
Hyperliquid's HIP-3 permissionless perps ignited OI surge to $1.67B (+29%), ranking TVL #8 at $1.8B with $3.1M daily fees (87% from perps) burning HYPE supply in a self-reinforcing flywheel. Neutral funding (0.125%, 38th percentile) post-flush, whales underwater but structure bullish above $39.2. $40 break targets $45+ momentum. $HYPE positioned for re-rating as equity/commodity listings expand.
