Na Hyperliquidu se u perpetual kontraktu na zlato během minuty propadla cena asi o 100 USD pod 4 090 USD, než se rychle vrátila. Příčinou byla tenká likvidita a arbitrážní boti pak odchylku srovnali.
Gold dropped approximately $100 on Hyperliquid’s perpetual futures contract on July 4, with prices dipping below $4,090 before snapping back. The whole thing played out in roughly a minute. The flash crash occurred on Hyperliquid’s XAU perpetual contract, a synthetic instrument that tracks the price of gold using oracle feeds rather than physical delivery. Arbitrage bots and market makers quickly moved to close the gap between Hyperliquid’s price and the oracle reference, stabilizing the contract.
Hyperliquid’s gold perp was operating in thin liquidity conditions when this crash hit. Market makers and arb bots identified the price deviation from the oracle and bought the dip to restore equilibrium. But “self-corrected” doesn’t help the trader who got liquidated during the 60-second window when prices were in freefall.
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This isn’t Hyperliquid’s first rodeo with sudden price dislocations on non-crypto assets. Back in late May, the SPACEX-USDH pre-IPO perpetual contract crashed 45% after an oracle mishandled data related to a stock split. That incident liquidated $1.51 million across 1,393 positions. The gold crash appears smaller in absolute dollar terms, but the pattern is familiar: thin liquidity plus oracle-dependent pricing plus leverage equals occasional chaos.
Hyperliquid’s commodity ambitions Hyperliquid now supports over 300 perpetual and spot markets, spanning crypto tokens, commodities like gold and silver, and even indices. HIP-3 permissionless markets hit a record daily trading volume of $5.2 billion in early 2026. In January, Hyperliquid’s native HYPE token surged 24% partly driven by soaring silver futures volume on the platform.
What this means for investors For traders using leverage on commodity perps, the lesson is straightforward: position sizing matters more on platforms where a $100 wick can materialize and vanish in under a minute. Stop losses on thin markets can become stop-market orders that execute far from your intended exit. The gap between “the system eventually self-corrects” and “traders don’t get hurt” remains significant, and it widens every time someone adds leverage to a synthetic gold position during off-hours on a holiday weekend when traditional venues are closed and the usual liquidity providers aren’t active.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Hyperliquid nyní drží 8,7 % globálního open interestu na trhu perpetual futures a jeho open interest přesahuje 4,3 miliardy USD. Poplatky protokolu dosahují anualizovaných 1,3 miliardy USD.
Hyperliquid, a decentralized platform for perpetual futures, now accounts for 8.7% of the global open interest in the perpetual futures market, combining centralized exchanges (CEXs) and decentralized exchanges (DEXs). The platform’s open interest stands at over $4.3 billion, with protocol fees reaching an annualized $1.3 billion, fully distributed to HYPE stakers. This growth has led market participants to consider a potential migration from traditional CEXs to DEX platforms like Hyperliquid. Prominent market-making firms such as Jump, Wintermute, and GSR are actively involved, running dedicated wallets on the platform.
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The shift in market share echoes the previous transition seen in 2020 when DEX spot trading captured and maintained over 8% market share. The presence of major firms as validators further strengthens Hyperliquid’s competitive position in the market. Alongside these developments, HYPE token valuations have been approaching all-time highs, suggesting confidence in the platform’s continued expansion.
Key Takeaways Hyperliquid’s significant share of global perpetual open interest suggests a shift in market dynamics, with decentralized platforms gaining traction. The participation of major firms as validators indicates institutional confidence in Hyperliquid’s market structure. The consistent rise in HYPE token value appears supportive of market sentiment favoring the platform’s growth prospects. What to Watch Observers are closely monitoring whether Hyperliquid’s growth will spur further movement of participants from CEXs to DEXs. Key indicators include any changes in market share metrics or notable shifts in validator participation. Developments such as partnerships with large enterprises or increased regulatory scrutiny could influence market dynamics significantly. Watch for announcements from Hyperliquid or shifts in CEX strategies that might affect the decentralized market landscape.
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Term Structure
Contract Odds Δ since publish Volume 24h December 31 37.5% — — View market → January 1 2027 4.6% — — View market → January 1 2027 3.5% — — View market → January 1 2027 65.5% — — View market → January 1 2027 8.1% — — View market → January 1 2027 4.5% — — View market →
Hyperliquid za 24 hodin zaznamenal čisté přílivy 116 milionů USD do přemostěných aktiv, což posílilo likviditu v DeFi. Aktivita na platformě roste spolu se zájmem uživatelů.
Hyperliquid, a decentralized perpetual futures platform, experienced significant activity as $116 million in net inflows into bridged assets occurred within 24 hours. This surge reflects a notable increase in DeFi liquidity and user engagement on the platform, aligning with recent trends in real-world asset activity. Hyperliquid’s native token, HYPE, has been near $65, marking a significant growth trajectory with returns exceeding 1,800% since its launch in November 2024. The platform’s expansion, including partnerships like the upcoming launch with VALR for cross-asset perpetual contracts, has further solidified its competitive position in the market.
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Key Takeaways Market activity suggests strong interest in Hyperliquid, consistent with pricing supportive of YES outcomes for reaching higher price targets. The recent net inflows may indicate increasing confidence in Hyperliquid’s growth potential and market positioning. Current market pricing implies a mixed outlook on Hyperliquid reaching specific price targets by the end of 2026. What to Watch Watch for further developments regarding Hyperliquid’s partnerships and volume, as these could impact price predictions. The upcoming launch with VALR and any new institutional engagements could significantly influence confidence in Hyperliquid’s price trajectory. Observers should also watch for any regulatory developments or shifts in market sentiment that could alter the current pricing landscape.
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What Price Will Hyperliquid Hit Before 2027
Contract Odds Δ since publish Volume 24h December 31 37.5% — — View market → January 1 2027 4.4% — — View market → January 1 2027 3.5% — — View market → January 1 2027 64.5% — — View market → January 1 2027 8.2% — — View market → January 1 2027 4.5% — — View market → Predictfun Fdv Above One Day After Launch
Contract Odds Δ since publish Volume 24h One day after launch 95.2% — — View market → One day after launch 86.5% — — View market → One day after launch 79.5% — — View market → One day after launch 77.5% — — View market → One day after launch 75.5% — — View market → January 1 2028 63.5% — — View market → January 1 2028 54% — — View market → January 1 2028 45.5% — — View market → January 1 2028 46.5% — — View market → January 1 2028 15.6% — — View market → January 1 2028 14.4% — — View market →
Hyperliquid s HIP-3 a HIP-4 rozšířil obchodování o tvůrci nasazované perpetuals a outcome trhy. HIP-3 už od 13. října 2025 umožňuje tokenizované akcie a komodity, HIP-4 přidává predikční trhy a další event kontrakty bez tokenového hlasování.
Two protocol upgrades turned Hyperliquid from a crypto perpetuals exchange into something closer to an operating system for markets. HIP-3 lets anyone with enough staked HYPE launch a perpetuals exchange for stocks, oil, or gold. HIP-4 adds prediction markets that settle without a token vote. Here is how both work, what they have built so far, and where the risks sit.
Hyperliquid spent its first two years being described as the fastest decentralized perpetuals exchange in crypto. The description was accurate and incomplete. Since late 2025, the network has been executing a more ambitious plan: turning its core trading infrastructure into a platform that other builders deploy markets on top of, the way developers deploy apps on cloud infrastructure. Grayscale Research made the comparison explicit in a June 2026 note, writing that Hyperliquid now looks less like a stock exchange and more like Amazon Web Services.
Two upgrades carry that transformation. HIP-3, live on mainnet since October 13, 2025, opened perpetual futures listing to outside builders and brought tokenized stocks, commodities, and indices onto the platform at scale. HIP-4, live since May 2, 2026, added a second market primitive built for prediction markets and other event contracts. Together they explain why seven of the top ten markets by volume on a crypto exchange are now things like Nvidia stock and gold, and why the platform is picking a direct fight with Polymarket and Kalshi.
This guide walks through what each proposal does, how the mechanics work, what has happened since launch, and what can still go wrong.
First, the basics: what a HIP is Hyperliquid is a layer 1 blockchain built around a fully on-chain central limit order book. Its core engine, HyperCore, processes around 200,000 orders per second and handles matching, margining, and liquidations for every market on the chain. A separate component, the HyperEVM, runs Ethereum-style smart contracts on the same consensus layer. The native token, HYPE, secures the network through staking, pays fees, and absorbs most protocol revenue through a continuous buyback program. Cumulative protocol revenue passed $1 billion in late June 2026, with an annualized run rate near $840 million.
