Why is Hyperliquid down today?

Hyperliquid is up 1.6% over 24 hours to $77.47 while Bitcoin slipped 0.4% to $79,693, and the outperformance tracks a run of venue-level news rather than anything market-wide. Kraken parent Payward is seeking to become the first CFTC-regulated HIP-3 market deployer on Hyperliquid, offering onchain perpetual futures to eligible US clients via Bitnomial, subject to regulatory approval — a potential route to regulated US order flow on the exchange.

Distribution news added to it: MetaMask has listed Anthropic pre-IPO perpetual contracts powered by Hyperliquid, giving synthetic exposure to the AI company after Anthropic disclosed an IPO that could come as early as November, alongside $16 billion in first-half revenue and an $80 billion net loss.

The bid is capped by flows and the broader tape. HYPE spot ETFs saw net withdrawals on October 26, trailing only Solana's $8.23 million, while ZEC and NEAR drew inflows. HYPE remains down 2.5% on the week against Bitcoin's 3.0% decline, with $797 million in 24-hour volume on a $17.23 billion market cap.