Hyperliquid (HYPE) — Onchain News & Whale Tracking

Abnormally low single-share trades in South Korean pre-market trading for SK Hynix sparked a chain of volatility, leading to a 17.9% flash drop in SKHX on Hyperliquid.

According to on-chain analyst Ai Yi (@ai_9684xtpa), this morning, SK Hynix (SKHX) on Hyperliquid experienced a 17.9% flash crash, driving the platform’s liquidation volume over the past four hours to surpass that of Binance. The abnormal movement was likely triggered by an unusual trade in South Korea’s NXT pre-market. Around 7 AM Beijing time, one share of SK Hynix was traded at 1.27 million won, equivalent to approximately $867. Due to insufficient pre-market liquidity, its stock price dropped by around 30% before triggering a trading halt. Hyperliquid’s oracle price subsequently followed the decline, pushing the SKHX contract price to plummet rapidly; the related price on Binance also fell due to arbitrage trades. The price has now returned to normal, but it remains unclear whether positions liquidated during the abnormal volatility will receive compensation.

The largest SKHX short position on Hyperliquid has expanded its unrealized profit to $6.1 million.

According to on-chain analyst Yu Jin’s monitoring, as SK Hynix’s stock price plummeted, the largest SKHX short address on Hyperliquid has seen its unrealized profit expand to approximately $6.1 million. The address shorted SKHX worth about $40.5 million at an average price of $1,275.7, and SKHX has now fallen back to around $1,083. In addition, the address also shorted Brent Crude Oil (BRENTOIL) worth about $19.15 million at an average price of $97.7, with current unrealized profit of roughly $2.43 million.

SKHX flash crash breaches Hyperliquid's backup liquidator, triggering forced liquidations of over $26 million.

Hyperinsight monitoring shows that after South Korea’s pre-market trading opened at 7 AM this morning, SKHX on Hyperliquid plunged rapidly from $1,128.2 to $927, with a maximum drop of 17.8% within one minute. As of press time, SKHX has rebounded to $1,097.9, up 18.4% from its low, with a 24-hour trading volume of $891 million. Market participants widely attribute the price anomaly to an oracle capturing extreme trade quotes during South Korea’s pre-market thin liquidity window. However, as of press time, the platform has not yet classified the event as a technical malfunction. More specifically, SKHX’s oracle synced the abnormally low price of South Korea’s NXT pre-market, which was then passed to the mark price, triggering a cascade of long position liquidations. Per trade.xyz’s rules, SKHX’s oracle price is calculated by dividing SK Hynix’s South Korean stock price by the USD/KRW exchange rate, and it accesses external executable quotes during South Korea’s pre-market session. During the liquidation wave, on-chain backup liquidation account 0x400…0001 took over 406 SKHX long positions at 7 AM, totaling around 27,100 contracts, at an average takeover price of roughly $969, with a nominal value of about $26.26 million and generating an realized loss of approximately $1.001 million. As SKHX’s price continued to drop, this backup account—originally tasked with absorbing user risk—was itself reverse-liquidated. The incident saw risk not stop after the position transfer, but instead spread further to the backup liquidation account. Compared to yesterday’s afternoon snapshot, SKHX’s open interest fell from 410,700 contracts to 353,600, a decrease of roughly 13.9%. Calculated at the mark price, the nominal position value dropped from around $508 million to $388 million, a decline of about 23.5%. Address: 0x40000000000000000000000000000000000000001

SKHX on Hyperliquid experienced a flash plunge, briefly falling more than 17% to $927, and has since rebounded to $1,112.

According to Hyperinsight monitoring, Hyperliquid's SKHX (nicknamed "Shanghai Lishi") experienced a price pin at 7 AM Beijing time, briefly plunging over 17% to $927 before rebounding to $1,112.

CXMT’s funding rate on Hyperliquid hit -0.1775%, with the annualized cost for short positions exceeding 1500%

As of press time, the current funding rate for the CXMT-USDC perpetual contract on Hyperliquid stands at -0.1775%, with an annualized funding rate of roughly -1552.44%. A negative funding rate means short position holders must pay funding fees to long position holders. Simply put, if a trader holds a CXMT short position with a notional value of 10,000 USDC, they will need to pay approximately 17.75 USDC per funding settlement based on the current rate. If this rate persists long-term, the annualized funding cost will reach around 1552%, meaning a trader holding a $10,000 short position would theoretically pay over $150,000 in funding fees over one year.

