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Project Overview
Hyperliquid is a performant L1 optimized from the ground up. The vision is a fully onchain open financial system with user built applications interfacing with performant native components, all without compromising end user experience. The Hyperliquid L1 is performant enough to operate an entire ecosystem of permissionless financial applications – every order, cancel, trade, and liquidation happens transparently on-chain with block latency <1 second. The flagship native application is a fully onchain order book perpetuals exchange, the Hyperliquid DEX.
HyperLink Completes $2.5 Million Funding Round, Aims to Capture 10% of Hyperliquid's Trading Volume
HyperLink announced on X that it has completed a $2.5 million funding round, with investors including Alliance, North Island Ventures, Reverie, Node Capital, Breed, and smartestmoney.hl. HyperLink stated that the protocol's routed trading volume reached $254 million last month, accounting for 0.1% of Hyperliquid's trading volume, with the next phase targeting 10% of trading volume.
Analyst: Variational's $1.5B FDV valuation is overly optimistic, conservative scenario could put it at just $167M
Odaily News: Blockworks analyst Shaunda Devens posted on X that Polymarket's current FDV valuation of approximately $1.5 billion for Variational is somewhat overly optimistic. This pricing directly applies Hyperliquid and Lighter-level valuation-to-revenue multiples to a platform that still relies on points subsidies. By comparison, the median first-day "FDV / annualized revenue" ratio for recently launched Perp DEX tokens is only 6.3x (Variational is currently around 57x), and within the first month after TGE, trading volume typically drops sharply by a median of 54%.Shaunda added that if conservative assumptions based on historical precedents are adopted (using the median first-day "FDV/annualized revenue" ratio of 6.3x), Variational's fair valuation would be only $167 million, corresponding to a points price of $4.8–$5.4. Even using the highest recent ratio precedent (Lighter's approximately 21.1x), its valuation would still only be about $558 million, corresponding to a points price of $16–$18.However, Shaunda also explained: "To be clear, given that current market risk appetite is clearly in a Risk-on state, we do not believe Variational's valuation at TGE will fall to the extremely conservative range mentioned above. These historical multiples are listed to illustrate that current pre-market OTC pricing may be overly optimistic."
Hyperliquid's fully diluted valuation surpasses Nasdaq and the London Stock Exchange
According to Solid Intel, the fully diluted valuation (FDV) of decentralized derivatives trading platform Hyperliquid has surpassed Nasdaq and the London Stock Exchange Group.
trade.xyz Launches Events Feature, Initial Up/Down Markets Cover Stocks, Commodities, and Pre-IPO Assets
trade.xyz posted on X that it has launched Events, aiming to develop Hyperliquid into a unified trading system for trading financial assets and real-world outcomes. Users can deposit spot BTC into their unified trade.xyz account, borrow USDC through portfolio margin, open pre-IPO perpetual contract positions on SpaceX, use event markets to hedge against the upcoming SK Hynix earnings event, and pick the US Open champion. Events will cover sports, politics, economics, and financial markets; the initial Up/Down markets cover stocks, commodities, and pre-IPO assets, with liquidity provided by trade.xyz perpetual contracts on HIP-3, whose continuous price discovery mechanism serves as the source for contract settlement.
