Hyperliquid (HYPE) — Onchain News & Whale Tracking

A whale deposited 4.35 million USDC into HyperLiquid, shorting LIT with 1x leverage.

On December 30, data from Onchain Lens shows a crypto whale deposited 4.35 million USDC into HyperLiquid and opened a 1x leveraged short position on LIT, with an average entry price of $2.74. The position currently faces an unrealized loss of $200,000. Notably, the same whale holds leveraged short positions on Lighter: 10x on XMR, 5x on ASTER and MEET, and 3x on HYPE, USELESS, and STBL. These positions are in floating profit of $1.6 million.

A whale deposited 1x short LIT position, becoming the top bear on LIT on Hyperliquid

December 30th — Per on-chain analyst Ai Auntie (@ai_9684xtpa), a whale has deposited 4.35 million USDC into Hyperliquid, opened a 1x short position of 1,110,677 LIT tokens with an average entry price of $2.74, and currently holds an unrealized loss of $25,000.

A whale went long on LIT with 1x leverage in a HyperLiquid pre-market trade, currently sitting on an unrealized loss of over $652,000.

On December 30, Onchain Lens monitoring shows that as LIT’s Token Generation Event (TGE) approaches, a whale has participated in pre-trading on HyperLiquid, taking a 1x leverage long position on LIT. The current floating loss has topped $652,000.

A whale deposited 2 million USDC into Hyperliquid to short 2x ZEC

December 29: A whale with the ENS domain neoyokio.eth deposited 2 million USDC into Hyperliquid and initiated a double short position on ZEC 30 minutes ago, per data from Onchain Lens.

Hyperliquid Vesting Team Token Unlock Schedule: 1.2M HYPE to be unlocked on January 6th

On December 28, Hyperliquid announced on Discord its team token unlock schedule: 1.2 million HYPE will unlock on January 6, with monthly unlocks on the 6th going forward.

Hyperliquid 2025 full-year net inflows of $38.7 billion, with a trading volume of nearly $30 trillion

December 26: Crypto research firm ASXN released Hyperliquid’s 2025 operational metrics, highlighting key figures: - Annual net fund inflows hit $38.7 billion; 609,662 new users added. - Total 2025 trading volume topped $2.95 trillion, with averages of $83.4 billion daily, $3.47 billion hourly, and $5.79 million per minute. - Order execution volume set a record: 198.9 billion total transactions (including 1.743 trillion perpetual contracts, 226 billion spot trades, ~19 billion HIP-3s), averaging 562 million daily, 23.4 million hourly, ~390,000 per minute. Amid growing momentum in the DEX derivatives sector, Hyperliquid’s fund inflows and trading activity underscore its strong appeal in high-frequency and perpetual contract markets.

Hyperliquid Short Squeeze Underway: BTC Long Whale Cools Off by Nearly 50%, ETH Short Interest Doubles Longs

December 26th — Per HyperInsight monitoring, whale long positions on BTC and ETH have seen a sharp reduction on Hyperliquid recently. Currently, BTC whale long/short strength is evenly matched, with ~122 long positions vs. ~116 short positions. For ETH, short positions are twice the number of longs: ~58 longs vs. ~113 shorts. Compared to October 14th data, BTC whale long positions have dropped nearly 50% in roughly two months (from 234 to current levels). BTC short positions at that time were ~125, with relatively limited change. Key whale details from monitoring: - Largest BTC short whale (address 0x50b): Avg entry ~$88,200, liquidation ~$94,100, position size ~$76.44M. - Largest ETH short whale (dubbed the "20 Million Range Hunter"): Avg entry ~$3,129, liquidation ~$3,796, position size ~$70.23M.

Hyperliquid Foundation has announced the permanent burn of 11.068% of the circulating HYPE token supply

On December 26, the Hyperliquid Foundation announced that HYPE tokens held in the Reserve Fund System address have been officially burned, representing 11.068% of the circulating supply. The associated governance vote utilized a consensus mechanism weighted by staked votes, with results showing 85% of staked votes in favor of the burn, 7% opposed, and 8% abstaining.