Hyperliquid’s testnet has launched the ‘Stars’ feature, supporting whitelisted trading for HIP-3 DEX addresses.

Hyperliquid’s testnet recently rolled out a new feature dubbed "Stars". This feature introduces an optional transaction address whitelist mechanism for the HIP-3 DEX, enabling deployers to restrict opening or adding positions exclusively to whitelisted addresses. Currently, the testnet whitelist has a cap of 10,000 addresses; unauthorized addresses can still deposit funds into accounts and submit only position reduction orders to close or cut existing positions. Community analysts believe this feature is set to expand the HIP-3 DEX’s use cases. For instance, tokenized stocks, real-world assets (RWAs), institutional indices, and other regulated products can use the address whitelist to open trading only to users who have completed KYC or meet eligibility requirements. New markets can also be tested first with market makers, partners, or community members, reducing risks of spam trading, wash trading, or malicious manipulation in early market stages. The design allowing non-whitelisted users to continue reducing positions also prevents users from being unable to exit holdings due to permission limits. Notably, the "Stars" feature does not change Hyperliquid’s base layer permissionless nature—it adds an optional access control function that developers can enable or disable as needed. This means scenarios like DAOs, trading clubs, private funds, or partner-exclusive markets can build closed trading markets with access mechanisms while retaining Hyperliquid’s advantages in matching engines and settlement layers. The feature remains in the testnet phase, and the official has not announced its specific use cases. Future applications will need to be confirmed after the mainnet launch and further developer documentation is released.

Changxin Technology saw price anchoring deviation on its first trading day, with Hyperliquid’s marked price trading at a 5.13% discount to its A-share price.

According to Hyperinsight’s monitoring, as of press time, Changxin Technology (688825.SH) A-share was trading at 49.50 yuan. At the same time, the oracle price of CXMT contracts on Hyperliquid stood at $7.31, while the mark price was $6.97: the mark price was $0.3345 lower than the oracle price, a discount of 4.57%; it was also $0.3771 lower than the converted A-share price, a discount of 5.13%. When converted to RMB, Hyperliquid’s mark price corresponds to approximately 46.96 yuan, about 2.54 yuan lower than Changxin Technology’s actual stock price; the oracle price translates to roughly 49.21 yuan, with a difference of only 0.29 yuan from the actual stock price.

Jiang Zhuoer: Changxin Memory will likely hit its all-time high on its first day of trading, and recommended pairing it with hedging operations on Hyperliquid.

Jiang Zhuoer, founder of BTC.TOP (B.TOP), posted that Changxin Memory will likely open higher, surge then pull back, hitting its all-time high on the first trading day. The ideal play is to buy at the A-share opening, sell during the midday H-share-driven rally, then sell on A-share and buy back on H-share the next day to square positions. Without H-share exposure, investors will be trapped by the T+1 trading rule, possibly holding the stock for a lifetime just like PetroChina.

Hyperliquid has cumulatively burned 47.27 million HYPE tokens, accounting for 4.73% of its maximum supply.

According to monitoring by Onchain Lens, Hyperliquid generated approximately $1.4 million in fees over the past 24 hours, burning 20,640 HYPE tokens valued at around $1.2 million. To date, Hyperliquid has cumulatively burned 47.27 million HYPE tokens, worth roughly $2.76 billion, accounting for 4.73% of its maximum total supply of 1 billion HYPE.

Whale deposits 557,902 $HYPE ($32.87M) from FalconX into Hyperliquid for staking

Another whale received 557,902 $HYPE ($32.87M) from #FalconX and deposited it into Hyperliquid for staking.

A crypto whale received 557,902 HYPE tokens from FalconX and deposited them for staking on Hyperliquid.

According to Lookonchain's monitoring, a whale address received 557,902 HYPE tokens from FalconX, currently valued at approximately $32.87 million. Subsequently, the whale deposited all the HYPE tokens into Hyperliquid for staking.

Over the past seven days, Hyperliquid has repurchased and burned 130,900 HYPE tokens, valued at $7.65 million.

