Hyperliquid (HYPE) — Onchain News & Whale Tracking

A Hyperliquid whale posted on X that it is bearish in the short term and cut losses on its $31 million altcoin long position.

Trader Boomer (X: solanadoomer1) exited long positions in ten altcoins this morning—ZEC, NEAR, UNI, HYPE, PUMP, ENA, AERO, ONDO, SKY, and PENGU—totaling over $31.1 million, before shifting to shorting ZEC and NEAR. The exits were mostly loss-closing trades, with total losses of roughly $1.248 million; only PUMP generated small profits. About five minutes after closing his ZEC long position, the account opened a reverse short position. Boomer later posted on X that ZEC may have peaked in the short to medium term, possibly pulling back to around $1000 first, then consolidating for weeks before its next rally. Still, he maintains a long-term target range of $5000 to $10000 for ZEC. The account has moved from holding multiple altcoin longs to short positions worth approximately $9.707 million in ZEC and NEAR: the ZEC short is valued at ~$8.237 million, with 6,000 units at an average price of $1421.4, yielding an unrealized profit of ~$291,000. The NEAR short is worth ~$1.47 million, holding ~322,100 units at an average price of $4.63, with an unrealized profit of ~$24,000.

A crypto whale sold 15,000 ZEC tokens via a limit order on Hyperliquid, valued at approximately $23 million.

According to on-chain data, whale Lee Goon Wang just sold 15,000 ZEC tokens on Hyperliquid via a limit sell order, valued at approximately $23 million. The limit order’s listed price was about $30 lower than the market price at the time, a drop of roughly 2%.

Wintermute holds approximately $93 million in short positions and roughly $5.12 million in long positions on Hyperliquid.

According to TradingBeats' monitoring, crypto market maker Wintermute currently holds approximately $93 million in short positions and around $5.12 million in long positions on Hyperliquid. The position breakdown is as follows: ETH short positions worth ~$47.19 million, with an unrealized profit of ~$490,000, entry price of $2,682.86, and liquidation price of $5,398.49; SOL short positions ~$11.39 million, unrealized profit ~$100,000, entry price $119.64, liquidation price $623.73; HYPE short positions ~$10.04 million, unrealized profit ~$240,000, entry price $92.02, liquidation price $498.65; DOGE short positions ~$7.25 million, unrealized profit ~$190,000, entry price $0.10, liquidation price $0.68; XRP short positions ~$6.02 million, unrealized profit ~$150,000, entry price $1.53, liquidation price $13.43; BTC long positions ~$5.12 million, entry price $82,888.30; PUMP short positions ~$5.03 million, unrealized loss ~$400,000, liquidation price $0.05; ENA short positions ~$3.08 million, unrealized loss ~$230,000, entry price $0.24, liquidation price $4.17; SUI short positions ~$2.65 million, unrealized profit ~$10,000, entry price $1.18, liquidation price $21.61.

Hyperliquid generated $1.11 million in priority fee revenue this week.

Hyperliquid’s priority fee revenue reached $1.11 million this week. If priority fees were treated as a standalone protocol, its revenue would rank 36th across the entire network, right behind Dexscreener and Lighter. Hyperliquid’s priority fees are extra payments traders make to get their orders processed and filled faster, used to secure priority execution or front-run trades during periods of network congestion.

Hyperliquid’s official NFT, Hypurr#9, sold for approximately $203,800, with a rarity ranking of around 22nd.

According to OnchainLens monitoring, address NMTD.HL acquired Hyperliquid’s official NFT “Hypurr #9” from izebel.eth for 2,222 HYPE, worth approximately $203,800. OpenSea data shows the NFT ranks around 22nd in rarity, far higher than the collection’s floor price of roughly $22,900 at the time. Hypurr is a commemorative NFT issued by the Hyper Foundation on HyperEVM in September 2025, with a total supply of 4,600 units. It was primarily airdropped to early Genesis participants and required no separate minting. The collection features cat-themed designs; its floor price once neared $70,000 at launch before declining significantly.

Hyperliquid’s upcoming network upgrade will lower the funding rate cap from 4% per hour to 0.5%.