FOGO on Hyperliquid Surges 550%, New Address Makes Around $500,000 Profit in Half an Hour

December 25th – MLM Monitor reports a ~$1.49 million pre-market short position on FOGO was liquidated in 15 minutes on Hyperliquid, as the token surged 550%. This chain liquidation triggered an Auto-Deleveraging (ADL) event for a long-position wallet, locking in ~$500k in profit in under 30 minutes. Notably, the wallet opened its long via TWAP just 7 hours prior and uses a newly created address. Address link: https://hypurrscan.io/address/0xb2f42334fffc3947b4c79c7e3dc3d387d391f148 The largest single liquidation hit a wallet that kept adding to its FOGO short during the process (fueling further momentum). The system liquidated the wallet’s isolated short position in 10 minutes, resulting in a ~$100k USDC loss on a $224k nominal-value position. Address link: https://hypurrscan.io/address/0x4013eb7da81902a556146861dc50e9c0f515238d

Suspected entity longing TST on Hyperliquid, with a position size of 42.3%

On December 24th, on-chain analyst Ai Auntie (@ai_9684xtpa) reported that three addresses have deposited 2.47 million USDC as collateral into Hyperliquid over the past 24 hours. Together, they opened 1.69 million TST long positions worth $1.69 million—accounting for 42.3% of Hyperliquid’s total TST Open Interest and holding the top three long positions on the platform. The three addresses are likely linked to the same entity, per three key observations: 1. All exhibited identical behavior: transferring BTCB out of Gate, depositing it to Aster, then withdrawing USDT; 2. Their collaterals were all withdrawn from Gate or OKX in the past 24 hours, with direct deposits to Hyperliquid post-withdrawal; 3. The TST long positions are currently their only holdings on Hyperliquid. Notably, one of the addresses—0x48c…bc9d0—previously opened a TST long position in early December and netted a $31,000 profit.

Mainstream Perp DEX Overview: Platforms See Mild Rebound in Trading Volume from Weekend Lows, with Hyperliquid Emerging on Top

December 23rd, per DefiLlama data, liquidity has softened—likely tied to the approaching Christmas holiday. Over the past 24 hours, trading volume across major perpetual contract DEXs has seen only a modest rebound from weekend lows. Hyperliquid currently leads, followed by Lighter and Aster. Here’s a breakdown of key Perp DEX metrics: - **Hyperliquid**: ~$61.8B 24h volume, ~$41.2B TVL, $73.5B open interest [Link: https://app.hyperliquid.xyz/join/NTOD] - **Lighter**: ~$58.1B 24h volume, ~$14.1B TVL, $16B open interest - **Aster**: ~$51.1B 24h volume, ~$12.8B TVL, $24.1B open interest [Link: https://www.asterdex.com/en-US/referral/aboter] - **EdgeX**: ~$29.9B 24h volume, ~$3.68B TVL, $7.58B open interest - **ApeX**: ~$19.1B 24h volume, ~$46.64M TVL, $1.97B open interest - **Backpack**: ~$13B 24h volume, TVL undisclosed, $2.26B open interest - **Variational**: ~$9.6B 24h volume, ~$66.18M TVL, $4.9B open interest - **Pacifica**: ~$5.89B 24h volume, ~$41.73M TVL, $

Contract Whale pension-usdt.eth conducted intraday ETH contract scalping, still among the largest ETH long positions on Hyperliquid

Dec 23 — On-chain analyst Auntie Ai (@ai_9684xtpa) reports that address **pension-usdt.eth** closed 5,180.87 ETH (netting ~$230k in profits) 5 hours ago, exiting positions in the $3002.6–$3019 range. In the past hour, the address has re-established a **30,000 ETH long position** — now ranking among the top 3 long addresses on Hyperliquid. This completes a swing trade: the address exited at ~$3003–$3019 and re-entered at ~$2954–$2964. As of now, the position totals $88.9M in value, with an average entry price of $2,967.88, an unrealized loss of $128k, and an overall account profit of $25.13M.

AAVE's continued decline led to multiple liquidations of long positions on Hyperliquid, with the founder "self-funding a market rescue" now facing a $2 million unrealized loss.

December 23 — Per monitoring from HyperInsight (via its Telegram channel), a leading long whale address (0x074) on Hyperliquid has been liquidated multiple times and fully wiped out over the past 15 hours, driven by AAVE’s continuous decline yesterday and this morning. The short-term liquidation volume totals approximately $1.19 million. This long position was opened on November 16 at an average price of $189. On-chain analyst Yu Jin reported that Aave founder Stani Kulechov once again bought the dip in AAVE tokens this morning. Earlier today, Stani withdrew 1,699 ETH (worth roughly $5.17 million) from Kraken and purchased 32,658 AAVE at an average price of around $158. Notably, this marks Stani’s second recent dip buy. He began accumulating AAVE on December 16, when governance tensions escalated between the Aave development team and the community DAO. Statistics show that since the start of this governance dispute, Stani has spent a cumulative 5,000 ETH (≈$14.84 million) to buy

There is a spread between the Pacifica and Hyperliquid LIT perpetual contracts in the pre-market, and both funding rates are inverse.

