Hyperliquid hits record perp share as Radiant plans shutdown, Kelp DAO funds are laundered, and Polymarket accuses Kalshi.
Hyperliquid led a busy week in crypto as its perpetual futures share reached a record level.
The wider market also saw shutdown plans, bridge hack fallout, and business disputes. Weekly updates included Radiant Capital, Kelp DAO, Polymarket, and Kalshi.
Hyperliquid Perp Volume Reaches Record Share
According to WuBlockchain, Hyperliquid has become a key venue for weekend perpetual trading.
The report cited The Wall Street Journal on its use by some Wall Street traders. These traders use the platform during weekends and outside normal market hours.
Hyperliquid offers contracts linked to Bitcoin, the S&P 500, crude oil, and private assets.
The Wall Street Journal said the platform generated around $800 million in total revenue last year. It also reported that Hyperliquid blocks access for U.S. residents.
Data from The Block showed strong activity in May. Hyperliquid’s perpetual volume reached 6.63% of global centralized exchange volume.
Its share against Binance also reached 14.4%, marking a record level.
The HIP-3 framework supported more than $62 billion in monthly trading volume. It also supported about $3 billion in open interest in May.
However, the report noted weaker year-on-year crypto perp volume during the broader market decline.
Hyperliquid Record Leads Busy Crypto Week
The weekly project update covered several major crypto events.
It included Hyperliquid’s record perp volume, Radiant Capital’s planned shutdown, and Polymarket’s claims against Kalshi. It also covered the Kelp DAO bridge fund drain.
Weekly Project Updates: Hyperliquid Perp Volume Hits Record, Radiant Capital Prepares Shutdown, Polymarket suspects industrial espionage from Kalshi, Hacker Drains Kelp DAO Bridge Funds, etc pic.twitter.com/ieUmZ02RwK
— Wu Blockchain (@WuBlockchain) June 6, 2026
Radiant Capital said its DAO has no clear path for stable operations. The protocol will begin a phased wind-down after failing to recover stolen funds.
It also failed to secure new funding after its October 2024 exploit. Kelp DAO also faced a major bridge security event.
On-chain tracking showed that a hacker laundered about $220 million in unfrozen stolen assets.
The funds reportedly moved through THORChain, Wasabi, Tornado Cash, and Umbra.
Polymarket accused rival Kalshi of industrial espionage, according to the update.
It cited alleged copied products, marketing campaigns, and interface designs. Kalshi rejected the claims and called them “delusional.”
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Long Bias Weakens as Trader Ratio Falls
Coinglass data showed 38,088 long traders and 23,531 short traders on Hyperliquid. That placed the long-short trader ratio at 1.6186.
The reading showed that long traders still outnumbered short traders. However, the ratio fell from the recent 2.0 to 2.1 range.
This showed that bullish positioning had cooled among leveraged traders. Some traders may have reduced long exposure, while short interest may have increased.
The ratio remains above 1.0, so the market still has a long bias. Even so, the decline points to more caution among traders.
The nearest support range sits between 1.50 and 1.60. A move below that range could show a more balanced market stance.
A rebound above 1.80 would show stronger long interest returning. For now, Hyperliquid remains active, but trader positioning is less aggressive.
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