Hyperliquid (HYPE) — Onchain News & Whale Tracking

GMGN's 24-hour revenue reached $2.46 million, surpassing Pump.fun and Hyperliquid.

According to Defillama data, GMGN’s protocol revenue reached $2.46 million over the past 24 hours, surpassing Pump.fun’s $1.12 million and Hyperliquid’s $1.76 million.

Hyperliquid officially announces HIP-3*: opens the door for compliant institutional-grade participants, offering an optional whitelist mechanism.

Hyperliquid has issued an API announcement stating that it will introduce an optional deployer configuration feature for HIP-3 in an upcoming network upgrade, collectively named HIP-3*. The core functionality allows deployers or their sub-deployers to manage on-chain whitelists and set access permissions for specific markets, enabling the creation of "permissioned markets". This feature is strictly an incremental addition to HIP-3, fully optional, with deployers deciding independently whether to adopt it—no impact on existing markets. The initial version of HIP-3* is now live on testnet; the testnet is a preliminary build and will be adjusted based on community feedback. Hyperliquid emphasized that it remains a neutral infrastructure layer, with the goal of supporting large-scale deployment of financial systems. HIP-3* is designed to provide deployers with additional functionality to operate their deployments while complying with their respective applicable regulatory requirements. Consistent with HIP-3, HIP-3* deployers are independent operators that use Hyperliquid as the on-chain infrastructure layer for their own markets, retaining full control and responsibility over their deployments. This design allows Hyperliquid to maintain its permissionless core while opening access to institutional participants that require a compliance framework.

Hyperliquid: Permissionless deployment pushes HIP-4 prediction market trading volume nearly threefold, with market access remaining a key limitation.

Hyperliquid Research Collective (HRC) released a report noting that after Hyperliquid opened third-party permissionless deployment for its HIP-4 prediction market layer on August 29, the platform’s trading volume grew rapidly. The average daily trading volume of HIP-4 in the first 28 days of August was around $545,000; following the deployment opening, single-day volume hit $1.97 million on August 31, with a 24-hour trading volume reaching $2.75 million, and the number of active traders rose from 1,256 to 1,841. The report points out that prediction market project Outcome has been the main beneficiary, currently accounting for nearly 85% of HIP-4’s total trading volume, and its $1 million trading incentive program further boosted liquidity growth. HRC attributes Hyperliquid’s core advantage to its unified account system: prediction markets can share the same account environment as perpetual contracts and HIP-3 assets, allowing users to hedge perpetual positions via prediction market contracts—an experience not currently offered by platforms like Kalshi and Polymarket. Sports prediction markets may become HIP-4’s largest growth area. During the recent World Cup, HIP-4-related markets recorded a cumulative trading volume of $189.5 million, accounting for around 3% of the global World Cup prediction market trading volume. However, HRC states that HIP-4’s current main limitation is not on-chain deployment, but regulatory access. The U.S. market involves regulatory frameworks from the CFTC, SEC, and other bodies, with sports prediction markets in particular likely triggering gambling-related regulatory scrutiny. HIP-4 has proven that permissionless deployment can rapidly expand trading scale, but whether it can further grow its market share will depend on the regulatory environment, recovery of the sports market, and future governance votes.

HYPE Treasury firm Hyperliquid Strategies has increased its financing limit to $2.5 billion, earmarking the funds for its reserve strategy.

Nasdaq-listed Hyperliquid Strategies (HSI) has increased its committed equity financing facility with Chardan Capital Markets from $1 billion to $2.5 billion, a 150% rise. The financing mechanism allows the firm to raise capital via new share issuances for its HYPE reserve strategy. As of June 30, HSI held approximately 29.3 million HYPE tokens, with related assets totaling around $1.904 billion. The company had earlier raised $646.6 million through this financing arrangement and deployed $773.4 million to acquire an additional ~16.5 million HYPE tokens, at an average cost of $46.77 per token. The amendment also imposes stricter limits on low-price share issuances: after cumulative share sales of $1 billion under this facility, if the issuance price falls below $12.02, the actual number of shares issued shall not exceed 42.6418 million, equivalent to 19.99% of the pre-amendment outstanding shares, unless approved by shareholders or subject to other applicable exemptions.

Silhouette launches Hyperliquid RFQ trading system, initially supporting xStocks tokenized stocks.

Hyperliquid’s block trading layer Silhouette has announced the mainnet launch of its RFQ (Request for Quote) trading system, with initial support for xStocks, Payward’s tokenized stock framework. According to the announcement, traders can submit quotes for supported xStocks, receive competitive bids from multiple market makers, and final executed trades settle directly on-chain, with support for 24/7 trading and large-sized orders. This model eliminates the need to build separate order books for each tokenized stock; once trading activity reaches a certain threshold, the assets can also be listed on Hyperliquid’s HyperCore market. Data shows that since its launch in June 2025, xStocks has recorded a cumulative trading volume exceeding $40 billion, with over 200,000 holders, of which nearly $20 billion in volume has been settled on-chain. The current global tokenized stock market size is around $2.53 billion, with xStocks boasting a market cap of ~$620 million, ranking third globally. In addition, Payward announced today that it will tokenize the 100 largest companies by market cap listed on the London Stock Exchange. The first batch of London-listed xStocks is expected to launch in the coming weeks, pending regulatory approval.