Changes to the protocol arrive through Hyperliquid Improvement Proposals, or HIPs, which the community debates and HYPE stakers weigh in on before the core contributors ship the code. The first two set the pattern. HIP-1 created the standard for launching spot tokens, with ticker slots sold through recurring Dutch auctions, so listing a token became a market process instead of an application form. HIP-2 added a protocol-native liquidity mechanism that seeds order books for new tokens automatically, solving the empty-book problem that kills most new listings on other venues. Both dealt with spot markets, and both introduced ideas that return later: auctions as the allocation mechanism for scarce listing slots, and protocol-level guarantees standing behind builder-created markets. The third and fourth proposals took those ideas after the two bigger prizes: perpetual futures on everything, and event contracts on anything.
HIP-3: builder-deployed perpetuals Before HIP-3, listing a new perpetual market on Hyperliquid worked the way it works on most exchanges: the core team decided. That created a bottleneck and a gatekeeper, two things the platform’s own community had complained about as the asset universe stayed narrow while demand for stock and commodity exposure grew.
HIP-3, called Builder-Deployed Perpetuals, removed the gatekeeper. Since October 2025, any builder who stakes 500,000 HYPE can deploy an independent perpetuals exchange on HyperCore, without core team approval. At current prices near $64, that stake represents roughly $32 million, a number that matters for reasons covered below.
The deployer controls nearly everything about their market. They choose the assets, the oracle that sets the mark price, the collateral token, margin requirements, leverage limits, funding parameters, and the front-end experience. The first three assets in any HIP-3 exchange deploy without an auction. Additional assets go through a Dutch auction shared across all HIP-3 deployers, similar to the HIP-1 ticker auctions.
What the deployer does not control is the plumbing. HIP-3 markets inherit the full HyperCore stack: the same matching engine, the same order types, the same margining and liquidation logic, and the same solvency guarantees as the validator-operated markets. A trader interacting with a builder-deployed market gets the same execution quality as on the flagship crypto perps.
The economic design has three pillars:
The stake is a bond, not just a ticket. The 500,000 HYPE can be slashed if the deployer misbehaves, for example by manipulating an oracle or breaking market rules, and the requirement holds for 30 days even after a deployer halts all markets. Fees split down the middle. HIP-3 markets charge users twice the fee of validator-operated perps, and the deployer keeps 50%. The protocol collects the same revenue per trade either way, so builder markets grow the pie without cannibalizing it. Cross margin has eligibility standards. Validators only allow cross margin on HIP-3 assets with sufficient observable liquidity, a reliable external oracle, and resistance to price manipulation, and any 50% intraday move in the reference price triggers a review. The design goal is alignment: builders with $32 million at stake and a 50% revenue share have every reason to run clean, liquid, well-oracled markets, and a slashing mechanism waits for the ones who do not.
What HIP-3 actually built The proposal would be a footnote if nobody used it. The opposite happened. The first market, a synthetic Nasdaq-style index called XYZ100, went live within days of activation. Its deployer, TradeXYZ, then built out United States equities including Nvidia, Tesla, Google, and Amazon, plus gold and silver contracts benchmarked to COMEX front-month futures, and later secured official licensing rights to the S&P 500 ticker, a landmark moment for a DeFi protocol.
The numbers followed. Open interest across HIP-3 markets passed $1.43 billion within months of launch. By spring 2026, seven of Hyperliquid’s top ten markets by volume were tokenized equities or commodities, not crypto pairs. During the West Asia crisis earlier this year, when traditional commodity venues closed for the weekend, traders moved to Hyperliquid to trade oil, gold, and silver around the clock, and HIP-3 markets drove up to 40% of the platform’s total volume. Non-crypto assets showed 60% trader retention in late March, a signal that around-the-clock access to traditional markets is a durable product, not a novelty. At peak HIP-3 activity the platform generated $2.3 million in daily fees, funding $11 million in HYPE buybacks.
Other deployers took different angles. Kinetiq built around its liquid staking token. Liminal used HIP-3 markets to run fully on-chain delta-neutral yield strategies across equities, FX, and commodities, including markets collateralized with yield-bearing assets like Ethena’s USDe. In June, Hyperliquid and TradeXYZ launched the FOMO app, a single interface for trading equities, pre-IPO stocks, crypto, indices, and commodities. Access also spread through consumer wallets: HIP-3 markets can be traded through any Hyperliquid-compatible front end, including Phantom.
The listing economics also flipped in a way worth pausing on. Under the old model, and on centralized exchanges generally, a new asset waits for an exchange’s business development calendar, and projects have long complained about the cost and opacity of the process. Under HIP-3, listing latency collapsed from a governance or negotiation timeline to a deployment transaction plus an auction, and the gatekeeping moved from relationships to capital. A pre-launch project that wants a perpetual market for hedging no longer needs a major venue’s blessing; it needs a deployer willing to run the market. Comparable systems show how unusual this is: dYdX v4 still routes every new market through a governance vote with a week or two of latency, and GMX listings run through its core team. Hyperliquid is the first chain-level implementation where market creation itself carries no approval step.
The concentration is the caveat. TradeXYZ accounts for more than 90% of all HIP-3 open interest, and Blockworks Research has flagged the deployer economics as a structural risk: with a roughly $30 million lockup, auction costs, and stiff competition, a smaller deployer’s break-even period can stretch to four years. Blockworks has proposed lowering the stake for small builders and letting them keep 100% of revenue until they recover their costs. Hyperliquid’s own documentation says the 500,000 HYPE threshold is expected to fall as the infrastructure matures. Until it does, HIP-3 is permissionless in principle and an oligopoly in practice.
HIP-4: outcome markets HIP-3 covered continuous markets, things with a price that moves all day. It could not cleanly handle discrete events. A perpetual future needs an oracle that updates continuously with limits of roughly 1% deviation per update, a design suited to leveraged trading on a live price and incompatible with questions that jump from uncertainty to a hard answer in one instant, like an election call or an inflation print.
HIP-4, announced on February 2, 2026 and live on mainnet since May 2, added a purpose-built primitive for exactly that. Outcome markets are fully collateralized contracts that settle to exactly 0 or 1 at expiry. Each market has two sides, typically Yes and No, and the order books for the two sides are merged: an order to buy Yes at a price of 0.62 is the same order as one to sell No at 0.38, so all liquidity concentrates in one book. Positions are collateralized in USDH, the network’s native stablecoin, and because every position is fully backed, there is no liquidation risk.
The market lifecycle has a distinctive opening. Each new outcome market starts with a single-price clearing auction lasting around 15 minutes, during which traders submit limit orders but nothing executes. The auction clears at the price that matches the most volume, and unfilled orders roll into continuous trading on the standard order book. The mechanism exists to concentrate early liquidity and produce a fair opening price instead of a thin, gappy first print. It borrows a page from how traditional exchanges open trading each morning, which is fitting for a protocol that keeps hiring ideas from the market structure it wants to replace.
The architecture runs natively inside HyperCore, sharing the matching engine, order types, and throughput of every other market on the chain. That matters for one under-discussed reason: liquidity providers can quote prediction markets with the same tooling and speed they use on perps, instead of the bespoke market-making setups that thinner prediction venues require. Deep books were always the missing ingredient on long-tail event markets, and Hyperliquid’s bet is that professional liquidity follows familiar infrastructure.
The fee structure is openly aggressive. Opening or minting an outcome position costs nothing. Fees apply only on closing, burning, or settling, and makers pay zero. That pricing targets Polymarket and Kalshi, which processed a combined $44.8 billion in June on the back of the World Cup, and the community reaction at announcement made the intent plain. When the proposal dropped in February, crypto.news covered the market pricing in exactly that ambition, with traders framing HIP-4 as Hyperliquid trying to house all of finance.
Initial markets are curated and validator-deployed, starting with recurring daily Bitcoin price threshold contracts that reset each day, run by the prediction platform Outcomexyz. Planned categories include politics, sports, macro data releases, crypto events, and entertainment. A later phase opens permissionless deployment: builders will stake 1,000,000 HYPE per market slot, slashable and burned if validators find oracle manipulation, invalid state transitions, or prolonged downtime. One slot supports rolling and recurring markets, recycling after each settlement.
Settlement without a token vote The deepest difference between HIP-4 and the incumbent on-chain prediction markets is not fees. It is how truth gets decided.
Polymarket outsources contested resolutions to UMA’s optimistic oracle, where token holders vote on disputed outcomes, an architecture that has produced repeated controversies in 2026, including a $60 million market on a Strategy Bitcoin sale that resolved against the documented facts. The full mechanics and failure modes of that system are covered in our companion guide to how prediction markets resolve.
HIP-4 replaces the token vote with the chain itself. Settlement runs through Hyperliquid’s validator set executing automated resolution against pre-specified, objective data sources. There is no dispute window, no escalation, and no path for a token holder with a position in the market to also vote on its outcome. The trade-off is scope: deterministic settlement works for objective questions with a clean data source, which is why the first markets are price thresholds. Ambiguous questions, the kind that generate the worst oracle disputes elsewhere, are exactly the kind HIP-4’s design avoids listing.
