Hyperliquid (HYPE) — Onchain News & Whale Tracking

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.

A mysterious whale (0x6910) deposited 2M $USDC into Hyperliquid and placed a limit order to long 55,556 $UNITREE($5M)...

A mysterious whale (0x6910) deposited 2M $USDC into Hyperliquid and placed a limit order to long 55,556 $UNITREE($5M) at $90.

UNITREE opens with a sharp surge, while the largest short position on Hyperliquid records an unrealized loss of over $520,000.

According to monitoring by ai_9684xtpa, Unitree (UNITREE) has outperformed expectations in its opening trading, posing massive liquidation risks for market short sellers. Data shows that wallet address 0xa44…5329d currently holds a 5x leveraged short position of 10,431.76 UNITREE tokens, with an entry price of $81.8. The position is currently sitting on an unrealized loss of roughly $526,000, making it the largest unrealized loss position for UNITREE on the Hyperliquid platform. However, the position remains some distance from its liquidation price of $172.18, so liquidation risks have not been triggered yet.

Hyperliquid backs the SEC’s repeal of the trade-through rule, calling for the establishment of best execution guidelines for on-chain markets.

In June, the U.S. Securities and Exchange Commission (SEC) proposed repealing Rule 611 (the trade-through rule), a core provision of Regulation NMS (Reg NMS), as well as the ban on locked or crossed quotes, arguing that order processing should be governed by market competition and brokers’ best execution obligations. HPC (Hyperliquid Policy Center) and Douro Labs (a core contributor to the Pyth Network) jointly submitted a comment letter backing the proposal, urging the SEC to provide principle-based best execution guidance for on-chain markets. The letter noted that Rule 611 is premised on all venues pre-disclosing quotes and having a central information processing system aggregate them into the National Best Bid and Offer (NBBO), a framework fundamentally incompatible with how on-chain transactions actually operate. Automated Market Maker (AMM)-type venues do not pre-disclose quotes, with prices determined in real time during trades based on liquidity pools; on-chain order books, meanwhile, operate entirely outside of centralized quote systems. It also called on the SEC to confirm that tokenized Reg NMS stocks remain subject to Reg NMS’s investor protection framework, adding that protections should not vary based on the settlement ledger used. Repealing Rule 611 would allow market structure to evolve through competition rather than regulatory design, and the letter recommended that when the NBBO is missing or does not reflect on-chain conditions, independent reference prices based on transparent, manipulation-resistant methodologies be recognized.

Hyperliquid: Open interest in the HIP-3 market hits an all-time high, reaching $4.3 billion.

According to an official announcement, Hyperliquid’s HIP-3 market has hit an all-time high in open interest (OI), reaching $4.3 billion. Additionally, Hyperliquid stated that it will expand the HIP-1 protocol based on community feedback and has added relevant features for HIP-4. The Hyper Foundation’s non-validating nodes are now open to high-quality infrastructure providers, serving as reliable peer nodes. On the HyperEVM and HyperCore fronts, Buoy Finance has deployed a vault system for HyperCore transactions via HyperEVM custom vaults.

Hyperliquid’s USDC reserve fund revenue sharing mechanism will launch on August 26, with an expected annual contribution of $200 million for HYPE token buybacks.

Hyperliquid’s AQAv2 stablecoin model protocol has previously secured support from 19 out of 26 validators, with the mechanism’s revenue accrual set to officially launch on August 26. Meanwhile, Circle has transferred roughly $4.4 billion in USDC to Coinbase on HyperEVM via the AQAv2 mechanism, marking the largest single USDC transfer on HyperEVM to date. If all proceeds as planned, revenue generated by AQAv2 will start accruing on August 26, with the first payment expected to enter the Assistance Fund on October 3. 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 "Aligned" qualification. According to public information, AQAv2 returns most of the stablecoin revenue to the Hyperliquid ecosystem: 90% of the revenue is allocated to the relevant mechanism, and 100% of that sum is then used to repurchase and burn HYPE tokens. Coinbase is designated as the fund deployer, while Circle handles technical deployment; both parties will also stake HYPE to participate in the mechanism. Previously, the mechanism required stablecoins to be exclusive assets of Hyperliquid, but AQAv2 removes this restriction, focusing instead on HIP-4 standardized markets and perpetual contract markets operated by validators. Per public disclosures, AQAv2 is projected to generate up to approximately $200 million in revenue, further boosting token value capture through the HYPE repurchase and burn mechanism.