Hyperliquid Strategies Increases Equity Funding Facility to $2.5 Billion
Odaily Odaily News: Nasdaq-listed digital asset treasury company Hyperliquid Strategies has increased its equity funding facility with New York investment bank and broker-dealer Chardan Capital Markets from $1 billion to $2.5 billion. The agreement allows Chardan to purchase newly issued common shares of Hyperliquid Strategies in stages, subject to conditions such as pricing and trading volume, and resell them on the public market.Hyperliquid Strategies has previously raised $647 million through this funding mechanism and expanded its treasury holdings to approximately 29.3 million HYPE tokens. The $2.5 billion figure represents the maximum capacity of the facility, not the amount already raised; the company's ability to obtain funds by issuing new shares may dilute existing shareholders' equity.Hyperliquid Strategies stated that although it shares the same name as Hyperliquid and holds its native token, it operates independently and has no affiliation with Hyperliquid. (Cointelegraph)
HYPE Treasury PURR Increases Equity Financing Commitment to $2.5 Billion and Sets Cap on Discounted Secondary Offerings
US-listed Hyperliquid Strategies Inc. (PURR), the HYPE treasury company, has amended its ChEF Purchase Agreement with Chardan Capital Markets, increasing the total committed amount for newly issued common shares from $1 billion to $2.5 billion. The amended agreement introduces a new trading cap mechanism: once cumulative sales exceed $1 billion, if the offering price falls below $12.02 per share, additional issuances will be capped at 42,641,847 shares, representing 19.99% of the outstanding shares prior to the amendment. Any additional issuances exceeding this cap require shareholder approval in accordance with Nasdaq rules, aimed at mitigating the dilutive impact on existing shareholders caused by low-priced offerings.
Hyperliquid Policy Committee Submits MiCA Regulatory Feedback to the EU, Calls for Clarity on Perpetual Contract Regulations
HPC recommends that the EU adjust MiCA based on the existing financial regulatory framework, and advocates bringing on-chain perpetual contracts under MiFID II regulation.
US House Oversight Committee Expands Investigation into Insider Trading on Prediction Markets, Involving Platforms Including Hyperliquid
Odaily News: James Comer, Chairman of the U.S. House Oversight Committee and Republican Representative from Kentucky, has expanded an investigation into insider trading on prediction markets, requesting that Hyperliquid Labs, Crypto.com, and Aristotle Exchange Inc., the operator of PredictIt, explain their identity verification procedures as well as measures to identify and prevent insider trading.In letters sent Tuesday to the CEOs of the three companies, Comer requested relevant documents and information, stating that the committee is investigating whether these platforms are fulfilling their legal obligations and taking sufficient measures to identify and stop insider trading before it occurs.
Hyperliquid and Phantom Submit Comment Letter, Arguing Protocol Developers Should Not Be Treated as Financial Intermediaries
Odaily News: The Hyperliquid Policy Center and wallet developer Phantom have submitted a comment letter to the U.S. Commodity Futures Trading Commission (CFTC), arguing that developing on-chain infrastructure protocols and code is not equivalent to providing regulated financial services, and that protocol developers should not be regarded as financial intermediaries.The comment letter states that self-custodial, code-based on-chain markets require a modern regulatory framework, and recommends providing regulatory clarity, promoting the reshoring of innovation to the United States under CFTC oversight, and preserving users' ability to self-custody their assets.
Payward Plans to Offer Onchain Perpetual Contract Trading to U.S. Users via Hyperliquid
Cryptocurrency exchange Kraken's parent company, Payward, plans to offer onchain perpetual contract trading to U.S. users through Hyperliquid. Its Bitnomial exchange, which is regulated by the U.S. Commodity Futures Trading Commission, will create and manage the relevant markets, and the plan is still pending regulatory approval.Customer accounts will be hosted by NinjaTrader Clearing and will be limited to users who pass its whitelist review with Bitnomial. Digital asset management firm Grayscale said that if the relevant markets pay protocol fees to Hyperliquid, the new trading activity could increase funds for HYPE token purchases. (Bitcoin.com News)
Caixin: HyperLiquid Pricing Chinese Assets, Emerging Offshore Exchange Challenges Global Financial Regulation
According to Caixin News, HyperLiquid has been quietly rising in the overseas crypto scene for some time, but the real catalyst that sparked widespread discussion in the domestic market was neither the massive airdrop of HYPE tokens (referring to projects distributing tokens to users for free to promote initiatives or reward early supporters) nor the crude oil contracts ignited by Iran's geopolitical conflicts in February 2026, but rather the contracts involving the Chinese asset ChangXin Memory Technologies (CMXT), highlighting how emerging offshore exchanges are challenging global financial regulation.
