Hyperliquid (HYPE) — Onchain News & Whale Tracking

Hyperliquid HIP-3 Document Update: 500,000 HYPE Staking Threshold to Be Gradually Reduced

On May 20th, Hyperliquid has officially updated its HIP-3 documentation. The update states that the 500,000 HYPE staking requirement for deploying a perpetual decentralized exchange (DEX) will gradually drop as the infrastructure matures—any portion staked above the next staking threshold can be unstaked. The document also clarifies: "Any deployer that meets the staking requirement can launch a perpetual DEX. Crucially, each perpetual DEX operates with its own independent margin, order book, and deployer settings. Future upgrades may support multiple DEX deployments using the same deployer and staking requirements." BlockBeats believes lowering the staking threshold will attract more builders to the HIP-3 ecosystem, tap into additional niche markets, and facilitate more experimental projects.

HYPE Surges Trigger Whale FOMO, Hyperliquid Sees $2.8 Million Net Buying Pressure in Next 24 Hours

May 19th — According to monitoring from Hyperinsight (via its Telegram channel @HyperInsight), HYPE has seen a recent price surge, pushing the token to $48 this morning. The rally has spurred multiple addresses on Hyperliquid to place batch buy orders using TWAP (Time-Weighted Average Price) strategies to capitalize on the upward momentum. As of press time, pending orders include five large wallets (“whales”) each planning to purchase over 10,000 HYPE spot coins, totaling more than 96,900 HYPE (approximately $4.65 million). Some of these orders have already been partially filled. Moving forward, the TWAP-driven net buying pressure for HYPE is projected to reach $2.8 million over the next 24 hours.

Hyperliquid's newest BTC whale is now facing a multi-million dollar unrealized loss, with a position size of $67.6 million.

May 19: According to Hyperinsight’s monitoring, among whales holding tens of millions of Bitcoin (BTC) on Hyperliquid, the address 0x50b309f78e774a756a2230e1769729094cac9f20 is currently closest to its liquidation line. This address has a liquidation price of $74,214, with roughly a $25 million gap to the current market price—equivalent to a 3.31% difference. One day ago, this whale opened a 20x-leveraged long position of 881.6 BTC (valued at approximately $67.6 million) at an average entry price of $77,934. It now holds an unrealized loss of $1.06 million, a 37% decline, making this the largest BTC long position on the Hyperliquid platform.

Analyst: Hyperliquid Could Bring Massive Long-Term Buying Power to HYPE via USDC Protocol, Squeezing Circle and Coinbase Profit Margins

On May 19, a USDC agreement between Hyperliquid, Coinbase, and Circle is shifting stablecoin profits away from issuers and toward the crypto exchange. Analysts note the move could put sustained upward pressure on HYPE tokens while crimping profit margins at Circle and Coinbase. Announced last Thursday, the deal names Circle’s USDC stablecoin as Hyperliquid’s official “anchor asset.” Coinbase will serve as the network’s primary USDC reserve deployer, while Circle will handle minting, redemptions, and cross-chain infrastructure. While exact revenue-sharing details were not disclosed, the arrangement means Hyperliquid will take the vast majority (up to 90%) of reserve revenue from USDC deposits on its platform—funds that previously flowed mostly to issuers Circle and Coinbase. Syncracy Capital co-founder Ryan Watkins said, “The more I’ve thought about this Coinbase partnership, the more I think it’s Hyperliquid’s biggest announcement of the year.” Watkins believes the deal fundamentally

Hyperliquid defies AI Giant IPO Craze to Surge, HYPE Sees 69% Year-to-Date Gain

On May 18, Hyperliquid’s native token HYPE defied the broader crypto market slump, climbing over 5% in value. The token has now surged a remarkable 69% year-to-date, and market attention is firmly fixed on its HIP-3 pre-IPO perpetual contract ecosystem, which has racked up over $120 billion in trading volume. Per reports, Hyperliquid has rolled out pre-listing perpetual contracts tied to upcoming IPOs of top AI firms, including SpaceX, Anthropic, and OpenAI. For context: The Cerebras perpetual contract launched by TradeXYZ has a price gap of only ~3% from its Nasdaq opening listing price—compared to a 35% deviation seen in traditional secondary markets. Right now, Hyperliquid hosts SpaceX’s pre-IPO contract (ticker: SPCX), which carries a reference valuation of roughly $1.78 trillion. Analysts project SpaceX’s IPO could raise between $750 billion and $800 billion, while both Anthropic and OpenAI are targeting $1 trillion-plus valuations for their public offerings. The HIP-3 model ma

