News linked to both this project and an event.
Odaily News, Blockworks analyst Shaunda Devens stated on the X platform that Kraken may be testing Hyperliquid's HIP-3 (Builder-Deployed Perpetuals) new compliant deployment feature, potentially becoming one of the first centralized exchanges to explore this mechanism. BlockworksData shows that a deployer named "Kraken HIP-3 test DEX" has enabled permission management functionality (Star gating) on the Hyperliquid testnet and went live for testing on August 19. Currently, this test DEX has completed whitelist settings for 10 wallets, tested 3 of the 5 compliance control features, and registered a "Kraken Exchange Validator."Shaunda Devens noted that Hyperliquid has been continuously adding testnet features to support regulatory-compliant HIP-3 deployments, including whitelist management, canceling user orders, closing positions via reduce-only orders, and moving collateral. These capabilities are similar to the risk control mechanisms required by traditional financial institutions' compliant trading platforms.Although this is still in the testing phase, and any user could deploy a test DEX with a similar name, making it impossible to confirm it definitively belongs to Kraken, combined with Hyperliquid's recent expansion of xStocks functionality and Kraken's parent company Payward's involvement in related business initiatives, analysts believe Kraken may be testing HyperCore's new infrastructure targeting institutional and compliant markets.HIP-3 is a third-party deployed perpetual contract market framework introduced by Hyperliquid, allowing eligible developers to create independent perpetual trading markets on HyperCore's order book infrastructure. It is considered a key upgrade direction for Hyperliquid to expand into traditional assets and institutional trading scenarios. If large compliant exchanges like Kraken enter the HIP-3 ecosystem, it could further drive the integration of on-chain derivatives markets with traditional financial trading systems.
Odaily News – Hyperliquid's native token HYPE is approaching $73. Crypto trader Pentosh1 noted that its fee burn mechanism will expand after the AQAv2 upgrade, potentially supporting continued outperformance in the next bull cycle.Since November 2024, Hyperliquid has repurchased and burned 462 million HYPE, worth approximately $1.27 billion, with about 99% of protocol fees allocated to buybacks. The platform's annualized protocol revenue currently stands at roughly $600 million to $950 million.AQAv2, or Aligned Quote Asset v2, is scheduled to begin on August 26, channeling approximately 90% of the yield generated from the platform's over $5 billion in USDC reserves into the Assistance Fund, with the first payment expected to arrive on October 3.Market observers estimate that AQAv2 could add an additional $135 million to $160 million in annual buyback volume. Coinbase and Circle—designated as Hyperliquid's official USDC fund deployment partners in May—have both committed to staking a significant amount of HYPE to help launch the mechanism. (Bitcoin.com News)
Odaily News: The Hyperliquid Policy Center has released a research report titled "Perpetual Futures as Complements to Dated Futures," stating that perpetual futures can expand market risk management tools and improve price discovery efficiency, rather than squeezing out traditional dated futures markets.The report points out that the biggest difference between perpetual contracts and traditional futures is that they have no expiration date, meaning traders are not forced to roll over positions and can gain continuous exposure to asset prices through a single contract, making them better suited for around-the-clock trading. As perpetual futures enter the U.S. market for the first time, there has been concern over whether they would divert liquidity from traditional futures.The Hyperliquid Policy Center analyzed data from Bitcoin and on-chain WTI crude oil perpetual contracts, comparing perpetual contract prices during periods when traditional futures markets were closed against benchmark futures prices after markets reopened. The study covered 205 Bitcoin trading weekends and 19 weekends of on-chain crude oil perpetual contract samples.The research found that perpetual futures complement traditional futures in several ways:- Perpetual contracts can lower hedging costs by avoiding the additional expenses associated with rolling positions after traditional futures expire;- Perpetual contracts attract small-scale trading demand that traditional futures struggle to cover—for example, the median trade size for on-chain crude oil perpetuals is approximately $1,300, roughly 1/100th of traditional WTI futures;- Perpetual markets provide effective price discovery during periods when traditional markets are closed, with weekend prices typically being validated by benchmark market prices upon reopening;- During extreme market conditions, perpetual contracts help investors continuously manage risk—for instance, during the weekend of significant crude oil volatility in March 2026, using on-chain crude oil perpetuals for hedging could significantly reduce potential losses;- Data shows that after the launch of perpetual markets, no statistically significant negative impact was observed on traditional benchmark markets, with WTI futures spreads even narrowing after market reopening.