Hyperliquid announced in a statement that, based on user feedback, it will lower the funding rate cap from 4% per hour to 0.5% in its upcoming network upgrade. The official noted that this cap was rarely hit in actual operations. Additionally, per developer feedback, Hyperliquid will adjust deployment limits for HIP-4 outcome contracts: the maximum number of active outcome contracts a single deployer can hold simultaneously will be increased from 100 to 200, while the daily deployment cap for outcome contracts will be raised from 500 to 1000.

The largest long position of NEAR on Hyperliquid has expanded its unrealized profit to $17.42 million.

According to TradingBeats’ monitoring, as NEAR extends its recent rally, an address labeled "mk4" currently holds around $31.16 million in NEAR long positions, making it the top NEAR long holder on Hyperliquid. This position carries an unrealized profit of approximately $17.42 million. The address’s total current position size stands at about $46.47 million, with an overall unrealized profit of roughly $15.47 million; besides NEAR, it holds positions in 8 other assets including SOL, ADA, and XRP. The address has posted a cumulative historical profit of approximately $59.93 million.

CZ: Does not oppose Hyperliquid, welcomes more DEXes to compete.

Binance founder Changpeng Zhao (CZ) told the "When Shift Happens" podcast that he does not oppose Hyperliquid and welcomes more centralized and decentralized exchanges to pursue innovation, noting the crypto industry is far from saturated. Zhao estimated that roughly 5% to 15% of the global population holds some crypto asset, but when measured as a share of individual wealth, crypto penetration is less than 1%, meaning the sector remains in its early stages. CZ added that some Hyperliquid community members are attempting to build their own communities by criticizing centralized exchanges and Binance, but he views this as normal competition and has no objections to the project. He also noted that former U.S. President Donald Trump’s recent mention of Hyperliquid is a positive development for the industry, with assets including HYPE, BNB, and Bitcoin all poised to benefit from the sector’s overall growth. Additionally, CZ pointed out that first movers do not always emerge as the biggest long-term winners, citing examples like Google, Facebook, and Binance—none of which were the first products in their respective fields, and later entrants often optimize on the foundation laid by pioneers. Despite holding large stakes in Binance and significant BNB holdings, centralized exchanges represent only a portion of his asset allocation; rather than focusing on expanding a single platform, he prioritizes driving the growth of the entire crypto industry.

A Hyperliquid whale holds nearly $16 million in unrealized profit from going long on NEAR.

Arkham disclosed in a post that Hyperliquid address "MK4" currently holds a NEAR long position worth around $29.7 million, with an entry price of approximately $2.35, using 10x leverage, and generating an unrealized profit of roughly $15.96 million. The blockchain analytics firm added that the address has accumulated about $58 million in total profits on Hyperliquid over the past three years, and is suspected to belong to X account @mk4_lul.

Arthur Hayes announces new Flop Labs contest: Predict Hyperliquid Xyz NVDA perpetual contract prices.

BitMEX co-founder Arthur Hayes announced in a post that Flop Labs’ new round of competition will kick off at 12:00 UTC today. Participants are required to predict the price of the Xyz NVDA perpetual contract on Hyperliquid as of October 4, 2026. According to Hayes, participating AI agents must review the competition rules, claim trading funds, and execute trades against each other on the Technocore platform. The top three AI agents by profit ranking will jointly receive 1 million FLOP tokens, with rewards to be distributed after Flop Labs’ mainnet launches.

A crypto whale has boosted its BTC long positions to $98.15 million, pushing its position size to third place on Hyperliquid.

According to on-chain analyst Ai Yi (@ai_9684xtpa), address 0x5ce…1a723 added more BTC long positions today, pushing its BTC long position size to the third largest on Hyperliquid. · Holds a 40x long position of 1,169.52 BTC, with a position value of approximately $98.15 million, average entry price of $83,822.9, and current unrealized profit of around $182,000; · Also holds a 10x long position of 12,673.27 ZEC, with a position value of roughly $19.69 million, average entry price of $1,217.84, and current unrealized profit of approximately $4.231 million.

Hyperliquid Strategies adds another 494,200 HYPE tokens, worth $45.8 million.

Per Lookonchain’s monitoring, wallet 0x6436 associated with Hyperliquid Strategies has purchased 494,200 HYPE tokens (valued at approximately $45.8 million) over the past 16 hours. Over the past month, the wallet has accumulated a total of 5.51 million HYPE tokens (worth around $476 million), averaging 183,574 HYPE (about $15.86 million) in daily purchases. Hyperliquid Strategies currently holds a total of 35.1 million HYPE tokens, with a value of roughly $3.2 billion.