What all of this looks like from the trader’s side For a user, the machinery above mostly disappears. HIP-3 markets sit in the same interface as the flagship crypto perps, trade through the same API, and settle against the same margin account. A trader shorting gold on a builder-deployed market places the order the same way they would short Ethereum, and the differences show up in three places worth knowing.
Fees are higher on builder markets. The headline rate on a HIP-3 perp is twice the validator-operated rate, which at base tiers works out to roughly 3 and 9 basis points for makers and takers before discounts, with the deployer keeping half. Staking discounts, referral rebates, and collateral-based reductions still apply on top, so an active HYPE staker narrows the gap considerably.
Oracle quality varies by deployer. On validator-operated markets, the network itself maintains the price feed. On a HIP-3 market, the deployer chooses and operates the oracle, which is why the mark price on a weekend oil contract can drift from where Monday’s COMEX open eventually prints. During the West Asia crisis, Hyperliquid’s oil market traded on its own oracle through days when no traditional reference price existed at all. That independence is the product and the risk in one feature.
Collateral differs by market. Most markets margin in stablecoins, but HIP-3 supports alternative collateral where the deployer enables it, including yield-bearing assets, and HIP-4 outcome positions collateralize in USDH. Settlement demand for outcome markets flows through the stablecoin into the same fee-and-buyback loop that already routes nearly all protocol revenue toward HYPE, which is why analysts treat HIP-4 volume as a direct token catalyst rather than a side business.
The practical entry points have multiplied too. Beyond the native app, HIP-3 and HIP-4 markets surface through Phantom, through the FOMO app for the equities lineup, and through any front end built on the public API, since every builder market shares the unified HyperCore order flow.
The risk column Every part of the story above has a counterweight, and an honest explainer lists them.
Deployer concentration is the loudest one. A permissionless system where one builder holds 90% of open interest has recreated a gatekeeper one level up, and the $32 million entry stake keeps it that way for now. Regulatory exposure is the second. Hyperliquid operates without KYC in most of the world, the United Kingdom’s FCA has declared the platform unauthorized, and pending United States market structure legislation could either validate or constrain synthetic stock perpetuals, a product category regulators have barely begun to examine. Institutional ceilings are the third: a June JPMorgan report saw limited institutional demand for perpetual futures generally, citing unbounded basis risk and missing clearing protections, which matters for a token whose valuation leans on volume growth. And the products themselves are dangerous instruments. Leveraged perpetuals on any underlying can liquidate a position in minutes, and cross margin across markets adds its own failure modes.
There is a subtler risk in the oracle layer that the slashing design only partially covers. A deployer’s oracle is a single point of interpretation for its markets, and unusual conditions expose the gap: when traditional venues close and a HIP-3 commodity market keeps trading, the mark price is whatever the deployer’s methodology says it is, with no external reference to check against until markets reopen. Validators review any 50% intraday reference move and slashing punishes proven manipulation, but a subtly mispriced weekend, honest or otherwise, transfers money between longs and shorts without tripping any threshold. Traders in builder markets are underwriting oracle methodology whether they think about it or not.
None of that has slowed the platform yet. Hyperliquid controls an estimated 70% of on-chain perpetuals volume, spot HYPE ETFs drew $111 million in inflows in late June while Bitcoin and Ethereum funds bled, and the ecosystem is spending on the long game, including a $29 million policy center in Washington. Whether the moat holds is a different question from whether it exists.
The bigger picture for L1 competition HIP-3 and HIP-4 also reframe what layer 1 blockchains compete on. Ethereum and Solana fight over DeFi liquidity, users, and fees, a race with its own 2026 scoreboard. Hyperliquid opted out of the general-purpose contest and vertically integrated one thing: markets. The bet is that an exchange-shaped blockchain with permissionless market creation captures more value than a general-purpose chain hosting exchange apps. dYdX tried a dedicated appchain with governance-gated listings. GMX built on someone else’s layer 2. Hyperliquid is the first to make market creation itself permissionless at the chain layer, and the early evidence, an order of magnitude expansion in what can be traded on-chain, suggests the design space was bigger than the industry assumed.
What to watch from here Three markers will tell the story over the next year. First, whether the HIP-3 stake requirement drops and the deployer set widens beyond one dominant builder. Second, whether HIP-4 volume becomes measurable against Polymarket and Kalshi once permissionless deployment opens and categories expand past crypto prices. Third, whether regulators treat builder-deployed stock perpetuals as an innovation to license or a loophole to close. The upgrades themselves are shipped and working. The open question, as always in this industry, is what survives contact with scale.
Frequently asked questions What is Hyperliquid HIP-3? HIP-3, called Builder-Deployed Perpetuals, is a Hyperliquid protocol upgrade live since October 13, 2025. It lets any builder who stakes 500,000 HYPE deploy an independent perpetual futures exchange on HyperCore, choosing the assets, oracle, collateral, and fee capture, while inheriting Hyperliquid’s matching engine, margining, and liquidation systems. It moved market listing from a core team decision to a permissionless, stake-secured process.
What is Hyperliquid HIP-4? HIP-4 is the outcome markets upgrade, announced February 2, 2026 and live on mainnet since May 2, 2026. It adds fully collateralized event contracts that settle to exactly 0 or 1 at expiry, with merged Yes and No order books, USDH collateral, no liquidation risk, and zero fees to open a position. It is Hyperliquid’s entry into prediction markets.
How much does it cost to deploy a HIP-3 market? A deployer must stake 500,000 HYPE, worth roughly $32 million at current prices near $64. The stake is slashable for misconduct and must be held for 30 days even after all of the deployer’s markets are halted. The first three assets deploy without an auction; additional assets go through a shared Dutch auction. Documentation says the threshold should fall over time.
What can you trade on HIP-3 markets? Builder-deployed markets cover tokenized United States equities such as Nvidia, Tesla, Google, and Amazon, index products including a licensed S&P 500 contract and the Nasdaq-style XYZ100, commodities such as gold, silver, and oil benchmarked to COMEX and other references, FX, and long-tail crypto assets. Seven of Hyperliquid’s top ten markets by volume are now non-crypto assets.
How does HIP-4 settlement differ from Polymarket? Polymarket resolves contested markets through UMA’s optimistic oracle, where token holders vote on disputed outcomes. HIP-4 settlement is deterministic: Hyperliquid’s validator set resolves each contract against a pre-specified objective data source, with no dispute window and no token vote. The design avoids governance attacks but limits markets to questions with clean, objective answers.
Who is TradeXYZ? TradeXYZ is the dominant HIP-3 deployer, accounting for more than 90% of builder-deployed open interest. It launched the first HIP-3 market, the XYZ100 index, built out the equities and commodities lineup, secured S&P 500 ticker licensing, and co-launched the FOMO trading app with Hyperliquid in June 2026. Its dominance is also the center of the deployer concentration debate.
Is trading on Hyperliquid safe? The protocol has strong solvency engineering and a clean track record on its core markets, but the products are high-risk by nature. Leveraged perpetuals can liquidate quickly, HIP-3 markets depend on each deployer’s oracle quality, the UK’s FCA lists the platform as unauthorized, and synthetic stock perpetuals sit in a regulatory gray zone. Position sizing and jurisdiction checks matter.
Does HIP-4 have liquidation risk? No. Outcome positions are fully collateralized in USDH at purchase, so the maximum loss is the amount paid for the position and no liquidation engine is involved. That distinguishes outcome markets from perpetuals, where leverage means positions can be forcibly closed. The risk in outcome markets is being wrong about the event, or holding through a settlement data error.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Digital asset markets are volatile and you can lose your entire investment. Always do your own research. Information current as of July 3, 2026.
Hyperliquid provedl zpětný odkup HYPE za 283 milionů USD, největší v kryptu od začátku roku 2026. Celkem už odkoupil přes 1,1 miliardy USD a spálil více než 44 milionů HYPE.
Hyperliquid has cemented its position as crypto’s most aggressive token buyer, recording a single buyback of $283 million, the largest in the industry since the start of 2026. The decentralized perpetual exchange has now crossed $1.1 billion in cumulative buybacks.
The protocol isn’t doing this out of generosity. It’s a mechanical system: 97-99% of Hyperliquid’s trading fees flow directly into open-market purchases of HYPE tokens, which are then burned.
The buyback machine in numbers The Assistance Fund, approved by validators in December 2025, operates as a continuous demand engine for HYPE tokens.
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From January to October 2025 alone, the protocol spent $645 million on buybacks. Quarterly figures tell the acceleration story: $316.76 million in Q3 2025, $255.05 million in Q4 2025, and $192.25 million in Q1 2026. Monthly averages have ranged between $65 million and $85 million during earlier periods.
