, SanDisk-linked contracts 22.1% and Hynix-linked contracts 21.3% from their Nov. 6 lows. That placed the gains within a 1.6-percentage-point range and above 21% for each contract, even as trading activity stayed below pre-low readings. The percentages cover the move from the Nov. 6 lows through Nov. 12; they are not returns measured from the start of November. Notional open interest measures the dollar value of outstanding contracts, while turnover measures the dollar value traded during the latest 24-hour period.

How much trading accompanied the rebound?

Latest 24-hour turnover was $192 million for Micron-linked contracts, $261 million for SanDisk-linked contracts and $447 million for Hynix-linked contracts.

• Micron: $192 million, down from $462 million in the 24 hours before the Nov. 6 lows, a decrease of $270 million.
• SanDisk: $261 million, down from $585 million in the same comparison, a decrease of $324 million.
• Hynix: $447 million, down from $740 million, a decrease of $293 million.

Across the three contracts, latest turnover totaled $900 million, compared with $1.787 billion in their respective pre-low comparison periods, a reduction of roughly 50%. The comparison captures the periods before the lows and the latest period as of Nov. 12, rather than a continuous day-by-day record. Those totals cover only the three named contracts and do not measure Hyperliquid's wider trading activity.

How did open interest change?

Notional open interest fell across all three contracts by the latest reading.

• Micron: $181 million to $161 million, a decline of $20 million, or about 11%.
• SanDisk: $169 million to about $99.5 million, a decline of about $69.5 million, or about 41%.
• Hynix: $348 million to $315 million, a decline of $33 million, or about 9%.

SanDisk recorded the largest proportional decline in outstanding contract value. Combined notional open interest fell from $698 million to $575.5 million across the three contracts, a reduction of $122.5 million, or about 18%.

What does the divergence mean?

The data show contract prices recovering while both recent trading and outstanding exposure remained below earlier readings. That pattern doesn't require a broad increase in participation: prices can recover with fewer dollars changing hands and with open positions reduced. The report provides no long-versus-short breakdown, so it can't establish whether the move came from short covering, new buying or liquidations. It also doesn't show absolute contract prices, order-book depth or the cause of the Nov. 6 lows. For these three series, Nov. 12 brought a price recovery, not a return to pre-low turnover or notional open interest. The next 24-hour turnover and open-interest readings are the checkpoint: if they stay below the pre-low comparisons, prices will have recovered without restoring earlier market participation.