According to Onchain Lens monitoring, Hyperliquid repurchased and burned 130,900 HYPE tokens over the past seven days, valued at roughly $7.65 million, with an average repurchase price of $58.45. A total of 130,900 HYPE tokens were removed from circulation this week.

Last week, Hyperliquid’s RWA trading volume surpassed its crypto asset trading volume for the first time, accounting for 54% of the platform’s total trading volume.

ARK Invest Research Head Lorenzo Valente published a report noting Blockworks data indicates Hyperliquid’s real-world asset (RWA) transactions built on the HIP-3 protocol are growing rapidly. Last week, Hyperliquid’s RWA trading volume surpassed crypto asset trading for the first time, accounting for 54% of the platform’s total trading volume. Individual stock trading emerged as the fastest-growing segment: since June, its volume has outpaced indices and commodities, now making up roughly 61% of Hyperliquid’s total RWA volume, signaling on-chain financial markets are expanding beyond pure crypto assets to traditional assets. Data shows last week, total perpetual contract trading volume across decentralized exchanges (DEXs) hit ~$79 billion, with Hyperliquid contributing ~$50 billion. Of that, HIP-3 RWA volume reached $26 billion—even exceeding the combined crypto perpetual contract volume of all other DEXs. RWA trading may not fully consolidate around existing crypto trading platforms; distinct asset classes could develop their own leading players, and future competition among trading platforms may shift from vying for crypto asset traffic (such as BTC, ETH, SOL) to competing for on-chain trading demand for real assets like stocks and commodities.

A crypto whale deposited $31.12 million into Hyperliquid over the past three days, while simultaneously shorting AI stocks and crude oil.

According to monitoring by Onchain Lens, a Hyperliquid whale has deposited 31.12 million USDC over the past three days and currently holds $64.9 million in short positions. The breakdown of its current positions is as follows: $43.93 million in short positions on SK Hynix, $17.07 million in short positions on Brent crude oil, plus additional short positions on Samsung, NVIDIA, and other assets.

A crypto whale deposited an additional $16 million USDC into Hyperliquid, bringing its current short position to $43.9 million.

According to monitoring by OnchainLens, a crypto whale deposited a total of $16 million USDC into the Hyperliquid platform over the past 24 hours, with the latest deposit amounting to $11 million. The wallet currently holds short positions worth approximately $43.9 million on Hyperliquid, including $28.3 million in SKHX shorts, $14.56 million in BRENTOIL shorts, as well as short positions in assets such as HIMS, SMSN, and NVDA.

A Hyperliquid whale staked 115,000 HYPE tokens today after earning over $1 million in profit.

According to monitoring by Onchain Lens, a Hyperliquid whale carried out new on-chain operations today after earning over $1 million in profits, staking 115,000 HYPE (worth roughly $7.2 million). The address currently holds: 115,000 staked HYPE, 100,000 HYPE in available balance, and $1.1 million in USDC. For today’s trades, the whale closed two short positions: a $3.5 million short on $MU, netting $439,100 in profit; and a $2.42 million short on $SKHX, generating $581,900 in gains. The address still holds a large cumulative asset size, with the market closely monitoring its subsequent trading moves.

Hyperliquid will require prediction market deployers to stake 500,000 HYPE tokens, valued at approximately $30.4 million.

Hyperliquid announced plans to introduce a permissionless prediction market deployment mechanism via HIP-4, requiring developers to stake 500,000 HYPE tokens (valued at approximately $30.4 million) to create prediction markets. The mechanism aims to mitigate risks of low-quality markets, incorrect settlements, or malicious market creation through capital thresholds and penalty mechanisms. Per Hyperliquid’s announcement, the permissionless deployment feature will first launch on the testnet, with a planned mainnet rollout via future network upgrades. Validators will vote to finalize standardized result templates, and developers can build markets based on these templates. Each deployer can create up to 100 outcome options initially, while deployers are responsible for defining market rules and completing settlements in line with template requirements. Staked HYPE tokens will be locked for six months. If a market is ill-defined, settled incorrectly, or fails to complete proper settlement within a week, validators can vote to slash the staked assets. Hyperliquid noted that predictable events cover a broader scope than spot and perpetual contract markets, making permissionless prediction market deployment critical for expanding on-chain use cases. Relevant rules may be further adjusted ahead of the testnet launch.