Hyperliquid Platform RWA Open Interest Hits All-Time High of $2.6 Billion

On May 18, trading platform Hyperliquid announced that open interest for its Real World Asset (RWA) trading has hit a new all-time high of $2.6 billion—double what it stood at just two months ago. Hyperliquid noted that market demand for 24/7, on-chain trading of real-world assets continues to grow.

Hyperliquid's two major liquidity providers simultaneously withdraw BTC liquidity supply, with Wintermute and Auros Global collectively offloading nearly $100 million in positions

May 18th: According to Hyperinsight monitoring, during recent market volatility, two major institutional liquidity provider (LP) addresses on the Hyperliquid platform conducted synchronized large-scale selling or withdrawal activities, with an estimated total scale of up to $100 million. Specifically, over the past two hours, the Auros Global LP address liquidated all its positions on the platform and withdrew approximately $6 million to Binance. Earlier, this LP had provided liquidity for 175 tokens on the platform, with its BTC liquidity pool alone reaching up to $45 million. Meanwhile, the address of prominent liquidity provider Wintermute has significantly cut its market-making exposure on Hyperliquid. Hyperinsight compared current data with previous records and found that its liquidity provision for BTC and ETH has dropped by roughly 90%. Previously, its combined liquidity for these two major tokens was around $40 million, which has now plummeted to $4 million. Though Wintermute

HYPE Pullback Leads to Dollar-Cost Averaging into Multiple Addresses on Hyperliquid, Totaling $3.4 million TWAP Order Buy-in spot

May 18th — Per monitoring from Hyperinsight, HYPE’s price surged sharply this morning to $47 before seeing a minor pullback. Several addresses on Hyperliquid have placed buy orders using TWAP (Time-Weighted Average Price) to build up their positions gradually. As of press time, a total of 8 traders hold pending orders to purchase over 75,400 HYPE tokens, equivalent to roughly $3.4 million. Over on the derivatives side, a recent large-position whale (0x1ee) is looking to go long on 50,000 HYPE tokens with 10x leverage — worth around $2.26 million at an average entry price of $45.76. Approximately $1.29 million worth of buy orders of this scale are still being filled in batches. Address: 0x1ee7a73cb5b0b6b056d8138085b2009e6a6bedf5

SK Hynix Daily Trading Volume on Hyperliquid Surpasses $12.8 Million, with Total Value Locked Reaching $32.3 Million

On May 11, per HyperInsight monitoring, South Korea’s leading heavyweight SK Hynix has recently gained notable momentum—driven by surging AI storage demand and a broad uptick in the country’s stock market. Trading activity for Hyperliquid’s SKHYNIX/USDC pair (a synthetic asset linked to SK Hynix) has intensified, with 24-hour volume topping $12.8 million and corresponding open interest hitting $32.3 million.

Two major ZEC whales on Hyperliquid withdrew consecutively within one hour, collectively liquidating $28 million in long positions.

On May 11th, data from HyperInsight monitoring shows ZEC declined today, with its 24-hour drop widening to 7% and the token currently trading at $569. Over the past hour, two large ZEC long positions on the Hyperliquid platform were closed in succession, with a total of approximately $28 million withdrawn. Among these, the on-chain "ZEC Long Whale" known as Loracle has been steadily cutting its position in large tranches since early this morning. In the 20 minutes before this report, it fully exited its $19 million ZEC long position, closing at $567—representing a roughly 46% gain from its entry price of $387. This trade locked in a total profit of $6.888 million. Another long whale (address: 0x76da69d942cfdba3483e2ea3f16a490e1b0889a3) boosted its position ahead of last night’s price dip, with a position size of roughly $8.9 million. However, it incurred losses this morning amid the ongoing downturn, triggering a stop-loss exit and resulting in a $328,000 loss. Relevant addresses

Renowned KOL "CBB" Deposits Another 2 Million UST into HyperLiquid, Recently Shorted US Stocks Resulting in a Loss of Nearly $15 Million

May 11th — Per Arkham Monitor data, prominent KOL "CBB" just deposited $2 million into HyperLiquid to fund his stock perpetual contract trading on tradeXYZ. His top position is a $20 million short on Micron Technology (MU), which currently has a $3 million loss. Since the portfolio’s all-time high 40 days ago, he has totaled losses of $14.49 million.

