Leveraged-positioning read from perp funding (not sentiment). Funding carries a small positive baseline (~+10% APR ≈ neutral), so the needle reads the deviation from it; negative funding = crowded short. Hedged-vs-naked (options skew) layer is next. Observe-only.

Key: HL = Hyperliquid · OKX = OKX (perpetual-futures venues) · OI = open interest ($ in open perp positions) · funding = annualized perp rate (positive = longs pay shorts) · RR = 25Δ risk reversal in vol points (call IV − put IV; negative = puts bid = downside hedged) · pp = percentage points