December 23rd — Official website data from Pacifica and Hyperliquid shows pre-market perpetual contracts for Lighter (LIT) are trading with price and funding rate discrepancies across the two platforms, prompting some traders to pursue arbitrage hedging. Currently, LIT trades at ~$3.94 on Pacifica, with a -0.0134% funding rate (shorts pay longs). On Hyperliquid, the token is priced ~$4.05, with a +0.0013% rate (longs pay shorts). The price gap is roughly 1%, and their funding rate directions are opposite. Earlier today, Hyperliquid launched LIT (Lighter) USDC perpetual contracts, supporting up to 3x leverage. On-chain data analysis and copy trading tool Coinbob has rolled out Coinbob Pacifica (@CoinbobPAC_bot), letting users copy high-frequency traders’ strategies, earn trading points, and gear up for potential airdrop opportunities.

「Former Hyperliquid Employee」 has fully closed their HYPE short position and now holds only $2.43 million in spot positions in their account.

**December 23 Update** Data from Coinbob Popular Address Monitor shows the address linked to the "former Hyperliquid employee" (0x7ae) has fully closed its HYPE short position for a minor loss in the past hour. The position was previously held at an average price of ~$24.17, with a size of roughly $24,000. Additionally, the address has steadily cut its HYPE spot holdings since the start of this month—dropping from $5.85 million to $2.43 million, a total reduction of over 70,000 tokens. Current holdings stand at ~98,200 tokens, resulting in a monthly loss of $1.53 million. The address first drew attention for shorting HYPE and its ties to the Hyperliquid team. Per today’s Hyperliquid announcement, the address belongs to a former employee terminated in Q1 2024, who has since fully disassociated from Hyperliquid Labs. Their actions do not reflect the team’s standards or values.

Hyperliquid singles out Lighter as a direct competitor, with a former employee accused of being involved in the HYPE shorting incident

**Hyperliquid Names Lighter as Direct Competitor; Addresses HYPE Insider Shorting Concerns** On December 23, Hyperliquid said in an official announcement it identifies Lighter as a direct competitor alongside Binance and Aster. The platform noted those three are operated by centralized orderers to manage transaction states, highlighting its own architectural edge: fully on-chain, run by 24 validators, and no hidden state. Lighter, meanwhile, centers on “verifiable execution” and a proof mechanism, offering auditability for its CLOB-style transaction structure. Competition between the two in decentralized trading infrastructure is ramping up. Separately, Hyperliquid addressed community concerns over a suspected insider shorting incident tied to its HYPE token. It stated the linked wallet belonged to a former employee fired in early 2024, whose actions had no connection to the team. The platform stressed strict internal HYPE transaction and compliance restrictions apply to emplo

Hyperliquid announces the addition of LIT contract trading.

Per official sources, Hyperliquid has launched a new LIT/USDC perpetual contract that offers up to 3x leverage, effective December 22.

Hyperliquid ecosystem Kinetiq has completed its HIP-3 decentralized exchange platform registration

December 22 According to MLM Monitor, Kinetiq— the decentralized derivatives platform built on the Hyperliquid ecosystem (branded as Markets by Kinetiq)— completed its HIP-3 decentralized exchange (DEX) registration roughly two hours ago. It is now the 5th HIP-3 DEX deployed on Hyperliquid’s mainnet. Current available markets include: - US500 (S&P 500 Index, up to 10x leverage) - BABA (Alibaba Group, up to 10x leverage) - EUR/USD (Euro vs. U.S. Dollar, up to 50x leverage)

Hyperliquid Clarifies False Accusations: Platform's Status Transparent and Verifiable, Progressive Decentralization Will Ultimately Be Fully Open Source

On December 22, Hyperliquid issued a clarification addressing a recent article that leveled unfounded accusations against the platform. The article alleged issues with Hyperliquid’s solvency, integrity, and transparency; the protocol responded to 10 specific claims as follows: 1. **$3.62B under-collateralization**: False. The article’s author overlooked HyperEVM USDC (parallel to the Arbitrum bridge). Current total USDC holdings: $43.51B. 2. **Transaction volume manipulation via TestnetSetYesterdayUserVlm**: False. This is a testnet-only feature and cannot be invoked on mainnet. 3. **Privileged users (fee waivers, airdrop manipulation)**: False. All fees, balances, and transactions are on-chain visible; no distortion mechanisms exist. 4. **CoreWriter “God Mode” (minting, fund transfers)**: False. This refers to how HyperEVM smart contracts send operations to HyperCore—no such privileged access exists. 5. **Governance freezing the chain (no undo)**: Misunderstanding. Freezing