Hacker group Lazarus Group transfers over $30 million in funds via Hyperliquid.

According to monitoring by Emmett Gallic, addresses linked to the OFAC-sanctioned North Korean hacking group Lazarus Group were still transferring over $30 million in funds via Hyperliquid (HyperUnit) as of yesterday. On-chain detective ZachXBT identified these addresses as associated with Lazarus Group in 2024, noting they are linked to $61 million in stolen funds.

Hyperliquid is in discussions with Kraken's parent company about entering the U.S. market.

According to market sources, Hyperliquid is in talks with Kraken's parent company to enter the U.S. market.

SHEIN’s contract on Hyperliquid plunged nearly 15% in a short period, breaking below its IPO price range.

According to market data, SHEIN's pre-IPO contract trading pair on Hyperliquid plunged nearly 15% in a short period, hitting a low of $5.46, which fell below its IPO price range, and is now trading at $5.6, equivalent to around HK$43.9. It is reported that global fashion retail e-commerce platform SHEIN plans to list on the Hong Kong Stock Exchange on September 1, with a valuation of $27 billion, an offering of approximately 280 million shares, an IPO price range of HK$47.6 to HK$49.5 per share, and a maximum fundraising target of around HK$13.86 billion (about $1.77 billion).

Wintermute’s short positions on Hyperliquid turned profitable, with unrealized profits reaching $1.73 million.

According to monitoring by Onchain Lens, as the broader crypto market corrects, Wintermute’s large short positions previously established on Hyperliquid have returned to profitability. Currently, the firm holds roughly $149.2 million in short positions, with only about $5.01 million in long positions, translating to an overall unrealized profit and loss (PnL) of approximately $1.73 million. Specifically, Wintermute’s short positions include around $58.36 million in ETH, $26.11 million in SOL, and $19.16 million in BTC. Data shows its current portfolio remains highly skewed toward a bearish structure.

The third-largest ETH long on Hyperliquid, dubbed the "20x ETH leverage whale", added 5,088 ETH to its long position in the early hours of the morning.

According to TradingBeats monitoring, the "20x ETH long whale" added consecutive ETH long positions in the early hours of today, totaling approximately 5,088.97 ETH at an average price of ~$2,449.18, with a notional value of around $12.46 million. As of press time, the address holds 30,282.40 ETH in long positions worth ~$73.14 million, ranking as the third-largest ETH long on Hyperliquid. Its average entry price is $2,134.45, with an unrealized profit of roughly $8.508 million and a liquidation price of ~$1,749.24. The whale’s current ETH long positions were first opened on the evening of August 19, when the average entry price was ~$2,028.14. Additionally, the address has placed a reduce-only limit sell order for 25,193.44 ETH at a price of $4,000.

Hyperliquid launches PONS perpetual contract, now trading at $0.33.

According to official announcements, Hyperliquid has launched Pons (PONS) perpetual contracts, with a maximum leverage of up to 3x. The current mark price is 0.32999, and the contract open interest stands at $524,866. The current funding rate for the PONS contract is -0.0823%.

Hyperliquid HIP-4’s Outcome DEX (ticker: OUT) has completed deployment.

Hyperliquid HIP-4 permissionless deployments are now live, with the first HIP-4-based outcome DEX, "OUT", fully deployed. Per Hyperliquid’s developer documentation, HIP-4 enables deployers to permissionlessly create YES/NO or multi-outcome markets using templates approved via validator votes.

Four addresses have collectively withdrawn 675,000 HYPE tokens from Coinbase, with over $50 million worth of these tokens transferred to Hyperliquid for staking.

According to Onchain Lens monitoring, over the past several months, four wallet addresses have collectively withdrawn 675,000 HYPE tokens from Coinbase, valued at approximately $53.92 million, then transferred the funds to Hyperliquid for staking. Currently, the total value of HYPE staked by these four wallets exceeds $50 million. The relevant addresses are: 0xc0f5Cf95FE2152DDfd2867907800052C2B5Dba470, 0x193842c58A6ba8B1cBfD573CD35421a92a5cf2190, 0xd78F0921d88C22d74Bc776D82B7f057893e308Fc, 0xA2c5D94c46d4e24Def674734F035aef73450E7b7.

Trader "Maji" added nearly $5 million in positions in the past hour, currently ranking first on Hyperliquid's daily profit leaderboard.

