Hyperliquid's Builder Code protocols processed a record $984 million in notional perpetual futures volume on August 21 and generated $782,000 in combined revenue, according to Blockworks Research. The record trading activity coincided with mounting pressure on a major HYPE short position tracked by Lookonchain and continued HYPE deposits from Multicoin Capital into Coinbase Prime.

Hyperliquid is a decentralized exchange focused on perpetual futures, derivative contracts that track an asset's price without a fixed expiry date, and HYPE is its native token.

Builder Code Volume Sets Record

According to Blockworks Research, Hyperliquid Builder Codes reached $984 million in notional perpetual futures volume on August 21, setting a new daily record for Builder Code trading activity.

Builder Codes are Hyperliquid's integration system for third-party applications: frontends such as wallets and trading tools embed Hyperliquid's perpetual markets and receive a share of the fees generated by the trades they route. Builder Code protocols also generated $782,000 in combined revenue that day, the second-highest figure recorded. MetaMask accounted for $143,000 of that total, while Phantom generated $114,000, figures attributed to the trading routed through each wallet's integration.

Lookonchain separately reported that LORACLE, a trader tracked by the platform, had lost more than $70 million on HYPE over three months.

LORACLE Short Faces Liquidation Risk

Lookonchain, an onchain analytics service that tracks publicly visible wallet activity, reported that LORACLE held a 685,744 HYPE short position worth approximately $54.88 million. According to the platform, the position would face liquidation if HYPE reached $101.15.

In perpetual futures, a short position profits as the asset's price falls and is automatically closed out, or liquidated, once mounting losses exhaust the collateral posted against it, which is why a specific upside price level defines the liquidation point.

HYPE subsequently retraced from its all-time high, reducing LORACLE's reported loss by about $3 million. Lookonchain then placed the trader's loss on the HYPE short at roughly $16 million.

The price move also came alongside continued HYPE deposits from Multicoin Capital. The firm kept sending HYPE to Coinbase Prime after the token reached a new all-time high.

HYPE Holds Above Key Technical Levels

Multicoin Capital is a crypto-focused investment firm, and Coinbase Prime is Coinbase's institutional custody and prime brokerage platform; inflows from known funds to such addresses are visible onchain and routinely flagged by trackers such as Lookonchain. Over three days, the firm deposited 427,422 HYPE into Coinbase Prime, worth approximately $31.74 million. The onchain data shows the transfers without indicating their purpose.

HYPE stood around $78.257 on August 23, following a rally from its $54 to $60 consolidation area. Price remained above the $65.66 50-day moving average and the $58.39 200-day moving average, widely watched benchmarks for medium- and long-term price trend, while trading volume reached roughly $902.78 million.

On the provided chart, $83.21 remained the major resistance level, while $76.06 marked near-term support, followed by $68.90 to $65.66. Lower levels included $61.75 and $58.39. The chart showed a sharp rise in both price and volume, with HYPE holding above both moving averages as it approached the $83.21 level.