「Hyperliquid Former Employee」 Sold Over $3.3M Worth of HYPE Spot This Month, Incurred a $1.43M Monthly Loss

On December 22nd, data from Coinbob Popular Address Monitor shows the address linked to a former Hyperliquid employee (0x7ae) has been consistently selling HYPE spot tokens since this month. The address cut its HYPE holdings from $5.85 million to $2.48 million, a total reduction of over 70,000 tokens. It currently holds ~98,200 HYPE tokens. Amid HYPE’s price decline, the address has incurred a $1.43 million monthly loss, with ~$4.2 million remaining in its account. Additionally, it holds a small HYPE short position with an average entry price of $24.17—facing an unrealized loss of 43.5% and a position size of ~$25,800. The address first gained attention for shorting HYPE and its ties to the Hyperliquid team. In a recent post today, the Hyperliquid team stated the address belongs to a former employee dismissed in Q1 2024, who is now fully disassociated from Hyperliquid Labs. The team clarified the individual’s actions do not reflect the team’s standards or values.

Two Whales Deposit 5 Million USDC into Hyperliquid to Boost HYPE

As of December 22, LookOnChain monitoring data shows two whales have deposited a combined 5 million USDC into Hyperliquid over the past two hours to increase their HYPE holdings. Address 0xDAeF currently holds 214,497 HYPE tokens (worth approximately $5.44 million) and still has 5.52 million USDC available for additional purchases. Address 0x3300 holds 102,460 HYPE tokens (valued at roughly $2.61 million) with 2.45 million USDC remaining for subsequent buys.

HyperLiquid Team Clarification: The address shorting HYPE belongs to a former employee who was dismissed in 2024 and does not represent HyperLiquid

On December 22, a HyperLiquid team member issued a clarification on Discord regarding the community’s discovery of HYPE shorting linked to a former HyperLiquid team address. The team stated: “This address belongs to a former employee dismissed in Q1 2024, who currently has no affiliation with HyperLiquid Labs. Their actions do not reflect our team’s standards or values.”

Hyperliquid saw a fund outflow of over $430 million this week, marking the third largest single-week net outflow on record.

The Block reported on December 19th, citing Dune Analytics data, that Hyperliquid has seen over $430 million in outflows this week—marking the third-largest outflow in the platform’s history. The protocol’s Total Value Locked (TVL) has fallen from over $6 billion in mid-September to roughly $4 billion. Meanwhile, its native token HYPE has dropped nearly 20% amid a broad market downturn over the past week. While on-chain data doesn’t necessarily reveal traders’ specific motives, competition among decentralized perpetual contract platforms may have driven fund rotation. During these outflows, rivals like Lighter and Aster have surged in DEX perpetual contract trading volume rankings this year, chipping away at Hyperliquid’s dominance in the space.

A certain whale briefly added around $78.6 million to a BTC short position, now the largest BTC short on Hyperliquid

December 19 — HyperInsight monitoring shows that over the past hour, a whale with an address starting with 0xa8 has continued to add leverage to its 40x leveraged BTC short position. As of press time, it has increased its position by roughly $78.61 million, bringing the current position size to approximately $94.08 million. The average entry price is $87,200, the liquidation price is $89,400, and unrealized profit stands at $360,000 (11%). Additionally, the address has set a limit stop-loss order in the $88,000–$88,300 range and a limit take-profit order in the $79,000–$83,000 range. Since opening the BTC short position on December 8, the address has closed and rolled over the position multiple times, realizing nearly $3 million in profits from this trade. Currently, its position size has exceeded that of the "BTC OG Insider Whale"’s BTC long position, making it the largest BTC short position on Hyperliquid.