Hyperliquid Strategies Inc Buys 494,200 $HYPE ($45.8M) in 16 Hours, 5.51M Monthly

Wallet 0x6436, linked to Hyperliquid Strategies Inc (@HypeStrat), bought another 494,200 $HYPE ($45.8M) over the past 16 hours. Over the past month, the wallet has bought a total of 5.51M $HYPE ($476M), averaging 183,574 $HYPE ($15.86M) per day. @HypeStrat currently holds 35.1M

Hyperliquid Strategies increased its holdings of HYPE tokens by 1.444 million units over the past week, valued at $135 million.

According to EmberCN’s monitoring, over the past week, Nasdaq-listed HYPE treasury firm Hyperliquid Strategies (PURR) increased its holdings by 1.444 million HYPE tokens at an average price of $93.7, totaling $135 million. The firm now holds approximately 35.1 million HYPE tokens, valued at $3.206 billion. Rough calculations put its average cost price at around $46.7, with an unrealized profit of $1.567 billion. Separately, per market data from BIT (bit.com), Hyperliquid Strategies (PURR) currently has a market cap of $2.758 billion, lower than the intrinsic value of its HYPE holdings. Its mNAV (ratio of enterprise market cap to the value of its held treasury tokens) stands at approximately 0.86.

Hyperliquid Strategies increased its holdings of 1.444 million HYPE tokens, valued at $135 million, over the past week.

According to EmberCN’s monitoring, over the past week, Nasdaq-listed HYPE treasury firm Hyperliquid Strategies (PURR) added 1.444 million HYPE tokens at an average price of $93.7, totaling $135 million. It now holds approximately 35.1 million HYPE tokens, valued at $3.206 billion. Rough calculations put its average cost basis at around $46.7, translating to an unrealized profit of $1.567 billion. Separately, per market data from BIT (bit.com), Hyperliquid Strategies (PURR) currently has a market capitalization of $2.758 billion, lower than the intrinsic value of its HYPE holdings.

Garrett Jin Withdraws 147M $USDC From Hyperliquid to Binance After $14.7M Loss

Garrett Jin (@GarrettBullish) withdrew all 147M $USDC from #Hyperliquid an hour ago and deposited it into #Binance. He has lost a total of $14.7M trading on Hyperliquid over the past 4 months.

Garrett Jin-related addresses transferred $147 million worth of USDC from Hyperliquid to Binance.

According to monitoring by EmberCN, a whale address associated with Garrett Jin transferred all 147 million USDC from its Hyperliquid address to Binance approximately half an hour ago. The Hyperliquid address has since been completely emptied of funds.

Hyperliquid burned over 34,000 HYPE tokens in the past 24 hours, valued at approximately $3.26 million.

According to Onchain Lens monitoring, Hyperliquid purchased and burned 34,280 HYPE tokens over the past 24 hours at a volume-weighted average price (VWAP) of $95.25, totaling roughly $3.26 million. Data shows that the cumulative amount of HYPE burned has reached 48.89 million tokens, valued at approximately $451 million, accounting for 4.89% of its maximum supply. The protocol’s revenue over the past 30 days stood at $60.58 million.

Hyperliquid's open interest hits $18 billion, reaching an all-time high.

Official data from Hyperliquid shows its open interest has reached $18 billion, hitting a new all-time high. This figure refers to bilateral open interest, calculated as the sum of long and short positions. Over the past year, Hyperliquid has expanded from a crypto perpetual trading platform into an on-chain trading infrastructure supporting stocks, commodities, indices, pre-IPO, and event contracts. Launched in October 2025, HIP-3 allows third parties to stake HYPE and deploy their own perpetual markets, with underlying assets covering U.S. stocks, gold, crude oil, the S&P 500, and private companies like SpaceX. As of early September 2026, cumulative trading volume on HIP-3 markets exceeded $548 billion, accounting for roughly 30% of the platform’s total trading volume in the past 30 days. HIP-4, launched in May 2026, filled the gap in prediction markets and event contracts, and was further opened to third-party deployments at the end of August. During the same period, firms including 21Shares, Bitwise, and Grayscale sequentially launched HYPE spot or staking-based ETFs, while the platform rolled out native lending and advanced licensed HIP-3 markets for U.S. users.