Kalshi Responds to Volume Manipulation Allegations: A Distinction Must Be Made Between Prediction Markets and Perpetual Futures
Odaily News: IcoBeast.eth, Head of Crypto at Kalshi, posted on X stating that the Artemis chart displays prediction market trading volume share, not perpetual futures trading volume; Kalshi does not offer rebates for crypto prediction markets, and its contract count and notional value calculation methods are consistent with other prediction markets.Regarding claims that self-clearing members are selected by Kalshi as market makers, IcoBeast.eth stated this is untrue—any institution meeting regulatory requirements can become a self-clearing member of a CFTC-regulated exchange. He noted that exchanges such as CME, Hyperliquid, and Binance all improve liquidity through rebates and incentive programs; Kalshi's perpetual futures business is still in its early stages, and relevant incentive programs must be publicly filed and are available for public review.
Andrew Tate-linked wallet transfers $1.87 million in HYPE to Binance, cumulative profit reaches $7.24 million
Odaily News: According to on-chain tracking platform Lookonchain, a wallet tagged as an Andrew Tate-linked address transferred 20,950 HYPE, worth approximately $1.87 million, to Binance on October 2.The wallet purchased 122,826.9 HYPE at an average price of $4.48 on November 29, 2024, investing approximately $550,000; it sold 41,430 HYPE within two days, with most of the remainder used for staking.Lookonchain estimates that this address's HYPE holdings have generated a cumulative profit of $7.24 million, representing a return rate of 1317%. The address still holds 42,417 HYPE, valued at approximately $3.7 million at the time based on the then-current price. (Bitcoin.com News)
Worth $10.27 million, an address longed 121.23 BTC on Hyperliquid with 7x leverage for the first time
According to monitoring by on-chain analyst Ai Yi, an address opened its first position on Hyperliquid in the early hours of today, longing 121.23 BTC with 7x leverage, worth $10.27 million, at an entry price of $84,918.9, and is currently at a loss of $20,000.
Hyperliquid Profits $34.95 Million, Renowned Whale Corus Spends $200K to Accumulate 7.14 Million EDEL
According to Lookonchain monitoring, renowned whale Corus (0x807...aca1) spent $200,000 to accumulate 7.14 million EDEL. This trader has profited $34.95 million on Hyperliquid and still holds 137,100 HYPE, worth $12.27 million. EDEL has risen 750% over the past two months.
~$3.415M HYPE transferred from Kinetiq to an unknown wallet
According to Whale Alert, 387,005 HYPE (worth approximately $3.41523 million) were transferred from Kinetiq to an unknown wallet 20 minutes ago.
Since mid-August, a certain address's ETH long position has gained $16.52 million in unrealized profit, holding over 30,000 ETH
according to on-chain analyst Aunt Ai's monitoring, a certain address has become the address with the highest unrealized profit on ETH positions on Hyperliquid, with an unrealized profit of $16.52 million. This address has been gradually building ETH long positions since mid-August, and currently holds approximately 30,300 ETH, worth about $81.96 million, with an average entry price of $2,134.45 and a return rate of 407.96%. Additionally, this address has placed a limit sell order at $4,000, which is 49% higher than the current price.
If sold, it would yield a profit of $362,000 — a whale deposited $6.48 million worth of HYPE into an exchange
Odaily — According to monitoring by on-chain analyst Aunt Ai, a whale who began accumulating $6.99 million worth of ETHFI starting September 29 appears to be taking profit on HYPE. Fifty minutes ago, this whale deposited 71,000 HYPE worth $6.48 million into an exchange, at a deposit price of $91.26. The whale had previously withdrawn 142,800 HYPE worth $12.3 million on September 4 at $86.15. If sold this time, the estimated profit would be $362,000.
