INIT plunges nearly 60% from yesterday, now at extreme negative funding rates

BlockBeats news, November 12, according to TradingBeats monitoring, the INIT perpetual contract on Hyperliquid is trading at approximately $0.112, down 49.78% in the past 24 hours, retreating about 59.92% from yesterday's high of $0.279.

Alongside the sharp price decline, the funding rate has remained at extreme negative levels, with shorts required to pay funding fees to longs. From 12:00 yesterday to 11:00 today, INIT's hourly settlement rates were negative for 24 consecutive rounds, cumulatively reaching -7.70%, with 8 consecutive rounds hitting the hourly rate level of -0.5%. The current reference funding rate remains at -0.117% per hour.

Currently, the notional value of open interest for this contract is approximately $1.5 million, with trading volume of about $16.15 million over the past 24 hours.

Previously, Initia suspended its L1 on November 10 due to a security incident. The project team disclosed that approximately $3.27 million in assets were transferred to the attacker's address, of which about $2.16 million remains on the suspended chain, and stated plans to replenish reserves for the affected assets.