Hyperliquid Longs Paid Up to Hold the Chip Selloff

A Dune study dated Nov. 6 tracked Hyperliquid stock perpetuals through Nov. 4-5 and found that contracts held in US chip and memory markets rose 60% while the underlying shares fell 12%-28%; funding reached about five times its resting level. The two sessions followed midterm elections, and Democrats’ wins raised Wall Street concern that AI data-center construction could slow. On Nov. 5, the Nasdaq fell 5.5%, its worst day since April 2025, while Nvidia and Qualcomm each lost more than 9% and AMD, Micron and Applied Materials posted double-digit declines. Perpetuals track share prices without expiry or ownership, and positive funding means longs pay shorts hourly when contracts trade above the reference price from the underlying market.