Abraxas Capital further increases its short positions on Hyperliquid, expanding its BTC and ETH short positions.

According to monitoring by OnchainLens, Abraxas Capital has deposited 3 million USDC into Hyperliquid and once again added to its short positions. Currently, it holds approximately 796.4 BTC short positions (valued at around $51.5 million) and 31,640 ETH short positions (worth roughly $59.2 million). Both its BTC and ETH short positions have increased significantly since the last disclosure two days ago.

Multicoin Capital leads Trasia Labs' $1.75 million seed round, to expand into Hyperliquid's Asian perpetual trading market

Multicoin Capital, as the sole institutional investor, has injected $1.75 million into Trasia Labs’ seed round, marking its official entry into the Hyperliquid ecosystem. Trasia is a perpetual contract trading platform built natively on Hyperliquid, primarily targeting the Asian market. Co-founded by Mable Jiang—former partner at Multicoin Capital and ex-chief revenue officer of the Stepn team—and Web3 practitioner Edison Chen, Trasia officially launched its first web version on July 17, supporting both Chinese and English. A mobile app is scheduled for release in August, and the platform has already launched an invitation-only Asia Points loyalty program. Currently, Trasia integrates with Hyperliquid’s native perpetual market via a non-custodial model; it plans to roll out its own perpetual contracts based on the HIP-3 protocol, focusing on asset categories of high interest to Asian investors, including AI infrastructure and pre-IPO assets. Officials stated that over $35 million in HYPE and USDC has been allocated to support the Asian stock perpetual market and related ecosystem growth.

Abraxas Capital deposits 3 million USDC into Hyperliquid to add to its short positions.

According to monitoring by Onchain Lens, Abraxas Capital has deposited 3 million USDC into Hyperliquid. The firm is further ramping up its short positions, including: Bitcoin (BTC) short positions rising to 364.9 units, with a notional value of approximately $23.3 million; Ethereum (ETH) short positions increasing to 19,020 units, with a notional value of around $35.08 million.

Hyperliquid co-founder Jeff: The biggest problem in the crypto industry is the difficulty of attracting top entrepreneurial talent.

Hyperliquid co-founder Jeff Yan recently told a VALR podcast that one of the biggest challenges facing the crypto and fintech sectors today is failing to attract enough top-tier startup talent. Yan noted that driven by factors like the AI boom and social prestige, many of the brightest young people are uncertain which fields will deliver the most value, leading few to pursue careers in crypto. He emphasized that rebuilding the financial system from first principles and translating academic theories into scalable market designs is highly meaningful work, and urged young entrepreneurs to look beyond surface-level value, focus on the world’s real problems, and engage in the development and innovation of on-chain finance.

A newly created wallet deposited 5 million USDC into Hyperliquid and opened a 2x long position in Changxin Storage worth $1.38 million.

According to monitoring by Lookonchain, a newly created wallet deposited 5 million USDC into Hyperliquid and went long on 194,175 CXMT tokens with 2x leverage, a position valued at $1.38 million with a liquidation price of $4.

Hyperliquid's TSMC contract rallied then pulled back, dropping over 4% intraday.

According to market data, Hyperliquid-listed contracts tied to Taiwan Semiconductor Manufacturing Co. (TSM) surged intraday before pulling back, with their decline once widening to over 4%. Earlier, TSMC released its Q2 2026 financial report: net profit rose 77% year-on-year to NT$706.6 billion, hitting a record high and beating market expectations; Q2 revenue grew 36% year-on-year to NT$1.27 trillion, while high-performance computing (HPC) segment revenue increased 20% quarter-on-quarter.

Hyperliquid Platform Traders' BTC Long Positions Hit a Stage High

On-chain analytics platform Glassnode said in a report that top traders on the Hyperliquid exchange are aggressively going long on BTC. Their long positions are currently at a high level in Glassnode’s historical records, exceeding the level hit when Bitcoin previously rallied to roughly $83,000, signaling that speculative long demand remains robust in the market at current price levels.

A crypto whale has amassed $75 million worth of USDC in recent weeks and begun participating in Hyperliquid’s CXMT bidding.