Over 44 million HYPE tokens have been acquired through the program so far. That represents roughly 4.4% of the total supply permanently removed from circulation.
Hyperliquid has generated over $1.16 billion cumulatively, with nearly the entire sum directed toward HYPE token acquisitions.
Eight projects join the buyback trend Eight crypto projects have now conducted buybacks that outstrip their supply growth since January 2026. That $283 million single buyback exceeds what many protocols generate in total revenue across an entire year.
What this means for investors Because buybacks are tied to trading fees rather than discretionary decisions by a core team, investors can model future demand based on trading volume. If the platform generates fees, HYPE gets bought and burned.
With 4.4% of total supply already removed and the program showing no signs of slowing, HYPE’s circulating supply is shrinking at a meaningful pace. For context, Bitcoin’s supply growth from mining is roughly 0.8% annually.
The model’s health depends entirely on Hyperliquid maintaining its trading volume dominance. Any sustained decline in perpetual trading activity would directly reduce the buyback rate.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
TradingView has expanded its market coverage by adding real-time data for Hyperliquid and Trade[XYZ], giving users access to onchain perpetual and spot markets directly through its charting platform.
Summary
TradingView has added real-time Hyperliquid and Trade[XYZ] market data to its charting platform. Users can now track crypto, equities, commodities, forex, and pre-IPO perpetual markets around the clock. The integration comes days after Singapore’s MAS placed Hyperliquid on its Investor Alert List. According to TradingView, the new integration brings live pricing for Hyperliquid’s crypto perpetual and spot markets alongside Trade[XYZ] markets covering equities, commodities, foreign exchange, and pre-IPO companies.
Trade[XYZ] and Hyperliquid data is now live on @tradingview. Putting this data where traders live has been a top priority for us.
Markets are increasingly shaped by events unfolding around the clock, and price discovery shouldn't stop when traditional venues close.
Users now…
— trade.xyz (@tradexyz) July 2, 2026 The data is available through TradingView’s Supercharts, allowing traders to follow price movements throughout the day, including when traditional financial markets are closed.
The addition extends the range of assets available on TradingView without requiring users to leave the platform for onchain market data. Hyperliquid markets appear under the HYPERLIQUID symbol prefix, while Trade[XYZ] listings can be accessed using the HIP3XYZ prefix through the platform’s symbol search.
Hyperliquid expands beyond its core exchange Built on its own layer-1 blockchain, Hyperliquid operates an onchain perpetual futures exchange that currently supports more than 300 perpetual and spot markets across cryptocurrencies, commodities, and indices.
The ecosystem has also grown through HIP-3, a protocol upgrade that allows third-party developers to launch perpetual markets using Hyperliquid’s infrastructure. Under that framework, Trade[XYZ] has become the first major deployment, offering perpetual markets tied to multiple asset classes, including cryptocurrencies, equities, as well as crypto spot trading.
By adding both Hyperliquid and Trade[XYZ] feeds, TradingView has made those markets available alongside its existing charting tools, enabling traders to monitor perpetual contracts and spot assets from a single interface.
Regulatory attention has continued alongside platform growth The TradingView integration comes days after the Monetary Authority of Singapore added Hyperliquid to its Investor Alert List, as previously reported by crypto.news.
According to the regulator, the listing covers both the Hyper Foundation website and the Hyperliquid trading application. MAS said the Investor Alert List is intended as a consumer protection measure identifying entities that could be mistakenly viewed as licensed or regulated by the authority. The regulator also stated that inclusion on the list does not constitute a ban or an enforcement action.
Following the listing, Hyperliquid said it had never claimed to be licensed or authorized by MAS.
Despite the regulatory attention, the decentralized exchange has remained one of the largest trading platforms in the sector. According to CoinGecko, Hyperliquid ranks as the sixth-largest decentralized exchange by trading volume. Separately, DefiLlama estimates that the protocol currently secures about $5.76 billion in total value locked.
The latest TradingView integration gives market participants another way to follow activity across Hyperliquid’s expanding ecosystem, combining live data from crypto perpetuals, spot assets, and Trade[XYZ]’s cross-asset markets within a single charting environment.
Hyperliquid oficiálně zavedl GRAM perpetual futures s pákou až 5x, takže obchodníci mohou na tomto aktivu spekulovat i se zajištěním. Listing přišel po silné komunitní poptávce a růstu objemu na Binance a Upbit.
Hyperliquid Adds GRAM Perps After Sustained Community Requests@HyperliquidX has officially listed $GRAM perpetual futures, allowing traders to go long or short on the asset with up to 5x leverage. The listing follows a sustained wave of community requests as the token gained volume across major global venues including @Official_Upbit and @Binance.
The move gives traders their first high-performance decentralized venue for hedging $GRAM exposure. Hyperliquid is a Layer 1 blockchain known for its fully onchain order book and perpetual futures exchange, where every order and liquidation is executed and settled transparently onchain.
What Is GRAM and Why Does It Matter NowThe timing of the listing is closely tied to a significant rebrand on @Ton_blockchain. On June 15, 2026, the token formerly known as Toncoin was officially renamed Gram, with the ticker switching from TON to GRAM after a community governance vote passed with 81.22% support. The blockchain itself retains the name The Open Network.
The rebrand was a pure branding update covering name, ticker, and logo only. There was no new contract, no token swap, and no migration step of any kind. All $TON balances converted to $GRAM automatically at a 1:1 ratio, with no action required from holders.
The name Gram carries historical weight. The Gram rename is step four of Pavel Durov's Make TON Great Again roadmap, with Telegram now serving as the network's primary operator and largest validator. Gram was the original token name chosen in TON's 2018 whitepaper before U.S. regulatory pressure forced the project to pause and restructure under community leadership.
With $GRAM now trading at scale across centralized venues and the rebrand fully live, Hyperliquid's listing provides a decentralized derivatives layer for traders seeking to hedge or speculate on the asset without relying on custodial infrastructure.
Paribu spustilo v hlavní aplikaci sekci DeFi s Hyperliquid perpetualními kontrakty a opčními trhy napojenými na Polymarket, bez samostatné peněženky či seed phrase. Zároveň otevřelo čekací listinu na akcie NYSE, Nasdaq a Borsa Istanbul.
Türkiye-based digital asset platform Paribu has launched DeFi access inside its main app, adding DEX trading, perpetual contracts through Hyperliquid, and Polymarket-linked option markets.
Summary
Paribu now offers Hyperliquid perpetuals and Polymarket markets through its main self-custodial DeFi app section. The platform opened a waitlist for NYSE, Nasdaq, and Borsa Istanbul stock trading access soon. Paribu says users can trade DeFi products without separate wallet apps, seed phrases, or transfers. The company also opened a waitlist for stock trading as it works to combine crypto, DeFi, yield products, and equities in one app.
Paribu said it is the first regulated exchange to offer both Hyperliquid perpetuals and Polymarket option markets through a centralized exchange interface. Users can access the DeFi section with their existing balance, without a separate wallet app, seed phrase, or new account. The company said each DeFi position remains self-custodial, while trades settle onchain through linked protocols.
DeFi access targets Türkiye’s retail market Paribu framed the launch around Türkiye’s active crypto market. The company cited TRM Labs data showing Türkiye ranked fifth globally in retail crypto activity, with $40 billion in volume in Q1 2026. The figure rose 7% year over year while global retail crypto volume fell 11%.
The company said many local retail users keep their main crypto holdings inside one app and have not used DeFi wallet tools. Paribu’s DeFi access is designed to let these users reach onchain markets without switching platforms. Its blog post on DeFi access says the wallet setup uses passkeys and recovery tools instead of seed phrases.
Hyperliquid and Polymarket enter the app The Hyperliquid integration lets Paribu users trade perpetual contracts from the DeFi section of the app. Trades route to Hyperliquid’s decentralized blockchain, while positions remain in users’ self-custodial wallets. Paribu said Hyperliquid has processed more than $4 trillion in cumulative trading volume.
The launch follows wider activity around Hyperliquid. As reported by crypto.news, Kalshi launched CFTC-regulated HYPE perpetual futures, lifting HYPE futures open interest to $2.48 billion. Moreover, crypto.news reported thatHyperliquid added validator-settled outcome markets under HIP-4, expanding beyond perpetual futures.
Paribu also added access to Polymarket markets through the same DeFi section. The company said it will list curated markets only, with each contract reviewed for integrity, liquidity, and risk profile before appearing in the app. Paribu serves as the interface, while execution and settlement happen onchain through Polymarket infrastructure.
The rollout comes as prediction markets face closer review in several jurisdictions. As crypto.news reported, the CFTC is preparing new rules that could affect Polymarket and Kalshi. Crypto.news also reported that the CFTC sued Kentucky to block state action against Kalshi, Polymarket, and related partners.