Hyperliquid has rolled out its HIP-4 feature update, allowing deployers to adjust the ratio of outcome fees to configuration fees, with the mainnet launch set to follow a conservative phased approach.

Hyperliquid announces HIP-4 has rolled out multiple new features: Deployers can now add named results after a question is created, with the new results’ initial balances matching the pending fallback balance; Template instantiation now requires setting a deployerFeeScale — a fee multiplier similar to HIP-3, which deployers can configure between 0 and 10 to charge result fees; A new shortString type hint has been added for template-side names, simplifying interface field parsing; Settlement details have been pruned from L1 state, so dependent node APIs or precompiled application readers can index required data independently; Multiple new template sets have been added to the testnet, with template IDs using sequential suffixes — all except the highest sequential ID in each set are marked as deprecated templates. After the next network upgrade, the fee mechanism will activate for validator-deployed result markets, with the average transaction fee for these markets set at half the rate of non-result spot trades. The HIP-4 mainnet launch will follow a conservative phased rollout: Each deployer will initially be capped at 100 concurrent results and a maximum of 500 result deployments per day; Once the technology stabilizes, these limits are expected to quickly rise to 1000 concurrent results and 5000 daily deployments, with further limit increase plans to be developed based on feedback.

A whale opened a 40x leveraged long position of 200.8 Bitcoin on Hyperliquid.

According to monitoring by Onchain Lens, a whale opened a long position of 200.8 Bitcoin on Hyperliquid roughly an hour ago, valued at approximately $12.75 million at the time, with a leverage ratio of 40x and a liquidation price of $55,380. The trader has accumulated a profit of $1.95 million over the past 30 days.

Bitwise Chief Investment Officer (CIO): DeFi’s market size and pricing power are both underestimated, and projects like Hyperliquid have far greater potential than imagined.

Bitwise Chief Investment Officer Matt Hougan stated that people evaluating current decentralized finance (DeFi) applications are making two overlapping mistakes: regarding market size, they believe they are targeting the $2 trillion cryptocurrency market, but in reality, they are targeting the $500 trillion asset market; regarding value capture, they think they have maximized fee revenue, but have only scratched the surface. Projects such as Hyperliquid, Uniswap, Aave, Morpho, Aerodrome, Lighter, Pump and others have a larger TAM (total addressable market) and stronger pricing power than commonly perceived.

Crypto whale DoshiAtoll increased its 40x leveraged Bitcoin short positions to 2,135 units, becoming the largest short position holder on Hyperliquid.

Per Lookonchain’s monitoring, whale DoshiAtoll has added to its 40x Bitcoin short position, lifting it to 2,135 BTC worth nearly $136 million — making it the largest short position on Hyperliquid. The short’s liquidation price is $64,592.3, with an average entry price of $63,851.

New Wallet Deposits $153K to Hyperliquid, Opens 40x Long on $BTC at $97.92

Another gambler spotted! Someone created a new wallet, deposited $153K into Hyperliquid, and opened a 40x long on 97.92 $BTC($6.22M). Liquidation price: $62,825.14.