NEAR has been deployed to the Hyperliquid spot market.

According to official announcements, NEAR has been deployed on Hyperliquid's spot market. Users can trade the NEAR/USDC pair on Hyperliquid. The official added that per Hyperliquid's procedures, NEAR will take several more days to appear on the platform's Strict List.

The testnet of Elysium, the first L2 network in the Hyperliquid ecosystem, has gone live.

According to official announcements from Kinetiq, the testnet of Elysium — the first Layer 2 (L2) network in the Hyperliquid ecosystem — has been launched. Elysium is a general-purpose, high-performance L2 network built exclusively for Hyperliquid, settling on HyperEVM, co-located with HyperCore, and uses HYPE as its native gas token. Currently, Elysium operates Conduit’s G2 sequencer on an architecture compliant with SOC II Type 2 standards.

The largest long holder on Hyperliquid reduced their long position of 1,000 BTC, locking in a profit of $8.52 million.

According to Yu Jian Monitoring, the largest long position holder on Hyperliquid closed 1,000 BTC long positions at an average price of $87,142 at noon today, totaling around $87.14 million and generating a profit of $8.52 million. The holder still holds $170 million in long positions, consisting of 400 BTC and 50,000 ETH, with an unrealized profit of $15.57 million.

Hyperliquid has burned 42,300 HYPE tokens in the past 24 hours, with the burn volume jumping more than 88% sequentially.

According to on-chain data, Hyperliquid burned 42,300 HYPE tokens over the past 24 hours, valued at roughly $4 million, marking an over 88% month-over-month rise. In the past seven days, the platform burned 226,500 HYPE tokens, pushing its cumulative total burn to 47,397,098 HYPE, which accounts for 4.74% of the token’s total supply.

Hyperliquid's monthly active addresses hit a new all-time high.

As of September 18, 2026, Hyperliquid’s monthly active addresses reached 291,900, a new all-time high, marking a sharp increase from roughly 225,000 in July. After prior fluctuations, active addresses showed a clear accelerating upward trend between August and September. Robust user growth indicates rising adoption for this perpetual contract decentralized exchange (DEX). The key risk lies in whether this growth can translate into sustained trading volume and revenue, or if it will fade as market cycles change.

Hyperliquid Launches Bitcoin Volmex Implied Volatility Index (BVIV) Perpetual Contract

Bitcoin Volmex Implied Volatility Index (BVIV) perpetual contracts officially launched on Hyperliquid on Monday, offering on-chain exchange users a way to bet on the magnitude of Bitcoin’s price fluctuations rather than its price direction. Widely dubbed the “Bitcoin VIX,” the BVIV index tracks the real-time implied or expected volatility of the cryptocurrency over the next 30 days. It is similar to the Chicago Board Options Exchange (Cboe) VIX index, which measures the 30-day implied volatility of the S&P 500 index. The newly launched perpetual contracts allow traders to go long or short on the volatility index directly, eliminating the need to express volatility views indirectly via options—thus avoiding high capital requirements and the need for specialized derivatives trading expertise.

Hyperliquid’s fully diluted valuation (FDV) surpasses Nasdaq and the London Stock Exchange.

According to market data from BIT (bit.com), Hyperliquid's fully diluted valuation (FDV) has surpassed that of the Nasdaq and London Stock Exchange.

Largest BTC Short Seller on Hyperliquid Remains Trapped After Opening Short at High Price, Unrealized Loss Exceeds $6 Million

According to TradingBeats monitoring, the largest BTC short seller on Hyperliquid—address 0xfc27, tagged as Polymarket user "VBVIT" on the platform—has been steadily adding to its short positions as BTC rises. As of press time, the address holds 1,320.73 BTC in short positions, valued at approximately $112 million, with 25x leverage and an average entry price of around $79,470.40. BTC is currently trading at roughly $84,547 at press time, putting the account’s BTC short position at an unrealized loss of about $6.7048 million. Its liquidation price is approximately $86,951.25, less than 3% above the current market price. Recent transaction records show the address added to its short positions when BTC was trading between $82,700 and $83,300. Additionally, the address holds around $76.46 million in ETH short positions, with an unrealized loss of roughly $4.44 million. Its total unrealized loss across 87 perpetual positions stands at approximately $13.84 million.