A whale on Hyperliquid front-ran UNI, currently boasting a floating APY of over 50%

December 18th — Per HyperInsight monitoring, UNI surged 10% in the short term likely driven by Binance’s addition of the token to its dual-coin investment product, last trading at $5.28. A Hyperliquid whale address beginning with 0x413c holds unrealized gains exceeding 50%. Its current position, worth ~$1.18 million, has an average entry price of $4.99. The address opened a 10x leveraged UNI long position at midnight yesterday and has been adding to it as recently as 4 hours ago. Additionally, the largest UNI short position held by the “Shanzhai Short Army Vanguard” was cut by over 30% at 1 PM yesterday. The position now stands at ~$3.38 million, with unrealized gains of $1.39 million (410%).

A whale has deposited 1.57 million USDC into HyperLiquid, shorting BERA with 5x leverage.

On December 17, per Onchain Lens data, a whale deposited 1.57 million USDC into HyperLiquid and opened a 5x-leveraged short position on BERA.

「Top ZEC Short on Hyperliquid」 once again reduced their ZEC short position and used the funds to open a MON short position.

As of December 17, per monitoring from HyperInsight, the entity holding the "Largest ZEC Short on Hyperliquid" has been trimming its ZEC short position since yesterday—when it swung from a loss to a profit. Its ZEC position has dropped from $16.5M to $9.1M, with an average entry price of $389. Some of the freed capital was used to add to its MON short: the current MON position is ~$9.2M, with an unrealized profit of $4.62M (150%) and an average entry of $0.0308. This address previously initiated a ZEC short on October 10 at ~$184, then added to the position to average up its entry price. On October 17, at its lowest point, the position was down $21M, with ZEC exposure peaking at $43.2M. Currently, the entity is still closing out its ZEC and STRK shorts. Its primary profits stem from an ETH short: the position is ~$92.95M, with an average entry of $3377 and an unrealized profit of $13.86M (224%). This address is now the largest short seller across ETH, ZEC, and MON on Hyperliquid,

Hyperliquid Relief Fund holds 37.114 million HYPE, approximately 13.7% of the current circulating supply.

December 17 on-chain data shows the Hyperliquid Assistance Fund holds 37.114 million HYPE tokens, worth roughly $1.02 billion—accounting for ~13.7% of the current circulating supply. Total HYPE supply is 1 billion tokens, with current market cap at $7.406 billion and fully diluted valuation (FDV) at $27.35 billion. Previously reported: The Hyper Foundation posted on social media proposing a validator vote to formally confirm HYPE held by the Assistance Fund has been burned and permanently removed from both circulating and total supply.

「Buddy」 deposited approximately 1.2 million U into Hyperliquid again 7 hours ago to continue longing ETH

On December 17th, per Hyperinsight data, “Big Brother MaJi” Huang Licheng deposited ~1.1997 million USDC to Hyperliquid again 7 hours ago to continue longing ETH. This capital has since been used to open a 25x-leveraged ETH long position: the position size is 4050 ETH (worth ~$1.19 million), with a liquidation price of $2,694. To date, “Big Brother MaJi” has amassed total losses of $21.21 million on Hyperliquid.

Multiple-stage setback, all top 50 addresses on the BTC and ETH profit leaderboard on Hyperliquid are empty-handed

December 16 – Per data from Coinbob Popular Address Monitor, all top 50 addresses in BTC and ETH’s top holder profit rankings are in the bear camp. The two leading addresses by profit and short position size are **“Ultimate Bear”** and **“Hyperliquid’s Largest ZEC Short”**, each with over $10 million in unrealized gains. ### Key Short Positions: - **Ultimate Bear (BTC short):** ~$62.19M position size, average entry price $115,000, liquidation price $97,000, unrealized gain $18.17M. - **Hyperliquid’s Largest ZEC Short (ETH short):** ~$92.54M position size, average entry price $3,377, liquidation price $4,163, unrealized gain $14.20M. Bulls are nearly all in losses, with **“BTC OG Insider Whale”** (the top holder across BTC/ETH) posting a total unrealized loss of nearly $52 million. The second-largest long addresses are “pension-usdt.eth” and “CZ’s Counterparty.” ### Key Long Positions: - **BTC OG Insider Whale:** - ETH: ~$559M position, average entry $3,167, liquid

Two ZEC Long Whale Liquidations, 'Hyperliquid's Largest ZEC Short' Position Goes from Loss to Profit

