Track market-moving stories before they get noisy

Hyperliquid’s open interest has topped $18 billion for the first time, reaching a record as trading activity continues across its crypto and non crypto perpetual markets.

Summary

Hyperliquid open interest topped $18 billion for the first time, beating the previous record of $16.36 billion reached on Sept. 19. Open interest stood above $13 billion at the end of August, putting roughly $5 billion more in outstanding positions on the platform within weeks. Bitcoin, Ether and HYPE accounted for roughly $9.33 billion in open interest, while HIP 3 markets continued to draw activity across stocks, commodities and indices. HIP 3 markets have brought perpetual contracts tied to assets such as the S&P 500, gold, crude oil and private companies to Hyperliquid. According to Lookonchain, official Hyperliquid data showed open interest at $18 billion on Sept. 23, above the previous record of $16.36 billion reached on Sept. 19.

The figure represents bilateral open interest, meaning it counts the combined value of long and short positions on the platform. Open interest tracks derivatives positions that remain active and have not yet been closed or settled.

Hyperliquid’s latest reading puts open interest roughly $1.64 billion above the record set four days earlier. The Sept. 19 level had already passed the previous high recorded on Sept. 18, 2025.

Open interest has moved considerably higher over the past few weeks. DefiLlama Research placed the figure at more than $13 billion on Aug. 31, when Hyperliquid was processing roughly $220 billion in perpetual trading volume per month.

The latest $18 billion reading means outstanding positions have grown by close to $5 billion from the level reported at the end of August.

Hyperliquid has spent the past year building beyond its core cryptocurrency perpetual markets, with stocks, commodities, indices, private companies and event contracts now available through its trading infrastructure.

HIP 3 has played a central role in that expansion since its launch in October 2025. The framework lets third party developers stake HYPE and deploy perpetual markets on Hyperliquid.

Markets launched through HIP 3 now cover assets ranging from U.S. equities and stock indices to gold and crude oil. Private companies, including SpaceX, have been represented through pre IPO perpetual contracts.

By early September, cumulative trading volume across HIP 3 markets had passed $548 billion, according to data cited by Lookonchain.

HIP 3 markets accounted for roughly 30% of Hyperliquid’s total trading volume during the preceding 30 days.

Current market data shows crypto perpetuals still hold some of the largest positions on the platform. HyperIntel data from Sept. 23 put Bitcoin open interest at roughly $4.05 billion, followed by Ether at $3.18 billion and HYPE at $2.10 billion.

Zcash carried around $858.6 million in open interest, while Solana stood at approximately $763.7 million.

Non crypto markets have built sizeable positions as well. An S&P 500 linked perpetual had roughly $418.9 million in open interest, while gold stood near $301.7 million.

HIP 3 markets have become a larger part of Hyperliquid HIP 3 lets deployers create perpetual markets while using Hyperliquid’s HyperCore infrastructure for trading and margining.

Deployers determine several parts of their markets, including the oracle used to provide prices and parameters such as leverage. HYPE must be staked to deploy a market on mainnet.

Activity through the framework has grown alongside demand for perpetual contracts tied to assets outside the crypto market.

As previously covered by crypto.news, TradeXYZ trading volume reached $202.36 billion during the second quarter, up from $112.93 billion during the previous three months.

Open interest on TradeXYZ stood at $2.96 billion at the end of the quarter, while equity perpetual volume reached $58.9 billion across 55 markets.

Hyperliquid later expanded HIP 3 with permissioned markets on testnet, allowing deployers to limit access through onchain allowlists.

Permissioning remains optional, leaving existing permissionless HIP 3 markets unchanged.

Hyperliquid has moved into event contracts Hyperliquid has taken a similar approach to prediction markets through HIP 4, which was introduced in May.

HIP 4 added event contracts to the platform, allowing markets based on outcomes instead of the price of an underlying asset.

Third party deployment of HIP 4 markets was opened at the end of August, expanding the framework beyond markets launched directly through Hyperliquid.

The platform has rolled out other trading products during the same period. Native lending lets users borrow USDC and USDT against supported collateral, while recent changes have brought more order types to its perpetual markets.

Hyperliquid launched trailing stops across perpetual markets on Sept. 21. The order type lets traders set a percentage distance from the best price reached after an order is activated.

For long positions, the trigger follows the highest mark price reached after activation. Short positions track the lowest mark price before the order is triggered.

Plans are underway to use HIP 3 for regulated U.S. markets as well.

Payward, Kraken’s parent company, announced this month that Bitnomial would deploy and administer proposed Hyperliquid perpetual markets for eligible U.S. clients, subject to regulatory approval.

Under the planned U.S. structure, Bitnomial Exchange would operate as the HIP 3 deployer, while Bitnomial Clearinghouse would handle clearing and settlement. NinjaTrader Clearing would carry approved customer accounts.

Access would be provided through permissioned HIP 3 markets, with the proposed structure designed to operate under U.S. derivatives rules.

Pre-market US stocks: Storage, optical module and cryptocurrency-related stocks are all down across the board.

According to market data from BIT (Bit.com), pre-market trading in US stocks saw a broad decline across storage, optical module, and crypto-related concept stocks. Optical module and communication sector: Coherent (COHR) fell 1.00% in pre-market trading, Lumentum (LITE) dropped 0.60%, Applied Optoelectronics (AAOI) declined 1.78%, Nokia (NOK) edged down 0.17%, and Marvell Technology (MRVL) fell 0.95%. Storage sector: Seagate Technology (STX) was down 1.52% pre-market, Western Digital (WDC) dropped 1.29%, SanDisk (SNDK) fell 1.26%, and Micron Technology (MU) declined 1.29%. Crypto-related concept stocks: SharpLink (SBET) fell 2.25% in pre-market trading, BitMine Immersion (BMNR) dropped 2.24%, Gemini Space Station (GEMI) edged down 0.84%, Bullish (BLSH) fell 1.07%, Circle (CRCL) declined 2.03%, Strategy (MSTR) dropped 0.94%, and Coinbase (COIN) fell 1.90%.

3 minutes ago

Aave CEO addresses criticism: Aave V4 is not merely isolated markets, has been deployed across multiple networks, and holds $1.2 billion in deposits.

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SlowMist: Official FOMO iOS App Exposed to Contain Crypto-Stealing Malware, Was Available on App Store for a Week

Blockchain security firm SlowMist has warned that the official FOMO iOS app was found to contain malware capable of stealing cryptocurrency assets. The affected versions of the app were available on the App Store between September 9 and September 17. SlowMist stated that the malicious module has attack capabilities similar to the DarkSword malware, which could result in the theft of users’ seed phrases and private keys. Given that the FOMO app was promoted via crypto KOLs, some users may have downloaded the affected versions. SlowMist also cautioned that simply updating or deleting the FOMO app may not be sufficient to eliminate the risk; users who used the affected versions should assume their seed phrases, private keys, and sensitive credentials have been compromised, and take corresponding security measures. Additionally, SlowMist’s Chief Information Security Officer Shan Zhang previously warned that iOS versions 13 through 16.5 may be vulnerable to malicious Safari link attacks exploiting memory corruption vulnerabilities in WebKit and JavaScriptCore. Attackers can leverage these flaws to gain read and write access to the JavaScript layer, further bypass pointer authentication, escape the WebContent sandbox, and escalate kernel privileges, ultimately obtaining encryption keys and wallet data.

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The yield on 2-year U.S. Treasuries rose to 4.79%, hitting a new high for the year.

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Polygon's stablecoin miMATIC remains depegged, trading at a 14% discount to its $1 peg.

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Spot silver plunged 3% intraday, currently trading at $65.01.

According to Bitget market data, spot silver has dropped 3% intraday, currently priced at $65.01 per ounce.

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Binance Wallet launches a 0 gas fee campaign for TRON network transfers, running until December 22.

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5 minutes ago

Cua has simultaneously open-sourced two S1 models, and also invited Jev to join the same benchmark test.

