Hyperliquid Near-Market Depth Fell 84.6% in Year Through Nov. 1

Hyperliquid's near-market liquidity has collapsed: median dollar depth within 10 basis points fell 82% over the year through November 1, across 38 comparable markets. This compares with a 61% decline on Binance and 78% on OKX. The sharper drop on Hyperliquid could reduce its ability to handle large trades without significant price impact.