According to Mlm's monitoring, a whale address has accumulated approximately 75 million USDC tokens over the past several weeks. It had previously executed multiple test trades on Hyperliquid and has now begun participating in the bidding for CXMT assets.

Hyperliquid’s HIP-3 has completed the code auction for CXMT (Changxin Memory Technologies), with a final transaction price of 500 HYPE.

Hyperliquid HIP-3 has completed the auction of CXMT trading codes, with the final deal closing at 500 HYPE (approximately $32,600). The CXMT code corresponds to Chinese storage chip manufacturer Changxin Memory Technologies, and is expected to be listed on Hyperliquid’s IPOP market ahead of its IPO on July 27.

A Hyperliquid whale has been liquidated again, with its DRAM long positions incurring losses of approximately $2.4 million.

According to monitoring by Onchain Lens, a Hyperliquid trader who had previously accumulated total losses of approximately $36.03 million was liquidated again. His long DRAM position worth around $2.74 million was cleared, leaving him with only about $336,500 remaining. Additionally, this wallet address was also liquidated for its MRVL position six days ago, suffering a loss of roughly $505,200. Over the past week, the address has incurred combined liquidation losses of approximately $841,700.

Hyperliquid lobbying group and Trade.xyz meet with the US SEC Crypto Working Group to discuss crypto regulatory frameworks.

According to market sources, Hyperliquid’s lobbying arm, the Hyperliquid Policy Center, and Trade.xyz have held a meeting with the U.S. SEC’s Crypto Working Group. The two sides discussed topics related to the U.S. regulatory framework for crypto assets.

The funding rate of SK Hynix-related contracts on Hyperliquid surged more than 130% within one hour.

Hyperliquid platform’s SK Hynix-linked contracts SKHX and SKHY have seen extremely robust trading activity, with a combined 24-hour trading volume of $1.836 billion, surpassing Bitcoin (BTC) to become the platform’s most active asset by trading volume. SKHX alone notched a 24-hour volume of $1.63 billion and open interest (OI) of $635 million, while SKHY posted a 24-hour volume of $206 million and OI of $101 million. SKHY still trades at a roughly 26% premium to SKHX. Notably, SKHX’s funding rate surged sharply in just one hour: it jumped from +0.0064% to +0.0151%, a rise of over 130%. Concurrently, the contract’s trading volume dipped slightly from $1.663 billion to $1.604 billion, and its open interest fell from $638.6 million to $627.1 million. A sharp spike in funding rates typically signals a rapid rise in bullish sentiment, as long positions flood the market—traders holding long positions face higher costs to maintain their bets, reflecting intensifying long-short battles in SKHX contracts and growing speculative enthusiasm for SK Hynix’s US-listed assets.

Hyperliquid's contracts posted a 24-hour trading volume exceeding that of Bitcoin (BTC), making it the platform's most active asset.

On the Hyperliquid platform, the combined 24-hour trading volume of SK Hynix-related contracts SKHX and SKHY has reached $1.836 billion, surpassing BTC to become the platform’s top active asset by trading volume. Specifically, SKHX posted a 24-hour trading volume of $1.63 billion, with open interest (OI) of $635 million; SKHY recorded a 24-hour trading volume of $206 million, and its open interest stood at $101 million. As of now, SKHY still carries a roughly 26% premium over SKHX.

Hyperliquid’s open interest hits an all-time high, with open interest in the RWA market reaching $3.6 billion.

Hyperliquid’s real-world asset (RWA) market open interest (OI) has hit $3.6 billion, marking an all-time high. The platform’s total OI has also climbed to a 2026 peak of roughly $11 billion. According to DeFiLlama data, Hyperliquid’s total OI stands at $10.88 billion, with the HIP-3 market contributing around $3.69 billion.

After SK Hynix's sharp plunge, the cross-platform price gap has widened, with Hyperliquid futures contracts trading at a discount of nearly $14 compared to Binance's.