738,600 USDC Transferred Out, Hyperliquid User Account Compromised with Over 10,000 HYPE Unstaked
Odaily News – A Hyperliquid user's account was compromised through unauthorized access, with approximately 738,600 USDC transferred out and an additional 10,287 HYPE unstaked. The affected account is identified by a specific address, with some of the stolen funds flowing to an address suspected to be associated with Bitget. As of the time of verification, the 10,287 HYPE remained in the staking balance and had not yet entered the withdrawal queue. If the attacker proceeds to initiate cWithdraw, the affected assets would be further transferred after a 7-day waiting period. In two similar recent cases, staked assets were stolen a second time due to the lack of a user-triggerable emergency pause mechanism, resulting in losses exceeding $1.1 million. Relevant recommendations include introducing a Guardian or Recovery mechanism that users can pre-enable, which would only temporarily pause withdrawals, transfers, and authorization changes. The pause would expire automatically, and restoration would require a time lock and evidence review, with all actions recorded on-chain.
North Korean hackers active on Hyperliquid, Trump pushes platform to move to US
Investigations reveal that North Korean hackers have moved tens of millions of dollars in funds on the decentralized exchange Hyperliquid; meanwhile, the Trump administration is pushing for the protocol to launch in the United States and seeking compliance.
Multicoin Capital Partner Claims Crypto Market Has Bottomed, Remains Bullish on SOL, Hyperliquid, and ZEC
: Tushar Jain, Managing Partner of Multicoin Capital, stated that the crypto market has bottomed out and entered a turning point. Market sentiment has truly hit rock bottom, recent major hacking incidents and other news have not triggered large-scale sell-offs, application adoption rates continue to rise, and there is a decoupling between price and fundamentals. He maintains a long-term bullish outlook on Solana, believing SOL represents the correct architecture for spot trading and tokenized securities. Simultaneously, he is bullish on Hyperliquid's leading position in the derivatives space and currently holds significant positions in both.Regarding ZEC, he stated that Multicoin has accumulated a considerable proportion of its supply and believes it represents the industry's return to "cypherpunk" values, with the potential to enter the top five by market cap. In terms of position management, he adopts a "three-way split" strategy: immediately buying the first third, dollar-cost averaging the second third, and reserving the final third as flexible capital to cope with significant market downturns. During the Zcash code vulnerability incident, after the team observed and confirmed no hacker exploitation, they significantly increased their positions.
Arthur Hayes: Rising Oil Prices, AI-Related IPOs, and Trump's Anti-AI Rhetoric Could Pop the AI Bubble and Drag Down the Crypto Market
Odaily News, June 9th — BitMEX co-founder Arthur Hayes stated in his latest article "Reality Test" that if oil prices continue to rise due to the US-Iran conflict, it could trigger a collapse of the AI stock bubble and drag the entire crypto market down.Hayes said that if traffic restrictions in the Strait of Hormuz persist deep into the second quarter, spot prices for hydrocarbons and other key commodities could rise in the third quarter. If oil prices continue to climb and inflationary pressures impact the US midterm elections, Trump might pivot to a tough stance targeting data center construction, AI regulation, and taxation. Hayes believes the market could anticipate Trump limiting AI capital expenditure and taxing AI companies, thereby triggering the burst of the AI stock bubble.Hayes also noted that since November 2022, the scale of AI-related debt issuance has been approximately $1.5 trillion, and US M2 has increased by roughly the same amount during the same period. He believes the three factors that could pop the AI bubble include rising energy costs, the market's inability to absorb three major AI-related IPOs — namely SpaceX, Anthropic, and OpenAI — and Trump's shift to opposing AI. In terms of portfolio, Hayes stated that Maelstrom's stock portfolio holds significant positions in US-listed energy producers; he has sold AI-related stocks and offloaded non-core crypto assets, having dumped HYPE, NEAR, and WLD last week, as well as selling ZEC due to the Orchard Pool vulnerability. He still holds Bitcoin and ETH and will execute tactical short trades via derivatives.
