How to Trade OTHERS on Hyperliquid

What OTHERS Actually Tracks

OTHERS is shorthand for CRYPTOCAP:OTHERS, the TradingView index that sums the aggregate market capitalization of every crypto asset ranked 11th and below — everything outside the top 10 by market cap. As of late April 2026, that aggregate sits near $189 billion, a long way from its $317 billion local high before the October 2025 liquidation cascade dragged it to roughly $157 billion in a matter of hours.

The companion ticker OTHERS.D measures the same basket as a percentage of total crypto market cap. It currently hovers near 12%, signaling that capital is still parked in mega-caps instead of rotating down the risk curve. In plain terms: OTHERS is the altcoin tape with BTC, ETH, and their eight nearest neighbors removed — the cleanest single number for mid-cap and small-cap risk appetite that traders have.

Why the OTHERS Index Matters Right Now

The classical altseason playbook waits for two things: BTC dominance to crack below 50% and the Altcoin Season Index to print above 75. Neither is happening. Bitcoin dominance is sitting around 58–60%, and the Altcoin Season Index has spent most of 2026 in the 27–35 range, firmly inside what analysts call 'Bitcoin season'.

That is exactly why an index instrument like OTHERS is interesting now. It compresses the entire 'is capital rotating yet?' question into one chart. Historically, the $160–190 billion zone on OTHERS has acted as a launchpad — prior dips into this band preceded altseason expansions. But the 2026 setup also includes monthly bear-flag and head-and-shoulders structures on the index, plus the memory of that October 2025 flash crash. Whether the next leg is a falling-wedge breakout or a continuation lower is the trade.

The para:OTHERS HIP-3 Perpetual

Until April 2026, expressing a directional view on OTHERS meant constructing a basket of 100+ altcoin pairs and hoping your weighting matched the index. That changed when Paragon launched the first crypto-native perpetual index markets on Hyperliquid — including BTC.D, TOTAL2, and OTHERS — as builder-deployed perps under HIP-3.

HIP-3 is Hyperliquid's permissionless perp listing framework. Any sufficiently capitalized builder can deploy a market, pick the oracle, set leverage limits, and earn fee splits, subject to on-chain slashing if the oracle misbehaves. Since launching in October 2025, HIP-3 has grown to represent over 35% of total Hyperliquid trading volume, with open interest hitting $1.43B on March 24, 2026. The OTHERS market trades as para:OTHERS, references the live index oracle, and offers up to 10x leverage.

Key Trading Considerations

A few things to internalize before sizing a position:

• It is not a coin. OTHERS has no token, no chain, no dev team. You cannot hold it spot. The perp settles purely against an index oracle, so oracle risk is the asset's primary structural risk — if the upstream feed breaks, so does the market.
• Liquidity is still thin. 24h volume on para:OTHERS was around $26K at the time of writing, well below major Hyperliquid pairs. Slippage on size is real, and funding can swing hard when one side dominates flow. Use limits, not market orders, on anything north of token dust.
• Volatility is structural. Mid-caps move harder than majors in both directions. The October 2025 flash crash erased roughly half the index in hours. Position sizing calibrated to BTC volatility will get punished here — cut leverage and widen stops accordingly.
• Be honest about the trade you're putting on. Long OTHERS is a bet that altseason is coming. Short OTHERS is a bet that BTC dominance keeps grinding higher and capital stays concentrated in mega-caps. There is no neutral version of this position.