According to Hyperinsight monitoring, following SK Hynix’s continued sharp drop, the SKHYNIX perpetual contract on Binance trades at $1,275, down 13.82% over 24 hours; the SKHYNIX contract on Hyperliquid is around $1,261.80, down 14.50% in the same period. The price gap between the two is roughly $13.3, with Binance’s transaction price carrying a premium of about 1.05% over Hyperliquid. Calculated by mark price, Binance’s mark price is $1,273.80, while Hyperliquid’s is $1,257.60, widening the spread to $16.20, with a premium of approximately 1.29%. Yet the reference prices on both platforms are largely aligned: Binance’s index price stands at $1,240.97, and Hyperliquid’s oracle price is $1,242.00, a difference of just $1.03. Funding rates also signal that long positions remain crowded: Binance’s 8-hour funding rate has climbed to 0.5%; Hyperliquid’s hourly funding rate is around 0.0698%, translating to roughly 0.56% on an 8-hour static basis, with both rates requiring long positions to pay short positions.

Hyperliquid’s perpetual contracts open interest market share hits 9%, a new all-time high.

According to hypeflows data, Hyperliquid holds a 9% share of the global perpetual contract market (covering all centralized exchanges including Binance, Bybit, OKX) by open interest, marking the highest level since the platform’s inception. Per HTX market data, HYPE is currently priced at $66.69, down 2.83% over the past 24 hours.

Prior to CASHCAT, Hyperliquid had not launched any new crypto contracts for nearly three months.

Hyperliquid today launched contract trading for CASHCAT, the meme token that has gone viral this week on Robinhood Chain. Notably, prior to this, Hyperliquid had not listed any new crypto tokens for nearly three months (excluding TON’s rebranding to GRAM). Its most recent contract listing dates back to CHIP on April 22. So far this year, amid the deep bear market, Hyperliquid has significantly slowed its pace of launching native crypto token contracts.

A whale shorted 1.11 million CASHCAT tokens on Hyperliquid.

According to monitoring by Onchain Lens, a whale deposited approximately $450,000 into Hyperliquid. Within one hour of CASHCAT’s listing on Hyperliquid, the whale shorted 1.11 million CASHCAT tokens with 3x leverage, valued at $222,200. The entry price was $0.195336, liquidation price $0.531304, resulting in an unrealized loss of $4,400.

Hyperliquid launches CASHCAT futures trading, supporting up to 3x leverage.

Hyperliquid announces the launch of contract trading for the meme coin CASHCAT on Robinhood Chain, with support for up to 3x leverage.

Hyperliquid's perpetual contracts have exceeded ETH in 24-hour trading volume, jumping to become the platform's second-largest active asset.

According to monitoring by crypto analytics account Ai Yi, the combined 24-hour trading volume of SK Hynix-related contracts SKHX and SKHY on the Hyperliquid platform has reached $1.015 billion, surpassing Ethereum (ETH) to become the second-most active asset by trading volume on the platform. SKHX recorded a 24-hour trading volume of $698 million, with an open interest (OI) of $494 million; SKHY’s 24-hour trading volume stood at $317 million and its open interest was $117 million. Currently, SKHY still trades at a roughly 17% premium relative to SKHX.

Hyperliquid recommends that the U.S. Commodity Futures Trading Commission (CFTC) formally recognize that on-chain protocols are not required to register, and non-custodial wallets do not serve as financial intermediaries.

Hyperliquid Policy Center (HPC) and Phantom have jointly submitted comments to the U.S. Commodity Futures Trading Commission (CFTC) in response to the agency’s request for feedback on whether existing rules keep pace with the evolution of financial technology, proposing to explicitly extend the distinction between "building tools" and "operating regulated businesses" to on-chain markets. The comments note that software engineers have been developing matching engines for regulated futures trading platforms for decades, and the CFTC has never classified them as trading platform operators. However, developers in the digital asset sector have long lacked such clarity, forcing many to opt for offshore development. The current CFTC, led by Chairman Selig, is working to address this gap and carve out room for innovation for fintech firms in digital asset and derivatives markets. The two entities put forward three key recommendations: First, explicitly confirm that merely publishing on-chain protocol software itself does not require registration — a factor often decisive for engineers when choosing where to develop. Second, establish a clear path for the CFTC’s registration bodies to operate regulated functions using on-chain infrastructure, enabling trading platforms and clearinghouses to replace decades-old legacy systems with transparent infrastructure. Third, formalize Phantom’s recent no-action letter into official rules, eliminating the need for self-custody wallet providers to apply for approved exemptions on a case-by-case basis. HPC and Phantom stress that self-custody and transparent on-chain systems can embed investor protection directly into technology, while regulated intermediaries retain responsibility for issues that technology cannot resolve independently. This approach will bring the next generation of financial markets within reach of U.S. consumers.