Odaily Planet Daily reported that Lorenzo Valente, Head of Digital Asset Research at investment firm ARK Invest, stated that Hyperliquid is in discussions with the CFTC and SEC to facilitate the offering of perpetual futures on its public chain by U.S.-regulated companies. He suggested that Hyperliquid acquire Gemini to position it as a U.S.-regulated HIP-3/4 deployer. He noted that Gemini's current market value is approximately $450 million, representing a decline of over 85% from its $3.3 billion valuation at the time of its 2025 IPO. Hyperliquid could obtain Gemini's entire U.S. regulatory infrastructure—including the NYDFS Trust Charter, DCM, DCO, FCM, MTLs, and Broker-dealer—for approximately $450 million.He further proposed that Hyperliquid could use approximately 7.9 million HYPE tokens from its community reserve, valued at around $550 million at $70 per token, to complete the acquisition at a premium of roughly 20% over Gemini's current market value. Following the transaction, Gemini would handle KYC, custody, fiat on/off ramps, brokerage, clearing, and compliance for the U.S. market, while Hyperliquid L1 would provide the underlying market infrastructure, liquidity, and on-chain settlement. He cited Polymarket's acquisition of QCEX as a similar precedent for re-entering the U.S. market, and stated that the core of this potential deal is not acquiring an exchange, but rather securing the regulatory bridge for HIP-3/4 to enter the U.S. market.
Odaily News, according to official sources, decentralized AI infrastructure DeAgentAI has announced the official launch of its new website.The AI Agent hosting platform, launched alongside the new website, is dedicated to providing long-term underlying support for the construction, deployment, and persistent hosting of intelligent agents. As the first flagship application deployed on this platform, Sentry has been released simultaneously, enabling round-the-clock persistent strategy monitoring with full coverage of all 308 assets on Hyperliquid (including crypto assets, stocks, and commodities). Leveraging the underlying trusted infrastructure, it transforms market insights into objective, emotion-free automated strategy execution.DeAgentAI stated that Sentry is only the first step in the platform's deployment, with more AI Agents for vertical scenarios to be continuously built and hosted on this platform in the future.Meanwhile, with the full deployment of the AI Agent platform, Sentry, and enterprise solutions, DeAgentAI has officially initiated a programmatic regular buyback and burn mechanism for $AIA based on real protocol revenue, driving token deflation and value capture through actual business growth, while continuously reinforcing the long-term value of $AIA.
According to Decrypt, Coinbase announced the official launch of perpetual futures trading in the Base App via Hyperliquid integration. Eligible users can access up to 50x leverage across over 290 perpetual contract markets, including BTC, ETH, tokenized stocks, and commodities. Coinbase Head of Engineering Chintan Turakhia noted that perpetual contracts constitute approximately 75% of current crypto trading volume and are the most requested feature among high-frequency Base App users.
Odaily News: Hyperliquid ecosystem project team HyperLabs has unlocked 433,025 HYPE, worth approximately $23.46 million, and has been continuously depositing tokens into trading platforms, including Flowdesk and OKX. Tracking data shows that an additional 9.92 million HYPE is expected to be unlocked on September 6, worth approximately $589 million based on a price of $59.39. The Hyper Foundation publishes the claim amounts around the 6th of each month. In March, only 173,217 HYPE were actually claimed, lower than the planned 99,200 tokens. Tokenomist data shows that the aid fund has repurchased 11.9 million HYPE from the unlock schedule, accounting for approximately 14%. The repurchased tokens will be burned, reducing the current total supply to 955.3 million HYPE. Certified Public Accountant Dat Ngo stated that tax liabilities typically arise upon token vesting, and some holders may sell tokens to cover taxes. TMGM CPA Ashley Akin stated that if the market is not overly leveraged, the $581 million unlock can still be absorbed, but combined with margin requirements, it would increase trading difficulty. On-chain perpetual contract trading platform Hyperliquid does not restrict users from trading during certain news events. Market data shows that liquidation volume has dropped 71%, trading volume has fallen 50%, and open interest continues to decline. Bitcoin remains below $65,000, and the Federal Open Market Committee (FOMC) meeting minutes will be released ahead of the Federal Reserve's September 15-16 meeting. (Forbes Digital Assets)
Odaily Odaily News: Hyperliquid founder Jeff Yan stated that the latest paper by Davide Barone and Fabrizio Lillo studies the execution performance of on-chain visible TWAP orders on Hyperliquid. The data shows that when on-chain TWAP orders are made public, market liquidity actually tends to tighten, thereby improving the average execution performance of TWAP orders.Jeff Yan stated that he has always believed that for non-toxic order flow, transparent trading can improve execution efficiency, and this research provides data support for this view. He believes that compared to traditional private trading venues, transparency and fair access can lead to more efficient trade execution.