Minara Launches the First Hyperliquid HIP-4 Prediction Market Assisted Trading AI

**May 11 – Minara AI today launched its AI Prediction Copilot, becoming the first platform to integrate the Hyperliquid HIP-4 prediction market into a trading assistant system.** Powered by AI’s automated analysis of BTC’s short-term trends, support/resistance levels, risk-reward ratios, and market pricing deviations, the tool delivers professional YES/NO trading recommendations for markets like “BTC Price Range Prediction.” Unlike traditional “guess the price direction” trades, the Copilot’s core focus isn’t predicting direction—it’s identifying market mispricing. It integrates technical indicators (RSI, MACD, EMA, SuperTrend, volume, funding rates) to provide real-time AI-generated probabilities, market-implied probabilities, edge metrics, and expected returns. Additional features include real-time signal cards, one-click trading, probability comparisons, and range market analysis. This tool shifts users’ prediction market trading from “emotion-driven bets” to “AI-powered ma

Trader Loracle Tops Hyperliquid Profit Leaderboard with $11 Million Weekly Gain on Early ZEC and TON Longs

On May 9th, per Coinbob Popular Address Tracker (link: https://t.me/Coinbob_track_CN), on-chain trader Loracle topped Hyperliquid’s weekly contract profit rankings with over $11 million in gains over the past seven days. His key profit drivers included long positions in ZEC and TON, plus a crude oil short position. Both his long and short positions on WTI and Brent crude closed precisely at yesterday’s lows. Currently, Loracle’s largest profitable positions are a $20.9 million ZEC long and a $9.6 million TON long—combining for $9.7 million in gains, with no reductions to these positions yet. Notably, Loracle is Hyperliquid’s biggest long holder for ZEC and TON, and largest short holder for HYPE. His total account position size exceeds $100 million, with over $36 million in profits over six months. His latest trade: a 3x leveraged long position in AZTEC at an average entry price of $0.0246. Address: 0x8def9f50456c6c4e37fa5d3d57f108ed23992dae

Mainstream Perp DEX Overview: Crypto and Traditional Market Volatility in Sync, Hyperliquid's TVL Reaches Near Three-Month High

May 8th — Per DefiLlama data, the on-chain perpetual DEX (Perp DEX) market’s total trading volume has rebounded. Driven by sharp volatility in recent U.S. stock, commodity, and crypto markets, Hyperliquid’s open interest has continued climbing, hitting its highest level since mid-January 2024 at roughly $91.1 billion. Within the HIP-3 ecosystem, Trade.xyz has seen active trading, with both its 24-hour trading volume and open interest reaching near one-month highs. Below are the current top Perp DEX platforms by 24-hour trading volume: - Hyperliquid (via https://app.hyperliquid.xyz/join/NTOD): ~$82.7 billion in 24-hour trading volume; ~$91.1 billion in open interest - Trade.xyz: ~$33.4 billion in 24-hour trading volume; ~$21.8 billion in open interest - EdgeX: ~$21.9 billion in 24-hour trading volume; ~$9.45 billion in open interest - Aster (via https://www.asterdex.com/zh-CN/referral/aboter): ~$18.7 billion in 24-hour trading volume; ~$23.1 billion in open interest

Hyperliquid Whale Suspected of Coordinated Liquidation through Three Addresses, $62 million BTC Long Squeeze

On May 8th, HyperInsight monitoring data reveals that within the past half hour, three addresses holding large BTC long positions on Hyperliquid simultaneously closed their positions. Collectively, they placed 776 BTC sell orders valued at approximately $62 million. The average closing price was around $79,880, and the exit was near break-even. Funds for these three addresses trace back to on-chain withdrawals from HitBTC exchange. On-chain transfer records are highly synchronized with their trading activity, suggesting the addresses may be controlled by a single whale. Addresses: - 0x56871b0ab45d02dd1a29fbee0e6408ccd6e6fd49 - 0x76da69d942cfdba3483e2ea3f16a490e1b0889a3 - 0x3109eb59201623fe283d1b110b054e52222f6183

