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Hyperliquid Screener · New Money

Hyperliquid Open Interest Screener

The open interest screener separates a rally built on new positions from one built on shorts closing out. It ranks Hyperliquid perpetuals where price and open interest are both in the top quartile, with volume confirming — the cohort where money is genuinely entering.

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By Keel Research Team · Updated May 12, 2026
How it works

New Money methodology

The New Money screen looks for Hyperliquid perpetuals where price and positioning rise together. X-axis: last-bar return — the price move over one bar of the selected timeframe, four hours by default. Y-axis: change in open interest over that same single bar, measured in base coin units rather than dollars. The unit choice is load-bearing: open interest in dollars is coin count times price, so a dollar-denominated change would carry the price move inside it and the two axes would stop being independent. Measured in coins, the price move cancels exactly. Z-axis: relative volume, mapped to tile colour with a median marker, so you can see whether the move has participation behind it. The 75/75 defaults are what define the cohort — top quartile on both price and positioning. The quadrant read is the point: price up with open interest up means positions are being opened, and price up with open interest down means positions are being closed, which is short covering. Only the first has committed capital behind it. Open interest is Hyperliquid’s own hourly figure and the screen recomputes on the same hourly cadence.

Run the screen

Live New Money cohort

The screen below is pre-loaded with the New Money preset. Adjust signals, thresholds, and timeframe inline — your changes update the cohort in real time. Share or backtest the resulting state directly from the toolbar.

Automate it

Trade this screen systematically on Keel

Keel is a Strategy OS for AI-assisted systematic trading on Hyperliquid. Backtest a strategy that uses the New Money signals as entry filters, optimize parameters across thousands of variants, then deploy live with funding-aware execution and full risk controls.

Free to start — connect a Hyperliquid wallet when you’re ready to go live.

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What you can do
  • Backtest any strategy built from the New Money signals with realistic fees, slippage, and funding modeled.
  • Optimize across parameter grids — Sharpe, drawdown, hit rate, funding regime.
  • Deploy live to Hyperliquid with stop-loss, position limits, and funding-aware execution.
  • Iterate with AI — describe a thesis, let the strategy compiler turn it into a tradeable pipeline.
FAQ

New Money questions

What is open interest on Hyperliquid?

Open interest is the total size of perpetual positions currently open on the venue. Every long is matched by a short, so the figure counts one side, not both. Hyperliquid reports it in units of the base coin — BTC, SOL, HYPE — rather than in dollars. This screen leaves it in coins when it measures change over time, because that is the only way the price move cancels out, and multiplies by price only when a dollar figure is what you want to look at.

Why does rising open interest matter more than rising volume?

Volume counts transactions, and a transaction is just as likely to be someone closing a position as opening one — a session of heavy volume can end with less risk on the book than it started with. Open interest counts the positions still open when the session ends. Rising volume tells you activity happened; rising open interest tells you the activity left new exposure behind. This screen uses both: open-interest change for the direction of positioning, relative volume as a read on participation.

What is the difference between new longs and short covering?

Both push price up, and they mean opposite things. Price rising while open interest rises means positions are being opened into the move — new longs, with capital committed to holding them. Price rising while open interest falls means positions are being closed — shorts buying back, with nothing left on the book once the covering is done. The first cohort has to be proven wrong before it unwinds; the second is already unwinding. This screen selects the first. The Short Squeeze screen at /lab/short-squeeze selects the second.

How often does the screen refresh?

Market data refreshes hourly. The screen recomputes percentile rankings, thresholds, and qualifying cohorts on each refresh. Funding rates update on the same hourly cadence as Hyperliquid’s native funding settlement.

Is high open interest bullish or bearish?

Neither on its own. Open interest is a magnitude — how much is at stake — and it carries no direction, because every open long is matched by an open short. Direction comes from what you pair it with. Against return, it separates new positioning from covering, which is what this screen does. Against funding, it tells you which side is paying to hold the position: that pairing is the Crowded Longs screen at /lab/crowded-longs.

Can I backtest a open interest strategy on Keel?

Yes. Open the screen, click "Backtest in Keel," and the current state — signals, thresholds, universe, timeframe — passes into a Keel workspace. From there, you can run a full backtest with realistic fees, slippage, and funding modeled, then optimize and deploy live.

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