The 4th-largest BTC long position holder on Hyperliquid has held BTC and ETH long positions for over two months, with current unrealized profits exceeding $30.95 million.

According to TradingBeats monitoring, address 0x15a4...dfdb has not adjusted its two perpetual BTC and ETH positions since opening long positions for the two assets in July. As of press time, the combined value of its two positions is approximately $111 million, with unrealized profits of around $30.95 million. The address opened a 1,000-BTC long position in batches on July 6, with an average entry price of about $62,353.60 and 40x leverage; the current BTC position is valued at roughly $83.88 million, with an unrealized profit of approximately $21.53 million. Its ETH long position was initiated on July 8, and increased to 10,000 ETH on July 14, with an average entry price of around $1,761.94 and 20x leverage; the current ETH position is worth about $27.04 million, with an unrealized profit of roughly $9.42 million. The address’s cumulative profit and loss stands at approximately $31.51 million, with available account margin of around $22.06 million. Trading records show its most recent transaction occurred on July 25, with no subsequent additions or reductions to its BTC or ETH long positions.

Abraxas Capital's $1.2B short on Hyperliquid faces $100M+ unrealized loss

Abraxas Capital's short positions on #Hyperliquid have reached $1.2B, with an unrealized loss of over $100M!

Jinse Finance partners with Hyperliquid’s Chinese channel to host a trading rant event, inviting participants to share trading experiences and split a 28.88 HYPE prize pool.

BlockBeats and Hyperliquid Chinese Channel officially launch the HYPE Community Rant Contest. The 7-day event runs from September 21 to September 28, where users can share their trading stories to win HYPE rewards. Eligible topics include: Who missed out on the Robinhood $PONS wealth train? Who got liquidated while holding positions when crude oil was more volatile than BTC and ETH in the middle of the night? Last year at this time, $ZEC was only 40 U… Did you catch the privacy narrative? $HYPE and $Lit hit new highs—are you still holding $Aster? The event offers three tiers of rewards, with the top prize being 9.99 HYPE. During the event, users must quote the event’s promotional content, post original topic tweets, and follow the Hyperliquid Chinese Channel. The event is exclusively sponsored by ecosystem project Aqua, with support from partners TradingBeats, CoinAnk, HyperEVM Chinese Station, and Hyperliquid Madhouse.

Crypto media Jinse Finance has partnered with Hyperliquid's Chinese channel to launch a trading rant event, where participants can share their trading experiences to split a prize pool of 28.88 HYPE tokens.

BlockBeats and Hyperliquid Chinese Channel officially launch the HYPE Community Rant Session. The 7-day event runs from September 21 to September 28, where users can win HYPE rewards by sharing their trading stories. Eligible topics include: - Who missed out on Robinhood’s $PONS "wealth train"? - Who got liquidated while holding positions when crude oil was more volatile than BTC and ETH in the middle of the night? - Back this time last year, $ZEC was only $40... Did you catch the privacy narrative? - $HYPE and $LIT hit new highs—are you still holding $ASTER? The event has three reward tiers, with the top prize being 9.99 HYPE. To participate, users must quote the event’s promotional content, post original topic tweets, and follow the Hyperliquid Chinese Channel. The event is exclusively sponsored by ecosystem project Aqua, and supported by partners TradingBeats, CoinAnk, HyperEVM Chinese Station, and Hyperliquid Madhouse.

Hyperliquid's perpetual contract open interest market share rises to 10.9%, hitting a new all-time high.

According to data from Hypeflows, Hyperliquid currently holds a 10.9% share of the global perpetual contract market (including all centralized exchanges such as Binance, Bybit, and OKX) based on open interest, hitting an all-time high. Per HTX market data, HYPE is trading at $91.32, down 1.7% in the past 24 hours.

Hyperliquid burned $2.42 million worth of HYPE tokens in 24 hours, bringing the total burn amount to 4.88% of its maximum supply.

According to monitoring by OnchainLens, Hyperliquid burned $2.42 million worth of HYPE tokens within 24 hours, at a weighted average price of $91.86, totaling 26,310 HYPE tokens destroyed. The cumulative burn volume of HYPE tokens currently stands at 48.76 million (valued at approximately $4.5 billion), accounting for 4.88% of its maximum supply. Over the past 30 days, Hyperliquid generated $64.34 million in revenue, bringing its cumulative total revenue to $1.26 billion.

