Liquidity depth per major asset
Hyperliquid's assessment for RD-F-065 — scored gray on the v1.7.0 rubric. The evidence below is the curator's reasoning for this score.
Evidence summary #
Liquidity depth in AMM/2%-slippage terms is not applicable for an order-book perps exchange. For major perps (BTC, ETH) depth is deep given ~70% perp DEX market share. For long-tail/HIP-3 perps, depth is extremely thin — JELLY incident (March 2025) confirmed a $4.5M short forced through an illiquid book, causing HLP to absorb up to $13.5M in exposure. No formal 2%/5% depth metric is available for order-book markets. Gray due to methodology mismatch, not lack of evidence.
Sources #
- URL
- HyperLiquid Delists JELLY After Vault Squeezed in $13M Tussle — CoinDeskCoinDesk JELLY reportretrieved 2026-04-28
Methodology #
Measure on-chain liquidity depth for protocol-held assets at 2% and 5% price impact in USD.
See the full factor methodology and distribution across all protocols →