Weekly Perp News ReviewWeeklyWeek of September 7 - 13, 202610 items~11 min read
Perpetual Futures Weekly News Review - Week of September 7 - 13, 2026
A rates week, not a crypto week. Two inflation prints put hike odds for the 16 September FOMC at 85%-90%, forced both sides of the bitcoin range inside two sessions, and left spot ETF flows pointing the other way from the price. Every item below carries a named source and a stated date; every number resolves to the desk's verified dataset.
The week of September 7 - 13 was decided in Washington and repriced in the perp book. It opened with bitcoin near $80,340 and closed with the weekly print at $77,238.98, -3.4% on the week - a contained move for a week in which hike odds for the 15-16 September 2026 meeting climbed from 58% to 85%-90%, Brent settled +8.7% at $104.61, and the 10-year Treasury yield touched a 22-year high. The setup into the week ahead is genuinely binary: the Senate cloture vote on the CLARITY Act on Tuesday, the FOMC decision with the Summary of Economic Projections on Wednesday.
The ten items below are ordered by when they landed, not by importance. Each carries who reported it and where; the desk's comment is separated from the reported fact. The snapshot table fixes the week's data in one place before the items begin.
Market snapshot, week of September 7 - 13, 2026
Metric
Reading
Week on week
Bitcoin, weekly close
$77,238.98 (-3.4%)
range $76,393 - $80,494
Hyperliquid open interest
$10.60bn
234 markets; $6.85bn traded in 24h
Perp funding, Binance/OKX
+0.005% per 8h
about 5.47% annualised; Bybit +0.01%
Liquidations, PPI day (10 Sep)
$562m
$484m longs
Liquidations, CPI day (11 Sep)
$660m
$250m+ shorts in one hour
US spot Bitcoin ETFs, weekly
-$462.7m
four straight days of outflows, 8-11 September
Stablecoins (Big 3)
$262.53bn
+$742.7m on the week, of which USDC +$661.6m
Fed hike odds, 16 September
85%-90%
from 58% at the start of the week
Two flush days, two regimes
Most weeks carry one liquidation story. This week carried two, in opposite directions, inside 48 hours - and neither happened where the inflation headlines pointed.
The sequence is the information. The 10 September PPI session took longs ($562m, 86% of it longs) as hike odds jumped to 70% on the print. The 11 September CPI session first took more longs as price slipped toward the weekly low - then, on the reversal, took shorts at a rate of $250m+ per hour, over half of it in ether. A market that forces both sides inside two days was positioned for a certainty the data never confirmed.
How the rate narrative moved
Hike odds for the September meeting started the week at 58%, moved to 64% before the PPI and 70% after it - touching 74% on some gauges - and finished the week at 85%-90% across futures and prediction markets, with a pause assigned roughly 15%. Goldman Sachs, JPMorgan, Citi, MUFG and TD have all shifted to call a 25bp hike. Barclays calls consecutive hikes in September and December. If delivered, the 25bp move to 3.75%-4.00% would be the first hike since July 2023.
For perpetual positioning, the derivatives market had already de-risked before the decision. Funding sat at or just below the 0.01% per-8h neutral anchor - about +0.005% on Binance and OKX, +0.01% on Bybit - and the options surface rotated from call premium to put protection over the week. There was no crowded long book left to liquidate going into the event, which is the opposite of the setup most event-week commentary assumed.
The weekend belonged to crypto
The geopolitical sequence landed where crypto was the only open venue. An Iranian commercial vessel was struck in the Strait of Hormuz late on Saturday, the Gulf-Iran talks in Oman were postponed on Sunday, and the market gave back Friday's gains trading into Monday before US markets could respond. The prior week's close of $79,935 became the reference point for a week that never saw $80,000 hold again.