Stock trading remains pending Paribu is also preparing to offer equities. Its brokerage arm has received establishment authorization from Türkiye’s Capital Markets Board and is waiting for an operating license. The company said NYSE, Nasdaq, and Borsa Istanbul stocks will become tradable after the license process is complete.
For now, users can view real-time market data for U.S. and Turkish stocks inside the app. Paribu said the stock waitlist is open before trading goes live. Founder and CEO Yasin Oral said, “Paribu is becoming a single app for all of finance: crypto, DeFi, equities, and yield.”
The expansion follows other Paribu moves. Previously, crypto.news reported that Paribu’s $240 million CoinMENA acquisition led a weekly crypto funding period in December 2025. The company has also said Clave joined Paribu in 2026 to support passkey-based account abstraction and self-custody tools.
VALR spouští více než 200 perpetualních trhů prostřednictvím integrace Hyperliquid, včetně akcií, indexů, komodit, forexu i krypta. Jde o první nativní integraci on-chain Layer-1 protokolu u velké regulované burzy.
Johannesburg, South Africa, July 2nd, 2026, Chainwire
Africa’s largest crypto exchange by trade volume expands its derivatives architecture, integrating Hyperliquid to offer access to perpetuals on equities, indices, precious metals, commodities, forex, and crypto. This marks the first time a major regulated exchange has natively integrated an on-chain Layer-1 protocol to source liquidity and execute trades across global cross-asset perpetuals. Perps on VALR are set to go live on the web on Monday, 6 July, with mobile app availability to follow shortly after. VALR has announced the imminent launch of ‘Perps’, a new cross-asset class perpetuals product that introduces more than 200 markets to the platform. This expansion enables users to express directional views by going long or short with leverage across a comprehensive selection of global equities, commodities, precious metals, stock indices, forex pairs, and crypto assets. The launch adds to VALR’s established derivatives infrastructure, which pioneered the exchange’s initial perpetuals offering in 2023.
Strategic Infrastructure Integration with Hyperliquid The new product is delivered through an integration of Hyperliquid, a high-performance decentralised blockchain. Using Hyperliquid’s permissionless infrastructure, VALR users can open and manage positions directly on VALR, ensuring a seamless user experience.
Advanced Cross-Asset Market Exposure The inclusion of over 200 new markets marks a major development in the diversity of assets available through a single digital platform and marks the first time that a major regulated exchange has natively integrated an on-chain Layer-1 protocol to source liquidity and execute trades across global cross-asset perpetuals. The newly available contracts span multiple global asset classes, enabling traders to express their views on macroeconomic events and capitalise on volatility:
Global Equities and Benchmarks: Perpetual contracts on trending global enterprises and pre-IPO markets, including SpaceX, NVIDIA, Tesla, Apple, SK Hynix, Samsung, and Palantir Technologies, alongside exposure to leading global equity indices such as the S&P 500 and other international indices. Commodities and Precious Metals: Exposure to vital energy markets, including Brent Crude Oil, WTI Crude Oil, and Natural Gas, metals such as Gold, Silver, Platinum, and Copper. Foreign Exchange: Institutional currency pairs including EUR/USD, GBP/USD, and USD/JPY. Crypto Assets: Comprehensive coverage of the digital asset ecosystem, ranging from foundational protocols like Bitcoin, Ethereum, and Solana, to a wide selection of alternative layer-1 and layer-2 networks, decentralised finance tokens, and high-volume tokens. Gianluca Sacco, Chief Operating Officer at VALR, said:
“With this launch, we’re putting over 200 perpetuals markets directly inside the VALR app. 24/7 access to crypto, commodities, currencies, and equities – both listed and pre-IPO – all through the regulated exchange our customers already trust. Perps are how crypto traders take a view on price – a market now exceeding hundreds of billions of dollars in daily volume. We believe they will become how people trade every market. Our integration of Hyperliquid will give our users the deepest on-chain liquidity available anywhere. For VALR customers in South Africa and beyond, this is access to the markets that matter, in real-time.”
About VALR Founded in 2018, headquartered in Johannesburg, and backed by leading investors including Pantera Capital, Coinbase Ventures, and Fidelity’s F-Prime Capital, VALR is the leading digital asset exchange and infrastructure provider on the African continent, offering a comprehensive suite of products, including Spot Trading, Spot Margin, Perpetuals, Staking, Lending, Borrowing, OTC services, VALR Invest, Crypto Bundles, and VALR Pay. Licensed by South Africa’s FSCA, and with a provisional licence from the Cayman Islands Monetary Authority, VALR serves over 1.9 million registered users and 1,900 corporate and institutional clients worldwide. The exchange is dedicated to advancing a just financial future that upholds human dignity and the unity of mankind. For more information, visit valr.com.
About Hyperliquid Hyperliquid is a decentralised layer one blockchain best known for perpetuals and spot trading. It is the largest and most liquid decentralised exchange, with support for crypto and real-world assets, such as oil and precious metals. In addition, the ecosystem supports borrowing, lending, and a full-fledged EVM.
Risk Disclosure
Futures trading is provided by VALR DAM Pty Ltd, a licensed Financial Services Provider (FSP #54897) and Over-the-Counter Derivatives Provider.
VALR Perps order management, order execution, liquidation, margin requirements, position management, mark prices, and funding rates are managed by, and provided through, certain third-party liquidity provider(s). VALR acts only as an intermediary that enables account holders to access the services offered by such third-party liquidity provider(s) and disclaims any liability arising from or in connection with the acts, omissions, services, pricing, liquidity, order execution, system availability, or operational failures of such third-party liquidity provider(s).
Use of VALR Perps involves risk; please refer to VALR’s Risk Disclosures and Futures Terms of Service.
Hyperliquid HIP-3 zvedl otevřený zájem zhruba z 790 milionů USD v lednu na vrchol 3,2 miliardy USD začátkem června 2026. TradeXYZ přitom drží přes 90 % celého open interestu HIP-3.
HIP-3 is a Hyperliquid network upgrade launched in October 2025 that allows permissionless deployment of perpetual futures markets by staking 500,000 HYPE tokens. Open interest across HIP-3 markets grew from roughly $790 million in January 2026 to a peak of $3.2 billion by June, according to Grayscale. TradeXYZ, the leading HIP-3 builder, accounts for more than 90% of all HIP-3 open interest with tokenized equities, indices, and commodities. Seven of Hyperliquid’s top ten markets by volume are now tokenized equities or commodity futures rather than traditional cryptocurrency pairs. Grayscale compared Hyperliquid’s infrastructure model to Amazon Web Services, calling it a platform where developers create products while HYPE captures value from every trade. Hyperliquid’s HIP-3 upgrade has quietly transformed a decentralized perpetuals exchange into what Grayscale Research described as “more like Amazon Web Services than a stock exchange” in a June 2026 research note cited by Stocktwits.
Since launching on October 13, 2025, HIP-3 has enabled permissionless deployment of perpetual futures markets for assets that include NVDA, TSLA, gold, crude oil, and the S&P 500. Open interest surpassed $3.2 billion in June 2026, and on peak days, HIP-3 markets accounted for nearly 48% of Hyperliquid’s total trading volume.
This article explains the mechanics of HIP-3, how open interest functions on the platform, and what the growth trajectory means for the broader DeFi derivatives market.
How HIP-3 Works: Permissionless Market Deployment HIP-3 enables any participant who stakes 500,000 HYPE tokens, worth approximately $25 million at current prices, to deploy their own perpetual futures exchange on HyperCore, Hyperliquid’s main trading layer.
Deployed markets operate alongside native Hyperliquid pairs but are not covered by the platform’s shared liquidity vault, known as HLP. Instead, deployers manage their own liquidity, according to a detailed CoinGecko analysis published in May 2026.
Deployers earn half of the trading fees generated on their markets. HIP-3 markets charge roughly double the native fee rate, starting at 0.09% for takers versus 0.045% on native pairs. A “Growth Mode” feature introduced in November 2025 allows deployers to reduce fees by 90% to accelerate adoption, according to OAK Research.
All HIP-3 markets are margined in USDC, priced against off-chain oracles, and trade 24 hours a day, seven days a week. This always-on structure proved especially relevant during the U.S.-Israeli-Iranian conflict, when high-impact market events developed outside traditional trading hours.
Open Interest Growth: From $790 Million to $3.2 Billion The growth trajectory has been steep. Open interest on HIP-3 markets stood at roughly $790 million in January 2026, crossed $1.43 billion by late March, surpassed $2 billion in April, and reached $3.2 billion in early June, according to a Grayscale research note.
Since launch, HIP-3 markets have processed over $200 billion in cumulative trading volume. TradeXYZ, a perpetuals platform built by the Hyperunit team, dominates the vertical, accounting for more than 90% of total HIP-3 open interest.