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Anthropic aims to bypass cloud providers by directly contracting a 1GW data center.

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5 minutes ago

Data: Funding rates indicate the market shows no immediate signs of overheating and remains neutral to bearish.

According to Coinglass data, Bitcoin has firmly broken through $86,000 and is now consolidating in a range. Altcoins and meme coins have also seen rotational trading activity, while the Crypto Fear & Greed Index has climbed above 70, entering the "Extreme Greed" territory for the first time in a year. However, current funding rates on major centralized (CEX) and decentralized exchanges (DEX) show no signs of market overheating. Funding rates for mainstream crypto asset contracts remain neutral to bearish; specific rates are detailed in the attached chart. BlockBeats Note: The funding rate is a mechanism set by cryptocurrency trading platforms to align contract prices with underlying asset prices, typically applied to perpetual contracts. It functions as a fund exchange between long and short traders—platforms do not collect this fee, and it adjusts the cost or return of holding contracts to keep contract prices closely tied to underlying assets. A 0.01% funding rate is the benchmark. When the rate exceeds 0.01%, it signals widespread bullish sentiment; when it falls below 0.005%, it indicates broad bearish sentiment.

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Meme crypto token project MEME has exceeded a market capitalization of $40 million, surging 36.7% in the past 24 hours.

According to GMGN data, the stock-meme project MEME on Robinhood Chain has seen its market capitalization exceed $40 million, now retreating to $38 million, with a trading volume of $6.9 million in the same period and a 24-hour gain of 36.7%. MEME leverages stock trading platform Robinhood, pairing its token with tokenized U.S. cinema chain AMC Entertainment (ticker: AMC) as a liquidity pool, providing liquidity via the MEME/AMC trading pair. BlockBeats Note: Stock Meme is an emerging concept that merges traditional meme coins with tokenized U.S. stocks: instead of pairing meme coins with USDT or ETH, they are directly paired with on-chain U.S. stock tokens (such as NVDA, TSLA, AAPL, etc.). This model retains meme coins’ high volatility and community-driven speculative traits while tapping into the popularity and narratives of real stocks. A portion of transaction fees typically flows back to the community treasury to accumulate corresponding U.S. stock tokens, forming a dual-driven model of "sentiment speculation + real asset anchoring". Prices are highly volatile; investors should exercise caution.

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Muse officially announced four new connectors within 24 hours, linking services covering shopping, payments, hotel bookings, and grocery shopping.

Beating AI Insight News Brief: Meta’s personal AI agent Muse announced four upcoming connectors from Shopify, PayPal, Expedia, and Instacart within 24 hours. Once integrated, Muse can directly leverage these services for shopping, payments, hotel bookings, and grocery runs, no longer fully dependent on opening web pages itself. Shopify will integrate Shop Pay one-click checkout across all its stores; PayPal enables Muse to shop and complete transactions at PayPal merchants globally; Expedia allows Muse to select and book hotels; Instacart offers a streamlined experience: users simply say “Tacos for Tuesday,” and Muse will generate a shopping cart based on store inventory, then hand it off to Instacart for checkout and delivery. These partnerships address a critical gap for Muse: shifting the agent from “simulating website operations” to “websites proactively connecting their services to it.” The former approach (browser click simulation) can be blocked by sites at any time—Amazon has already implemented this—while the latter means product, inventory, payment, and fulfillment are all provided by partner platforms, with Muse only tasked with understanding user needs and initiating tasks. More integrations will reduce Muse’s reliance on browser click simulation.

5 minutes ago

NEAR Protocol has gained a new trading catalyst after its native token was deployed on Hyperliquid’s spot market, opening NEAR/USDC trading alongside an already active perpetual futures market.

Summary

NEAR spot trading has gone live on Hyperliquid, giving users direct access to NEAR/USDC alongside the platform’s existing perpetual market. NEAR perpetual open interest on Hyperliquid stood near $344 million as the token traded above $4 following a strong weekly rally. Positive funding showed long positions were paying shorts, while new spot activity could provide a clearer picture of demand beyond leveraged trading. NEAR’s rally has coincided with growth in Confidential Intents and several recent integrations across its ecosystem. According to NEAR Protocol’s Sept. 23 announcement, users can now trade NEAR against USDC on Hyperliquid, although the token will take several more days to appear on the platform’s Strict List under its normal deployment process.

NEAR traded near $4.33 following the launch, close to its recent 52 week high of $4.46. The token has risen strongly over the past week after changing hands near $3 in mid September, with several network developments arriving during the rally.

Spot access on Hyperliquid adds another market for direct NEAR purchases at a time when derivatives traders already have substantial exposure to the token. Hyperliquid data compiled by HyperAcademy showed NEAR perpetual open interest at roughly $344.2 million early on Sept. 23, while 24 hour volume stood near $269.1 million.

Funding was positive at 0.0017% per hour during the same snapshot, indicating that long positions were paying shorts. Hyperliquid allows up to 10 times leverage on its NEAR perpetual contract.

NEAR price rally meets heavy derivatives activity NEAR’s move onto Hyperliquid spot comes after the token recorded one of its strongest weekly runs this year.

On Sept. 17, NEAR traded near $3.05 after gaining 20.8% in 24 hours, leading gains among several large AI linked crypto assets. The token has since moved above $4, putting it roughly 40% above the Sept. 17 level.

Derivatives activity has grown alongside the rally. NEAR perpetuals ranked among Hyperliquid’s most heavily traded markets on Sept. 23, with roughly $248 million in 24 hour volume in a later market snapshot.

Spot trading creates a separate route for Hyperliquid users who want to hold NEAR without taking leveraged perpetual positions. It gives market makers access to NEAR spot and perpetual markets on the same platform, where positions can be hedged between the two markets.

Price action following the deployment will provide more data on whether spot demand can keep pace with the derivatives activity already surrounding NEAR. Open interest remains particularly important after the recent rally because a large leveraged market can produce heavier liquidations when price moves quickly in either direction.

Positive funding shows that traders were paying to maintain long exposure at the latest reading. A continued rise in open interest accompanied by heavily positive funding could leave leveraged long positions more exposed during a price reversal, while stronger spot volume would show that trading activity is not confined to perpetual contracts.

NEAR Confidential Intents activity has grown The Hyperliquid deployment follows several developments around NEAR’s cross chain infrastructure.

NEAR’s confidential total value locked crossed $70 million on Sept. 17, automatically triggering the first snapshot under its incentive program, crypto.news previously reported.

The snapshot set aside 333,333 milestone tokens for eligible users. Participants must maintain more than $100 in confidential balances and have an active swap history, while individual wallets are limited to 2% of the distribution.

Rewards from the first snapshot remain locked until NEAR’s three day volume weighted average price reaches at least $3.33. NEAR has since moved above that price threshold.

Confidential Intents routes transactions through a private NEAR shard and supports execution across more than 30 connected blockchains. NEAR said the system is designed to prevent transactions from appearing in public mempools, limiting exposure to front running, strategy leakage and other forms of maximal extractable value.

Activity connected to NEAR Intents has continued elsewhere in the ecosystem. Aurora Labs said its solver network has routed more than $30 billion after adding Sui as a destination for one signature cross chain transactions.

NEAR Intents solvers were later used to convert assets during a Zcash NFT auction, where more than $19 million passed through Aurora Intents across 1,718 swaps.

Hyperliquid spot listing follows another NEAR integration NEAR’s latest Hyperliquid deployment comes as the platform handles billions of dollars in daily derivatives trading.

Hyperliquid generated $429.04 million in revenue between Jan. 1 and Sept. 15, giving it 12.62% of the $3.40 billion revenue pool in CoinGecko’s adjusted comparison of crypto projects. The platform finished more than $106 million ahead of Pump.fun at the Sept. 15 cutoff.

Trading activity has remained concentrated in perpetual futures. Data cited in September showed Hyperliquid recording nearly $237 billion in perpetual trading volume over a 30 day period as more companies began using its infrastructure.