ZEC Contract Positions on Hyperliquid Plunge 51.6% in Three Days, with $145 Million Positions Exiting Early
According to Hyperinsight’s monitoring, Zcash faces a theoretical risk of unlimited token supply due to a vulnerability in its Orchard zero-knowledge proof system. Negative public sentiment surrounding its “black-box” nature has continued to escalate and culminated in today’s concentrated outbreak.
A hacker organization has made over $14 million through token scams and X account hijackings
on-chain analyst Specter stated that the hijacking incidents of investor Keith Gill, Matt Furie, and WinRAR accounts on the X platform are all linked to the same hacker organization. This organization has accumulated over $14 million in profits by hijacking accounts to promote tokens and conducting cross-chain money laundering, with funds flowing through five chains: Solana, BNB Chain, Ethereum, Tron, and Hyperliquid.Specter claims the organization may also be connected to a $2.45 million wstETH phishing attack in 2024. The investigation found that hackers used compromised accounts to issue Pepe imitation tokens, incorporating a built-in 2% automatic fee mechanism to generate profits; related fund flows are associated with the bnbshare.fun platform and multiple Solana, Tron, and Ethereum addresses. Analysis also showed that several tokens (including USOR, VDOR, DROID, WCOR, UGOR) were used to inflate market caps before being dumped to zero.
Hyperliquid to Receive First AQAv2 Reserve Yield Distribution Tomorrow, Approximately $14.5 Million for HYPE Buybacks
Odaily News: HL HUB (Community) posted on X that Hyperliquid is expected to receive its first AQAv2 reserve yield distribution tomorrow (October 3). Approximately $14.5 million in passive yield generated from USDC reserves will flow into the Assistance Fund for HYPE buybacks.It is reported that under AQAv2's revenue-sharing mechanism, Hyperliquid stablecoin deployers are required to allocate 90% of stablecoin reserve yield to the Hyperliquid protocol, and 100% of these proceeds will be used for buying back and burning HYPE tokens. Stablecoin reserve yield sharing is accumulated and settled on a 30-day cycle, with proceeds automatically transferred to the Assistance Fund on the 8th day after the cycle ends. Formal yield accrual began on August 26, so the first yield payment will be made on October 3.
Kinetiq ends its kPoints program, switching to a paid claim model for KNTQ, causing the token price to drop over 30% at one point.
According to The Defiant, Kinetiq, a liquid staking protocol within the Hyperliquid ecosystem, announced the conclusion of its kPoints program. Rather than receiving free KNTQ tokens, point holders will obtain the right to purchase the tokens at a fixed price. Kinetiq has allocated 50 million KNTQ for this program, with a purchase price of $0.26 per token and a 10-day claim window. If fully redeemed, it is expected to generate $13 million in revenue. In terms of market performance, KNTQ traded at approximately $0.422 prior to the announcement, dropping to around $0.281 shortly after, marking a maximum decline of roughly 33%. It later rebounded to near $0.325, still representing a decrease of about 23% compared to pre-announcement levels. Kinetiq stated that any unclaimed KNTQ remaining after the 10-day period will be returned to the Kinetiq Foundation for use in ecosystem and growth initiatives. Previously, the kPoints program had distributed approximately 36.8 million points in total.
Volmex Launches Bitcoin Implied Volatility Index Perpetual Contract on Hyperliquid
Odaily reports: Bitcoin News posted on X that Volmex has launched the Bitcoin Implied Volatility Index (BVIV) perpetual contract on Hyperliquid. The contract is based on options data from Deribit and OKX, reflecting traders' expectations for Bitcoin's volatility range over the next 30 days, rather than the direction of spot prices; the recent BVIV reading is in the mid-to-high range of the 30s.The contract settles at 1 USDC per index point, uses an isolated margin model, supports up to 5x leverage, and features an hourly funding rate as well as an open interest cap during the initial launch period.