What carried over from last week
Two threads advanced rather than erupted. The regulatory track produced the revised 630-page CLARITY text with a cloture vote scheduled, and SGX's CFTC authorisation opened a regulated offshore perp book to US institutions - a competitor to onshore wrappers that already exists. And the structural backdrop against which both play out is unchanged: offshore perpetual volume estimated at $90 trillion in 2025, up from $28 trillion in 2023, remains the stock of activity every regulated wrapper is trying to compete with.
The week ahead
Tuesday 15 September: Senate cloture vote on the CLARITY Act, requiring 60 votes to proceed - a failure would, per Zerocap's assessment, end the bill's prospects for 2026.
Wednesday 16 September, 14:00 Eastern: the FOMC decision with the Summary of Economic Projections and dot plot, with markets assigning 85%-90% odds of a 25bp hike.
Whether spot bitcoin ETF flows resume accumulation after a $462.7m weekly drawdown, or distribution continues into the decision.
The week, item by item
1. August PPI printed 5.4% year on year and bitcoin broke below $77,000 as $562m of derivatives unwound Liquidations
The 24 hours around the producer-price release cleared $562m in liquidations, of which roughly $484m were longs - a 86% long share. A bitcoin-only reading through the same window put BTC liquidations at $85.64m, 92% of them longs. Hike odds for the 15-16 September meeting moved from 64% to 70% on the print, touching 74% on some gauges, and price slid to a weekly low as the session closed below $77,000.
Strip the headline off the PPI and the report was mixed, not hot: the monthly core actually printed below forecast. What broke bitcoin was the leverage sitting on top of the tape, and the liquidation split tells you exactly which side was carrying it.
2. Ether funding turned negative on the flush day, and the largest bitcoin long on Hyperliquid went underwater Funding Rate
As the PPI flush ran, ether's perpetual funding rate flipped to -0.0056% per 8 hours - shorts paying to stay short, a reading the report tied to bears taking the lead. On Hyperliquid, the largest bitcoin long on the book, worth $233m, turned from profit to an unrealised loss of about $-3.39m as price broke lower.
A single large position is anecdote, not data - but a funding sign flip on the day of the flush is structure. It says the marginal leveraged trade had already rotated from chasing upside to paying for downside protection.
3. Senator Lummis released a revised 630-page CLARITY Act text ahead of the Senate cloture vote Regulation
The revised text requires non-decentralised trading protocols to register with the CFTC and incorporates what the senator described as more than 114 provisions requested by Democrats. The draft treats a protocol as non-decentralised if a person or coordinated group can materially alter its function, if transactions are not governed solely by transparent pre-set code, or if users can be restricted. The cloture vote on H.R. 3633 is set for Tuesday 15 September at 14:15 Eastern, requiring 60 votes to proceed.
The vote, not the text, is the event. The market has priced a regulatory direction for two years; on Tuesday it finds out whether a bill can actually clear a Senate threshold in an election year.
4. August CPI matched forecasts but core ran hot; bitcoin slid toward $76,000, then spiked to $79,888 inside a morning Volatility
Headline CPI printed 0.4% month on month and 3.4% year on year, both in line with consensus. Core ran 0.3% on the month against a 0.2% forecast, while core year-on-year eased to 2.4% - the lowest since March 2021. Gasoline rose 3.9% on the month and accounted for more than a third of the headline gain. Bitcoin first slipped toward $76,000 on the print, then reversed sharply to an intraday high of $79,888 before the rejection set in.
The print changed nothing and the tape changed everything. A market that can travel from its weekly low to within a hundred dollars of $80,000 on an in-line number is trading positioning, not information.
5. $250m+ of shorts liquidated within an hour of the CPI reversal; about $660m for the day Liquidations
Within roughly an hour of the reversal, more than $250m of short positions had been liquidated, over half of it in ether, which topped $2,660 for the first time since late January. On a daily scale the total reached about $660m, with 100,000 traders wrecked across the session. Ether finished the New York session near $77,355, still up on the day.
Twenty-four hours after longs financed a break of $77,000, shorts financed a failed break of $80,000. Both sides of the same range were forced inside two sessions - the signature of a market positioned for a certainty the data never offered.