HYPE Treasury company Hyperliquid Strategies releases financial report: Nine-Month Net Loss as of March 31 reaches $165 million

Hyperliquid Strategies, the treasury firm behind the HYPE token, disclosed its third-quarter report on Thursday, revealing it currently holds roughly 20 million HYPE tokens. Since its founding in December 2025, the company has deployed $216 million to acquire approximately 7.3 million HYPE tokens. Hyperliquid Strategies went public last year via a merger with Sonnet BioTherapeutics, focusing on accumulating HYPE tokens to maximize shareholder value through staking, yield optimization, and ecosystem participation. Beyond HYPE purchases, the firm also allocated $10.5 million to repurchase roughly 3 million shares of PURR stock at an average price of $3.42 per share. It maintains a cash position of $103 million for future treasury deployments, share buybacks, and other corporate expenses. For the nine months ended March 31, the company reported a net loss of $165.4 million. The filing noted the loss was “primarily driven by” a $64 million unrealized net loss on HYPE tokens, a $35.6 mill

Hyperliquid S&P 500 Largest Long Position Takes First Profit: Closed $10 million, Position Still Holds $64 million

**On May 7, HyperInsight monitoring (via https://t.me/HyperInsight) reports the holding size on Hyperliquid peaked at $74 million, with the largest long position tied to the S&P 500. After nearly a month of heavy positioning, the holder executed their first profit-taking move—accumulating over $4.2 million in floating profits during that stretch.** **In the past two hours, the address has gradually closed ~$10 million in positions around the $7,370 level, realizing ~$550k in realized profits. Post-reduction, it still maintains a 5x leveraged S&P 500 long: remaining size = $64 million, average entry price = $6,946, and the position remains solidly long.** **Relevant address: 0xd47587702a91731Dc1089B5DB0932cF820151A91**

An affiliated address of Matrixport has deposited 403,000 HYPE into HyperLiquid, with 100,000 coins from the deposit already sold.

Per Onchain Lens monitoring on May 7, a wallet linked to Matrixport deposited 403,290 HYPE into HyperLiquid (valued at $17.3 million) and sold 10,000 HYPE at $42.38 apiece (totaling $4.238 million). The wallet still holds 303,290 HYPE (~$13 million) and may sell the remaining portion.

A whale deposited 4.997 million USDC worth of value into HyperLiquid to avoid liquidation of its ZEC short position

On May 6th, a crypto whale moved 4.997 million USDC to HyperLiquid to avoid liquidating its ZEC short position. Currently, the whale holds an 18,286 ZEC short (10x leverage) with an unrealized loss of over $2.36 million and a new liquidation price of $855.34. It also holds a 61.69 BTC short (21x leverage).

Trader yixie10 entered a long position at the low point of $2.61 million in SNDK, now holding the highest unrealized gain in the Hyperliquid platform for this US stock asset.

On May 6th, on-chain analyst Ai Auntie (@ai_9684xtpa) noted that trader yixie10 (@yixie10) went long 1,760 shares of SanDisk (SNDK) at a low of $665.45 per share, with the position valued at roughly $2.61 million. The holding currently boasts an unrealized gain of $1.446 million, making it the top-performing account for Hyperliquid’s tokenized stocks. Additionally, the trader holds long positions in AMD and Micron (MU) stocks, which have yielded a profit of $3.81 million. This pushes the account’s total profit to over $5.256 million.

「pension-usdt.eth」 Whale Shorting Position Loses $18 million, Becomes Top 1 Loss Address on Hyperliquid

May 6th — Per HyperInsight monitoring, Bitcoin (BTC) continued to rally during the holiday period, pushing above $81,000. On-chain trader "pension-usdt.eth," which previously focused on short-term trades, has been forced to hold its position for more than 35 days. Its unrealized losses on short positions have hit $18 million, making it the address with the biggest losses on Hyperliquid over the past 7 and 30 days. Currently, the address holds: - A 3x leveraged BTC short position (size: $81.2 million) with an average entry price of $67,992; - A 3x leveraged ETH short position (size: $47.3 million) with an average entry price of $2,131. It is now the largest on-chain BTC short holder. Address: 0x0ddf9bae2af4b874b96d287a5ad42eb47138a902

An anonymous whale deposited $5 million USDC into HyperLiquid to open a 5x leveraged BTC long position.