According to monitoring by TradingBeats (formerly Hyperinsight), the address linked to crypto figure "Brother Ma Ji" (Huang Licheng) continued adding to long positions over the past hour, with total long open volume reaching approximately $4.99 million. The additions include ~900 ETH (worth ~$2.256 million), ~14 BTC (worth ~$1.115 million), ~8,000 HYPE (worth ~$660,000), and ~200 million PUMP (worth ~$957,000). Currently, the address holds: a 25x leveraged ETH long position on Hyperliquid totaling ~25,400 ETH (valued at ~$63.53 million) with an unrealized profit of ~$1.06 million; a 40x leveraged BTC long position totaling ~469 BTC (valued at ~$37.3 million) with an unrealized profit of ~$185,000; a 10x leveraged HYPE long position totaling ~180,000 HYPE (valued at ~$14.78 million) with an unrealized profit of ~$194,000; plus a 10x leveraged PUMP long position totaling ~200 million PUMP. Additionally, per TradingBeats’ daily profit leaderboard, Brother Ma Ji currently ranks first, with a daily net unrealized profit of approximately $3.4037 million.

CZ: If Hyperliquid enters the U.S. market, it will open up market space for more decentralized products and become a major positive for the entire crypto industry.

At the 2026 Wyoming Blockchain Symposium, CZ stated that Trump mentioned Hyperliquid, adding that Commodity Futures Trading Commission (CFTC) Chairman Mike Selig will explore pathways for the platform to enter the U.S. market. CZ believes that if this development is successfully implemented, it will be a major boon for the entire crypto industry. CZ noted that due to his stake in Binance, he is often perceived as a supporter of centralized exchanges, but his core motivation for entering the crypto space is his belief in decentralization. He pointed out that some users choose Hyperliquid because the platform allows wallet-based access without traditional accounts or KYC processes; if Hyperliquid can operate in the U.S. in a compliant manner, it will open the door for perpetual contracts and more decentralized services to enter the U.S. market. He argued that this is not just about Hyperliquid itself. “Hyperliquid is just the cutting edge; once this leading project enters, other projects will follow suit.” The related progress will benefit more decentralized products and their portfolio companies, while also bringing more liquidity to international centralized exchanges, enabling U.S. users to secure more competitive prices when trading crypto assets. CZ said that the crypto market is far from saturated at this stage, so competition between platforms is not a major concern. Hyperliquid’s entry into the U.S. will not only benefit itself but also expand the overall market size of the entire industry. “What is good for them will also be good for us.”

Top 10 Revenue-Generating Hyperliquid Builders in the Past 30 Days: MetaMask Tops the List, With Phantom and Trust Wallet Securing Second and Third Spots Respectively.

Per HyperTracker data, in Hyperliquid Builder’s 30-day revenue ranking, MetaMask leads with ~$1.3248 million, followed by Phantom at ~$1.2568 million, and Trust Wallet third with ~$900,200. The full breakdown: MetaMask: $1.3248M, 30-day trading volume $1.43B; Phantom: $1.2568M, $2.29B; Trust Wallet: $900.2k, $1.5B; Invo: $658.4k, $1.87B; fomo: $430.1k, $971M; 0xc7...b71a: $291.6k, $294M; 0x7c...e781: $242.3k, $636M; Trasia: $229k, $457M; Rabby: $227.7k, $1.13B; Blockchain: $181.2k, $160M. The Hyperliquid Builder Code mechanism allows wallets, trading frontends, tools, or bots to add origin tags to transaction orders via the on-chain Builder field, earning a share of fees from the transaction flows they route. Data shows top wallets and frontends are emerging as key revenue capture entry points for the Hyperliquid ecosystem, with MetaMask and Phantom both generating over $1.2 million in Builder revenue over the past 30 days.

Hyperliquid AQAv2’s first tranche of funds could repurchase approximately $20 million worth of HYPE.

The first revenue from Hyperliquid’s AQAv2 mechanism is expected to flow into the Hyperliquid Aid Fund on October 3, with market projections putting the initial funding at around $20 million, which will be used to repurchase HYPE tokens. AQAv2 (Aligned Quote Asset v2) is a stablecoin mechanism announced by Hyperliquid in May this year, allowing stablecoins not exclusively issued by Hyperliquid—including USDC—to obtain the "Aligned" qualification. Per public details, AQAv2 returns the majority of stablecoin revenues to the Hyperliquid ecosystem: 90% of these revenues are allocated to relevant mechanisms, and 100% of that sum is subsequently used to repurchase and burn HYPE tokens. Coinbase has been named the fund deployment partner, while Circle handles technical deployment; both firms will also stake HYPE to participate in the mechanism. Analysts forecast the mechanism will generate an additional $135 million to $160 million in annual HYPE repurchase pressure.

Opinion: Bitcoin’s full-scale rally still needs one final condition, and a Hyperliquid whale turning bullish could be the key

Crypto analyst CW stated in a post that Bitcoin will need to meet three conditions to kick off a full-scale rally: Hyperliquid whales turning bullish, Bitfinex whales completing their BTC long position accumulation, and the elimination of negative Korea Kimchi Premium and Coinbase Premium. So far, Bitfinex whales have finished building their BTC long positions, while both the negative Kimchi Premium and negative Coinbase Premium have disappeared—meaning two of the three conditions are already satisfied. The market’s core focus moving forward will be whether Hyperliquid whales shift to a bullish stance; once this signal emerges, it could act as a catalyst for Bitcoin to start a new upward trend. It’s worth noting that the above assessment primarily reflects the analyst’s personal views, and related premiums and whale position changes are generally only used as reference indicators for market sentiment and capital flows.