The platform offers exposure to U.S. equities such as NVDA, TSLA, GOOGL, and AMZN, a synthetic Nasdaq-style index called XYZ100, and commodities, including gold and silver, benchmarked to COMEX front-month futures. Non-crypto assets achieved 60% trader retention in late March 2026, indicating sustained engagement rather than speculative activity.
Analysis: The retention figure is significant. In most DeFi product launches, initial activity spikes and then decays within weeks. A 60% retention rate suggests that HIP-3 is solving a structural problem, 24/7 market access, rather than offering a novelty.
The fact that seven of Hyperliquid‘s top ten markets by volume are now non-crypto assets represents a category shift from a DeFi derivatives protocol toward a global macro trading venue.
Revenue, HYPE Buybacks, and the SpaceX Catalyst Hyperliquid generated $2.3 million in daily fees at peak HIP-3 activity, funding $11 million in HYPE token buybacks. The HYPE token outperformed Bitcoin and Ethereum by over 70% in Q1 2026, according to 99Bitcoins reporting.
The SpaceX initial public offering in June 2026 provided another catalyst. TradeXYZ launched a SpaceX pre-IPO perpetuals market on May 18, 2026, which surpassed $50 million in open interest before SpaceX officially filed its S-1 two days later.
Moon Rock Capital co-founder Simon Dedic stated in a post on X that the access issues retail traders faced around the SpaceX Nasdaq debut “make the case for trading exposure to high-profile private companies via onchain perpetual futures on Hyperliquid.”
In March 2026, the first S&P 500 perpetual futures product launched on Hyperliquid after S&P Dow Jones Indices licensed the index to a HIP-3 deployer, according to Grayscale.
Regulatory Implications HIP-3 markets offering tokenized equity derivatives operate without KYC requirements, creating a direct conflict with securities regulations in most jurisdictions. The SEC has not issued specific guidance on permissionless perpetual futures tied to U.S. equities. As HIP-3 open interest approaches levels that attract institutional market-making firms, regulatory scrutiny is likely to intensify.
What’s Next for HIP-3? Grayscale’s research note positioned $5 billion in open interest as the inflection point at which HIP-3 markets attract professional market-making firms from CME and CBOE. The launch of HIP-4, which introduces outcome-based prediction market contracts on Hyperliquid, adds a new dimension.
Pending U.S. crypto market structure legislation could either validate or constrain the model. Participants should monitor regulatory developments and the platform’s approach to compliance.
FAQs What is Hyperliquid HIP-3?
HIP-3 is a Hyperliquid network upgrade from October 2025 that lets builders deploy permissionless perpetual futures markets by staking 500,000 HYPE tokens.
How much does it cost to deploy a HIP-3 market?
Deployers must stake 500,000 HYPE tokens, worth approximately $25 million at current prices, to launch a perpetual futures market on HyperCore.
What is open interest on HIP-3?
HIP-3 open interest peaked at $3.2 billion in June 2026, growing from roughly $790 million in January, according to Grayscale research data.
What assets can be traded on HIP-3?
HIP-3 supports tokenized equities like NVDA and TSLA, commodities including gold and oil, indices such asthe S&P 500, and pre-IPO stocks.
What is TradeXYZ?
TradeXYZ is the leading HIP-3 deployer built by the Hyperunit team, accounting for more than 90% of total HIP-3 open interest across all markets.
How do HIP-3 fees work?
HIP-3 markets charge roughly double native Hyperliquid rates, with half going to the deployer. Growth Mode can reduce these fees by 90%.
What is HIP-4?
HIP-4 is Hyperliquid’s outcome-trading upgrade, launched in May 2026, introducing fully collateralized prediction-market contracts that settle at 0 or 1.
References What is Hyperliquid’s HIP-3? How it works and use cases, OAK Research, June 2026 Hyperliquid’s HIP-3 & HIP-4: Tokenized Stocks and Prediction Markets, CoinGecko, May 2026 Hyperliquid Emerges As Superior Alternative After SpaceX IPO Lockup Chaos, Stocktwits, June 2026 Hyperliquid Fees Explained: Perps, Spot & HIP-3, Datawallet, May 2026
Americké spotové Bitcoin ETF zaznamenaly v červnu čisté odlivy 4,5 miliardy USD, nejvíc od spuštění v lednu 2024. Nejvíc utrpěl IBIT od BlackRocku s odlivem 3,55 miliardy USD.
US-listed Bitcoin (BTC) exchange-traded funds (ETFs) recorded $4.5 billion in net outflows during June 2026. This was the worst monthly figure since the products launched in January 2024.
The redemptions coincided with a sharp price decline. Bitcoin fell 20.48% over the month, its steepest monthly drop since June 2022, when the asset shed 37.28% during that cycle’s collapse.
IBIT Leads the Institutional RetreatJune’s outflows broke the previous monthly record of $3.56 billion, set in February 2025 during an earlier stretch of market stress.
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Bitcoin ETF Monthly Flows. Source: SoSoValueBlackRock’s iShares Bitcoin Trust (IBIT) accounted for the bulk of the outflows. The fund alone shed $3.55 billion, close to 79% of the category’s total redemptions.
That concentration is striking. IBIT’s single-fund outflow nearly matched the entire category’s prior monthly record on its own.
The price data reinforces the pressure. Bitcoin closed four of 2026’s first six months in negative territory, with June’s 20.48% decline the deepest of the year.
How Crypto ETFs Performed in June 2026The weakness extended beyond Bitcoin, though the scale varied across categories. Ethereum (ETH) ETFs posted $528.99 million in June outflows, SoSoValue data showed.
Solana (SOL) ETFs recorded net outflows of roughly $786,580. The figure is small, but it marks the first monthly outflow for Solana ETFs since their launch, ending a run of positive months.
Top Crypto ETFs Performance in June. Source: BeInCryptoNot every category turned negative. XRP (XRP) ETFs drew $59.46 million in net inflows during June, holding positive despite the broader downturn.
Hyperliquid (HYPE) ETFs led the group with $161.05 million in inflows, the strongest June showing across the products.
The split suggests capital rotated within crypto rather than exiting entirely. Newer altcoin products absorbed fresh money even as the two largest categories saw sustained redemptions.
Whether that rotation hardens will depend on how Bitcoin trades in July, since a price rebound could pull capital back toward the incumbents.
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Phantom přijal tříčlenný tým z Ventuals, včetně zakladatelů Alvina a Emily Hsia a inženýra Arise Samada, a dál posiluje expanzi do derivátů. Jde o příchod lidí s praxí z Hyperliquid, nikoli o koupi firmy.
The Solana wallet is bringing on the three-person team behind a pre-IPO perpetuals platform, deepening its push into derivatives.
Phantom, the largest Solana wallet by market share, said the team behind Ventuals is joining the company this week, weeks after the Hyperliquid-based perpetuals venue shut down.
The hires are Ventuals co-founders Alvin Hsia and Emily Hsia, along with engineer Aris Samad, Phantom said in an announcement on its X account and a company blog post. The deal is not a purchase of the company or its product.
Ventuals wound down its onchain pre-IPO trading platform in mid-June, reporting more than $650 million in lifetime trading volume and over 500,000 HYPE raised across its run.
The move folds talent from one of Hyperliquid's earliest pre-IPO perpetuals builders into a consumer wallet that has been expanding aggressively into derivatives. Phantom added in-wallet perpetual futures, powered by Hyperliquid, in July 2025, and has since extended into equity and pre-IPO-style markets. Hiring the Ventuals founders gives Phantom people who built and operated their own markets on Hyperliquid.
HYPE, the token underpinning Hyperliquid, traded around $65, down about 2% over 24 hours, roughly in line with Bitcoin's 2.8% slide over the same period, and up about 6% over the past week, according to CoinGecko.
Phantom has not said what the Ventuals founders will build at the company or whether the hire signals a deeper move into pre-IPO or equity perpetuals.
A Team With Hyperliquid PedigreeVentuals described itself as the first onchain derivatives protocol for private, pre-IPO company valuations, with each market tracking a synthetic price rather than a claim on shares. Alvin Hsia was the company's chief executive and Emily Hsia its chief technology officer; both previously worked at Goldfinch and Airbnb, and earlier co-founded a project called Shadow.
The team built its markets through Hyperliquid's HIP-3 framework, which lets outside developers deploy and run their own perpetual-futures markets backed by a HYPE stake. Ventuals' flagship contracts let traders take leveraged positions on the valuations of OpenAI and Anthropic, neither of which is publicly traded. In the wind-down, those markets were frozen at their trailing 24-hour average prices and settled, and the team confirmed there would be no Ventuals token.