On May 5, per OnchainLens data, a whale address deposited ~5 million USDC into HyperLiquid and opened a 5x leveraged long position on Bitcoin. The address currently holds a total long position of 629.16 BTC across two wallets, valued at roughly $51 million at current market prices.

A whale has deposited 3.117 million USDC into HyperLiquid and placed a short order to bet against ETH in the $2530 to $2670 range.

On May 5, per Onchain Lens monitoring data, a whale that had been dormant for 6 months deposited 3.117 million USDC into HyperLiquid and opened an ETH short position via limit orders between $2,530 and $2,670.

Hyperliquid HIP-4 Event Contract Launched with 6.05 Million Trades on the First Day, Capturing Approximately 0.7% of the Prediction Market

On May 4th, decentralized exchange (DEX) platform Hyperliquid officially launched its HIP-4 Event Contract. On day one, the product’s nominal trading volume hit 6.05 million contracts—roughly 0.7% of total daily prediction market volume. For context, top prediction market platforms still hold a massive lead in daily trading volume: Kalshi (~546M contracts), Polymarket (~190M), Limitless (~68.26M), Crypto.com (~28.2M), Opinion (~25.72M), Predict.fun (~11.8M). Data indicates Hyperliquid has achieved a meaningful cold start in the event contract space despite its small initial scale, officially marking its entry into the competitive prediction market landscape. In the near term, top platforms retain an absolute liquidity edge—future growth will hinge on product design and user acquisition/migration capabilities.

A certain newly created address has deposited $1 million into Hyperliquid to 10x long WTI crude oil

On May 4th, per Onchain Lens monitoring, a new address deposited $1 million into Hyperliquid and opened a 10x long position on WTI crude oil.

Hyperliquid's first HIP-4 binary prediction market smart contract has surpassed $2.38 million in trading volume

May 3 Per Hyperliquid’s official website, the first HIP-4 binary prediction market contract—launched at 4:00 PM UTC on May 2 and titled “Will BTC be above $78,213 at 2:00 PM UTC on May 3?”—has accumulated open interest of $1.818 million. In nearly 19 hours since launch, total trading volume has hit $2.384 million, with the current implied probability standing at 0.497. Under the HIP-4 proposal, the Outcomes contract uses a full-collateralization model that eliminates liquidation risk entirely. Its nonlinear settlement structure offers users option-like flexibility, broadening the range of available trading strategies. Plus, natively integrated with the HyperCore chain, it shares cross-margin with the platform’s spot and perpetual contracts, enabling seamless liquidity interoperability and reuse.

Hyperliquid launches the first HIP-4 binary market prediction contract, directly competing with the leading prediction markets Polymarket and Kalshi

May 2 — Hyperliquid has launched its first HIP-4 binary prediction market contract, posing the question: “Will Bitcoin’s price be above $78,213 at 2:00 PM ET on May 3?” Against a landscape where Polymarket leads on-chain prediction market traffic and Kalshi partners with Coinbase to target compliant markets, Hyperliquid’s entry isn’t a simple “follow-the-trend” play. Instead, it’s leaning on its native underlying performance edge to rewrite the prediction market playbook, directly competing with top players Polymarket and Kalshi. Late last month, Hyperliquid rolled out its “Outcome Tokens” fee schedule to prep for the prediction market’s mainnet launch. Contracts are free to open, with fees only applied at close or settlement. Traders using the platform’s “quote-aligning tokens” get extra perks: 20% lower maker fees and 50% higher taker rebates. The full fee formula is open to developers. Built on the HIP-4 upgrade, Outcome Tokens let users trade binary real-world event contracts

Hyperliquid saw a $52.22 million revenue in April, marking a 14.95% decrease from the previous month.

On May 2, DefiLlama data shows Hyperliquid’s April revenue hit $52.22 million—down 14.95% from March’s $61.40 million.