The platform has continued adding trading functions during the same period. Trailing stop orders became available for perpetual markets on Sept. 21, allowing traders to set triggers that follow favorable movements in the mark price before executing a market order after a chosen retracement.

For NEAR, spot deployment now places direct token trading beside the leveraged market that has already accumulated more than $300 million in open positions.

NEAR ecosystem adds tokenized stocks through Ondo Another NEAR integration arrived one day before the Hyperliquid spot deployment.

NEAR partnered with Ondo Finance to add 20 tokenized assets through near.com and NEAR Intents. The initial selection includes tokenized exposure to Tesla, Nvidia, Apple, Microsoft and Amazon, along with products tied to QQQ, silver and gold.

Eligible users can route supported crypto assets from more than 30 connected blockchains into Ondo Stocks through NEAR Intents without opening a separate brokerage account. Bitcoin and USDC are among the assets that can be used to fund purchases.

Access remains subject to Ondo’s securities restrictions, with U.S. persons excluded from the product. Ondo said the tokenized assets are issued through its Global Markets infrastructure, while NEAR Intents handles the cross chain routing used to reach them.

Dear SafePal Community,

SafePal is excited to announce the launch of the Hyperliquid Mini Program inside the SafePal App. It is a complete, purpose-built perpetual trading terminal powered by Hyperliquid, the high-performance decentralized exchange for perpetual futures running on its own Layer 1 blockchain.

This is a significant upgrade to our existing Hyperliquid integration. Where the first release brought Hyperliquid perps natively into the SafePal wallet trade tab, the new mini program delivers the full professional trading stack.

The professional stack consists of eight order types, up to 100x leverage, cross and isolated margin, position-level take profit and stop loss, TWAP execution, and a full charting suite with technical indicators, all while maintaining self custody without your private keys ever leaving your device.

To get started, download the latest version of the SafePal App here and refer to the step-by-step guide here on how to trade Hyperliquid perps via SafePal.

A CEX-grade trading terminal that never takes custody The trade-off traders have lived with for years is a simple one: centralized exchanges offer the order types, depth and speed that serious trading requires, but only if you hand over your assets. Self-custodial alternatives protect your keys but historically ask you to give up other important factors like slippage, execution speed, liquidity and more.

The Hyperliquid Mini Program removes that trade-off. Hyperliquid runs a fully on-chain order book with deep liquidity and CEX-level execution speed, and SafePal brings it into the wallet where your assets already live. Orders are signed by your own keys, either by your SafePal software wallet or by a SafePal S1, S1 Pro or X1 hardware wallet for an added layer of physical verification.

Every position you open is yours, verifiable on-chain.

Eight order types for every market condition The mini program supports the complete Hyperliquid order set, selectable directly from the trading panel:

Market: immediate execution at the best available price Limit: execution at your price or better, with Time-in-Force options (GTC, IoC, and ALO / post-only) Scale: split a single position into up to 100 laddered limit orders between a start and end price, with an adjustable size skew to weight the ladder toward either end Stop Limit and Stop Market: trigger-based entries and exits with built-in validation that prevents trigger prices being set on the wrong side of the market Take Limit and Take Market: take-profit orders with the same trigger logic in reverse TWAP: time-weighted average price execution for larger orders Every order can be flagged Reduce Only, and take profit / stop loss levels can be attached at the moment of order placement rather than added afterwards.

TWAP: institutional execution, on your phone Large orders move markets. The TWAP order type breaks a position into a series of smaller sub-orders executed evenly over a runtime you define, anywhere from 5 minutes to 7 days.

Advanced settings give you meaningful control over how that execution behaves:

Randomize: varies each sub-order's size by up to roughly 20% so the execution pattern is harder to read, while still respecting your maximum single trade size Trigger Price: the TWAP only begins once the mark price reaches your specified level Max / Min Price: the TWAP terminates automatically if the mark price runs beyond your acceptable band Active TWAPs get their own tab alongside Positions and Open Orders, showing executed size against total size, average fill price, elapsed runtime, and a one-tap terminate control. Completed and terminated runs are preserved in History and Fill History with closed PnL.

Leverage, margin and risk controls Leverage is adjustable up to 100x on supported markets via a slider that displays your maximum position size at the selected setting in real time. If you attempt to place an order above the maximum leverage a market supports, or beyond your available margin, the mini program stops you with a clear prompt rather than a failed transaction.

Margin mode is set per market:

Cross: all cross positions sharing the same margin asset draw on one balance, improving capital efficiency at the cost of shared liquidation risk Isolated: each position uses a fixed margin allocation, containable and adjustable at any time For isolated positions, margin can be added or removed after the fact through the Adjust Margin sheet, which shows exactly how much is addable and how much is removable before you confirm.

Position management built for speed Open positions display unrealized PnL, size, allocated margin, entry price and liquidation price at a glance, with three actions on every position:

Reverse: flip long to short (or short to long) in a single confirmation, with the resulting size, price and new liquidation price previewed before signing TP/SL: set position-level take profit and stop loss, entered as either a price or a percentage, with estimated PnL calculated live as you type Close: close at market or set a limit price, with a warning if your limit sits on the wrong side of the market and would execute immediately A Close All Positions control handles the whole book at once, cancelling open orders and filling remaining positions at market after an explicit confirmation.

Charts, order book and market data Every market opens onto a full charting view with:

13 timeframes from 1 minute through 1 month, plus a line view Main indicators: MA (default), EMA, BOLL and SAR, which can be layered together on the candles Sub indicators: MACD, KDJ, RSI and WR, displayed in a dedicated panel below volume Order book with up to 20 levels per side, adjustable price precision, and a live buy/sell pressure ratio Trades tab showing the most recent 20 executions with price, size and timestamp Markets are browsable by 24h volume, price and 24h change, with a Favorites list and coin pair search with recent search history for traders who work a fixed set of pairs.

Deposits and withdrawals in a few taps Funding is handled in USDC on Arbitrum, directly from the balance you already hold in SafePal (Additional support for other blockchains will be added in future releases and updates):

Deposits start from 5 USDC and typically credit in about 1 minute after blockchain confirmation Withdrawals start from 2 USDC, carry a $1 network fee, and typically arrive in about 5 minutes Both flows show a full pre-signature summary before anything is signed: asset, network, amount, from and to addresses, and the network fee.

Hardware wallet signing, with batch approval Trading requires signatures, and active trading requires a lot of them. The mini program handles this with a one-time Enable Trading flow: connect your wallet, then approve trading. After that, software wallet users sign directly, while hardware wallet users approve via their device.

For SafePal hardware wallets on the latest firmware, batch signing allows multiple transactions to be authorized at once. That is meaningfully faster for anyone managing several positions, and it does not weaken the security model. If your device firmware doesn't yet support batch signing, the app prompts you to upgrade.

Please note that the Hyperliquid Mini Program supports wallets imported via mnemonic phrase.

Complete trade history and accounting Every action is recorded across four tabs, each filterable by date range, symbol and order type:

Open Orders: live orders with a per-order or Cancel All action Order History: filled, cancelled and rejected orders with order ID, filled size and order value Trade History: individual fills with price, size, value, fee and closed PnL Funding History: funding fees paid and received per position, with the applicable rate How to start trading Hyperliquid perps in SafePal Update the SafePal App to the latest version here Open the Perpetuals tab and select Hyperliquid Connect your SafePal software or hardware wallet and complete the one-time Enable Trading signature Deposit USDC over Arbitrum One from the Wallet tab Choose a market, set your margin mode and leverage, and place your order Every signature request appears for review before it executes. If you are using a SafePal S1, S1 Pro or X1, transactions are confirmed with a second layer of verification on the hardware device itself.

What this means for SafePal users Perp DEX volume has grown from a niche share of the market to a meaningful percentage of total derivatives activity, and the direction of travel is clear: traders increasingity without CEX counterparty risk.

