Hyperliquid (HYPE) 5bp Order Book Depth Down 84.6% in a Year

COINOTAG — November 11, 2026

Hyperliquid (HYPE) price action has drawn most of the headlines this quarter, but the sharper change sits in the platform's order book. Median dollar depth within 5 basis points of the mid price fell 84.6% over the twelve months to Nov. 1, 2026, according to a breakdown posted on X on Wednesday by trader Matteo.

The 5bp depth metric measures the dollar value of orders resting within a narrow band around the mid price — in this case, 0.05%. It is a standard gauge of top-of-book liquidity: the higher the figure, the more size can be executed near the prevailing price without materially moving the market. A decline of 84.6% indicates that quotes clustered at the tightest part of the spread have thinned considerably compared with a year earlier. The practical weight of that thinning sits in execution quality: with less dollar value resting inside the 0.05% band, a given order size now meets fewer quotes near the mid price, which mechanically increases the price impact of trading relative to the deeper book recorded a year earlier.

Hyperliquid is a decentralized exchange for perpetual futures that runs an on-chain central limit order book on its own Layer 1 blockchain, with HYPE serving as its native token. Because an order book venue relies on market makers quoting tight spreads — rather than the pooled liquidity of an automated market maker model — top-of-book depth is a direct read on how much liquidity active participants are posting at the tightest price levels. That also makes depth a measure of quoting behavior rather than a fixed venue attribute: on an order book exchange, top-of-book size moves as market makers widen, tighten, or step back from their quotes, which is why analysts track figures like this one over time instead of treating any single reading as permanent.

Because the 84.6% figure reflects measurements taken as of Nov. 1, 2026, follow-up readings of the same metric would be needed to show whether the year-over-year thinning has persisted, stabilized, or begun to reverse.

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