On Hyperliquid, traders are predominantly using moderate leverage, with $3.7 billion of the $7.63 billion in open interest over the past 24 hours allocated to 3-7x leverage. This segment represents the largest share, followed by $2.77 billion in 0-3x leverage. Leverage above 7x shows a significant drop-off, indicating fewer traders are engaging in high-risk positions. Data suggests that lower leverage is influenced by hedge funds holding substantial short positions, with a single insider address accounting for 18.6% of the 3-7x leverage category. Meanwhile, although theoretically more traders might engage in 10x or higher leverage, many have been wiped out by recent market downturns.