Hyperliquid Plans to Add Token Denomination Adjustment Feature for HIP-1

Hyperliquid founder Jeff announced in a Discord post that, based on developer feedback, HIP-1 will add a deployer-controlled scaleWei feature. The feature enables atomic allocation of tokens from system addresses proportional to users’ holdings of reference tokens, and supports token denomination adjustments. During the adjustment window, unfilled orders will be canceled and re-placed at their actual proportion, while reverse adjustments can be executed via negative parameters. As EVM does not support equivalent atomic operations, relevant contracts may need to integrate custom balance handling logic.

Hyperliquid is seeking to expand into the U.S. market.

Hyperliquid is exploring paths to expand its perpetual contract business into the U.S. market. The platform is currently not open to U.S. users. Earlier, the Hyperliquid Policy Center, funded by the Hyper Foundation, has been conducting policy research and advocacy in Washington, D.C., to push for the U.S. to establish a regulated access framework for on-chain perpetual contracts and decentralized market infrastructure. (The Information)

A $100 million BTC short position has emerged on Hyperliquid, with whale DoshiAtoll opening a 40x leveraged short.

According to monitoring by ai_9684xtpa, Hyperliquid trader DoshiAtoll opened a short position of 1,576.23 BTC at 8 AM today, valued at roughly $100 million. The short entry price was $64,039, with 40x leverage, and it currently has an unrealized profit of approximately $456,000. Following the establishment of this position, the two largest BTC holdings on the Hyperliquid platform are now both BTC short positions, drawing market attention to the bearish sentiment of large capital.

The largest Bitcoin short whale on Hyperliquid added to its short positions three times this morning, pushing the value of its short positions to a new high of $114 million.

According to on-chain analyst Ai Yi (@ai_9684xtpa), the largest Bitcoin short whale on Hyperliquid added to its positions three times this morning, totaling 1,010 BTC. The whale’s holdings have hit a new high, valued at $114 million, with a total of 1,792.56 BTC held. Its average entry price is $63,999, and it currently has an unrealized profit of $335,000.

Hyperliquid has burned 4.76% of its total HYPE token supply, worth approximately $2.63 billion.

According to monitoring by Onchain Lens, Hyperliquid burned approximately $1.07 million worth of HYPE over the past 24 hours, while generating $1.45 million in fees in the same period. The protocol’s official cumulative HYPE burn has reached 47.62 million tokens, equivalent to roughly $2.63 billion, representing 4.76% of its total maximum supply of 1 billion tokens.

A whale is long $XMR and is targeting $475–$516! A newly created wallet deposited 3.56M $USDC into Hyperliquid and op...

A whale is long $XMR and is targeting $475–$516! A newly created wallet deposited 3.56M $USDC into Hyperliquid and opened a 4x long on 36,000 $XMR ($14.33M). The whale then placed take-profit orders between $475 and $516.

Hyperliquid's development team redeemed 433,000 HYPE tokens and sold them, valued at approximately $24.25 million.

According to EmberCN’s monitoring, HyperLabs, the development team of Hyperliquid, redeemed 433,000 HYPE tokens from staking this morning, worth $24.25 million, and has sold them via market maker Flowdesk. Over the past several hours, 165,000 HYPE have been transferred to Flowdesk; 75,000 HYPE were deposited into Hyperliquid and sold for USDC; another 90,000 HYPE, valued at $5.04 million, have been moved to OKX and Bybit.

Hyperliquid Policy Center has submitted a statement to the CFTC, calling for support for on-chain perpetual futures innovation.

Hyperliquid Policy Center (HPC) announced it has submitted a policy statement to the U.S. Commodity Futures Trading Commission (CFTC) Agricultural Advisory Committee meeting, supporting U.S. users’ participation in on-chain derivatives markets and calling on regulators to adopt a gradual approach to advancing the development of innovative products such as perpetual futures. The submitted statement puts forward three key viewpoints: 1. Market choice is critical for risk management; users in agricultural and other derivatives markets need more tool options. Past experiences of restricting innovative products show that closing market choices without adequate assessment may incur costs. 2. A phased approach to regulating perpetual futures is a reasonable direction for the CFTC. HPC stated that the development of new derivatives should be driven by end-user demand, rather than solely relying on regulatory presets. 3. Public blockchains can enhance the efficiency of financial infrastructure. HPC believes blockchain technology can modernize clearing and settlement systems, improve collateral liquidity, while remaining compliant with the Commodity Exchange Act’s requirements for market integrity and risk protection.