Hyperliquid’s Open Interest Hits New One-Year High, Drawing Liquidity From Traditional Assets and Prediction Markets

Hyperliquid’s open interest (OI) has hit a new all-time high of $16.36 billion, surpassing the previous record set exactly one year ago on September 18, 2025. Over the past 12 months, the platform has evolved from a crypto perpetual trading venue to an on-chain trading infrastructure supporting stocks, commodities, indices, pre-IPO assets, and event contracts. Launched in October 2025, HIP-3 enables third parties to stake HYPE and deploy their own perpetual markets, with underlying assets spanning US equities, gold, crude oil, the S&P 500, and private firms including SpaceX. As of early September 2026, cumulative trading volume on HIP-3 markets exceeded $548 billion, representing roughly 30% of the platform’s total trading volume over the prior 30 days. HIP-4, rolled out in May 2026, filled the gap in prediction markets and event contracts, and was further opened to third-party deployments at the end of August. During the same period, issuers including 21Shares, Bitwise, and Grayscale sequentially launched HYPE spot or staking-based ETFs; the platform also launched native lending services and advanced licensed HIP-3 markets for US users.

Roundup of Recent Positive Developments for Hyperliquid: Kraken partnership continues to fuel token price gains, HYPE surges past $94 to set a new all-time high.

According to HTX market data, HYPE has surged past $94, hitting a new all-time high of $94.43, with a 24-hour gain of 9.1% and a market cap of $20.996 billion. Below is a roundup of recent positive developments for Hyperliquid: · Payward, parent company of Kraken, announced plans to offer on-chain perpetual contracts based on Hyperliquid to U.S. clients. Bitnomial, a CFTC-regulated exchange and clearinghouse under Payward, acts as the HIP-3 deployer, responsible for creating, owning, managing markets, and clearing trades. NinjaTrader Clearing, a registered Futures Commission Merchant (FCM), will hold client accounts. · The U.S. SEC announced its "Innovation Exemption," granting conditional five-year exemptions to certain tokenized stock trading platforms, a boost for Hyperliquid’s expansion in the tokenized equity and real-world asset (RWA) space. · The HIP-3 market accounted for nearly 50% of the platform’s perpetual trading volume in summer 2026, up from around 2% at the start of the year. TradeXYZ’s stock market (including Nasdaq 100 and individual equities) remains dominant. Over the same period, total RWA perpetual trading volume across the market rose from ~$85 billion per month in January to ~$470 billion per month in June. · Hyperliquid’s perpetual contract trading volume over the past 30 days reached ~$240 billion, leading public chains/ecosystems (second-place Arbitrum recorded ~$47.2 billion, while Solana saw ~$46 billion). It holds a ~36% share of the Perp DEX market over the same period, with cumulative perpetual trading volume exceeding $5.3 trillion. · Hyperliquid recently launched the Manual Borrows feature, allowing users to borrow USDC or USDT using HYPE or BTC as collateral.

On Hyperliquid, ZHIPU fell more than 9% at one point after the Hong Kong stock market closed.

According to market data, the ZHIPU contract trading pair on Hyperliquid once dropped over 9% after the Hong Kong stock market closed, hitting a low of $92.045. It is now trading at $95.077, equivalent to approximately HK$754.89.

Robinhood Chain's seven-day application layer revenue has surpassed Hyperliquid, ranking second among public blockchains.

According to DefiLlama data, Robinhood Chain’s 7-day application layer revenue has surpassed Hyperliquid. The top chains ranked by aggregated 7-day application layer revenue are: Solana ($37.42 million), Robinhood Chain ($15.85 million), Hyperliquid L1 ($12.44 million), Ethereum ($11.90 million), and BNB Chain ($6.60 million).

Hyperliquid launches manual lending functionality, allowing users to borrow USDC or USDT using HYPE and BTC as collateral.

Hyperliquid has rolled out manual lending functionality. Portfolio margin and manual borrowing on the platform utilize the same underlying HyperCore infrastructure. Users can use HYPE and BTC as collateral to borrow quoted assets USDC or USDT. Borrowed quoted assets accrue interest, while supplied quoted assets also earn interest, with rates determined by usage.