Coinbase Expands Crypto-Collateralized Lending, Adds HYPE and ZEC with Up to $100,000 in Borrowing
Coinbase has announced the expansion of its crypto-collateralized lending service, adding support for HYPE and ZEC as collateral. Eligible users can borrow instantly without selling their assets, with a maximum limit of $100,000. The service is currently available to U.S. users, excluding New York, and is powered by the decentralized lending protocol Morpho, running on the Base network.
No need to sell HYPE and ZEC—Coinbase supports instant loans of up to $100,000
According to Odaily, Coinbase posted on X that users can now use HYPE and ZEC as collateral to obtain instant loans of up to $100,000 without needing to sell the related assets.
Hyperliquid Launches Bitcoin Implied Volatility Index Contract BVIV, Supporting Up to 5x Leverage
Odaily Report: Hyperliquid has now listed BVIV, a Bitcoin implied volatility index contract deployed by Markets.xyz, supporting up to 5x leverage.
Related news
Cumulative HYPE burned reaches $4.45 billion, Hyperliquid burns another 112,580 HYPE in 24 hours
according to Onchain Lens monitoring, Hyperliquid bought back and burned 112,580 HYPE at a 90.2 USD volume-weighted average price over the past 24 hours, worth 10.15 million USD, possibly using AQAv2 revenue and fees. Its 24-hour estimated fees were 989,000 USD, 7-day revenue was 9.85 million USD, and 30-day revenue was 52.06 million USD. Currently, a cumulative total of 49.25 million HYPE has been permanently removed from supply, worth approximately 445 million USD.
Holds $125M HYPE Long Position, SMARTESTMONEY's 5x Leverage Position Shows $71.13M in Unrealized Profit
Odaily News: According to Onchain Lens monitoring, SMARTESTMONEY (0x082e...ca88) holds a 1.38 million HYPE long position with 5x leverage on Hyperliquid, valued at $125 million, with current unrealized profit of $71.13 million. The entry price was $38.68, the liquidation price is $76.34, $6.3 million in funding fees have been paid, and cumulative historical profit stands at $63.22 million.
HyperLink Completes $2.5 Million Funding Round, Aims to Capture 10% of Hyperliquid's Trading Volume
HyperLink announced on X that it has completed a $2.5 million funding round, with investors including Alliance, North Island Ventures, Reverie, Node Capital, Breed, and smartestmoney.hl. HyperLink stated that the protocol's routed trading volume reached $254 million last month, accounting for 0.1% of Hyperliquid's trading volume, with the next phase targeting 10% of trading volume.
Andrew Tate-linked wallet transfers $1.87 million in HYPE to Binance, cumulative profit reaches $7.24 million
Odaily News: According to on-chain tracking platform Lookonchain, a wallet tagged as an Andrew Tate-linked address transferred 20,950 HYPE, worth approximately $1.87 million, to Binance on October 2.The wallet purchased 122,826.9 HYPE at an average price of $4.48 on November 29, 2024, investing approximately $550,000; it sold 41,430 HYPE within two days, with most of the remainder used for staking.Lookonchain estimates that this address's HYPE holdings have generated a cumulative profit of $7.24 million, representing a return rate of 1317%. The address still holds 42,417 HYPE, valued at approximately $3.7 million at the time based on the then-current price. (Bitcoin.com News)
Currently, only 25 users have paid Hyperliquid read priority fees, totaling $5.3 million
Odaily News: Hyperliquid News stated on X that currently only 25 users have paid Hyperliquid read priority fees, with cumulative spending of $5.3 million. The top two spenders paid a total of 63,200 HYPE, worth $4.4 million, accounting for 81.6% of the total; the top five users accounted for 99.8% of all read priority fees.
trade.xyz total transactions have surpassed 200 million
Odaily News reported on X platform that trade.xyz's total transaction count has surpassed 200 million, of which 1,043,400 were liquidation transactions.