UNITREE Pre-IPO trader deposits $3M USDC, opens 5x long on 3,507 $UNITREE ($264K) on Hyperliquid

UNITREE is now live on the Pre-IPO market. Someone deposited 3M $USDC into Hyperliquid and started building a long position in $UNITREE. So far, the trader has opened a 5x long on 3,507 $UNITREE($264K).

A trader deposited 3 million USDC into Hyperliquid and opened a long position on Unitree.

According to Lookonchain monitoring, a trader deposited 3 million USDC into Hyperliquid and opened a long position in UNITREE (Unitree Robotics). As of now, the trader has used 5x leverage to go long on 3,507 UNITREE tokens, with the position valued at approximately $264,000.

JPMorgan: Hyperliquid ETF capital inflows have stalled, competitive pressure on trading platforms has intensified.

JPMorgan said Hyperliquid (HYPE) ETF led non-Bitcoin crypto fund inflows in May and June, but demand for the product largely stalled in July and early August, reflecting rising market concerns over its competitive outlook. Analysts led by Nikolaos Panigirtzoglou pointed out that decentralized platforms like Hyperliquid face significant market share pressure. After the launch of U.S.-regulated crypto perpetual futures products, some trading activity may shift from overseas decentralized platforms to compliant centralized exchanges, which hold advantages in licensing, compliance and investor protection. JPMorgan also noted that Hyperliquid is expanding its prediction market business, though competition in this sector is also intensifying. While HYPE has become the fourth-largest asset in corporate crypto treasuries, trailing only BTC, ETH and SOL, it remains uncertain whether it can continue to capture market share from larger ecosystems like Solana and XRP. Currently, the assets under management (AUM) of BTC and ETH ETFs stand at roughly $77 billion and $10 billion respectively, while other crypto ETFs including SOL, XRP and HYPE combined only have a total size of around $2 billion to $3 billion. HYPE has fallen more than 3% in the past 24 hours, trading at approximately $55.30.

Hyperliquid burned approximately $1.28 million worth of HYPE over the past 24 hours, bringing its cumulative total of burned HYPE tokens to 47.53 million.

According to monitoring by OnchainLens, Hyperliquid burned HYPE tokens worth approximately $1.28 million via its buyback-and-burn mechanism over the past 24 hours. During the latest reporting period, the platform generated $1.65 million in trading fees. To date, Hyperliquid’s cumulative HYPE burn volume has reached 47.53 million tokens, valued at roughly $2.68 billion at current prices, accounting for 4.75% of HYPE’s maximum total supply of 1 billion tokens.

Hyperliquid Releases Q2 Report: RWA Trading Volume Share Rises to 32.2%, HYPE Surges 79% in the Quarter to Hit a New High

Hyperliquid Research Collective (HRC) released its Q2 2026 report, stating that real-world asset (RWA) perpetual contract trading on the Hyperliquid platform continues to grow. The proportion of HIP-3-related trading volume rose from 1.8% in the prior quarter to 20.7%, then climbed further to 32.2% in Q2, with quarterly transaction volume reaching $213 billion—accounting for nearly one-third of the platform’s total trading volume. The report shows that the Hyperliquid ecosystem gained more attention from traditional finance during Q2, with three HYPE ETFs launching for trading, providing investment channels for institutional investors unable to custody tokens directly. Meanwhile, asset management firms including Hyperliquid Strategies have steadily built HYPE reserves; currently, funds and related treasuries hold approximately 7.7% of the total HYPE supply. On the data front, HYPE rose 79% in Q2, hitting a historical high of $76.90, while Bitcoin fell 14% over the same period. Hyperliquid protocol revenue recovered growth after hitting a bottom in April, with monthly revenue at quarter-end reaching $169 million, pushing cumulative protocol revenue past $1 billion, of which $141 million was returned to holders via buybacks.