Whale rotates $45.83M from $BTC to $ETH across 11 wallets on Hyperliquid

Whales are rotating from $BTC into $ETH! Over the past 3 days, 11 newly created wallets (likely belonging to the same whale) sold 602 $BTC ($45.83M) on #Hyperliquid and bought 18,780 $ETH ($45.83M).

XXAntiWar again cuts losses on its ZEC short position, suffering a $398,000 loss that erases all of its Hyperliquid profits from the past week.

According to on-chain analyst Ai Yi (@ai_9684xtpa)’s monitoring, XXAntiWar closed out two ZEC short positions at a loss in the past three days, incurring a $398,000 loss and erasing all profits it made on Hyperliquid over the past week. However, since September, she has opened a total of 8 ZEC short positions across three addresses, with 5 wins and 3 losses (a 62.5% win rate). Having shorted ZEC from $1,120.8 to $1,353, her cumulative profit from the token still stands at $437,000.

Garrett Jin Withdraws 35,001 $ETH ($85M) to Hyperliquid, Possibly to Support $ZEC Short

Garrett Jin(@GarrettBullish) just withdrew 35,001 $ETH ($85M) from #Binance and deposited it into Hyperliquid. Will he sell the $ETH to support his $ZEC short?

Viewpoint: Regulation may emerge as Hyperliquid’s biggest risk, while network effects remain its core moat.

CNBC crypto commentator Ran Neuner stated that regulatory uncertainty is the biggest risk currently facing Hyperliquid. Regulators have begun establishing regulatory frameworks for centralized crypto exchanges, and the next step may expand oversight to decentralized exchanges (DEXes), with significant ambiguity remaining over how to handle decentralized perpetual contract platforms like Hyperliquid. However, Neuner also noted that Hyperliquid has built strong network effects and liquidity advantages, making it difficult for competitors to replicate its technology alone to challenge its market position. Exchanges typically draw capital and users to markets with the deepest liquidity, so "the network is irreplicable". Hyperliquid remains the leading decentralized perpetual contract platform, with approximately $223 billion in trading volume over the past 30 days. Separately, the U.S. has signaled its willingness to establish a compliance path for Hyperliquid to enter the U.S. market, though no specific regulatory framework has been announced to date.

Hyperliquid conducted a 24-hour repurchase and burn of 32,800 HYPE tokens, with cumulative burns now accounting for 4.86% of the total supply.

According to OnchainLens monitoring, Hyperliquid repurchased and burned 32,770 HYPE tokens over the past 24 hours. At an average price of $81.01, this operation is valued at approximately $2.65 million. As of now, Hyperliquid has cumulatively burned around 48.57 million HYPE tokens, meaning roughly 4.86% of its maximum token supply has been permanently removed. Hyperliquid’s HYPE repurchase mechanism is primarily driven by the platform’s trading fees: the protocol uses the relevant revenue to repurchase HYPE on the market before burning it. Recent on-chain data also shows this mechanism remains operational.

Hyperliquid’s protocol revenue over the past 30 days is approximately $59.84 million, with 775,400 HYPE tokens burned in the same period.

According to TradingBeats' monitoring, Hyperliquid's protocol revenue over the past 30 days reached approximately $59.84 million, an 83.3% increase from the prior 30-day period. However, revenue over the most recent seven days dropped to roughly $11.57 million, a 12.7% week-over-week decline, marking notable expansion in monthly revenue though a recent cooling in activity. Meanwhile, between August 12 and September 11, the Assistance Fund’s cumulative burned HYPE tokens rose to 47.123 million, with around 775,400 new HYPE burned over the past 30 days, valued at approximately $62.08 million. Per the official mechanism, the Assistance Fund automatically converts trading fees allocated to it into HYPE, and the HYPE held in the fund is permanently removed from circulation and the total token supply.

Hyperliquid launches 2x long SNXX leveraged ETF contract

According to official announcements, Hyperliquid has launched trading for the SNXX contract, the Tradr 2X Long SNDK Daily ETF, with a maximum leverage of 10x. Data shows that the SNXX code was purchased by trade.xyz for 500 HYPE.

A crypto whale holds a large long position in WTI and Brent crude oil, boasting an unrealized profit of $3.29 million, and is the largest long position holder for both assets on Hyperliquid.