Hyperliquid Requests CFTC to Formally Recognize That On-Chain Protocols Are Exempt From Registration, And Non-Custodial Wallets Do Not Act As Financial Intermediaries

The Hyperliquid Policy Center has submitted a response to the U.S. Commodity Futures Trading Commission (CFTC)’s request for input on future regulatory directions, calling for formal recognition that on-chain protocols do not need to be registered, non-custodial wallets do not act as financial intermediaries, and a clear path for carrying out regulatory functions on-chain.

Pantera Capital: Hyperliquid’s future revenue potential is five times its current level, with the platform’s annual revenue reaching up to $3.7 billion.

Crypto venture capital firm Pantera Capital stated that Hyperliquid’s potential addressable market amounts to roughly $10 trillion in daily notional trading volume, including around $200 billion in 0DTE options and leveraged ETF trades, approximately $2 trillion in commodity derivatives trading, and about $8 trillion in foreign exchange derivatives. If Hyperliquid can consistently capture a low single-digit share of this market, its revenue potential could reach 5 times its current level. According to estimates, if HIP-3’s annualized notional trading volume hits $3,650 trillion and it secures a 1% market share—assuming a combined fee rate of 2 basis points and a 50% revenue split for Hyperliquid—the platform’s revenue could reach around $3.7 billion. However, Pantera pointed out that regulation remains the biggest risk facing Hyperliquid. Currently, perpetual contracts are not fully accessible in the U.S.; if the U.S. legalizes related products and introduces regulated platforms in the future, Hyperliquid may face stiffer competition, and some U.S. user trading volume may shift to compliant trading venues. Pantera believes Hyperliquid may also launch a regulated version for the U.S. market going forward.

Nansen has integrated Hyperliquid perpetual contract trading, supporting smart money and on-chain data analysis.

According to official announcements, blockchain analytics platform Nansen has officially launched Hyperliquid Perpetual (Perp) trading functionality, now available to all web and mobile users. Users can execute Hyperliquid perpetual trades directly within Nansen while tracking on-chain activities of Smart Money, whale addresses, and prominent investors, with real-time access to key metrics including funding rates, long-short position ratios, and wallet-level position distributions—enabling an integrated "research-to-trade" experience. Nansen added that the platform has also launched the Hyperliquid Perps Leaderboard, which supports filtering by Smart Money, whales, and top traders, and sorting by performance over the past 7 days, 30 days, or all-time, helping users quickly identify top-performing wallet addresses. Additionally, users can deposit funds from external wallets within the app, bridge assets from connected Solana or Base wallets to Hyperliquid, and receive asset transfers directly from other Hyperliquid addresses. Beyond trading features, Nansen has expanded its data coverage of the Hyperliquid ecosystem, including on-chain activity monitoring for HyperFND and the Hyperliquid Data API. Users can track real-time active HyperEVM addresses, contract deployments, and ecosystem growth, while development teams can access real-time Smart Money perpetual positions, unrealized profit and loss (PnL), account health, full transaction history, and performance data via the API—supporting quantitative analysis, strategy development, and application building.

A crypto whale deposited $6.3 million in USDC to Hyperliquid, adding to its short position in HYPE worth $49 million.

According to OnchainLens monitoring, whale address "0xf822" deposited approximately $6.3 million worth of USDC to Hyperliquid roughly 3 hours ago and opened a 3x leveraged HYPE short position. Currently, the address holds around 692,200 HYPE short contracts, with a position value of about $49 million, an entry price of $66.02, a stop-loss price of $70.78, and an unrealized loss of roughly $3.3 million. The address currently has a total of 5 positions, with total holdings valued at approximately $126.8 million and cumulative realized profits of around $4.39 million.

Former Head of PR at Chainlink Labs Joins Hyperliquid's Lobbying Group as Chief Communications Officer

Former Chainlink Labs PR head Anastasia Golovina will join Hyperliquid’s lobbying arm, the Hyperliquid Policy Center, as its Chief Communications Officer. In an open letter, Golovina said, “Windows for crypto regulation are rare and narrow. I want to advocate loudly for this cause while the window is open.”

