Glossary
Open interest is the total notional value of outstanding positions in a market.
In short
Open interest counts contracts currently open rather than traded volume. Rising open interest with rising price suggests new positioning; falling open interest suggests positions being closed.
High open interest concentrated on one side of a market is a liquidation-cascade ingredient: a modest adverse move can force closures that push price further in the same direction.
For a mirrored account this shows up as slippage and, in extreme cases, as ADL — both worse than usual precisely when the market is most crowded.
Methodology
Scoring and replacement are documented in full on How it works and in the Docs (Policy v3). In short: the Elite basket is sticky, emergencies remove a leader immediately, and soft issues accrue at most one strike per UTC day with three strike-days triggering replacement. Read how it works or the documentation for the full table.
Questions
Not inherently. Concentrated one-sided positioning with high funding is the risky combination.
Hyperliquid publishes per-market open interest on-chain.
Score-weighted allocation across up to 10 elite Hyperliquid traders, each isolated in its own sub-account. Your funds never leave your account.
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