Hyperliquid’s testnet has launched trailing stop orders.

Hyperliquid News announced that Trailing Stop orders are now live on Hyperliquid’s testnet. The feature allows users to dynamically adjust their stop-loss trigger price based on market price movements, enabling them to lock in profits or mitigate downside risks when the market reverses.

Anthropic Targets $2 Trillion Valuation? First Pre-IPO Market on Hyperliquid Notches Nearly $3 Million in 24-Hour Trading Volume.

HIP-3 market deployer Entropy has launched the platform’s first Anthropic Pre-IPO market on Hyperliquid. ANTH rose 2.9% over the past 24 hours, currently trading at $1,965.4, with a 24-hour trading volume of $2.94 million and contract open interest reaching $2.06 million.

Hyperliquid's largest gold long position holder has unrealized profits exceeding $6.35 million, while holding a flash swap short position.

According to monitoring by TradingBeats (formerly Hyperinsight), Loracle sub-address 0xefe4...194b currently ranks first on the Hyperliquid xyz:GOLD position leaderboard, holding approximately 12,801.96 long GOLD positions with a position value of around $59.8953 million and an unrealized profit of roughly $6.3510 million. Additionally, the address also holds about 15,567.34 short xyz:SNDK positions, with a position value of approximately $22.5929 million and an unrealized profit of around $0.3703 million. The combined value of the two positions is roughly $82.4881 million, with a total unrealized profit of approximately $6.7213 million.

Kinetiq is set to launch its new Hyperliquid Layer 2 (L2) network, Elysium, with HYPE as the native gas token.

Hyperliquid ecosystem project Kinetiq has announced the launch of Elysium, a new Hyperliquid L2 network designed to address key pain points including HyperEVM’s performance bottlenecks and the complexity of its dual-block architecture. Elysium will use HYPE as its native gas token, enabling seamless integration with HyperCore and HyperEVM. Deployed in close synergy with the Hyperliquid mainnet, Elysium’s initial block production performance is projected to far outpace HyperEVM levels. The network will support token issuance: projects can launch starting with a long-tail asset AMM, then gradually integrate Elysium’s PropAMM, HyperCore spot order book, and qualify for perpetual contract listings via HIP-3. For its economic model, 25% of Elysium sequencer fees will be allocated to application builders that consume block space, 25% will go to the Kinetiq treasury, and 50% will be used for programmatic purchases of KNTQ tokens on the open market. All purchased KNTQ tokens will be burned and transferred to the Hyperliquid Aid Fund.

Fortune highly praises Hyperliquid, comparing it to Binance’s 2017 breakout debut, highlighting its multiple advantages as it enters the U.S. market.

Fortune published an article titled "A New Crypto Giant Is Rising," praising Hyperliquid. At last week's SALT Conference, the premier crypto industry event held in Jackson Hole, Hyperliquid became the talk of the entire gathering. Since its launch in 2023, Hyperliquid has operated under an offshore model, but its team is accelerating efforts to establish a regulated business in the United States. Unlike most offshore firms that have stumbled in the U.S. market, Hyperliquid boasts multiple advantages: CEO Jeff Yan was born in the U.S., and it is reported that he has secured support for perpetual contracts from influential figures including former President Trump and the Chairman of the Commodity Futures Trading Commission (CFTC). The company's team also includes Schamis, who brings decades of credibility in traditional finance, and prominent crypto lawyer Jake Chervinsky, who is dedicated to building a legal framework for DeFi in the U.S. Fortune assesses that Hyperliquid could suddenly emerge as a major competitive threat to crypto giants such as Coinbase, Kraken, and Robinhood, much like Binance burst onto the scene in 2017.

Fortune highly praises Hyperliquid, comparing it to Binance when it burst onto the scene in 2017, noting that Hyperliquid holds multiple advantages as it enters the U.S. market.

，《财富》刊文《一个新的加密巨头崛起了》盛赞 Hyperliquid。在上周于杰克逊霍尔举行的加密行业顶级盛会 SALT 会议上，Hyperliquid 成为全场热议的焦点。Hyperliquid 自 2023 年上线以来一直采取离岸模式运营，但其团队正加速推动在美国建立受监管业务。与多数折戟美国市场的离岸公司不同，Hyperliquid 拥有多重优势：CEO Jeff Yan 为美国出生，且据称获得特朗普及 CFTC 主席等有影响力人士对永续合约的支持。公司团队还包括拥有数十年传统金融信誉的 Schamis，以及致力于为 DeFi 在美国建立法律框架的知名加密律师 Jake Chervinsky。《财富》判断 Hyperliquid 可能突然成为 Coinbase、Kraken 和 Robinhood 等加密巨头的重大竞争威胁，如同 2017 年 Binance 横空出世。

The largest short position holder of LIT on Hyperliquid has added $2.5 million in margin, with unrealized losses exceeding $5.6 million.