Abraxas Capital holds a $10.5 million long position in Bitcoin on Hyperliquid, and an $8.8 million HYPE short position.

On May 1, Nansen data shows Abraxas Capital is betting on Bitcoin dominance via two wallets on the Hyperliquid platform. Wallet 1 (0x5b5d51): Long $10.5M in BTC with 10x leverage, while shorting HYPE, FARTCOIN, XRP, SOL, and ETH. Wallet 2 (0xb83de0): Short $4.56M in HYPE with 5x leverage (entry price: $42.80, current unrealized gain: $304K), while also shorting xyz:GOLD and xyz:CL. Collectively, the two wallets hold $8.8M in total short positions on HYPE, with $388K in unrealized gains. Abraxas Capital has accumulated $179M in total profits on Hyperliquid.

Hyperliquid Policy Center Submits Comment Letter to CFTC Urging Establishment of Decentralized Oracle Market Regulatory Framework

On April 30, the Hyperliquid Policy Center (HPC) submitted a comment letter to the U.S. Commodity Futures Trading Commission (CFTC) in response to the agency’s Advance Notice of Proposed Rulemaking (ANPRM) on prediction markets, per official sources. HPC noted current discussions center primarily on centralized prediction markets, and called for further clarity on the regulatory framework for decentralized prediction markets built on public, permissionless blockchains. In its comments, HPC urged regulators to establish a “function-driven, flexibly adaptable” rule system—one that lets decentralized market structures fit into compliance pathways, provides legal access for U.S. market participants, and helps the U.S. maintain its leading role in decentralized financial (DeFi) innovation. The organization argued prediction markets drive more efficient price discovery by aggregating dispersed information, with their informational value widely leveraged by financial terminals and media

Trust Wallet has officially integrated Hyperliquid, allowing users to seamlessly trade their crypto assets, commodities, and precious metals perpetual contracts within the app.

April 30 — Trust Wallet has officially integrated Hyperliquid, an on-chain perpetuals trading platform, enabling its 220 million global users to trade perpetual contracts directly within the app. Users stand to benefit from enhanced liquidity, tighter spreads, and a diversified market where spot, futures, and real-world assets (RWAs) can all be traded in one place. Hyperliquid is currently the most liquid decentralized trading platform, with total trading volume surpassing $40 trillion. It supports perpetual contract trading for both crypto assets and RWAs such as oil and precious metals. With this integration, Trust Wallet users can seamlessly access all Hyperliquid market trades upon opening the app, enjoying execution speeds and deep liquidity comparable to professional trading platforms. The wallet delivers a more convenient, seamless experience with broader trading options, putting professional-grade contract trading at users’ fingertips. Trust Wallet CEO Felix Fan noted:

An affiliated FalconX address deposited 11.94 million USDT into HyperLiquid, increasing its 20x long position in crude oil to 202,000 CL tokens.

April 30th: Per Onchain Lens data, a FalconX-linked wallet (0xEbE) deposited 11.94 million USDC into HyperLiquid and boosted its 20x-leveraged CL long position to 202,000 CL (valued at $21.6 million). The whale additionally holds a small 20x-leveraged long position in BRENTOIL, plus 10x-leveraged short positions in HIMS and RIVN.

The ETH “Whale” on Hyperliquid Increases Long Position Again, Now Holding $182 million

April 30 — On-chain analyst Ai Auntie (@ai_9684xtpa) reports that a whale who accumulated a 120,000 ETH long position has locked in massive profits over the past two months via ETH longs. The whale has since expanded their position again, holding $182 million in assets across two addresses. With an entry price of $2,265, they now hold a floating profit of $514,000 — retaking the top spot for ETH holdings on Hyperliquid.

The largest long smart money on Hyperliquid once again took a massive long position on ETH, with a position value exceeding $200 million.

April 30 — Per data from Ashes Monitor, the top bull whale on Hyperliquid has resumed aggressive ETH longs after banking a $684.7 million profit from a long position just two weeks ago. The whale currently holds 90,000 ETH ($203 million) in long positions across three addresses, solidifying his status as Hyperliquid’s largest bull. His average entry price for the ETH positions is $2,265.