On December 16th, per HyperInsight monitoring, ZEC dropped ~5.5% in the short term and fell below $380. The “Largest ZEC Short on Hyperliquid” has flipped from loss to profit, with a current position size of ~$16.5 million, average entry price of $389, and unrealized gain of $250,000 (8%). Among three whales with liquidation prices near $350 today: - Address 0x58e fully closed its position; - Address 0x96e cut losses by ~$1 million; - Address 0x535 has not adjusted its position, with a liquidation price around $348. Additionally, this whale added to its ETH and MON short positions today—now holding the largest short positions for ETH, ZEC, and MON simultaneously. Its main profits stem from ETH shorts: ~$92.45 million position size, average entry $3,377, unrealized gain of $14.33 million (232%). The account’s total short position is ~$118 million. Historical context: This address first opened a ZEC short on October 10th at ~$184, then added to the position to average u

Hyperliquid Platform Active Smart Contract Transaction Address Count Decreased by 21.97% Compared to Early November

Per HyperTracker data as of December 15, the number of active contract addresses on the Hyperliquid platform is 168,833—down 47,600 (21.97%) from its early November all-time high.

「Top ZEC Short on Hyperliquid」 ZEC short position has been liquidated for over $6 million, now concurrently the Top 1 ETH short position

A whale deposited 3 million USDC into HyperLiquid and went 20x long on ETH

On December 15, Onchain Lens data indicates that address 0x8d0 has deposited 3 million USDC into HyperLiquid and opened an ETH position with 20x leverage.

Trader 0x6051, who made over $1.4M on Hyperliquid, spent 20,000 $USDC to buy 494,558 $EDEL today.

Trader 0x6051, who made over $1.4M on Hyperliquid, spent 20,000 $USDC to buy 494,558 $EDEL today.

Hyperliquid will introduce Portfolio Margin

December 12. Hyperliquid announced today that its upcoming network upgrade will roll out the Portfolio Margin feature, which is already live in pre-alpha on the testnet. In Portfolio Margin mode, margin requirements for spot and perpetual contract trading are fully unified, significantly boosting capital efficiency. Additionally, Portfolio Margin accounts automatically earn interest on all idle borrowable assets. All HIP-3 DEXes are part of the Portfolio Margin calculation, though not all collateral assets from HIP-3 DEXes are eligible to be borrowed. Down the line, new asset classes on HyperCore and derivative primitives will also support Portfolio Margin. Users can provide liquidity using eligible quote assets to earn rewards. Official Note: Portfolio Margin will initially launch in pre-alpha with an extremely low total borrowable asset cap. Users are advised to test using a new account or sub-account with less than $1,000 in assets. If the cap is hit, the account will aut

「Top ZEC Short on Hyperliquid」 Continues to Add to ETH and ZEC Shorts, with Total Short Position of Nearly $120 Million

December 12 — According to monitoring data from HyperInsight (via its Telegram channel @HyperInsight), the largest ZEC short position holder on Hyperliquid has continued to add to short positions in ZEC and ETH over the past two hours. The account has injected roughly $13 million in additional capital today. As of now: - ETH short position: ~$79.53 million, with an unrealized gain of $5.49 million (103% return) and an average entry price of $3,470. - ZEC short position: ~$24.30 million, with an unrealized loss of $3.47 million (-71% drawdown) and an average entry price of $388. Additionally, the account is currently the largest short holder for ZEC and MON on Hyperliquid, and the second-largest for ETH. Its MON short position has also seen a notable recent increase, now totaling $9.90 million with an average entry price lowered to $0.0327. The account’s main profits currently come from its ETH short, with total short position size across all assets at ~$118 million. This a

Sunrise CEO: Successfully Launched MON, with Trading Volume in the past 24 hours surpassing Hyperliquid and various CEXs

On December 11th at the Solana Breakpoint Conference, Sunrise CEO Saeed noted that the first asset listed by Sunrise on Solana is the MON token. This non-native token—originally not issued on Solana—was integrated into the Solana ecosystem on day one, even its first minute of launch. It competes not only with all other on-chain exchanges but also major centralized exchanges (CEXs). Within 24 hours of listing, MON’s trading volume outpaced well-known platforms including Hyperliquid, KuCoin, Kraken, Coinbase, Bybit, Bitget, and Gate—some of which boast user bases exceeding 1 million. Most impressively, it offers tighter spreads than these established CEXs, higher trading volume, and all this is backed by Solana’s native ecosystem user base.