On-chain analyst Ai Yi (@ai_9684xtpa) monitored that Hyperliquid’s largest LIT short seller today urgently added $2.5 million in margin, posting an unrealized loss of $5.605 million. The trader holds 2.528 million LIT short positions (valued at approximately $8.9 million) with an average entry price of $1.3. Following LIT’s listing on Upbit today, the token saw a brief rally; to mitigate liquidation risk, the short seller added margin. Currently, the single-coin margin stands at a high of $7.16 million, with a liquidation price of $5.78.

A fake Hyperliquid website carried out phishing attacks via Google Ads, with the hacker group stealing a total of $52.74 million.

According to monitoring by security firm Salus, a phishing website impersonating Hyperliquid was promoted through Google sponsored ads, leading one victim to lose around 550,000 USDC on August 13. After tracing the fund flow further, investigators confirmed the incident involved specialized "Drain-as-a-Service (DaaS)" infrastructure closely tied to the Inferno ecosystem. The DaaS service provides a range of tools including malicious scripts, admin panels, authorization instruction generation, one-time contract deployment, automated token theft, cross-chain withdrawals, token swaps, and fund aggregation, while supporting automated revenue sharing. In this attack, the phishing group handled purchasing Google ads, deploying the fake website, and providing final receiving addresses. Once the theft was successful, the backend automatically split the stolen funds per a preset ratio. Further fund tracking showed that multiple groups linked to this infrastructure had previously taken part in several large-scale phishing attacks, causing cumulative losses of about $52.74 million. This incident once again underscores the risk of phishing attacks that promote fake crypto platforms via search engine ads. Users should carefully verify website domains and ad sources when accessing trading platforms to avoid asset losses from fake pages.

Hyperliquid Ecosystem Tokens See Broad Gains, Meme Coin PURR Surges Over 57%

Against the backdrop of Trump's mentions and favorable crypto policies, HYPE has hit successive new highs, while tokens in the Hyperliquid ecosystem have also seen a broad rally. According to GMGN market data, Hyperliquid ecosystem meme coin PURR currently has a market cap of $87.93 million, up over 57% in 24 hours; KNTQ, the token of Hyperliquid ecosystem restaking protocol Kinetiq, carries a market cap of $55.05 million, up 19% in 24 hours. Additionally, meme coin speculation on Hyper EVM is gaining momentum: EGG surged to a $9 million market cap yesterday before pulling back, now standing at $4.93 million with a 24-hour gain of 187%; Chomolon Joff (JOFF) has a market cap of $11.41 million, up 233.4% in 24 hours. BlockBeats reminds users that prices of related tokens are highly volatile, so investors should exercise caution.

Abraxas Capital is shorting the market, establishing a short position of approximately $783 million on Hyperliquid.

According to Lookonchain’s monitoring, Abraxas Capital has recently taken a large short position on Hyperliquid, with the short position size reaching approximately $783 million. Meanwhile, the institution is hedging via spot purchases, having withdrawn 73,872 ETH from Binance over the past four days, valued at around $173 million.

Wintermute ramps up its short positions on cryptocurrencies, with its short exposure on Hyperliquid rising to $191 million.

According to monitoring by Onchain Lens, market maker Wintermute has recently continued depositing funds into Hyperliquid and expanding its short positions. Its total short exposure has risen from the previous $146 million to $191 million, adding approximately $44.58 million in short positions. Currently, its top five short positions are: ETH (~$53.02 million), BTC (~$30.66 million), SOL (~$22.62 million), HYPE (~$11.43 million), and XRP (~$10.19 million). The address currently has an unrealized loss of roughly $5.85 million. Additionally, Wintermute is transferring large amounts of funds to centralized exchanges such as Binance; the scale of its CEX perpetual contract positions remains to be further observed.

Hyperliquid's weekly revenue has exceeded $16 million, marking a nearly 196% increase compared to last week.

According to Defillama data, Hyperliquid's weekly revenue hit $16.93 million this week, a nearly 196% jump from last week's $5.72 million. Fueled by this week's rebound in the crypto market, demand for perpetual contract trading has risen, driving simultaneous growth in the platform's trading volume and fee revenue. Separately, HTX market data shows Hyperliquid's native token HYPE has rallied over 37% this week, currently trading at $78.66.

Wintermute holds a $146 million short position on Hyperliquid, with a total unrealized loss of $3.66 million currently.

According to monitoring by Onchain Lens, Wintermute currently holds open positions worth $160.03 million on Hyperliquid. Of these, short positions are valued at $146.19 million, while long positions total just $13.85 million. The positions have a combined unrealized loss of $3.66 million, but have earned $2.14 million in funding fee revenue. Still, Wintermute’s cumulative historical profits stand at $203.55 million.

