Hyperliquid Longs Paid Up to Hold the Chip Selloff

Key Takeaways Chip-stock contracts held rose 60% over two days. The underlying stocks fell between 12% and 28%. Funding hit about five times its resting level. Megacap tech contracts held dropped 27%. The AI trade broke, and chip contracts grew Dune’s November 6 study tracked Hyperliquid’s stock perpetuals through November 4-5, the two sessions after the midterm vote, and found traders building chip exposure while the stocks fell and funding climbed. The selloff had a political trigger.