AAVE is up 14.83% today, but the real focus isn’t the price—it’s that Hyperliquid’s open-position share has quietly climbed to #1.

First, let’s look at the market: AAVE’s current price is 125.76, up 14.83% in 24 hours, with $965 million in trading volume. Across 20 platforms, total open positions are $356.8 million, up 23% in 24 hours—its increase is nearly half a percentage point faster than the price. This suggests real money is adding positions, not a passive “chasing the pump” situation.

Position ranking has shifted. Hyperliquid, at 28.31% ($101 million), has become the largest platform by open positions. It’s up 47.57% in 24 hours, and in the most recent 4 hours it’s still up 6.57%, the fastest growth rate on the board. Binance sits at 18.81% ($67.1 million), up 18.23%, clearly being left behind. Bybit is third at 17.17% ($61.25 million), up 22.13%. In the past, the biggest share of open positions for coins like this usually sat with Binance or Bybit—this time Hyperliquid directly overtook them and took first place.

Fee dynamics didn’t go crazy. The 20-platform average fee rate is 0.0046%; after weighting by OI, it’s 0.0074%, still within a normal range. Hyperliquid’s own fee rate is 0.014%—slightly higher than the average, but nowhere near overheated. This indicates the recent adds look more like spot buying driving leverage follow-through, not yet the stage of crowded positioning driven by emotion.

Liquidation direction leans toward shorts. Total liquidations across the whole market in the past 24 hours were $4.557 million, with shorts accounting for 54.2% ($2.469 million). In the most recent 1 hour, liquidations were $112,000, and shorts’ share rose to 93.2% ($105,000). The short-chasing side was largely cleared out in that last hour.

The takeaway: real OI is being added, Hyperliquid’s share has overtaken others, and fees aren’t overheated—so capital is truly moving in. But in the short term, the shorts got cut first.

Live data: coinboss.com/currencies/AAVE

$AAVE
#持仓量 #Hyperliquid # funding fee rate