Regulated Major Exchanges Ditching Self-Built Chains? Kraken Reportedly Testing Hyperliquid’s Permissioned HIP-3, Community Debates Practical Pathways for Crypto Infrastructure

Hyperliquid’s testnet has recently added compliance operation control features including whitelisting, forced liquidation, and collateral transfer. A node named "Kraken HIP-3 test DEX" has activated these permissioned features, whitelisted 10 wallets, and registered the "Kraken Exchange Validator". While the testnet supports permissionless deployment and full attribution cannot be confirmed, combined with Kraken parent company Payward’s licensing arrangements for xStocks and U.S. derivatives, the community widely interprets this as likely the first major compliant CEX to seriously adapt to Hyperliquid’s permissioned HIP-3 framework. What has sparked even more discussion is the contrast here: Kraken itself has incubated its own Ethereum Layer 2 "Ink", yet it chose to test compliance modules on Hyperliquid, a high-performance perpetual infrastructure long viewed as "not fully compliant". Analysts believe this is not a simple "abandonment of its own chain", but a pragmatic choice: the HIP-3+Star optional modules allow CEXs to quickly access verified order book and margin systems while retaining control over KYC and account-level risk control. Hyperliquid is being repositioned as a neutral underlying trading infrastructure, where permissioned and permissionless layers coexist in isolation. Whoever integrates the compliance modules will gain access to institutional liquidity in the next phase. This remains in the testing stage, with neither side having made an official announcement.

Hyperliquid Policy Center: Perpetual Contracts Are an Effective Supplement to Traditional Futures

The Hyperliquid Policy Center released a new research report stating that perpetual contracts act as an effective complement to traditional delivery futures. By analyzing weekend trading data of 205 Bitcoin and 19 on-chain crude oil contracts, the report found that perpetual contracts eliminate forced rollover costs, lower the crude oil trading threshold to 1/100 of that of traditional WTI, and deliver accurate price discovery functions during non-trading hours of traditional markets. The policy center also cited data to prove that the growth of the perpetual market has not caused statistically significant harm to existing benchmark markets.

The second-largest BTC long position holder on Hyperliquid has an overall unrealized profit of over $20 million, with no position reduction actions taken so far.

According to monitoring data from TradingBeats (formerly Hyperinsight), the second-largest BTC long position holder (address 0x15) on Hyperliquid now has an overall unrealized profit exceeding $20 million. This includes $14.4 million from a 40x BTC long position and $6.32 million from a 20x ETH long position. No position reduction actions have been taken by this address so far. Both its BTC and ETH long positions were reduced in early July, with the average entry price of the BTC long position at $62,353 and that of the ETH long position at $1,761.

The largest BTC long position holder on Hyperliquid has held their position for 3 months; the BTC long position of the so-called "BTC OG Insider Whale" will break even with just a $300 rise in the coin’s price.

Per monitoring by TradingBeats (formerly Hyperinsight), the 0x92-starting address belonging to Garrett Jin, agent of the "BTC OG Insider Whale", is set to break even after holding a long position for three months. The long position was opened on May 20 at an average price of $76,117. At Bitcoin’s current price of $75,810, it only needs the cryptocurrency’s price to rise by roughly $300 to reach break-even. However, strictly speaking, since the address has already paid $1.41 million in funding fees for the long position, fully recouping its costs will require further upside in Bitcoin’s price.

Chasing highs aggressively with 20x leverage, the fourth-largest ETH long position on Hyperliquid has expanded its unrealized profit to $7.3 million.

According to monitoring by TradingBeats (formerly Hyperinsight), the fourth-largest ETH long address on Hyperliquid – with the top three all linked to Matrixport – has seen its unrealized profit expand to $7.3 million, at an entry price of $2,027. Data shows the address first deposited funds into Hyperliquid on August 7, began building positions on the evening of August 19 when ETH rose to $2,057, generated roughly $8 million in profit within two days, and completed its first position reduction on the morning of August 20, locking in $864,565 in gains.

Hyperliquid's total fees rose 31% in the first half of the year to $419 million, with HYPE's valuation now approaching that of traditional trading platforms.

Hyperliquid has released its first-half (H1) 2026 performance analysis. Key metrics show total fee revenue hit $419.3 million, up 31% year-over-year (YoY); daily active users rose roughly 90%, with trading volume reaching $1.29 trillion in H1, and June alone notching $266.5 billion in volume. However, Hyperliquid’s core protocol revenue fell 3.8% YoY to $305.3 million from $317.5 million in H1 2025. The decline stems from the rapid expansion of HIP-3 markets, which let external teams launch markets for stocks, commodities, pre-IPO assets and other products on Hyperliquid’s infrastructure, retaining 50% of trading fees. HIP-3 now contributes 11.2% of total fee revenue. In derivatives, Hyperliquid’s open interest (OI) stands at ~$9.1 billion, accounting for 10.3% of the global crypto perpetual contract market and up 24.8% YoY; its on-chain perpetual contract market share is 54.5%, exceeding that of all other on-chain platforms combined. On valuation, including the ~$309 million annualized HYPE token issuance cost, HYPE’s adjusted price-to-earnings ratio is ~23x, nearly matching the ~24.5x average of peers including traditional exchanges CME, CBOE, Interactive Brokers and Coinbase. The report projects a USDC reserve yield partnership could add $135–160 million in annual revenue for Hyperliquid, which would be used for HYPE buybacks. It flags H2 growth risks including competition and regulatory uncertainty: HIP-3 markets rely heavily on individual developers, while stock and pre-IPO asset markets face unclear regulatory oversight. Still, new offerings like HIP-4 prediction markets, options products and USDC reserve yields could further diversify Hyperliquid’s revenue streams.