The Hyperliquid Mini Program is SafePal's answly want CEX execution qualer. It sits alongside the rest of the SafePal wallet suite, including spot swaps in the SafePal swap aggregator, staking, RWA trading and the fiat gateway, so users can hold, trade, hedge and manage risk from one self-custodial app across 200+ blockchains.

More features and deeper collaboration with Hyperliquid are on the roadmap. Stay tuned.

Frequently asked questions 1. What is the Hyperliquid Mini Program? 

It is a dedicated Hyperliquid perpetuals trading interface built into the SafePal App, offering the full Hyperliquid order set, charting and position management without leaving self-custody.

2. Do I need to complete KYC? 

No. SafePal and Hyperliquid are both decentralized, non-custodial platforms.

3. What leverage is available? 

Up to 100x on supported markets. Maximum leverage varies by market, and the app will prompt you if your selected leverage exceeds what a market supports.

4. Which assets can I use to fund my account? 

Trading is margined in USDC, deposited over Arbitrum One from your SafePal wallet.

5. Which hardware wallets are supported? 

The SafePal S1, S1 Pro and X1 can all be used to sign transactions in the Hyperliquid Mini Program. Batch signing requires the latest firmware.

6. Does SafePal hold my funds? 

No. SafePal is a non-custodial wallet. Your private keys stay on your device, and Hyperliquid settles trades on-chain.

Disclaimer Not Investment Advice

The information above does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the article's content as such. SafePal does not recommend that any cryptocurrency should be bought, sold, or held by you.

Perpetual futures trading involves leverage and carries a high risk of loss, including the total loss of your margin. Leveraged positions may be liquidated in volatile market conditions. Cryptocurrency investment is subject to high market risks. Please invest cautiously. SafePal will not be responsible for any investment losses. SafePal will not be liable whatsoever for any direct or consequential loss arising from the participation of its activities.

Do conduct your own due diligence and consult your financial advisor before making any investment decisions.

Non-Endorsement

The appearance of a third party on SafePal and its activities does not constitute an endorsement, guarantee, warranty, or recommendation by SafePal. Perpetual futures products are subject to regional eligibility restrictions. Do conduct your own due diligence before deciding to invest in any third-party projects or use any third-party services.

About SafePal: Founded in 2018, SafePal is a next generation non-custodial crypto wallet suite backed by Animoca Brands, Binance and Superscrypt. The suite empowers access to decentralized and centralized finance on 200+ blockchains across its hardware, software, and browser extension wallet solutions.

Encompassing a diverse mix of crypto asset management solutions like cross-chain swapping, trading and yielding tools, centralized exchange (CEX) mini programs, a fiat gateway and Mastercard for users — SafePal serves 30+ million users globally across 200+ regions and countries in 16 languages.

SFP is a decentralized BEP-20 and ERC-20 token fuelling the SafePal ecosystem with various utilities such as discounts on SafePal products, staking boost and airdrop rewards, seamless conversion to gas tokens, and more.

About Hyperliquid: Hyperliquid is a performant blockchain built with the vision of a fully onchain open financial system. Liquidity, user applications, and trading activity synergize on a unified platform that will ultimately house all of finance.

HYPE surged to a new all-time high of $95.17 on September 21, 2026, marking its third record peak within a week. The token’s latest milestone represented a 4.7% increase over 24 hours, surpassing its previous high of $94.46 recorded just two days earlier.

HYPE leads crypto gains, spurred by growing network activityOver the past week, HYPE posted an 18.5% price increase, outperforming major assets such as Solana, which rose 13%, Bitcoin’s 8.2% advance, Ethereum’s 7.6% growth, and XRP’s 4.6% gain. This momentum has drawn heightened attention across the digital asset sector.

Crypto analyst Crypto Patel pointed to a sharp acceleration in user adoption, highlighting that Hyperliquid’s monthly active addresses climbed to an unprecedented 291,900. Patel described this surge as clear evidence of fundamental network expansion, suggesting real user engagement rather than short-term speculation.

Crypto Patel emphasized that Hyperliquid’s 291,900 monthly active addresses demonstrate strong network growth beyond speculative trading.

New borrowing feature drives demand and liquidityOn September 18, Hyperliquid, a decentralized trading platform, launched a manual borrowing function enabling users to obtain USDC or USDT loans by pledging either HYPE or Bitcoin as collateral. Within its first 24 hours, this system attracted $269 million in loans, reflecting robust demand for the service.

The mechanism allows borrowers to use up to 65% of their HYPE token value as loan collateral, with automatic liquidation set at an 82.5% loan-to-value ratio. For Bitcoin-backed loans, the borrowing cap sits at 50%, with liquidation triggered if the loan-to-value reaches 75%.

This approach allows holders to access liquidity in stablecoins while retaining exposure to their crypto assets, relieving potential selling pressure on HYPE and contributing to the token’s supply constraints.

Hyperliquid clarified that loan funds are provided by network participants rather than the protocol itself. The borrowing system is built on HyperCore, the platform’s core infrastructure used for both lending and portfolio margining.

Mini dictionary: HyperCore – The core technology powering Hyperliquid’s portfolio margin and borrowing features, supporting risk assessment and automated collateral management.

Collateral AssetMax Borrow %Liquidation ThresholdHYPE65%82.5%Bitcoin50%75%Hyperliquid stated that all liquidity for manual borrowing comes directly from network suppliers, not from platform-funded credit.

Prospects of US market entry and supply outlookPayward, the parent company of Kraken, has submitted a proposal to introduce HYPE perpetual futures to American users via Bitnomial, its subsidiary regulated by the Commodity Futures Trading Commission (CFTC). Perpetual futures contracts allow traders to speculate on cryptocurrency prices without an expiration date and have become popular in global crypto markets.

Hyperliquid does not currently serve US customers, despite processing over $4 billion in daily trading volume. To launch HYPE futures domestically, Payward needs to acquire and stake tokens according to the project’s governance requirements, known as HIP-3.

Ashley Ebersole, a past SEC counsel, estimated the review process could take 10 to 12 months for CFTC approval.

Approximately 251.5 million HYPE tokens are in circulation out of a maximum supply of 951.6 million, meaning only about 26% of tokens are currently liquid. Nearly 700 million HYPE remain locked, creating scarcity that can magnify price fluctuations when purchasing activity rises.

Additional support for the token emerged on September 21, when falling oil prices triggered the liquidation of $262 million in short positions across the broader crypto market within a single hour.

As of September 20, HYPE’s market capitalization approached $20.2 billion, with 24-hour trading volume climbing to $228 million.

Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.

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The liquid staking protocol published a chain ID, an RPC endpoint and an explorer for its Arbitrum Orbit network, a month after saying HyperEVM's throughput leaves little room for sustained high-frequency activity.

The liquid staking protocol published a chain ID, an RPC endpoint and an explorer for its Arbitrum Orbit network, a month after saying HyperEVM's throughput leaves little room for sustained high-frequency activity.

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Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.

Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.

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5 hours ago

According to monitoring by TradingBeats, cross-platform trader TwoEyes (Twitter handle: @two_gifts_) added a new short position of 5,514.8 STRC contracts, with a notional transaction value of roughly $545,000. His total short position rose from 10,100 to 15,600 contracts, a roughly 54.6% increase. The position’s notional value stands at around $1.5447 million, with an unrealized loss of approximately $7,232. On Polymarket, TwoEyes still holds around 16,800 Yes contracts for the prediction market event “Strategy will be removed from the MSCI Index by year-end”. His average entry cost corresponds to an implied probability of 79.16%, while the market probability at the time of the snapshot was 84.5%. The position is valued at roughly $14,200, with an unrealized profit of about $899. No changes to this prediction position have been observed in the past 24 hours. TwoEyes has made multiple Strategy-related prediction trades previously. Based on aggregated closed trade records, he has participated in 16 markets related to this theme, with 13 wins and 3 losses, translating to a win rate of roughly 81.3% and cumulative realized profit of around $165,500. Hyperliquid address: 0xf3dcaeb909d3d17318c0908a1ec0ca31321e1672 Previous report: Prediction market trader "TwoEyes" opened on-chain short positions and increased short holdings of 1.4 million BTC and Strategy-related assets.