6. US spot bitcoin ETFs logged a fourth straight day of outflows while ether ETFs took in $216m ETF Flows
Spot bitcoin ETFs marked four consecutive days of net outflows from 8 to 11 September, cumulating to about $462.7m for the week - the largest weekly withdrawal in ten weeks. The same session saw ether ETFs take in $216m, their largest single-day intake this month, while XRP funds continued to attract money. The daily BTC flow table and the week's dollar total are reconciled in the Data Report.
A rotation into a binary event is not a thesis. But four days of distribution into a hike decision, paired with ether's relative bid, is the clearest institutional footprint the week left - and it sets up post-FOMC flows as the variable to watch.
7. Singapore Exchange cleared to open its bitcoin and ether perpetuals to US institutional investors Regulation
SGX received CFTC authorisation under Regulation 48.10 to open its bitcoin and ether perpetual futures to US institutional investors, letting American desks trade an existing order book under CFTC oversight rather than requiring a separate US listing. The contracts have traded roughly $5.8bn cumulative since launching in November 2025.
This is the quiet structural story of the week: a regulated offshore book becoming legible to US capital. It competes with onshore wrappers for the same flow, and it does so with a perp contract that already exists.
8. 3,400 of 4,000 BTC returned to Blockstream's Liquid Network; the sidechain stays paused Market Structure
White-hat hackers returned 3,400 of the 4,000 BTC drained from the Liquid Network, with roughly 598 BTC still outstanding. Blockstream publicly rejected a 10% bounty demand - "we will not pay" - while the federation resolves a chain split and confirms that L-BTC remains fully backed. The sidechain remains paused while the work completes.
A bridge incident resolved by return rather than exploit is the good version of a bad week. The unresolved part - a paused chain and a backing proof still in progress - is the item to track, because custody plumbing feeds directly into venue risk.
9. Saudi Arabia shut its East-West crude pipeline; Brent settled +8.7% at $104.61 and crypto spent the weekend repricing the Gulf Volatility
Drone strikes launched from Iraq hit the Riyadh and Medina areas, and Saudi Arabia shut the East-West pipeline - removing a roughly 5m bpd route that had carried crude to the Red Sea since Iran closed the Strait of Hormuz in February. Brent settled the week +8.7% at $104.61 after touching $110; WTI gained +9.4% to $100.05. Late on Saturday an Iranian commercial vessel was struck in the strait, and the Gulf-Iran maritime talks scheduled for Monday in Oman were postponed. Both events landed with equity, bond and oil markets closed.
Crypto was the only venue open to price either event, and it gave back Friday's gains trading into Monday. A 24/7 market absorbs weekend macro before traditional venues can respond - which is exactly why the perp complex, not spot equities, is the first price-discovery venue for geopolitical shocks now.
10. Nasdaq-listed Hyperliquid Strategies added 365,000 HYPE ($29.65m) as the 9.92m HYPE unlock was absorbed Hyperliquid
The treasury company bought a further 365,000 HYPE worth about $29.65m in 24 hours, taking cumulative purchases above $252m. The 6 September unlock of 9.92m HYPE - roughly $820m at the time - was absorbed by the market without material downside, and the AQAv2 mechanism, live since 26 August, continues to route around 90% of USDC reserve yield into 30-day buyback-and-burn cycles with the first payout set for 3 October. HYPE itself fell as much as 11% on the week to $78.50, against the $89.60 high set on 6 September.
A treasury buyer stepping up into an unlock week, against an 11% token drawdown, is the divergence worth watching: exchange fundamentals printed a record fee base while the equity narrative around them corrected.