Phantom's Derivatives PushPhantom is the dominant wallet in the Solana ecosystem, with roughly 39% of Solana wallet market share and 15 million to 20 million monthly active users, and a $3 billion valuation set in a January 2025 Series C led by Sequoia Capital and Paradigm. The wallet has moved well beyond storage, adding swaps, staking, a prediction-market feature and, since mid-2025, perpetuals.
Phantom's perps product runs on Hyperliquid and surpassed $10 billion in cumulative trading volume within months of its July 2025 launch, the company has said. It has since added equity perpetuals deployed through HIP-3. The Ventuals founders' background in deploying and running such markets maps directly onto that roadmap, though Phantom did not detail the team's specific roles.
HYPE got its first U.S. exchange-traded fund in May, ran 16 straight days of inflows, then saw money walk out the door. The ETF is a new demand channel, but the first outflow is the first test of it.
Summary
Hyperliquid (HYPE) trades in the mid-$60s as of late June 2026, roughly 14% below its $76.67 record set on June 16, with a market cap near $14 billion to $16 billion and a fully diluted valuation around $60 billion. The Bitwise HYPE ETF launched on May 14, 2026, giving regulated investors a wrapper for HYPE exposure, after Bitwise had already listed a Hyperliquid staking product in Europe in April. The fund logged 16 consecutive days of inflows before its first daily outflow of nearly $3 million on June 5, a small figure in dollars but a notable turn in the early demand story. HYPE’s core engine is a buyback that routes 97% of protocol fees into purchasing and burning the token, which has retired over $1 billion of HYPE and pulled circulating supply below 300 million, working against a roughly 1.2 million monthly unlock to insiders. Forecasts run from Coinpedia’s high-$30s average to Arthur Hayes at $150, with prediction markets leaning toward HYPE clearing $80 by year-end, so the ETF flow and the buyback-versus-unlock balance, not any single target, will decide the path. In May 2026, Hyperliquid crossed a line that most tokens never reach: it got its own U.S. exchange-traded fund. The Bitwise HYPE ETF gave ordinary brokerage accounts and institutions a regulated way to hold exposure to one of the most talked-about assets in crypto.
For 16 trading days, the money flowed in. Then, on June 5, it reversed, with the fund posting its first daily outflow of close to $3 million. The amount was tiny next to HYPE’s multibillion-dollar market cap, but the symbolism was real, and crypto.news flagged the turn at the time.
This piece looks at HYPE’s price through the lens of that ETF and its first outflow, which is a different question from whether HYPE can reach $100. It covers what the Bitwise fund changed, what the early outflow signals, the buyback engine the ETF flows into, the unlock overhang pulling the other way, the regulatory cloud overhead, where the chart sits, and what analysts and prediction markets expect. It closes with bull, base, and bear scenarios and a short FAQ.
The Bitwise ETF and why it mattered The Bitwise HYPE ETF debuted on May 14, 2026, pitched as targeted exposure to the infrastructure behind on-chain derivatives. It was not Bitwise’s first Hyperliquid product. In April, the firm listed a Hyperliquid staking exchange-traded product, BHYP, on Deutsche Boerse’s Xetra venue in Europe, one of a growing suite of staking vehicles.
Bitwise also leaned into Hyperliquid’s own transparency ethos, committing to publish the ETF’s wallet addresses so investors could verify the fund’s holdings on-chain rather than take them on trust.
The reason an ETF matters for price is access. A token that previously required a self-custody wallet or an offshore exchange suddenly becomes reachable through a regulated product that fits inside retirement accounts and institutional mandates. That widens the pool of potential buyers and, in theory, adds a steady bid that is less reactive than crypto-native flows.
For HYPE, which already carried a large following, the ETF was a credibility marker as much as a demand channel: it signaled that a serious asset manager judged the token investable enough to wrap and sell.
The catch is that an ETF is a pipe, not a pump. It makes buying easier, but it does not create demand on its own. The flows that move through it can run in either direction, and that is exactly what the first month showed.
The first outflow, and what it signals For 16 straight sessions after launch, the Bitwise HYPE ETF took in money. That streak was the bullish read in action: regulated demand arriving day after day, exactly the steady bid the ETF was supposed to deliver. Then on June 5, the fund recorded its first daily outflow, nearly $3 million leaving in a single session. In dollar terms, it was almost nothing against a market cap in the tens of billions. As a signal, it carried more weight than its size.
The outflow is best read as the first test of the ETF demand story rather than its failure. It coincided with HYPE pulling back from its mid-June record and the broader market sliding into a risk-off, extreme-fear posture, so some of the selling was almost certainly market-wide rather than HYPE-specific. But it punctured the clean narrative of one-directional institutional accumulation. ETF flows, it turned out, would ebb and flow with sentiment like everything else, and that makes them a variable to track instead of a guaranteed tailwind.
For the forecast, the practical point is that ETF flow is now one of the clearest real-time gauges of institutional appetite for HYPE. A return to sustained net inflows would confirm the bull thesis that regulated demand is building. A pattern of choppy or net-negative flows would suggest the early enthusiasm has cooled, and that the price has to lean on its other engines instead.
The buyback engine the ETF flows into What makes HYPE structurally unusual is where its trading fees go. Roughly 97% of the protocol’s fees feed an Assistance Fund that continuously buys HYPE on the open market and burns it. This is not a promise of future buybacks; it is a live mechanism funded by real activity. Cumulative buybacks have passed $1 billion; the program has burned around 4.17% of total supply, pushing circulating supply below 300 million tokens. The platform’s daily revenue has run near $2.5 million, HyperEVM transaction fees have set records, and cumulative trading volume has crossed $4.15 trillion.
The ETF and the buyback connect in a way that matters for price. The buyback is powered by trading volume, because more volume means more fees and therefore more HYPE bought and burned. The ETF, by widening the holder base and supporting the token’s profile, can indirectly feed the system if it helps sustain attention and activity on the platform.
The product expansion compounds the same way: the FOMO app launched on June 11, letting users trade perpetuals across equities, pre-IPO stocks, crypto, indices, and commodities from one interface, while HIP-3 and HIP-4 push the platform toward prediction markets and options. Each new market is a potential new source of the fees that drive the burn.
The bull case in one line is that this engine eats its own supply faster than the unlocks can replace it. The more the platform grows, the more it buys back, and the thinner the float becomes. The ETF is one more on-ramp pointed at that engine.
The unlock overhang pulling the other way Against the buyback sits the supply schedule. Only about 27% of HYPE’s roughly 953 million to 1 billion maximum supply is in circulation, which means a large share is still locked and scheduled to come to market over years. Roughly 1.2 million HYPE per month is distributed to team members and early backers, a steady stream of new sellable supply that the buyback has to absorb just to stay even.
The fully diluted valuation near $60 billion is the number the skeptics point to: it implies a very large eventual supply, and the gap between the circulating market cap and the FDV is the overhang the market has to digest over time.
This is the tug-of-war that defines HYPE. The buyback pulls supply off the market and burns it; the unlocks push new supply on. ETF inflows can tilt the balance toward demand; ETF outflows tilt it back. The reason forecasts vary so wildly is that the outcome depends on which side wins, and that in turn depends on whether platform volume keeps growing fast enough to keep the burn ahead of the unlocks. No model can know that in advance, which is why honest analysis tracks the variables instead of betting the house on a single price.
The regulatory cloud HYPE carries a regulatory question mark that the ETF does not erase. In one episode, Singapore’s monetary authority added Hyperliquid to its Investor Alert List, a reminder that a permissionless derivatives venue draws scrutiny from regulators who worry about access and oversight.
Hyperliquid also operates in a legal gray zone in some jurisdictions, including restrictions affecting users in the United States, and the traditional derivatives establishment has been pressing regulators to bring platforms like it under tighter rules, citing concerns about manipulation and permissionless markets.
For the price, regulation cuts both ways. A clear, favorable framework would remove an overhang and could unlock broader access, especially in the United States where the platform’s reach is constrained. A crackdown, or even sustained uncertainty, could cap institutional participation and weigh on the very ETF demand the bull case depends on. The ETF brings HYPE closer to the regulated world, which is a benefit when the rules are friendly and a liability when they are not.
Where the chart and the price sit HYPE trades in the mid-$60s as of late June, roughly 14% below the $76.67 all-time high set on June 16. The price history is a story of violent moves: the token launched near $7.56 in November 2024, climbed to about $35 by year-end, peaked near $59 in September 2025, then corrected hard to the $21 to $26 range in early 2026 with a February low around $21. From there it built a long base and broke out through the $50 to $52 zone in June, ran to its record, and pulled back. That $50 to $52 area now reads as structural support, the floor the breakout set.
Hyperliquid price chart | Source: crypto.news The short-term picture is post-record consolidation. After a sharp run to a new high, the token is digesting gains, with momentum cooled from its peak. The bullish structural read is that the correction is happening while the platform’s fundamentals, volume, revenue, and fees keep setting records, which is the opposite of a top built on fading activity.
