Hyperliquid Up/Down order book microstructure on Polymarket

• 608 HYPE Up/Down markets, led by 412 five-minute contracts
• Average market spread of 0.1025 (median 0.0600) - the second widest of the eight assets
• Average top-of-book liquidity of about $5,390 per market over three days
• 0.94% of the last 24 hours of HYPE book snapshots were crossed - second lowest tracked
• All 608 markets settle on chainlink_twap reference prices

The archive holds 608 HYPE Up/Down markets as of 2026-10-17: 412 at 5 minutes, 184 at 15 minutes and 12 at 4 hours. Hyperliquid lists a comparable number of markets to BNB and Dogecoin even though its book is much thinner - a reminder that market count and liquidity are different axes.

218 HYPE markets have resolved, split 96 up to 122 down (44.0% up). That is the second most down-leaning balance after BNB, and it reinforces that the smaller-quote assets in this sample drifted down over the measurement window.

HYPE averages a 0.1025 spread with a median of 0.0600 - six ticks wide at the median and roughly nine times the touch on Bitcoin. Only Zcash quotes a wider book across the eight assets.

Depth is thin too. Three-day average top-of-book liquidity is about $5,390 per HYPE market, under half of Dogecoin's and a tenth of Bitcoin's. Any strategy run on HYPE needs an explicit slippage model; a flat-spread assumption will overstate returns badly here.

import requests

BASE = "https://api.polyorderbooks.com/v1"
HEADERS = {"X-API-Key": "your-key"}

slug = "hype-updown-5m-1787486400"
r = requests.get(
    f"{BASE}/markets/{slug}/metrics",
    headers=HEADERS,
    params={"start_ts": 1787486400, "end_ts": 1787486700, "resolution": "1s"},
)
r.raise_for_status()
spreads = [p["spread"] for p in r.json()["data"] if p["spread"] is not None]
print("points:", len(spreads), "max spread:", max(spreads))

HYPE's crossed-book rate is 0.94% over the last 24 hours (3,317 of 352,727 snapshots), the second lowest in the basket behind ZEC's 0.10%. A thin book that trades infrequently simply crosses less often than the majors.

This is the flip side of HYPE's width: fewer inconsistent snapshots to filter, but each two-sided snapshot is far from the touch, so the fill price you can actually achieve is farther from mid than the tick count alone suggests.

All 608 HYPE Up/Down markets settle on a Chainlink TWAP reference price. Like BNB and ZEC, HYPE's reference capture began at 11:52 UTC on the measurement day, holding 38,314 observations by 2026-10-17.

HYPE is a good illustration of why reference provenance matters: the archive records whether each TWAP row is native or derived and which feed captured it, so you can confirm which reference style a thin, younger asset actually used for settlement rather than assuming it matches the majors.

The Starter plan is free, includes order books, prices, and metrics at 250ms resolution, with 3 days of history, 60 requests/min, 1,000/day, 1 free AI backtest, and 3 strategy backtests. No credit card required.

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• Polymarket HYPE data
• Crypto microstructure data
• Order book API guide