Mainstream Perp DEX Overview: Lighter Takes Top Spot, Hyperliquid Leads with $8.2 Billion in Trading Volume

As of December 11th, DefiLlama data shows 24-hour trading volumes across Perpetual DEX (Perp DEX) platforms have broadly cooled in the past day. Hyperliquid has remained relatively resilient, leading in trading volume, while open interest and TVL (total value locked) across the sector have seen minimal overall shifts. Key 24-hour metrics for select Perp DEXs are below: - **Hyperliquid**: ~$82.7B 24h volume | ~$44.6B TVL | $68.5B open interest [Referral link: https://app.hyperliquid.xyz/join/NTOD] - **Lighter**: ~$70.8B 24h volume | ~$14B TVL | $17.9B open interest - **Aster**: ~$66.3B 24h volume | ~$13.6B TVL | $26.9B open interest [Referral link: https://www.asterdex.com/zh-CN/referral/aboter] - **EdgeX**: ~$49.5B 24h volume | ~$4.06B TVL | $8.3B open interest - **ApeX**: ~$32.4B 24h volume | ~$47.08M TVL | $90.9M open interest - **Backpack**: ~$14.6B 24h volume | TVL undisclosed | $2.03B open interest - **Variational**: ~$10.3B 24h volume | ~$66.18M TVL |

「Buddy」 further deposited 254.7k U to Hyperliquid to continue longing ETH

Mainstream Perp DEX Overview: Hyperliquid and Aster Experience Over 30% Trading Volume Surge, Increased Liquidity Mining Activity

December 10 – Per DefiLlama data, major Perpetual Futures DEX (Perp DEX) platforms recorded **increased 24-hour trading volumes**, a slight rebound in open interest, and minimal TVL changes over the past day. This signals active capital flows across platforms and rising leverage usage. Key platform metrics (24h): - **Lighter**: Volume ~$88.3B | TVL ~$13.9B | Open Interest ~$17.3B - **Hyperliquid** (https://app.hyperliquid.xyz/join/NTOD): Volume ~$85.2B | TVL ~$44.6B | Open Interest ~$67.9B - **Aster** (https://www.asterdex.com/zh-CN/referral/aboter): Volume ~$76B | TVL ~$13.8B | Open Interest ~$27.2B - **EdgeX**: Volume ~$61.3B | TVL ~$4.01B | Open Interest ~$8.31B - **ApeX**: Volume ~$32.9B | TVL ~$47.27M | Open Interest ~$93.03M - **Backpack**: Volume ~$12.1B | TVL Undisclosed | Open Interest ~$2.04B - **Variational**: Volume ~$10.3B | TVL ~$72.86M | Open Interest ~$32B - **Pacifica** (https://app.pacifica.fi/?referral=pacbot): Volume ~$7.12B | TVL ~$42.45M | Open

Hyperliquid Co-founder: ADL will not transfer PnL to HLP, its treatment towards users and HLP is fully symmetric

On December 10, Hyperliquid co-founder Jeff published a post pushing back against claims that the platform’s Auto-Deleveraging (ADL) mechanism transfers profit and loss (P&L) to Hyperliquidity Providers (HLP). Jeff stated ADL does not shift P&L to HLP, treats users and HLP entirely symmetrically, and does not erase the $653 million in profits. On November 28, Hyperliquid activated its Cross-Margin Auto-Deleveraging (ADL) liquidation system across all major perpetual contract markets. The move aims to ensure orderly market operation during periods of extreme volatility—especially when liquidity is tight or large positions are near liquidation. ADL acts as a backup liquidation tool when the insurance fund cannot fully absorb losses from a liquidated position. In such cases, positions of high-leverage traders with large unrealized profits may be partially or fully deleveraged to cover the funding gap. Hyperliquid stresses ADL only triggers under special circumstances, designed to preve

Viewpoint: Hyperliquid's biggest moat is its Tokenomics, with a 30% token airdrop and a community-friendly low-price TGE.

On December 9, cryptocurrency analyst pickle highlighted that Hyperliquid’s biggest competitive moat stems from its tokenomics. Rivals like Lighter and other perpetual futures DEXs (Perp DEXs) can match its premium UX/UI, and even mask fees through "payment order flow"—which creates the appearance of lower costs—to attract and retain liquidity. Yet Hyperliquid’s tokenomics stand out: it hasn’t allowed venture capitalists (VCs) to secure massive token stakes at steep discounts, only to offload them for outsized profits later. This advantage is uncopyable. Most notably, its 30% token allocation for an airdrop—enabling the community to enter at low prices ahead of a subsequent uptrend— is a strategy no competitor can replicate. Per market data, the HYPE token has fallen to its lowest point since May 21, currently trading at $27.7, with a 9.1% drop in the past 24 hours.