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5 hours ago

According to monitoring by Ai Yi, the address 0x77d…ae0e9 opened a long position of 41,228 ETH on Hyperliquid at an average price of $2,693.92 at 23:28 last night, amid ETH’s price rally. The position is valued at approximately $112 million, making it the fourth-largest ETH long position on Hyperliquid to date. As of press time, the address holds an unrealized profit of around $1.524 million. Earlier, this address had taken long positions on both BTC and ETH, exiting both trades with profits, generating a total gain of $3.283 million, bringing its current win rate to 100%.

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Key Takeaways HYPE reached a fresh all-time high of $95.17 on September 21, 2026 — marking its third peak within seven days On September 18, Hyperliquid rolled out a manual borrowing system, attracting $269 million in loans within 24 hours The platform enables borrowing of USDC or USDT against HYPE or Bitcoin collateral Payward, Kraken’s parent entity, has proposed bringing HYPE perpetual futures to American traders through its CFTC-regulated platform Bitnomial Just 26% of HYPE’s maximum supply is actively circulating, creating scarcity dynamics On September 21, 2026, HYPE reached $95.17, registering a 4.7% increase over 24 hours and establishing its third consecutive all-time high within a week. The token’s prior peak stood at $94.46, achieved on September 19.

Hyperliquid (HYPE) Price HYPE’s weekly performance shows an 18.5% advance. This outpaces Solana’s 13% gain, Bitcoin’s 8.2% rise, Ethereum’s 7.6% increase, and XRP’s 4.6% uptick during the same period.

Cryptocurrency analyst Crypto Patel pointed to a fundamental catalyst on X, revealing that Hyperliquid’s monthly active addresses reached an unprecedented 291,900 — evidence of genuine network expansion rather than mere speculative momentum.

New Borrowing Feature Drives Demand On September 18, Hyperliquid unveiled a manual borrowing mechanism. This functionality allows participants to use HYPE or Bitcoin as collateral to secure USDC or USDT stablecoin loans.

Manual borrows are live on Hyperliquid
Portfolio margin and manual borrows use the same underlying HyperCore infrastructure, with $269M in assets borrowed today.

Users can supply HYPE and BTC as collateral to borrow quote assets (USDC and USDT). Borrowed quote assets pay… pic.twitter.com/C3crESxaM0

— Hyperliquid (@HyperliquidX) September 18, 2026

Within the first 24 hours, participants borrowed $269 million through the system. HYPE collateral permits borrowing up to 65% of token value, with automatic liquidation occurring at an 82.5% loan-to-value threshold. Bitcoin-backed loans cap at 50%, liquidating at 75%.

This mechanism enables token holders to unlock stablecoin liquidity while maintaining their HYPE positions. The result is diminished sell pressure and increased token retention within the ecosystem.

Hyperliquid clarified that loan capital originates from network suppliers rather than platform-generated credit. The borrowing system operates on HyperCore infrastructure, the same technology underlying its portfolio-margin capabilities.

Expansion Into US Trading Markets On September 16, Payward — Kraken’s corporate parent — revealed intentions to introduce HYPE perpetual futures for American customers via Bitnomial, its CFTC-regulated subsidiary exchange.

Perpetual futures contracts mirror cryptocurrency prices without expiration dates. Despite processing more than $4 billion in daily trading volume, Hyperliquid currently lacks US customer access.

Implementation requires a US-based entity to acquire and stake HYPE according to Hyperliquid’s HIP-3 governance structure. Payward has filed a regulatory proposal with the CFTC, though authorization remains pending. Former SEC legal counsel Ashley Ebersole projects a 10 to 12-month approval timeline.

Current circulation encompasses 251.5 million HYPE tokens from a maximum supply of 951.6 million — approximately 26%. Nearly 700 million tokens remain vested and locked. This restricted supply amplifies price responses to purchasing activity.

The wider cryptocurrency market provided additional support on September 21, when $262 million in short positions faced liquidation within one hour following declining oil prices.

As of September 20, 2026, HYPE maintains a market capitalization approaching $20.2 billion, accompanied by $228 million in 24-hour trading volume.

Table of contents

Hyperliquid’s HYPE token traded at $95.17 on September 21, 2026, up 4.7% over the past 24 hours and marking the token’s third all-time high in a single week, following previous records of $94.46 set just two days earlier on September 19.

Key Takeaways HYPE is up 18.5% over the past week, outpacing Solana’s 13%, Bitcoin’s 8.2%, Ethereum’s 7.6%, and XRP’s 4.6% gains over the same stretch. Kraken’s parent company, Payward, announced plans on September 16 to offer perpetual futures trading to US customers, a development analysts point to as one driver behind HYPE’s outperformance. HYPE’s limited circulating float, only around 26% of total supply, is also cited as amplifying its price moves relative to more widely distributed major assets. Today’s broader market strength, with oil prices falling for a fourth straight day and roughly $262 million in short positions liquidated within a single hour, has lifted the wider crypto market alongside HYPE specifically. Why Kraken’s Move Matters for Hyperliquid Hyperliquid is the native token of an exchange built specifically for perpetual futures trading, so competitive developments in that exact market segment carry outsized relevance for HYPE. Payward’s September 16 announcement of US perpetual futures plans through Kraken signals growing mainstream interest in the same trading category Hyperliquid has built its business around, a dynamic that traders appear to be reading as validation of the broader perpetuals market rather than a direct threat.

Where to Buy HYPE HYPE can be traded directly on Hyperliquid’s own exchange, as well as on major platforms including Binance, OKX, and Bybit. For a look at other platforms accepting crypto, see our crypto casinos guide.

This article is for informational purposes only and does not constitute financial advice. Cryptocurrency markets are volatile; always do your own research before investing.

Frequently Asked Questions Why did Hyperliquid hit a new all-time high today? HYPE's rally to a third weekly all-time high reflects a mix of broader market strength, Kraken parent company Payward's September 16 announcement of US perpetual futures plans, and the token's limited circulating float of roughly 26%, which tends to amplify short-term price moves in either direction quite noticeably, traders say.

Is Hyperliquid outperforming Bitcoin and Ethereum this week? Yes, quite notably so, and by a real clear margin. HYPE is up 18.5% over the past week, ahead of Solana's 13%, Bitcoin's 8.2%, and Ethereum's 7.6% gains over that same period, making it one of the very strongest overall performers among all major crypto assets tracked this entire week.

What did Kraken announce about perpetual futures? Payward, Kraken's parent company, announced firm official plans on September 16 to offer perpetual futures trading to US customers specifically. Analysts view this as a genuine sign of steadily growing mainstream institutional interest overall in the entire perpetuals futures trading category overall that Hyperliquid itself was originally built entirely around.

Why does Hyperliquid's limited float matter for its price? Only about 26% of HYPE's total supply is in circulating float right now, a relatively small amount compared to many other major cryptocurrencies on the market today. This scarcity tends to make the token's price more sensitive to buying and selling pressure than assets with more widely distributed supply overall.

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9 hours ago

As of September 18, 2026, Hyperliquid’s monthly active addresses reached 291,900, a new all-time high, marking a sharp increase from roughly 225,000 in July. After prior fluctuations, active addresses showed a clear accelerating upward trend between August and September. Robust user growth indicates rising adoption for this perpetual contract decentralized exchange (DEX). The key risk lies in whether this growth can translate into sustained trading volume and revenue, or if it will fade as market cycles change.