Odaily News - Hyperliquid Policy Center announced that it has recently submitted a joint comment letter with Douro Labs to the U.S. Securities and Exchange Commission (SEC), supporting the SEC's proposal to rescind Rule 611 of Regulation NMS (the "Trade-Through Rule") and calling on regulators to establish a clearer Best Execution regulatory framework for on-chain markets.The Hyperliquid Policy Center believes that the current Trade-Through Rule is built on traditional securities market structures and is clearly incompatible with blockchain-native trading models. HPC and Douro Labs put forward three recommendations in their joint comment letter:First, they support the SEC in rescinding the Trade-Through Rule. The two companies argue that this rule relies on a traditional quote system that cannot accurately reflect the on-chain trading environment, and its continued application could hinder the development of on-chain financial markets.Second, the SEC should establish clear best execution guidance for on-chain trading. On-chain markets feature new factors that do not exist in traditional markets, such as quote-less trading, 24/7 operation, blockchain network fees, and MEV (Maximal Extractable Value). Brokers need clearer regulatory standards to ensure they can execute trades on behalf of clients.Third, the regulatory framework should be principles-based and recognize independent price reference mechanisms. HPC and Douro Labs suggest that when the traditional NBBO cannot cover on-chain markets, the SEC should recognize independent price reference data formed through transparent, manipulation-resistant mechanisms. For example, the Pyth Network, which Douro Labs helped build, provides price oracle services for on-chain markets by aggregating real-time data supplied by exchanges and market participants.
Hyperliquid announced that it has implemented multiple new features for the HIP-4 outcome markets and disclosed the phased mainnet launch schedule. Hyperliquid stated that after the next network upgrade, outcome markets deployed by validators will start charging fees, with the average outcome trading fee being approximately half of the standard spot trading fee. During the initial phase of the HIP-4 mainnet launch, phased restrictions will be applied, allowing each deployer to have up to 100 outcomes simultaneously and deploy up to 500 outcomes per day; once the technology stabilizes, limits are expected to increase relatively quickly to 1,000 outcomes simultaneously and 5,000 deployments per day, and may be further relaxed subsequently.
Odaily News: World has announced official support for Hyperliquid.
Odaily News: According to HyperliquidNews monitoring, Hyperliquid has added the EQSPY spot trading pair, with related purchases using 500.03 HYPE, valued at $28,800.
Decentralized finance platform Ether.fi announced that its self-custody app has added trading for tokenized stocks, metals, and crypto assets, along with the ability to borrow against multiple holdings as collateral. Users can lend assets or borrow against a portfolio through the integrated Aave market on Optimism, allowing them to transfer or spend borrowed funds without selling their positions. Ether.fi stated that its fiat accounts support global deposits and withdrawals across more than 30 currencies and payment methods. However, tokenized stock and metal trading is not available to users in the United States and certain other markets. Fiat accounts are only open to users who have completed payment card identity verification, and deposit and withdrawal speeds may vary. Ether.fi will also introduce automatic ETHFI buybacks and offer 3% cashback on card spending. Ether.fi founder and CEO Mike Silagadze said that initial support will cover Ethereum, Bitcoin, Hyperliquid, ETHFI, and select tokenized stocks and gold, with additional collateral assets to be added later. (Decrypt)
HyperliquidNews stated on the X platform that Hyperliquid has expanded HIP-1 by adding a deployer-controlled scaleWei function, enabling atomic proportional balance transfers for scenarios such as denomination repricing. When a token equals the referenceToken, unfilled orders will be automatically adjusted.
Odaily News, according to on-chain analyst Ai Yi's monitoring, a whale added 1,010 BTC to their position for the third time this morning, opening a 40x leveraged short on BTC. The short position has increased to 1,792.56 BTC, worth $114 million, with the average entry price updated to $63,999. Currently, the position shows an unrealized profit of $335,000. This remains the largest BTC position on Hyperliquid.