CME CEO: trade.xyz and Hyperliquid are impacting the U.S. market.

Chicago Mercantile Exchange (CME) Group Chairman and CEO Terry Duffy said at a Commodity Futures Trading Commission (CFTC) Innovation Advisory Committee meeting this morning that trade.xyz and Hyperliquid are exerting a material impact on the U.S. market. trade.xyz is a major market builder on the Hyperliquid chain, focusing on perpetual contracts for stocks, commodities, and pre-IPO assets, with its trading volume accounting for a significant share of Hyperliquid’s total volume. Duffy has repeatedly publicly raised concerns about leverage and regulatory issues related to such offshore platforms. Furthermore, Duffy engaged in a heated exchange with CFTC Chairman Michael Selig and Kalshi Chief Operating Officer Luana Lopes Lara over the regulation of prediction markets. Duffy noted that some prediction market contracts carry manipulation risks, particularly those listed via self-certification. He cited certain contracts linked to content from Trump’s State of the Union address and the timeline of Venezuelan President Nicolás Maduro’s ouster as potential manipulation risks, stating that this is harmful to the entire industry.

The third-largest HYPE long position on Hyperliquid has an unrealized profit of $14.58 million, and has not taken any additional actions since opening a 10x long at a low level.

According to monitoring by TradingBeats (formerly Hyperinsight), address 0x6666...23f5 currently holds 450,000 HYPE long positions on Hyperliquid, with a position value of approximately $32.49 million. Its average entry price is $39.8114, and the current unrealized profit is around $14.58 million. On-chain fund flow data shows that the address’s initial funds entered HyperCore primarily via Circle CCTP-related HyperEVM CoreDepositWallet. The first deposit was made on March 18, 2026, followed by cumulative receipts of about 3.8 million USDC between March 18 and 27, all from the HyperEVM CoreDepositWallet. Subsequently, starting at 02:31 HK time on March 18, 2026, the address built a 10x leveraged HYPE long position from scratch, completed its last position addition on April 7, and has since been inactive (making it impossible to calculate its historical trade win rate). As of press time, the address has paid $950,000 in funding fees for its long positions, ranking third among all HYPE contract long addresses on Hyperliquid by position size.

CZ comments on Trump's new crypto policy: The policy's benefits are not limited to Hyperliquid, and it sends a positive signal to the entire crypto industry.

CZ retweeted his own remarks on Hyperliquid’s entry into the U.S., pointing out that many people are overlooking the bigger picture. He noted that policies cannot be applied to only a single company or project, adding that a policy beneficial to one will benefit the entire industry. Earlier, CZ had commented that the Trump administration might bring Hyperliquid to the U.S. in a compliant, legal manner, which would open more Perpetual Decentralized Exchanges (Perp DEXes) and decentralized services to U.S. users, a huge boon for the broader crypto sector.

Whale deposits 20M $USDC to Hyperliquid, opens 4x long on 20K $ETH, profits $6.66M

What a coincidence! 13 hours ago, a whale created a new wallet (0xedcd), deposited 20M $USDC into Hyperliquid, and opened a 4x long on 20,000 $ETH($45.38M). Shortly after he opened the position, $ETH started surging. He is now sitting on an unrealized profit of $6.66M.

Hyperliquid generated $4.4 million in revenue over the past 24 hours, burning $4.24 million worth of HYPE.

According to monitoring by Onchain Lens, decentralized exchange platform Hyperliquid generated approximately $4.4 million in revenue over the past 24 hours, while burning HYPE tokens worth around $4.24 million in the same period.

Linera claims it aims to become the 'next Hyperliquid' and will promote the LNRA token sale.

New public blockchain Linera, founded by former Libra employees, announced today that it aims to become the "next Hyperliquid" and teased an upcoming LNRA token sale. Linera said it is following Hyperliquid’s playbook: building its own dedicated chain, focusing on consumer products, operating with a small team, generating real revenue first, and prioritizing user rewards. Its core product is a real-time prediction market at app.linera.xyz, which can launch, operate, and settle within one minute. The project uses a parallel microchains architecture, supporting thousands of small markets to run simultaneously, with final confirmation times typically under one second—solving congestion and high fees that plague general-purpose blockchains in real-time use cases. All markets operate on a pure player-versus-player (PvP) model, with no house and no external market makers required. The core team numbers just five members. Users who earn badges by engaging with the product will get priority access to an exclusive subscription pool for the LNRA sale. Detailed sale information will be announced at a later date.