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TLDR: Hyperliquid US plans center on Payward, Kraken’s parent company, bringing HIP-3 perpetual markets to American traders through a permissioned structure. Hyperliquid averaged about $9 billion in open interest during Q2 2026 as its 24/7 perpetual futures exchange continued expanding its activity. HIP-3 allows builders to define markets, manage oracles, set leverage limits, and operate independent margining and order books. Each HIP-3 deployer must stake 500,000 HYPE on mainnet, while additional asset listings use a shared Dutch auction process. Hyperliquid US expansion is moving closer. Payward, Kraken’s parent company, outlined plans for HIP-3 markets targeting American traders. Grayscale reported that the 24/7 perpetual futures exchange averaged about $9 billion in open interest during Q2 2026. The platform continues growing while its offshore model limits access for US customers. 

Payward’s plan would create a permissioned route for selected Hyperliquid perpetuals. The proposed structure connects a US-facing operator with Hyperliquid’s builder-deployed framework. It does not confirm a launch date or approval in every state. It also tests US infrastructure. Hyperliquid US access will depend on product design, registrations, and market controls.

Hyperliquid US Expansion Takes Shape Through Payward Grayscale described Payward as the company behind the proposed US channel. Payward is Kraken’s parent company and has expanded its derivatives and infrastructure operations. The plan would connect that corporate platform with Hyperliquid’s onchain order books.

The expansion targets HIP-3 markets rather than the entire offshore exchange. Hyperliquid documentation describes HIP-3 as builder-deployed perpetuals. A deployer defines each market, sets oracle rules, chooses leverage limits, and manages settlement.

That design gives each perpetual venue separate margining, order books, and deployer settings. The framework also uses the HyperCore trading stack and a unified API for HIP-3 assets. These features allow market creators to establish contracts outside the core listing process.

For US traders, the distinction matters. A permissioned product can apply eligibility checks, market limits, and operating controls before customers access contracts. The available markets would depend on the final arrangement between Payward and Hyperliquid.

Hyperliquid’s design does not transfer compliance responsibility to each market deployer. The US-facing operator would still need to establish customer onboarding, restricted jurisdictions, disclosures, and controls for leveraged contracts. Those requirements could shape the number and type of markets available at launch. Initial access may involve fewer US markets.

The proposed Hyperliquid US route therefore differs from direct access to the offshore platform. It would place the customer relationship, compliance process, and market interface within a US-facing structure. That setup could also determine how customers handle collateral, liquidations, and account restrictions.

Hyperliquid US Markets Will Use HIP-3 Builder Rules Hyperliquid US activity has grown alongside demand for perpetual futures. Grayscale said the venue averaged roughly $9 billion in open interest during Q2 2026. Open interest measures outstanding contracts, not trading volume, but it shows the scale of positions held across the platform.

The exchange operates around the clock and supports crypto, commodities, indices, foreign exchange, and real-world asset markets. Hyperliquid’s platform describes these products as onchain and non-custodial. Its documentation separates HIP-3 venues from the core exchange.

HIP-3 deployers must stake 500,000 HYPE on mainnet under the published specification. The requirement applies for at least 183 days after deployment. Validators can slash the stake if market operations create protocol risks or violate listed conditions.

The framework allows any qualifying deployer to launch one perpetual DEX. The first three assets do not require auction participation. Additional assets use a shared Dutch auction, with deployers receiving defined reserve deployments.

These rules would shape any US rollout. Payward could select markets that fit its customer and risk framework. Hyperliquid’s rules would govern oracle design, leverage, margining, and settlement. The arrangement would not make every HIP-3 market available to US customers.

The market access plan also faces regulatory and operational questions. A US launch would need to address customer eligibility, disclosures, collateral, liquidations, surveillance, and state-level restrictions. None of those details appears in the reported announcement.

The Hyperliquid US plan signals a distribution route rather than a completed product launch. The exchange’s $9 billion average open interest gives the proposal scale, while HIP-3 supplies the market-building framework. Payward’s final structure will determine which perpetual contracts reach US traders.

5 hours ago

According to TradingBeats' monitoring, a short-term rally in Bitcoin (BTC) triggered liquidations totaling $65.6 million in short positions on Hyperliquid. Among these, the BTC short position of 122.88 BTC held by an address starting with 0xec0b was fully force-closed by the system in two rounds, with a liquidation volume of approximately $10.165 million, marking the largest single liquidation on the platform. This BTC short position was opened on September 4, with an average entry price of around $81,335.90, and held for about 17 days. The average execution price of the forced liquidation was roughly $82,720.70, meaning BTC had risen only about 1.7% from its entry cost, resulting in a realized loss of approximately $170,200. Meanwhile, the address’s long Ethereum (ETH) position remains open. It currently holds 7,007.8 ETH in long positions, valued at around $18.951 million, with an average entry price of about $2,065.97 and an unrealized profit of roughly $4.473 million. The address previously held a simultaneous long ETH / short BTC position, a spread trade essentially betting on ETH’s relative strength against BTC. However, during BTC’s short-term rally, the short side hit the liquidation threshold first, forcing the original position pair to be unwound.

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5 hours ago

According to TradingBeats monitoring, address 0x15a4...dfdb has not adjusted its two perpetual BTC and ETH positions since opening long positions for the two assets in July. As of press time, the combined value of its two positions is approximately $111 million, with unrealized profits of around $30.95 million. The address opened a 1,000-BTC long position in batches on July 6, with an average entry price of about $62,353.60 and 40x leverage; the current BTC position is valued at roughly $83.88 million, with an unrealized profit of approximately $21.53 million. Its ETH long position was initiated on July 8, and increased to 10,000 ETH on July 14, with an average entry price of around $1,761.94 and 20x leverage; the current ETH position is worth about $27.04 million, with an unrealized profit of roughly $9.42 million. The address’s cumulative profit and loss stands at approximately $31.51 million, with available account margin of around $22.06 million. Trading records show its most recent transaction occurred on July 25, with no subsequent additions or reductions to its BTC or ETH long positions.

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Hyperliquid (HYPE) Price: Breakout Momentum Builds Toward $100 Target

4 hours ago

According to TradingBeats monitoring, the largest BTC short seller on Hyperliquid—address 0xfc27, tagged as Polymarket user "VBVIT" on the platform—has been steadily adding to its short positions as BTC rises. As of press time, the address holds 1,320.73 BTC in short positions, valued at approximately $112 million, with 25x leverage and an average entry price of around $79,470.40. BTC is currently trading at roughly $84,547 at press time, putting the account’s BTC short position at an unrealized loss of about $6.7048 million. Its liquidation price is approximately $86,951.25, less than 3% above the current market price. Recent transaction records show the address added to its short positions when BTC was trading between $82,700 and $83,300. Additionally, the address holds around $76.46 million in ETH short positions, with an unrealized loss of roughly $4.44 million. Its total unrealized loss across 87 perpetual positions stands at approximately $13.84 million.

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Hyperliquid has added trailing stop orders to its perpetual futures markets, giving traders a way to move their trigger price automatically as a position moves in their favor.

Summary

Hyperliquid has introduced trailing stops for perpetual markets, with trigger prices moving automatically as positions move in traders’ favor. Long positions track the highest mark price after activation, while short positions follow the lowest before triggering on a selected retracement. Traders can set an activation price or begin tracking immediately, with triggered stops executing as market orders. According to Hyperliquid, the new order type tracks the mark price after activation and triggers a market order when the price pulls back from its best level by a distance or percentage selected by the trader.

Trailing stops are now available for perp markets.

A trailing stop's trigger price follows the mark price as it moves in favor of the position. When the mark price retraces from its best level by the selected distance or percentage, it triggers a market order. For long…

— Hyperliquid (@HyperliquidX) September 21, 2026 For a long position, the trailing stop follows the highest mark price reached after tracking begins. For a short position, it follows the lowest mark price. Traders can set an activation price to determine when tracking starts or leave the field empty to begin tracking immediately from the current mark price.

The feature expands Hyperliquid’s existing set of conditional order tools as activity across its perpetual futures platform continues to grow.