The two addresses holding the largest KAITO positions on Hyperliquid have incurred a cumulative unrealized loss of $1.17 million.

According to monitoring by @ai_9684xtpa, the address holding the largest KAITO position on Hyperliquid has added margin. The two addresses together currently hold an unrealized loss of $1.17 million. On August 3, two new addresses opened a combined $6.94 million 5x long position as the token price declined, with entry prices of $1.1178 and $1.1117 respectively. The address starting with 0x2be added $1.953 million in USDC as margin half an hour ago; it remains unclear whether this move is to reduce liquidation risk or add to the long position.

A new crypto address has opened a 40x short position on BTC on Hyperliquid, with a position size exceeding $100 million.

Per Lookonchain’s monitoring, a newly created wallet address 0xff84 deposited $2.44 million in USDC to Hyperliquid and opened a 40x leveraged short Bitcoin position. Data shows the trader’s short position size amounts to 1,600 BTC, with a notional value of approximately $102.6 million and a liquidation price of $64,888.97. It remains unclear whether the trader is acting on market information or simply making a high-risk directional bet. Highly leveraged short positions face the risk of rapid liquidation amid heightened market volatility.

Mysterious trader opens 40x short on 1,600 $BTC with $102.6M position on Hyperliquid

A mysterious trader is making a massive 40x short on $BTC! A newly created wallet, 0xff84, deposited 2.44M $USDC into Hyperliquid and opened a 40x short on 1,600 $BTC($102.6M). Liquidation price: $64,888.97. Does he know something, or is this just a huge bet?

Hyperliquid pre-prices Unitree’s new token offering to yield a 4.88x gain, with the private subscription date set for August 10.

Hyperliquid has launched the pre-IPO perpetual contract for Unitree, currently priced at around $74, corresponding to a post-IPO market capitalization of approximately $30 billion. The UNITREE pre-market perpetual contract price represents the USD price of one ordinary share of Unitree. Unitree’s STAR Market IPO plans to issue at least ~40.45 million shares, accounting for 10% of its total post-issuance share capital, with total post-issuance shares standing at roughly 404.5 million. The current contract price translates to an implied market cap of $30 billion, or around RMB 205 billion. Unitree’s IPO prospectus targets an issuance valuation of approximately RMB 42 billion (roughly $5.8–6.2 billion), implying an expected IPO return of 4.88 times after listing. Unitree is set to hold its initial public offering and list on the Shanghai Stock Exchange’s STAR Market. The offering will combine strategic placement, off-line subscription, and online subscription. The proposed public offering size is 40,446,434 shares, with total post-issuance share capital of 404,464,340 shares. The preliminary inquiry date is August 5, 2026, and the off-line subscription date is August 10, 2026.

Hyperliquid has launched pre-IPO perpetual contracts for Yushu.

Hyperliquid has launched pre-IPO perpetual contracts for Unitree, with the ticker UNITREE, currently priced at $54. Unitree is a leading Chinese civilian robotics company set to conduct its initial public offering (IPO) on the Shanghai Stock Exchange’s STAR Market. The offering will adopt a combined approach of strategic placement, institutional offline issuance, and retail online issuance. The company plans to issue 40,446,434 shares, accounting for 10% of its total post-IPO share capital, with the total post-IPO share count reaching 404,464,340. The preliminary inquiry date is August 5, 2026, and the institutional subscription date is August 10, 2026. The company has a special voting right mechanism; under the voting right differential arrangement, actual controller Wang Xingxing controls a total of 68.78% of the company’s voting rights.