Recently, only two whales on Hyperliquid have completed position building for MU, with the average entry price for long positions standing at $1,019.

According to Hyperinsight’s monitoring, following the U.S. stock market’s closure for Independence Day last Friday, U.S. stock trading volumes slowed sharply over the weekend, with MU’s 24-hour volume reaching just $99 million. Only one whale built and held a MU (Micron Technology) position on Hyperliquid over the weekend. This whale’s address (0x93c) was created three days ago and currently only engages in long MU trades on Hyperliquid. Approximately three hours ago, the address opened another long position of 1,319.5 MU with 7x leverage, worth roughly $1.33 million, at an average entry price of $1,002 and a liquidation price of $904. Separately, only one whale also opened a MU position during last Friday’s market closure and has held it since. This whale currently holds a long position valued at approximately $8.31 million, with an average entry price of $1,036, and is currently in a slight unrealized loss.

A $38.07 million BTC 20x leveraged long position has emerged on Hyperliquid, ranking as the 6th largest position overall.

According to monitoring by Ai9684xtpa, wallet address 0x004…c1bb8 opened a BTC long position with 20x leverage worth approximately $38.07 million on Hyperliquid at 8:30 AM today. The position currently holds around 600 BTC, ranking among the platform’s top six largest BTC positions, with an entry price of roughly $63,476. The account has also set up a tiered take-profit and stop-loss mechanism: it will take profit on 200 BTC when BTC rises to $65,000, an additional 100 BTC when it climbs to $66,000, and trigger a stop-loss on 200 BTC if the price falls to $60,000. Overall, the trade employs a tiered exit strategy alongside high leverage to cope with BTC’s current high volatility.

A new wallet deposited $2.67 million in USDC to Hyperliquid and opened a long position in LIT, currently holding an unrealized profit of over $330,000.

According to OnchainLens monitoring, a newly created wallet with address 0x016 deposited approximately $2.67 million in USDC into Hyperliquid, then opened a $1.62 million long LIT position using 2x leverage. The position is currently profitable, with an unrealized gain of over $330,000.

Hyperliquid’s "Most Profitable Address" Adds $2 Million in New Positions, With Nearly 98.5% of Its Positions Being Short.

According to OnchainLens monitoring, one of the most profitable wallets on the Hyperliquid platform (linked to Abraxas Capital, with a historical cumulative profit and loss of approximately $173.75 million) deposited $2 million into Hyperliquid one hour ago. Currently, the account’s total position size stands at around $35.92 million, with roughly 98.5% of that in short positions. Key holdings breakdown: HYPE short (5x leverage): ~$20.51 million, unrealized loss of ~$3.95 million; SOL short (10x leverage): ~$6.76 million, unrealized loss of ~$72,000; GOLD short (4x leverage): ~$5.44 million, unrealized profit of ~$184,000; FARTCOIN short (5x leverage): ~$2.04 million, unrealized profit of ~$1.06 million. Overall, the account’s current unrealized loss is approximately $2.55 million, though it has earned around $9.87 million in cumulative funding fees.

Data: Hyperliquid’s position entry price heatmap shows both BTC’s long and short sides are in a fragile state.

Glassnode published a report disclosing that its on-chain metric, the Hyperliquid Entry Price Heatmap, displays traders’ specific position entry prices. Currently, a large volume of long positions in the $72,000–$76,000 range and short positions established around $60,000 are in unrealized losses, leaving the Bitcoin market highly vulnerable to both upward and downward price swings. Price fluctuations could further trigger cascading liquidations.

A newly created wallet deposited 630,000 USDC into HyperLiquid and opened a short position of 2.9 million XRP.

According to monitoring by Onchain Lens, a certain address created a new wallet, deposited 630,000 USDC into HyperLiquid, and opened a 10x leveraged short position of 2.9 million XRP.

21Shares' Hyperliquid ETF made its first reduction in HYPE holdings yesterday.

According to Arkham's monitoring, the 21Shares Hyperliquid ETF made its first reduction in HYPE holdings yesterday. The ETF sold HYPE worth $1.8 million in a single day, accounting for approximately 3% of its assets under management (AUM).