Sources
August PPI printed 5.4% year on year and bitcoin broke below $77,000 as $562m of derivatives unwound — CoinGlass, 10 September 2026. Source
Ether funding turned negative on the flush day, and the largest bitcoin long on Hyperliquid went underwater — OKX, 10 September 2026. Source
Senator Lummis released a revised 630-page CLARITY Act text ahead of the Senate cloture vote — Senator Cynthia Lummis, 10 September 2026. Source
August CPI matched forecasts but core ran hot; bitcoin slid toward $76,000, then spiked to $79,888 inside a morning — US Bureau of Labor Statistics, 11 September 2026. Source
$250m+ of shorts liquidated within an hour of the CPI reversal; about $660m for the day — CoinGlass, 11 September 2026. Source
US spot bitcoin ETFs logged a fourth straight day of outflows while ether ETFs took in $216m — InteractiveCrypto, 11 September 2026. Source
Singapore Exchange cleared to open its bitcoin and ether perpetuals to US institutional investors — Singapore Exchange, week to 13 September 2026. Source
3,400 of 4,000 BTC returned to Blockstream's Liquid Network; the sidechain stays paused — Blockstream, week to 13 September 2026. Source
Saudi Arabia shut its East-West crude pipeline; Brent settled +8.7% at $104.61 and crypto spent the weekend repricing the Gulf — Zerocap, week to 13 September 2026. Source
Nasdaq-listed Hyperliquid Strategies added 365,000 HYPE ($29.65m) as the 9.92m HYPE unlock was absorbed — Hyperliquid Strategies Inc., 12 September 2026. Source
Hyperliquid open interest, volume, fees and venue metrics — Hyperliquid public API via CoinMagnetic, 10 September 2026. Source
Liquidations and ETF daily flow table — CoinGlass, rolling 24-hour windows, 10-11 September 2026 (UTC). Source
Bitcoin OI, funding, options skew and FOMC odds — Zerocap weekly market wrap, 14 September 2026. Source
Weekly price action, majors and ETF outflow context — CryptoEvents weekly recap, 13-14 September 2026. Source
PPI-day liquidation breakdown and hike-odds repricing — AInvest citing CoinGlass, 10 September 2026. Source
Bitcoin-only liquidation reading, 10 September — PAPER, 10 September 2026. Source
CPI-day short squeeze and liquidation totals — CryptoPotato citing CoinGlass, 11 September 2026. Source
BTC vs ETH ETF flow divergence — InteractiveCrypto, 14 September 2026. Source
Stablecoin chain-level weekly flows — DeFiLlama via NeoDrop, seven days to 9 September 2026. Source
Daily market recaps, 10-11 September — Bitcoin News Center, 10-11 September 2026. Source
Hyperliquid buybacks, treasury and unlock calendar — AInvest, 13 September 2026. Source
Frequently asked questions
What was the biggest perpetual-futures story of the week of September 7 - 13, 2026?
The de-risking into the 16 September FOMC. Bitcoin fell -3.4% to $77,238.98 as hike odds rose to 85%-90%, funding sat at or below the neutral anchor, and spot bitcoin ETFs posted their largest weekly withdrawal in ten weeks at about $462.7m. The two flush days - longs on 10 September, shorts on 11 September - are the leverage story inside that frame.
Why did ether funding turn negative on 10 September 2026?
Per OKX's daily market report, ether perp funding flipped to -0.0056% per 8 hours as the PPI flush ran, with shorts paying to stay short. On a settlement clock of three periods a day, a negative print is a direct read on which side was paying to keep its position - and on that day it was the bears.
How much was liquidated on the 11 September CPI reversal?
About $660m across the day, with 100,000 traders wrecked. Within roughly an hour of the reversal, more than $250m of shorts had been liquidated, over half of it in ether as price topped $2,660 for the first time since late January (CoinGlass via CryptoPotato).
What happens if the CLARITY Act cloture vote fails on 15 September?
The vote requires 60 votes to proceed to debate. Zerocap's assessment is that a failure would end the bill's prospects for 2026, as attention turns to the midterms. The revised 630-page text requires non-decentralised trading protocols to register with the CFTC.
Where can I read last week's news review?
The week of August 31 - September 6, 2026 review remains published in the Weekly Perp News Review archive. Prior issues are frozen as published and never updated against later data.