HYPE surges more than 22% in 24 hours; Trump says US SEC Chair is pushing Hyperliquid to enter the U.S. in a compliant manner.

Per HTX market data, HYPE has jumped over 22% in the past 24 hours, currently trading at $71.94. On the news front, US President Donald Trump stated that SEC Chair is working to advance Hyperliquid’s entry into the US market. Trump noted that relevant efforts are ongoing, with the goal of enabling Hyperliquid to operate under the US regulatory framework. No specific implementation plan or timeline has been disclosed yet. Earlier, Hyperliquid representatives discussed digital asset regulatory issues with the US SEC Crypto Assets Working Group, covering Hyperliquid’s ecosystem, technical architecture, and market regulatory pathways.

Trump: US SEC Chairman is pushing for Hyperliquid to enter the US in a compliant manner.

Hyperliquid News cited sources as saying that U.S. President Donald Trump stated SEC Chair is pushing Hyperliquid to enter the U.S. market. Trump noted that relevant work is underway, with the goal of enabling Hyperliquid to operate under the U.S. regulatory framework, though no specific implementation plan or timeline has been released yet. Earlier, Hyperliquid representatives had discussed digital asset regulatory issues with the U.S. SEC’s Crypto Assets Working Group, covering Hyperliquid’s ecosystem, technical architecture, and market regulatory pathways. If Hyperliquid secures U.S. market access in the future, it could become a key case for decentralized derivatives trading platforms to achieve compliance, and further drive on-chain trading platforms into the U.S. mainstream financial market.

A 40x leveraged short whale added 800 BTC to its short position, currently ranking as the largest BTC short on Hyperliquid.

According to monitoring from TradingBeats (formerly Hyperinsight), a whale address starting with 0x66 added 800 BTC to its short position during tonight’s sharp BTC rally, expanding its 40x-leveraged short to 1,200 BTC, making it the largest BTC short seller on Hyperliquid. The address currently holds an unrealized loss of $2.39 million, with an average entry price of $66,891 and a liquidation price of $70,039. Data shows the whale address is tagged as both "High Profit" and "Whale" — meaning its cumulative historical profit and loss exceeds $1 million, and its perpetual contract account net value (excluding spot and staking assets) ranges between $1 million and $5 million. Its win rate on completed historical trades stands at 55%.

Coinbase introduces perpetual contracts to its Base App via Hyperliquid, supporting up to 50x leverage.

Coinbase announced it is introducing perpetual contract trading to Base App via Hyperliquid. Eligible users can trade over 290 perpetual contract markets, with up to 50x leverage, covering Bitcoin, Ethereum, and markets linked to stocks and commodities. Chintan Turakhia, Coinbase’s head of engineering, noted that perpetual contracts currently account for roughly 75% of total crypto market trading volume, and are the most requested feature among Base App’s power users. Trades will be executed within Base App, though Hyperliquid handles the actual settlement, so users do not need to leave their existing wallets. Coinbase added that maximum leverage varies per asset, and positions may be liquidated if losses exceed a set threshold. The product is not currently accessible to users in the U.S., U.K., Canada, and other jurisdictions that restrict leveraged crypto derivatives trading. The launch also signals a shift in Base App’s product focus, moving away from its previous emphasis on social and creator features toward trading, payments, and AI Agents. Base founder Jesse Pollak previously acknowledged that social and creator tokens failed to deliver the expected user growth, while prediction markets, perpetual contracts, and stablecoins have emerged as stronger drivers of adoption.

The largest ETH short position on Hyperliquid has seen its unrealized loss expand to $19.17 million, with its liquidation price currently quoted at $2,189.

Per monitoring from TradingBeats (formerly Hyperinsight), pension-usdt.eth — the largest Ethereum short whale on Hyperliquid — has seen its unrealized loss on ETH short positions expand to $19.17 million. The address opened a 3x leveraged ETH short position at $1,700. Despite the massive unrealized loss, the position’s value still stands at $104 million, with a liquidation price of $2,189. It has earned $1.04 million in funding fees. Notably, pension-usdt.eth has not executed any trades in nearly two months, yet its win rate on closed trades hits 85.45%. Its historical trading profit on BTC amounts to $13 million, while its ETH trading profit is as high as $27.48 million.

The unrealized profit of the second-largest BTC long position on Hyperliquid has widened to $5.82 million, while ETH long positions hold an unrealized profit of $3.05 million.

According to monitoring by TradingBeats (formerly Hyperinsight), the unrealized profit of the second-largest BTC long address on Hyperliquid has expanded to $5.82 million. The address currently holds a 40x leveraged BTC long position of 1,000 BTC, with a position value of $68.18 million and an entry price of $62,353. Additionally, the same address also holds a 20x leveraged ETH long position worth $20.67 million, posting an unrealized profit of $3.05 million at an entry price of $1,761.

2 whales short 50,838 $ETH ($98M) on Hyperliquid

Whales are shorting $ETH! Two whales are shorting a total of 50,838 $ETH ($98M) on Hyperliquid.