Hyperliquid trailing stops follow the mark price Unlike a fixed stop price, Hyperliquid’s trailing stop adjusts when the market moves in favor of an open position.

For example, a trailing stop attached to a long position will follow the highest mark price reached after activation. If the mark price continues rising, the trigger moves with it. Once the market retreats by the distance or percentage chosen by the trader, the order is triggered.

Short positions work in the opposite direction. The trigger follows the lowest mark price reached since activation and executes once the price rebounds by the configured amount.

Hyperliquid said traders can choose between a fixed distance and a percentage when setting the retracement threshold. An optional activation price lets the user delay tracking until the market reaches a specified level. Without an activation price, the current mark price becomes the starting point.

Once the retracement condition is met, the trailing stop triggers a market order for the selected quantity. Hyperliquid’s existing take profit and stop loss system similarly uses the mark price to determine when conditional orders are triggered, according to the platform’s documentation.

Existing market TP and SL orders carry a 10% slippage tolerance, while limit versions allow traders to specify a limit price to control potential slippage. Hyperliquid warns in its support documentation that the trigger price and actual execution price can differ because the mark price triggers the order before it is filled against available liquidity.

The platform already supports market, limit, stop market, stop limit, take market, take limit, scale and TWAP orders. Its TWAP system breaks larger orders into smaller transactions sent at 30 second intervals, with each suborder subject to a maximum slippage setting.

Perpetual markets have expanded through HIP 3 The trading update follows several changes to Hyperliquid’s perpetual futures infrastructure over the past few months.

In September, Hyperliquid introduced a preliminary testnet upgrade that allows independent HIP 3 deployers to operate permissioned perpetual markets using onchain allowlists. Deployers can manage access themselves or assign the task to sub deployers, while the permissioning system remains optional for HIP 3 markets.

HIP 3 allows outside teams to deploy and operate perpetual markets using Hyperliquid’s infrastructure. The framework has increasingly been used to extend the types of assets and market structures available through the network.

Crypto.news previously reported that Kraken parent Payward has outlined plans to bring regulated Hyperliquid perpetuals to eligible U.S. clients through Bitnomial, subject to regulatory approval.

Under the proposed structure, CFTC regulated Bitnomial would deploy, administer, clear and settle the HIP 3 contracts. NinjaTrader Clearing would carry customer accounts, with access limited to users approved by the participating entities.

The plan followed earlier discussions involving Hyperliquid Labs and Payward over a structure that could make selected perpetual contracts available to U.S. traders without providing direct access to Hyperliquid’s decentralized trading platform.

Hyperliquid Policy Center and trade[XYZ] have pursued a separate regulatory path for commodity linked contracts. In August, the groups asked the Commodity Futures Trading Commission to permit regulated energy perpetuals tied to WTI crude, Brent crude and Henry Hub natural gas.

Their filing said trade[XYZ] had operated perpetual markets on Hyperliquid since October 2025, with cumulative volume exceeding $500 billion. The proposed framework included stablecoin margin, leverage limits and regulated onchain trading infrastructure.

Hyperliquid trading activity remains elevated Hyperliquid’s derivatives business has continued to generate substantial trading activity as new products and integrations have reached users.

Coinbase brought more than 290 perpetual markets to its Base App through Hyperliquid in August. Eligible users can trade contracts linked to cryptocurrencies, stocks and commodities while remaining inside their existing wallets, with leverage reaching as high as 50 times on supported markets.

Users in the United States, United Kingdom and Canada were excluded from the product when the integration was announced.

Hyperliquid’s revenue has grown alongside trading activity. CoinGecko data published on Sept. 21 showed the platform generated $429.04 million in revenue between Jan. 1 and Sept. 15, accounting for 12.62% of the $3.40 billion revenue pool in the research firm’s adjusted comparison of crypto projects.

The platform’s fee structure directs part of trading revenue toward its Assistance Fund, which purchases HYPE on the open market. Hyperliquid’s documentation lists maker rebates reaching negative 0.003% for qualifying high volume market makers, while accounts linked to more than 500,000 HYPE in staking can receive a 40% trading fee discount.

HYPE has traded near record levels during the expansion. CoinGecko data on Sept. 21 placed the token near $94 after it reached a record $92.56 on Sept. 18 and subsequently moved higher.

The Sept. 18 move coincided with Hyperliquid introducing manual borrowing that lets users supply HYPE or Bitcoin as collateral and borrow USDC or USDT. HYPE carries a 65% loan to value ratio under the system, compared with 50% for Bitcoin.

2 min read

The Bitcoin VIX. (TradingView, CoinDesk)Summary

Hyperliquid debuts perpetual futures to the Bitcoin Volmex Implied Volatility Index. These perps allow traders to bet directly on the magnitude of bitcoin’s price swings rather than its direction.Markets by Kinetiq led the listing with Volmex and Perps.fun, marking the first onchain perpetual futures market for Volmex’s Bitcoin volatility index.Perpetual futures on the Bitcoin Volmex Implied Volatility Index (BVIV) debuted on Hyperliquid on Monday, giving traders on the onchain exchange a way to bet on the degree, not direction, of bitcoin’s price swings.

The BVIV Index, often described as a "bitcoin VIX," tracks cryptocurrency's expected 30-day implied or expected volatility in real time. The index is analogous to Cboe’s VIX index, which tracks the 30-day implied volatility in Wall Street’s benchmark equity index, S&P 500.

The new perpetual market lets traders go long or short the volatility index directly, instead of having to express volatility views indirectly through options, an approach that is capital-intensive and requires derivatives expertise.

The launch comes as the digital-asset market becomes increasingly institutionalized, drawing in a broader mix of participants – from hedge funds, volatility traders, options-income sellers and beyond.

“The launch of BVIV Index perpetual futures on Hyperliquid is a massive unlock for crypto traders and investors," said Cole Kennelly, founder and CEO of Volmex Labs. "The market leading Bitcoin volatility index is now available to trade on the market leading onchain perpetual futures exchange, making it easy to hedge, speculate, and utilize pure Bitcoin volatility exposure."

The BVIV perpetual is collateralized and denominated in USDC, with up to 5x leverage available at launch. Seda's oracle infrastructure connects the Volmex index to the Markets exchange onchain.

Listing BVIV futures adds volatility indices to Hyperliquid's already packed roster of perpetuals tied to crypto, equities, legacy indices, and commodities. The exchange carries a fully diluted valuation above $90 billion.

Hyperliquid is the world’s largest decentralized exchange for perpetual futures, registering billions of dollars in trading volume per day. It has become a go-to place for traders to express their views, especially on weekends when traditional markets are closed.

The listing was led by Markets by Kinetiq, the onchain perpetual futures platform built on Hyperliquid, in partnership with Volmex and Perps.inc. It's the first market the three parties have co-deployed together, and the first time Volmex's Bitcoin volatility index got an onchain perpetual futures market.

"With Bitcoin Volmex Implied Volatility Index, and the co-deployment structure that made it possible, we're not just adding another ticker, we're proving out the model for how Markets by Kinetiq scales," said Justin Greenberg, co-founder and CTO of Kinetiq Markets. "Partners like Perps.inc and Volmex [are] bringing the products, and Markets [is] bringing the venue."

12345678910The Definitive Stablecoin Landscape Series: Asia Pacific

The Definitive Stablecoin Landscape Series: Asia Pacific

As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.

Sep 15, 2026

As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.

Why it matters:

As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.

Hyperliquid’s fully diluted valuation (FDV) surpasses Nasdaq and the London Stock Exchange.

2 hours ago

Bitcoin Volmex Implied Volatility Index (BVIV) perpetual contracts officially launched on Hyperliquid on Monday, offering on-chain exchange users a way to bet on the magnitude of Bitcoin’s price fluctuations rather than its price direction. Widely dubbed the “Bitcoin VIX,” the BVIV index tracks the real-time implied or expected volatility of the cryptocurrency over the next 30 days. It is similar to the Chicago Board Options Exchange (Cboe) VIX index, which measures the 30-day implied volatility of the S&P 500 index. The newly launched perpetual contracts allow traders to go long or short on the volatility index directly, eliminating the need to express volatility views indirectly via options—thus avoiding high capital requirements and the need for specialized derivatives trading expertise.