A suspected a16z address transferred 979,000 HYPE tokens to Hyperliquid for staking 8 hours ago, valued at approximately $53.53 million.

According to on-chain analyst Yu Jin’s monitoring, two addresses suspected to belong to a16z transferred 979,000 HYPE tokens to Hyperliquid for staking 8 hours ago, with a value of approximately $53.53 million.

Hyperliquid burned approximately $760,000 worth of HYPE tokens over the past 24 hours, bringing its total burned value to $2.5 billion.

According to data from Onchain Lens, Hyperliquid burned approximately $760,210 worth of HYPE tokens in the past 24 hours. The data shows that in the latest reporting period, Hyperliquid generated around $777,200 in revenue, which was allocated to the Assistance Fund and HYPE holders. To date, Hyperliquid’s cumulative HYPE token burn has reached 46.19 million units, valued at roughly $2.5 billion at current prices, accounting for 4.62% of HYPE’s maximum total supply of 1 billion units.

Two new addresses opened 5x long positions on KAITO in the early morning, becoming the largest position for the token on Hyperliquid, and are now facing an unrealized loss of nearly $1 million.

According to on-chain analyst Ai Yi (@ai_9684xtpa), two new addresses opened a cumulative 5x long position in KAITO worth $6.94 million (notional value: $7.106 million) on Hyperliquid in the early hours of today, becoming KAITO’s two largest positions. Both addresses sourced their margin from OKX. KAITO has plunged nearly 20% in the past 24 hours, rapidly trimming its month-to-date gains, leaving the two addresses with an unrealized loss of $991,000.

A trader deposited 3.02 million USDC onto Hyperliquid and opened a 5x long position for 13,000 CRCL.

According to monitoring by Onchain Lens, a trader deposited 3.02 million USDC into Hyperliquid, opening a long position of 13,000 CRCL tokens with 5x leverage, with the position valued at roughly $776,000. The trader’s cumulative historical profit totals approximately $4.59 million.

Hyperliquid Launches Initial Version of HIP-4 Permissionless Deployment Testnet

Hyperliquid co-founder Jeff Yan announced in a post that the initial version of HIP-4’s permissionless deployment feature is now live on the testnet. Developers can learn about deployment operations via the relevant interface documentation. Subsequent features will be rolled out gradually, including configurable fees and more testnet templates. The team is currently collecting feedback from the community.

Hyperliquid HIP-3 concludes the Naver code auction, with a final transaction price of 516.99 HYPE.

Hyperliquid HIP-3 has completed the auction for the Naver transaction code, with the final transaction totaling 516.99 HYPE. The Naver in question refers to South Korea’s largest internet tech company, often dubbed “South Korea’s Google,” which boasts a strong local ecosystem advantage in the country, with highly integrated services spanning search, shopping, payments, and content.

SKHX's funding rate on Binance is now 2.1 times that on Hyperliquid.

According to Hyperinsight’s monitoring, the current funding rate for SKHX on Hyperliquid has risen to 0.0373% per hour, paid by long positions to short positions. On Binance, the SKHYNIXUSDT funding rate is approximately 0.3141% every four hours, about 2.1 times that of Hyperliquid over the same period. Calculated at current rates, holding a $10,000 long position would incur a 24-hour funding cost of roughly $89.6 on Hyperliquid and about $188.4 on Binance, a difference of approximately $98.8. Over the past 24 hours, the cumulative settled funding rate for SKHX on Hyperliquid stood at around 0.3925%, while the current hourly rate has risen to roughly 2.3 times the 24-hour average, accelerating cost increases for long positions.

Hyperliquid’s daily revenue exceeded $2.07 million, and it has burned a total of 4.61% of its total HYPE token supply.