: xStocks announced that its first batch of 5 tokenized US stock products—NVDAx, SPYx, QQQx, SKHYx, and MUx—have officially launched on Hyperliquid. Currently, these xStocks appear under the "All" tab rather than the "Strict" section in Hyperliquid's search bar, and trading volume remains weak. Among them, Micron's MUx has seen trading volume exceeding $110,000, while the other products range between $5,000 and $15,000.
Last week, major assets closed higher across the board: July Non-Farm Payrolls -23k severely dampened rate hike expectations, the USD broke below 100, and Gold and Crypto benefited in tandem. BTC/ETH ETF weekly net inflows were $853M/$245M, the third-largest institutional buying week of the year. Core risk this week: 8/12 CPI (08:30 ET), determining the direction of September rate hike expectations. Strategy advances on three fronts: Sell ETH weekly expiry $1,800 P (annualized ~15-20%), Sell HYPE 1D $52 P (annualized ~70%, newly listed on Bybit), Sell XAUT 1D $4,360 C (annualized ~30-60%). All three positions must be reduced to safe levels before CPI.
According to CoinDesk, Robinhood announced the launch of a new all-in-one investment app in the UK, providing UK users with zero-fee trading services for over 50 cryptocurrencies, including BTC, ETH, XRP, and Hyperliquid (HYPE), among others. Crypto asset trading is accessed through Bitstamp, an exchange acquired by Robinhood in 2025. In addition to crypto assets, the app simultaneously opens trading for traditional financial products such as stocks, Stocks ISA, options, and futures. The platform also launched an AI feature, "Robinhood Cortex Digests for Crypto," which analyzes breaking news, market data, and technical indicators in real-time, and interprets the drivers behind price fluctuations of various crypto assets in plain language.
Odaily News – Grayscale withdrew three ETF registration applications for Cardano (ADA), Hedera (HBAR), and Polkadot (DOT) in succession on August 7, with the three withdrawal filings submitted approximately 190 seconds apart.All three withdrawal filings indicate that Grayscale no longer plans to proceed with the issuance of shares for the related ETFs. The filings also note that the registration statements had not yet taken effect, no securities were issued or sold, and no preliminary prospectus was published. These withdrawals do not represent rejections by the SEC of the related ETF applications, and the filings do not disclose the reasons behind them.As of August 8, Grayscale's altcoin ETF applications for Bittensor, Aave, BNB, NEAR, and Zcash remain in the preliminary stage. Previously, Grayscale's Avalanche Staking ETF and Hyperliquid Staking ETF registration statements took effect in March and June of this year, respectively. However, the effectiveness of a registration statement does not mean the product has begun trading. (cryptoslate)
Odaily News – Hyperliquid's RWA perpetual contract trading is growing rapidly, yet platform revenue continues to decline, creating a divergence of "record-high trading volume versus shrinking retained revenue." Data shows that Hyperliquid's open interest climbed to approximately $11 billion on July 13, hitting a new high for 2026, with perpetual contract trading volume over the past 30 days nearing $178 billion, and its share of global perpetual open interest rising to around 9%. Meanwhile, Hyperliquid's protocol revenue has declined for four consecutive quarters, dropping from roughly $357 million in Q3 2025 to about $202 million in Q2 2026, down approximately 43% from its peak.Analysts attribute this primarily to the HIP-3 mechanism, which allows external developers staking 500,000 HYPE to create their own perpetual markets and earn up to 50% of trading fees. In early 2026, developer-deployed markets accounted for only about 2% of Hyperliquid's perpetual trading volume; that figure has now risen to roughly half, meaning an increasing share of trading revenue is being distributed to external developers.Since approximately 97% of Hyperliquid's trading fees are used to buy back HYPE, the decline in platform revenue directly translates to shrinking buyback scale. As of Friday, HYPE was trading at around $55, down about 28% from its all-time high of roughly $77 on June 16. Meanwhile, core contributors unlocked nearly 10 million HYPE on August 6, valued at approximately $550 million at then-prevailing prices, with subsequent unlock schedules continuing through 2027.Overall, Hyperliquid's trading activity is still growing rapidly, but the revenue diversion caused by HIP-3 is weakening the platform's own earnings growth and HYPE buyback support. The boom in its RWA business has yet to fully translate into earnings growth for HYPE holders. (CoinDesk)