Hyperliquid Aims to Challenge Polymarket? Zero Trading Fee Enters $63.5 Billion Prediction Market

April 30th — Decentralized exchange Hyperliquid unveiled its "Outcome Tokens" fee structure, a key milestone ahead of its mainnet launch as it gears up to go head-to-head with top prediction markets Polymarket and Kalshi. The core feature of the fee design: zero fees to open positions; fees only apply when closing or settling trades. Traders using the platform’s "quote alignment tokens" get extra perks: 20% lower taker fees and 50% higher maker rebates. The full fee schedule is now accessible to developers. Outcome Tokens rolled out under the HIP-4 upgrade proposal, letting users trade binary real-world event contracts in the same account as Hyperliquid’s existing perpetuals and spot positions. The timing is strategic: Polymarket just announced this week that "perpetual trading is coming soon," setting up direct competition between the two. For context, the prior upgrade — HIP-3 — launched permissionless perpetual contracts in October 2025; trading volume from those contracts

The Hyperliquid team's productivity ratio is 18 times that of Anthropic and 8 times that of Jane Street.

On April 29, Artemis Statistics reported that Hyperliquid’s 2025 revenue hit $8.57 billion. With just 11 employees, the team’s average annual revenue per person stood at $78 million—dwarfing AI unicorn Anthropic (which averages $4.4 million per employee) and Wall Street giant Jane Street (which averages $9.3 million per employee).

Market Volatility Puts Pressure on Hyperliquid Core Market-Making Address, Wintermute and Auros Global Also Record Losses

On April 29th, HyperInsight monitoring data shows the crypto market saw significant volatility overnight into this morning. Liquidity providers faced a surge in buy orders, with two top LPs on the Hyperliquid platform—Wintermute and Auros Global—suffering varying losses. Wintermute’s LP address recorded an estimated daily loss of $1.1 million. Its key positions include a $23.4 million ETH long, a $16.3 million BTC short, and it provides liquidity for 96 tokens. Auros Global’s LP address posted an estimated daily loss of $400,000. Its main holdings consist of a $44.8 million BTC long, plus $18 million in combined SOL and XRP longs, and it offers liquidity for 175 tokens. Relevant addresses: 0xecb63caa47c7c4e77f60f1ce858cf28dc2b82b00 0x023a3d058020fb76cca98f01b3c48c8938a22355

Analyst: Hyperliquid Revenue Surpasses Robinhood Against the Trend, HYPE's Valuation Discount Has Become "Increasingly Unreasonable"

April 29th: Blockworks Research analyst Shaunda Devens shared Q1 2026 data on social media showing a clear cyclical downturn in crypto trading. Robinhood’s crypto revenue fell to $134 million (39.4% drop), while Hyperliquid’s crypto trading revenue declined to $179.7 million (31.0% decrease). Yet Hyperliquid’s crypto revenue still outpaced Robinhood’s crypto segment. Its Real World Asset (RWA) revenue surged 454.8% quarter-over-quarter, and its user base grew 29.6% to 1.19 million—compared to just 1.5% growth for Robinhood’s customer base. HYPE currently trades at a discount to traditional financial peers, largely tied to the cyclical volatility of its crypto cash flows. But with RWA now accounting for over 30% of trading volume and HIP-4 launching a binary outcome prediction market, revenue volatility in this slowdown has roughly matched Robinhood’s—making the discount increasingly irrational. Hyperliquid’s Q1 protocol revenue hit $192.3 million, while Robinhood reported net

Glassnode: Whale Activity on Hyperliquid Shows Ongoing Accumulation, Believes Bitcoin Will Break Out of Range

April 24 — Glassnode data reveals a whale on the Hyperliquid platform continues to build long positions, wagering Bitcoin will break out of its consolidation range. Over the past two months, the whale’s confidence and long exposure have steadily risen, signaling strong bullish sentiment among major perpetual contract traders.

Hyperliquid Short Squeeze: 7 Whales Collective Short Position Liquidated, Liquidation Price at $81,502

April 22nd — Per HyperInsight monitoring (link: https://t.me/HyperInsight, opens new tab), 7 whales with positions exceeding $1 million have opened new short positions on Hyperliquid over the past two hours, totaling $25.56 million in short exposure. Excluding one whale with a large margin address, the remaining 6 whales have an average liquidation price of roughly $81,502. Currently, the address (0xac6) closest to liquidation holds a 40x-leveraged BTC short position, with an entry price of $77,938 and a liquidation price of $78,888.