According to data from Onchain Lens, Hyperliquid generated approximately $2.07 million in protocol fees over the past 24 hours and burned 21,080 HYPE tokens, equivalent to around $1.16 million at current prices. To date, Hyperliquid has cumulatively burned 46.1 million HYPE tokens, valued at roughly $2.54 billion, accounting for 4.61% of HYPE’s maximum total supply of 1 billion tokens.

Hyperliquid-related contracts saw their 24-hour trading volume hit an all-time high, exceeding $2.3 billion.

SKHX and SKHY, the SK Hynix-related contracts on the Hyperliquid platform, hit all-time highs in 24-hour trading volume over the past day, surging to a combined $2.339 billion—surpassing Bitcoin’s (BTC) $1.695 billion in the same period—to become the platform’s top active asset by trading volume. Specifically, SKHX posted a 24-hour trading volume of $1.858 billion with an open interest (OI) of $602 million, while SKHY recorded a 24-hour volume of $480 million and an open interest of $74.28 million.

The 24-hour trading volume of Hyperliquid-related contracts has surpassed Bitcoin, making it the platform's most active asset.

On the Hyperliquid platform, the combined 24-hour trading volume of SKHX and SKHY—contracts tied to SK Hynix—has reached $1.765 billion, surpassing BTC to become the platform’s top active asset by trading volume. SKHX posted a 24-hour trading volume of $1.327 billion with an open interest (OI) of $492 million, while SKHY notched $439 million in 24-hour trading volume and $71 million in open interest.

Hyperliquid responds to Hynix contract pinning incident: The Trade.xyz team is investigating and will issue an announcement once a conclusion is reached.

Hyperliquid officially responded to the price pinning incident in its SK Hynix (SKHYNIX) perpetual contract market, explaining how the HIP-3 market operates. Hyperliquid is a permissionless blockchain, where different teams can deploy and run markets on it as an infrastructure layer. The SKHYNIX perpetual contract was deployed and operated by the Trade.xyz team, which is currently investigating the incident and will share updates once a conclusion is reached. Secondly, HIP-3 deployers push their market’s mark price, oracle price, and external perpetual price inputs. Based on today’s posts and support tickets, it may be necessary to walk through this mechanism. Deployers can choose to adopt a mark price method similar to that used for perpetual contracts operated by validators (such as BTC). In this case, the protocol contributes one of three median components: the median of on-chain data (latest trade price, best bid, best ask). The other two components are pushed by the deployer and influence the final mark price. For a simplified example: if the median of on-chain data (latest trade price, best bid, best ask) is 100, but the deployer pushes (150, 151), the mark price will be 150. Note: As of press time, Hyperliquid officials have not provided further clarification. For more related reports, see "The Truth Behind Hyperliquid’s Pinning Incident: $868 Leveraged $500M Hynix Contract Market".

Three addresses profited $6.958 million by closing their short positions at a low point via Hyperliquid’s Auto-Deleveraging (ADL) mechanism, turning a pin spike event on the platform to their advantage.

According to on-chain analyst Ai Yi (@ai_9684xtpa), during this morning’s Hyperliquid Shanghai pin event, three addresses earned $6.958 million by having their short positions liquidated at low prices via the Auto-Deleveraging (ADL) mechanism. Specifically: the address starting with 0xd04 triggered ADL to liquidate 4,510 SKHX short positions at $931.36, netting $2.185 million; the address starting with 0xcaf liquidated 5,920 SKHX short positions at the same price, profiting $2.55 million; and the address starting with 0x84a liquidated 6,010 SKHX short positions at $931.36, gaining $2.223 million. Hyperliquid’s ADL (Auto-Deleveraging) serves as a final safeguard in extreme market conditions: when a forced liquidation position incurs a deficit and the HLP insurance fund cannot cover the loss, the system sorts profitable counterparties using the formula (mark price/entry price) × (notional position/account value), prioritizing the forced liquidation of high-profit, high-leverage positions at the mark price. This uses the unrealized profits of these positions to cover bad debts, ensuring the platform does not generate negative equity.