According to @phantom, its Perps product has reached $26B in cumulative trading volume, 85K traders, 6M positions opened (3.9M longs, 2.1M shorts), and $100M in cumulative net deposits, source: @phantom. The long-to-short position count ratio is approximately 1.86 (about 65% long by count), indicating a net long skew within this dataset, source: @phantom. Traders averaged roughly 70.6 positions each (6M positions over 85K traders), signaling high engagement on the venue, source: @phantom. Implied turnover is around 260x (volume to net deposits), with an estimated average volume per trader near $306K and about $4.3K per position, source: @phantom. These benchmarks help traders assess directional crowding and typical ticket sizes for execution planning on this perpetual futures venue, source: @phantom.

According to @GreeksLive, a larger-than-expected upside move squeezed bearish options traders, with multiple short call sellers on ETH and altcoins hit by an unexpected 3 standard deviation rally while the market had priced only about 40 percent volatility, published Oct 3, 2025, source: @GreeksLive. According to @GreeksLive, options sellers are shifting to buying puts and selling calls after losses, signaling a defensive turn in options positioning, source: @GreeksLive. According to @GreeksLive, key levels being monitored are 115k as potential support and 127k-180k as optimistic upside targets, while sentiment remains divided on the rally’s durability, source: @GreeksLive. According to @GreeksLive, market structure shows the long short ratio fell from 2 to below 1 within a week while open interest stays near highs, a setup that could fuel a further short squeeze if momentum persists, source: @GreeksLive.

According to @ai_9684xtpa, XPL (Plasma) lists tonight at 21:00 with total pre-listing open interest at $661 million across venues, led by Hyperliquid at $305 million and Binance at $255 million, which together hold 84.7% of positions while Binance’s 24h volume is three times Hyperliquid’s. According to @ai_9684xtpa, at a pre-market price of $0.77 the implied opening circulating market capitalization is $1.38 billion and OI is nearly half of the float mcap, a level attributed to hedging flows similar to WLFI. According to @ai_9684xtpa, the Hyperliquid–Binance price gap has narrowed into TGE after an earlier Hyperliquid premium linked to different oracle rules, and Binance’s long–short address ratio is 1.68 (large accounts 1.41), indicating a long-biased positioning. According to @ai_9684xtpa, the top Hyperliquid XPL long address 0x152...fa7c2 shows $1.211 million in unrealized PnL on a $13.56 million position with an entry of $0.693. According to @ai_9684xtpa, the project has been generous with distributions and has a clear opening structure, making the long-skewed positioning and narrowing venue basis key factors for managing basis and liquidation risk at the open.

According to @ai_9684xtpa, Coinglass data shows WLFI open interest has risen to $825 million, with Binance accounting for over 50% of OI and long accounts slightly outnumbering shorts (Coinglass). Based on a Binance contract price of $0.3858, @ai_9684xtpa estimates WLFI’s fully diluted valuation at $38.58 billion (Binance; @ai_9684xtpa). The author also states this FDV equals 1.62 times LINK’s FDV (reported by @ai_9684xtpa).