Hyperliquid's SKHX and SKHY contracts overtake BTC in 24-hour trading volume

AI Market Summary

Hyperliquid's SKHX and SKHY contracts surpassed BTC in 24h volume ($1.836B combined), signaling concentrated speculative flow and elevated risk appetite within a single thematic complex. SKHX leads volume and OI ($635M), while SKHY trades at a ~26% premium, suggesting dislocation between related contracts and potential basis/relative-value positioning. The development is most relevant for Hyperliquid-linked exposure and platform-specific liquidity dynamics.

Impact level

● Medium

Affected assets

NCSKSKHYP2USD/USDT+6.98%

AI Insight · NCSKSKHYP2USD/USDTAI Insight

● Neutral

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BlockBeats, July 14 — Hyperliquid's Hynix-related contracts SKHX and SKHY posted a combined 24-hour trading volume of $1.836 billion, edging past BTC to become the platform's most actively traded asset. SKHX recorded $1.63 billion in 24-hour volume, with open interest (OI) at $635 million. SKHY saw $206 million in 24-hour volume, with OI of $101 million. SKHY is currently trading at an estimated 26% premium to SKHX.

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