According to TradingBeats monitoring, whale address 0xfc...59d9d is currently heavily long on two crude oil assets, with a total position value of approximately $47.16 million and a combined floating profit of around $3.29 million. This address is the largest holder of WTI and Brent crude oil long positions on Hyperliquid. Specifically, it holds about 189,600 units of WTI crude oil xyz:CL 20x long positions, with a position value of roughly $18.8 million, an average entry price of approximately $92.07, and a current floating profit of about $1.3475 million. Meanwhile, it holds around 272,500 units of Brent crude oil xyz:BRENTOIL 20x long positions, with a position value of approximately $28.36 million, an average entry price of roughly $96.94, and a current floating profit of around $1.9465 million. Additionally, the address also holds about 248.03 BTC in 10x short positions, with a position value of approximately $19.12 million, an average entry price of about $78,456, and a current floating profit of roughly $336,000.

Hyperliquid’s largest long position holder has flipped a $233 million long position from profit to loss, now facing an unrealized loss of $3.39 million.

According to EmberCN’s monitoring, amid tonight’s market downturn, the largest long position holder on Hyperliquid has seen their roughly $233 million in long positions flip from profit to loss, with an unrealized loss of around $3.39 million. The address previously closed $537 million in long positions on August 25, booking a $61.72 million profit, before reopening long positions on August 28. Currently, it holds approximately 1,400 BTC (valued at ~$110 million) with an average entry price of $78,672, resulting in an unrealized loss of ~$1.94 million; it also holds 50,000 ETH (valued at ~$123 million) with an average entry price of $2,469, for an unrealized loss of ~$1.45 million. Notably, the long positions this address established in May were stuck in losses for about three months, with the maximum unrealized loss once hitting $120 million. It finally broke even and exited with a $61.72 million profit in August, and now its newly reopened long positions are again in unrealized loss.

Anonymous whale adds to its short position on BTC after the PPI release, becoming the second-largest BTC short on Hyperliquid.

According to TradingBeats monitoring, anonymous whale address 0xe2...3c8c increased its BTC short positions shortly after the release of the latest U.S. PPI data. The address added roughly 116.8 BTC in batches between 20:39 and 20:54, worth an estimated $9 million based on execution prices. Its total BTC short position rose from around 623.5 BTC to approximately 740.3 BTC, pushing it to become the second-largest BTC short on Hyperliquid. As of press time, the address holds a 20x leveraged short of about 740.28 BTC, with a position value of roughly $56.92 million, an average entry price of $78,475, and an unrealized profit of around $1.1765 million. Separately, this address is also the second-largest PONS short on Hyperliquid, holding a 3x leveraged short of approximately 8.6701 million PONS, with a position value of about $4.95 million, an average entry price of $0.8101, and an unrealized profit of roughly $2.071 million.

Jump Trading has cumulatively traded nearly $150 billion on Hyperliquid, accounting for 7.8% of the platform’s total trading volume.

Hyperdash co-founder Hanson Birringer published an analysis stating that since Jump Trading first deposited funds into Hyperliquid on December 12, 2025, the firm has traded nearly $150 billion in total via one main account and 16 sub-accounts, accounting for 7.8% of Hyperliquid’s entire perpetual contract trading volume. In July this year, its trading volume share on the platform once rose to 17.9%. Jump primarily uses a taker strategy on Hyperliquid, and is suspected of leveraging the platform as part of its multi-market hedging and arbitrage trading activities. Currently, its account has a nominal position of approximately $145 million, with an account value of around $63.6 million. It is mainly long Brent crude oil and WTI crude oil, while shorting assets including gold, silver, MU, NVIDIA, DRAM, SK Hynix, and XYZ100. Additionally, Jump has paid roughly $7 million in trading fees to Hyperliquid to date. Hans believes this further confirms that the firm may be executing cross-platform market making and arbitrage strategies.

A new wallet deposited 11.9 million USDC into Hyperliquid, opening a 20x long position on 500 Bitcoin.

According to monitoring by on-chain analytics platform Lookonchain, a newly created wallet deposited 11.9 million USDC into Hyperliquid, then went long on 500 BTC with 20x leverage, leading to a notional position value of approximately $39.44 million. The estimated liquidation price of this position is $55,570.76.