A whale has deposited 2 million U into HyperLiquid to buy 50,080 HYPE tokens.

On April 22, per Onchainlens monitoring data, a whale address deposited 2 million USDC into HyperLiquid 12 hours ago and purchased 50,080 HYPE tokens at a price of $39.94 each.

Blockchain.com has launched self-custodied perpetual contract trading, powered by HyperLiquid.

On April 22, Blockchain.com announced the launch of perpetual contract trading in its non-custodial DeFi wallet—powered by Hyperliquid—letting users trade with leverage directly from their own wallet without transferring assets to a third-party exchange, enabling full self-custody. The feature supports more than 190 crypto markets, offers up to 40x leverage, and lets users fund their perpetual contract accounts straight from their DeFi wallet. It also includes real-time pricing, flexible leverage options, and risk management tools. Blockchain.com noted that down the line, it will add support for other asset classes like forex, stocks, and commodities.

Hyperliquid will launch the CHIP contract, offering up to 3x leverage

April 22 — Hyperliquid is set to launch perpetual contracts for USDAI (CHIP) with up to 3x leverage, per official sources.

Grayscale Files Hyperliquid ETF Amendment with SEC to Replace Coinbase with Anchorage as Custodian

April 21 — Per The Block, Grayscale has filed an amendment to its SEC filing for the Hyperliquid ETF, swapping Coinbase for Anchorage Digital Bank as the custodian. Anchorage is the first federally chartered crypto bank in the U.S. If approved, the ETF will list on Nasdaq under the ticker "GHYP," with its staking feature still pending regulatory approval.

An address newly deposited $1.99 million into HyperLiquid, longing ASTER with 5× leverage

On April 18, per Onchain Lens monitoring, a newly created wallet deposited 1.99 million USDC into HyperLiquid and opened a 5x leveraged long position on ASTER.

Mainstream Perp DEX Overview: Hyperliquid Trading Volume Drops by 16%, TradeXYZ Weekly Volume Falls to March Levels

Hyperliquid yesterday reported a revenue of $3.27 million, reaching a new high since February 7th.

On April 17, per DefiLlama data, Hyperliquid raked in $3.27 million yesterday—hitting its highest daily revenue since Feb 7. It trails only Tether ($16.41M) and Circle ($6.77M) in daily earnings.

A new address has deposited 7.45 million U to buy HYPE on HyperLiquid.

On April 17, Onchain Lens data indicates a newly created wallet address deposited $7.45 million in USDC into HyperLiquid, purchasing 169,838 HYPE tokens at $43.86 each. Of those tokens, 10,000 HYPE were staked.

「Buddy」 ETH Long Position Ranks Top 2 in Hyperliquid, Overall Position Floating P&L $1.59 million

April 16th — Per on-chain analyst Ai Auntie (@ai_9684xtpa), “Brother Ma Ji” (Huang Licheng)’s ETH long position is now the second-largest holding on Hyperliquid, with an overall floating profit of $1.599 million. His positions are detailed below: - BTC: 40x long position, 204 coins held (valued at $15.23 million); entry price $73,971, floating profit $120,000 - ETH: 25x long position, 13,925 coins held (valued at $32.56 million); entry price $2,245.7, floating profit $1.263 million - HYPE: 10x long position, 211,000 coins held (valued at $9.57 million); entry price $44.286, floating profit $216,000

Arthur Hayes New Article: His Fund is Currently in a Defensive Position, Only Slightly Increasing Holdings in Hyperliquid

On April 16, BitMEX co-founder Arthur Hayes said in a recent article that his fund Maelstrom is currently in a "No Trade Zone." In the first quarter, the fund has essentially halted trading—aside from a slight increase in its long position on Hyperliquid. Hayes identifies two key variables facing the market: First, widespread AI agent adoption will decimate the Western gig economy, sparking a wave of knowledge worker unemployment and a deflationary financial collapse. Second, the Iran-focused conflict led by the Trump administration has now lasted seven weeks, posing a significant threat to shipping in the Strait of Hormuz.