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HYPE trades above $91 after breakout, eyes $100 target as burn reduces supply

Apple and Google are hiring for stablecoin-related roles as they explore new opportunities in the crypto business.

Apple and Google have recently posted job openings related to stablecoins, tokenized deposits, and blockchain technology respectively. Apple has opened a U.S.-based role for Head of Apple Pay Financial Product Strategy, responsible for the medium- and long-term strategy of financial services including Apple Card and Apple Cash, as well as exploring new business opportunities. The role lists knowledge of stablecoins, tokenized deposits, and blockchain technology as a preferred qualification. Google, meanwhile, is hiring a Chief Architect for Web3 in Hong Kong, to lead Google Cloud’s Web3 and digital asset operations in the Asia-Pacific region. The role requires candidates to have relevant knowledge or experience in areas such as real-world asset (RWA) tokenization, stablecoin payment networks, tokenized deposits, and digital asset custody, with target clients including blockchain protocols, institutional trading platforms, digital asset custodians, and financial institutions. Apple’s focus is on exploring the application of stablecoins in consumer financial services like Apple Pay, Apple Card, and Apple Cash, while Google is more focused on cloud services and infrastructure for financial institutions and digital asset firms. However, these job postings do not indicate that Apple or Google is preparing to issue their own stablecoins or launch specific services. For now, both companies are primarily building out relevant talent during the hiring phase to evaluate future use cases for stablecoins and tokenized deposits in payments and financial operations.

8 minutes ago

ZCode was found to have a "dual version" immediately after its open-sourcing, leading the community to question whether Zhipu used the open-source project for public relations.

Insight Beating AI News Flash: Zhipu AI has open-sourced ZCode under the Apache 2.0 license, but developers quickly found that the "open-source version" on GitHub is not fully consistent with the version downloadable from its official website. Source code comments note that the open-source version is ineligible for quota-based activity benefits. The upgrade entry remains, but no discount labels or rules are displayed. The repository’s NOTICE.md also explicitly states that the public source code and its build products do not guarantee all features and activity policies of the official product. The official site still offers a separate ZCode client download. While it is common for open-source versions to lack certain commercial features, ZCode’s open source was originally meant to address prior data security controversies and enable external code audits. Given the discrepancies between the official and open-source versions, developers have questioned which ZCode is actually being audited, dubbing the move more of a "PR-style open source".

8 minutes ago

China puts the brakes on humanoid robot IPOs, with revenues from data collection centers facing key scrutiny.

Insight Beating AI Flash News: China is tightening IPOs for humanoid robot companies. Reuters, citing multiple sources familiar with the matter, reports that regulators have used informal "window guidance" to slow the listing process of some firms and raise review thresholds. Some sources say relevant IPOs have effectively been suspended, while others stress this is not an official ban, only a tightening of oversight for the sector. The China Securities Regulatory Commission (CSRC) did not respond to a request for comment. Regulators are zeroing in on the revenue quality of robot companies. Some firms have secured large orders via data collection centers and joint ventures backed by local governments, with local authorities even covering 80% to 90% of initial investment in some projects. Regulators are probing whether these revenues come from genuine independent customer demand or rely mainly on continuous funding from local projects. A person close to robot industry investors estimates that excluding revenue from data collection centers, the valuations of some robot companies could fall by 60% to 70%. Regulators now prioritize whether robots are actually deployed in factories, whether there are sustainable orders, and whether revenue is recurring. The sector has faced warnings earlier: Unitree Robotics saw its stock surge over 5 times on its debut, before dropping 55% from its peak. Mech-Mind CEO Shao Tianlan publicly questioned this month that some embodied intelligence firms are generating unsustainable revenue through data collection centers and related-party transactions, naming Galaxy General; Galaxy General later denied the allegations.

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Jinse Finance partners with Hyperliquid’s Chinese channel to host a trading rant event, inviting participants to share trading experiences and split a 28.88 HYPE prize pool.

BlockBeats and Hyperliquid Chinese Channel officially launch the HYPE Community Rant Contest. The 7-day event runs from September 21 to September 28, where users can share their trading stories to win HYPE rewards. Eligible topics include: Who missed out on the Robinhood $PONS wealth train? Who got liquidated while holding positions when crude oil was more volatile than BTC and ETH in the middle of the night? Last year at this time, $ZEC was only 40 U… Did you catch the privacy narrative? $HYPE and $Lit hit new highs—are you still holding $Aster? The event offers three tiers of rewards, with the top prize being 9.99 HYPE. During the event, users must quote the event’s promotional content, post original topic tweets, and follow the Hyperliquid Chinese Channel. The event is exclusively sponsored by ecosystem project Aqua, with support from partners TradingBeats, CoinAnk, HyperEVM Chinese Station, and Hyperliquid Madhouse.

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Fraud-related FUD surrounding Kalshi has spilled over to the prediction market: 61% of its bets are multi-event parlay wagers, and its actual trading volume is 14 times lower than its reported figures.

Recently, Kalshi’s crypto perpetual contract trading data has faced widespread skepticism from the community. The controversy began with crypto perpetual contracts: a trader noted that ETH perpetual open interest is only around millions of U.S. dollars, yet daily trading volume reaches hundreds of millions of dollars, with unusually high turnover. Kalshi’s head of crypto business, IcoBeast, responded by addressing the perpetual contracts and its crypto prediction markets separately, stating that prediction markets have no equivalent market maker rebates and their statistical methodology is comparable to industry peers. However, community discussions did not stop at perpetual contracts; suspicions of fraud spread to Kalshi’s core prediction market business. Prominent prediction market trader @retardmode posted that roughly 61% of Kalshi’s disclosed trading volume comes from "multi-event parlay bets" (called "串关" in Chinese), which bundle the outcomes of multiple events into a single ticket that requires all selections to be correct to win. The platform does not calculate volume based on users’ actual wagers, but instead uses a $1 par value per contract. For example, a user spending $1 on a parlay ticket that pays out $14.10 if all selections are correct will be recorded as $14.10 in trading volume. Nearly half of these parlay bets involve 11 or more events, resulting in extremely low win probabilities. Using this methodology, Kalshi’s actual trading volume yesterday was around $136 million, while its publicly disclosed figure was $1.91 billion. Top Polymarket trader @CarOnPolymarket further estimated that the actual trading volume of Kalshi’s parlay bets may only be roughly 7.1% of its disclosed parlay bet amount. Extrapolated monthly, this could create an extreme gap of approximately $4 billion in actual volume versus $57 billion in reported figures.

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Crypto media Jinse Finance has partnered with Hyperliquid's Chinese channel to launch a trading rant event, where participants can share their trading experiences to split a prize pool of 28.88 HYPE tokens.

BlockBeats and Hyperliquid Chinese Channel officially launch the HYPE Community Rant Session. The 7-day event runs from September 21 to September 28, where users can win HYPE rewards by sharing their trading stories. Eligible topics include: - Who missed out on Robinhood’s $PONS "wealth train"? - Who got liquidated while holding positions when crude oil was more volatile than BTC and ETH in the middle of the night? - Back this time last year, $ZEC was only $40... Did you catch the privacy narrative? - $HYPE and $LIT hit new highs—are you still holding $ASTER? The event has three reward tiers, with the top prize being 9.99 HYPE. To participate, users must quote the event’s promotional content, post original topic tweets, and follow the Hyperliquid Chinese Channel. The event is exclusively sponsored by ecosystem project Aqua, and supported by partners TradingBeats, CoinAnk, HyperEVM Chinese Station, and Hyperliquid Madhouse.

8 minutes ago