「Largest ZEC Short Position on Hyperliquid」 previously underwent a significant position rollover, and is now once again in unrealized losses.

On December 9, per monitoring from HyperInsight, the ZEC short position of Hyperliquid’s largest ZEC short holder has once again moved into unrealized losses over the past 15 hours—driven by ZEC’s ongoing price surge. The address partially closed out its ZEC short position, incurring a roughly $1.24 million loss. Its current position size stands at ~$25.7 million, with a liquidation price of $886 and an unrealized loss of $1.4 million (-27%). Monitoring shows the address has continuously added over $11 million to its ZEC short since December 5, lowering its average entry price from $412 to $387. Additionally, the address has significantly expanded its ZEC and MON short positions this month, with their average entry prices declining. Its primary profits now stem from its ETH short: an unrealized gain of ~$7 million (223%), position size of ~$47.21 million, and average entry price down from $4,015 to $3,573. The newly opened 3x-leveraged MON short has a size of ~$7.44 million, a

A whale address deposited 1.38 million U to HyperLiquid to open a 1x short position in HYPE.

On December 8, Onchain Lens data shows a whale address—idle for 7 months—deposited 1.38 million USDC into HyperLiquid and opened a 1x leveraged short position on HYPE. The same whale previously realized a $1.14 million profit.

US Stock HYPE Treasury Company Hyperliquid Strategies Approves $30 Million Stock Buyback Plan

NEW YORK, Dec. 8 (The Wall Street Journal) — Hyperliquid Strategies Inc. (Nasdaq: PURR) said Thursday its board has authorized a share repurchase program of up to $30 million for its outstanding common stock, effective for 12 months. Chief Executive David Shamis stated: “We’re committed to maximizing shareholder value through prudent capital management. Our top priority is enabling investors to efficiently gain exposure to HYPE — the flagship native token of the Hyperliquid ecosystem. We’ll use company cash to boost the HYPE per share held by shareholders in the most efficient manner.” Repurchases will comply with federal securities laws and may be made via open-market transactions at prevailing prices, privately negotiated deals or other methods. Timing, quantity and amount of repurchases will be at management’s discretion, depending on factors including HSI’s stock price, broader market and economic conditions, and applicable legal requirements. The company does not guarantee t

Hyperliquid Introduces STABLE Perpetual Contract

On December 8, Hyperliquid announced via official channels that it has added support for the STABLE/USDC perpetual contract, which offers up to 3x leverage.

Mainstream Perp DEX Overview: Lighter Dominates Top Spot for 10 Consecutive Days, Trading Volume Keeps Aster and Hyperliquid in Check

On December 8, data from DefiLlama reveals that across Perpetual DEXs (Perp DEXs) over the past 24 hours, leading platforms saw a slight uptick in trading volume compared to the previous day. Lighter has held the top spot for 10 consecutive days, while Aster remains in second place. Key metrics for major Perp DEXs are as follows: - **Lighter**: ~$8.22B 24h trading volume | ~$1.37B TVL | $1.65B open interest - **Aster** [https://www.asterdex.com/en-US/referral/aboter]: ~$6.48B 24h trading volume | ~$1.39B TVL | $2.53B open interest - **Hyperliquid** [https://app.hyperliquid.xyz/join/NTOD]: ~$6.22B 24h trading volume | ~$4.41B TVL | $5.96B open interest - **EdgeX**: ~$5.13B 24h trading volume | ~$407M TVL | $796M open interest - **ApeX**: ~$3.05B 24h trading volume | ~$46.8M TVL | $89.42M open interest - **Backpack**: ~$1.25B 24h trading volume | TVL undisclosed | $2.03B open interest - **Variational**: ~$1.14B 24h trading volume | ~$72.86M TVL | $320M open interest -

A whale has deposited 6 million USDC into HyperLiquid and has gone long on Ethereum, SUI, and FARTCOIN.

Per Onchain Lens monitoring on December 8th, a whale deposited 6M USDC into HyperLiquid and opened multiple long positions: 20x leverage on ETH, 10x on SUI. Additionally, the same whale opened a 10x leverage long position on FARTCOIN yesterday.

The "1011 Insider Whale" has once again deposited 10 million USDC into Hyperliquid to leverage 5x and long 9010.4 ETH.

On December 7th, per Onchain Lens monitoring, the "1011 Insider Whale" once again deposited 10M USDC into Hyperliquid, went long 9,010.4 ETH (valued at $26.8M) with 5x leverage, opening at $2,959.4 and liquidating at $1,888.2.