Hyperliquid funding extremes — 2026-06-07
alpha micro-digest
top 5 paying longs (shorts collect):
$ZRO +11.2% apr (oi $25.0M) $BTC +11.0% apr (oi $2.03B) $SOL +11.0% apr (oi $257.0M) $BNB +11.0% apr (oi $37.1M) $SUI +11.0% apr (oi $30.4M)
top 5 paying shorts (longs collect):
$MEGA -56.6% apr (oi $6.3M) $BCH -21.5% apr (oi $8.9M) $VIRTUAL -18.0% apr (oi $5.5M) $WLD -13.2% apr (oi $39.6M) $TRX -12.1% apr (oi $15.7M)
cleanest carry trade: short $MEGA, collect 56.6% apr from longs. risk: $MEGA is a $6.3M oi microcap that can gap 50% on a single whale buy. the carry is real until it isn't.
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Between massive call options volume spiking (running at 4x normal levels) and the fact that $PURR was recently confirmed for inclusion in both the Russell 3000 and Russell Microcap Index (effective later this month on June 26), passive index funds are going to be forced to buy up a ton of float. Combined with recent 13F disclosures showing heavy institutional accumulation from firms like Goldman Sachs, BlackRock, and State Street, the available liquid float "in the box" for market makers to short or hedge with is drying up rapidly.