The bearish read is that a second failed push at the high would raise doubts and open the door back toward the low-$50s support. Reclaiming and holding above the record is what would put price discovery back in play.
What analysts and prediction markets expect Third-party forecasts for HYPE span an enormous range, which reflects the genuine uncertainty in the buyback-versus-unlock outcome. These are external projections, offered as a spread of views instead of targets this publication endorses.
On the cautious side, Coinpedia’s 2026 model runs from roughly $19.85 to $54.87 with an average near $37, and Cryptopolitan points to a peak around $58 with a separate analysis near a $40 average. In the middle, several views see a return toward or past the all-time high if adoption continues.
At the bullish extreme, Arthur Hayes has floated $150 by August 2026, premised on the buyback, organic volume growth, and the prediction-market and options expansion all firing together, while Multicoin Capital argues for $319 by 2028 on the thesis that the market underrates Hyperliquid as an emerging “everything exchange” instead of just a perpetuals venue. Prediction markets in mid-2026 leaned toward HYPE clearing $80 before year-end, with a smaller share betting on $100 and bets on a drop below $50 carrying meaningful odds.
The spread, from the high $30s to $150 in the same year, is the point. It is not noise; it is an honest map of how much depends on volume, flows, and regulation. The ETF is one input into that map, not the whole territory.
How HYPE’s ETF compares with the Bitcoin and Ether funds The clearest way to read the Bitwise HYPE ETF is against the template set by the Bitcoin and Ether funds that came before it. Those products showed the playbook: a regulated wrapper opens a corridor for capital that cannot or will not touch spot crypto directly, and once that corridor exists, an asset stops being treated as a fringe speculation and starts being treated as an allocatable holding.
The Bitcoin funds in particular showed how powerful steady, structural inflows can be when they arrive day after day from advisers and institutions instead of from reactive crypto traders.
HYPE inherits that template, but with important differences that cut against a clean comparison. It is far younger and far smaller than Bitcoin or Ether, which makes its ETF flows more volatile and more capable of moving the underlying price in both directions. Its fully diluted valuation near $60 billion sits well above its circulating market cap, so the supply overhang is larger and more present than it was for the major assets when their funds launched. And HYPE’s regulatory standing is less settled, which caps how aggressively some institutions can participate.
The European staking product, BHYP on the Xetra venue, adds a second access point and a yield angle that the early Bitcoin funds lacked, but it does not change the core asymmetry: a smaller, younger token feels ETF flows more sharply than a trillion-dollar asset does.
The takeaway is that the ETF is a genuine structural positive that should not be mistaken for a guaranteed one. For Bitcoin, the funds eventually delivered sustained net demand. For HYPE, the first month already showed flows can reverse, so the corridor is open but the traffic through it is not yet proven to run one way.
What to watch: the metrics that decide HYPE For readers tracking HYPE instead of reacting to each candle, a handful of metrics will signal which scenario is unfolding. The first and most direct is ETF flow direction. Sustained net inflows would confirm the bull thesis that regulated demand is building, while a pattern of choppy or negative flows, in the vein of the June 5 outflow, would suggest the early enthusiasm has cooled, and the price must lean on its other engines.
The second is weekly trading volume and fee revenue, because those power the buyback. As long as volume keeps setting records and fees keep feeding the Assistance Fund, the burn stays strong, and supply keeps tightening. A slowdown in volume would weaken the buyback at the worst possible time, just as fresh unlocks arrive.
The third is the unlock pace itself, roughly 1.2 million HYPE a month to insiders, and whether the buyback is retiring tokens faster than the schedule releases them. The fourth is regulation: any movement on the U.S. access question or follow-through on alerts like the one from Singapore’s authority would shift the institutional calculus quickly.
The fifth is the chart structure around two levels. Reclaiming and holding above the $76.67 record would put HYPE back into price discovery and validate the optimistic targets, while losing the $50 to $52 breakout support would confirm the post-record correction has turned into something deeper.
Tracked together, these five say more about HYPE’s path than any single forecast, because they map directly onto the buyback-versus-unlock tug-of-war that the ETF flows now sit on top of. The ETF made HYPE easier to buy. These metrics decide whether buyers keep showing up.
Bull, base, and bear scenarios for HYPE The scenarios below combine the ETF flow story with the buyback, the unlocks, and the regulatory backdrop. They are illustrative ranges drawn from the external forecasts and current structure, not guarantees.
Bull case In the bull scenario, ETF flows turn decisively net positive again after the early wobble, confirming that regulated demand is building. Platform volume keeps climbing as the FOMO app, prediction markets, and options add fee sources, so the buyback accelerates, and the burn stays ahead of the roughly 1.2 million monthly unlocks. Regulation breaks favorably, easing the access overhang. HYPE reclaims $76.67, enters price discovery, and runs toward the optimistic targets in the $90 to $150 range that Telegaon and Arthur Hayes describe, with the “everything exchange” thesis supporting a higher multi-year path. This case needs volume growth to outrun the unlocks and the regulatory cloud to lift.
Base case In the base scenario, the ETF settles into choppy flows that neither confirm nor break the demand story, and the buyback roughly offsets the unlocks without overwhelming them. HYPE holds its $50 to $52 breakout support and trades in a wide band beneath the record for much of the year, with the average landing somewhere around the high $30s to high $50s that the cautious Coinpedia and Cryptopolitan models bracket, punctuated by sharp moves in both directions as sentiment shifts. The fundamentals stay strong, but the supply overhang and regulatory uncertainty cap sustained upside. This is the “strong business, range-bound token” outcome.
Bear case In the bear scenario, ETF outflows persist and signal that institutional enthusiasm has cooled, while a risk-off market and any regulatory escalation, building on the MAS alert and U.S. access concerns, weigh on demand. Platform volume slows, the buyback weakens just as fresh unlocks arrive, and the FDV gap reasserts itself. HYPE loses the $50 to $52 support and slides toward the low-$30s or below, in line with the bottom of the cautious forecast range. In this case, the buyback cannot keep pace with the unlocks, and the ETF that was supposed to be a tailwind becomes a visible scoreboard for fading demand.
Frequently Asked Questions When did the Bitwise HYPE ETF launch? The Bitwise HYPE ETF debuted on May 14, 2026, offering regulated exposure to Hyperliquid’s token. Bitwise had earlier listed a Hyperliquid staking product, BHYP, on Deutsche Börse’s Xetra venue in Europe in April 2026. The firm also committed to publishing the fund’s wallet addresses so investors could verify holdings on-chain.
What was the first HYPE ETF outflow, and does it matter? After 16 consecutive days of inflows, the Bitwise HYPE ETF recorded its first daily outflow of nearly $3 million on June 5, 2026. The dollar amount was small relative to HYPE’s market cap, and it coincided with a broad risk-off pullback, so it was not a HYPE-specific collapse. It matters as a signal: it showed ETF flows will move with sentiment, making them a variable to track instead of a guaranteed source of demand.
How does the HYPE buyback work? Roughly 97% of Hyperliquid’s protocol trading fees flow into an Assistance Fund that buys HYPE on the open market and burns it. Cumulative buybacks have passed $1 billion, around 4.17% of supply has been burned, and circulating supply has fallen below 300 million. The buyback is powered by trading volume, so more platform activity means more buying and burning.
What is the main force working against HYPE’s price? The main counterweight is the token unlock schedule. Only about 27% of the maximum supply circulates, and roughly 1.2 million HYPE per month is released to team members and early backers. That steady new supply, plus a fully diluted valuation near $60 billion, is what the buyback has to absorb. The balance between buyback and unlocks is the central question for the price.
Is HYPE affected by regulation? Yes. Singapore’s monetary authority placed Hyperliquid on its Investor Alert List, and the platform operates in a legal gray zone in some jurisdictions, including restrictions affecting U.S. users. Favorable rules could broaden access and support ETF demand, while a crackdown or prolonged uncertainty could limit institutional participation and weigh on the price.
What do forecasts say HYPE could reach? External forecasts vary widely. Coinpedia’s 2026 range runs from about $20 to $55 with an average near $37, and Cryptopolitan points to a peak around $58. More bullish views include Arthur Hayes at $150 by August 2026 and Multicoin Capital at $319 by 2028. Prediction markets leaned toward HYPE clearing $80 by year-end. The wide spread reflects how much depends on volume, ETF flows, and regulation.
Disclaimer: This article is for information purposes only and does not constitute financial, investment, or trading advice. Cryptocurrency prices are highly volatile, and price predictions are speculative estimates that may not occur. Nothing here is a recommendation to buy or sell any asset. Always do your own research and consider consulting a licensed professional before making financial decisions. Figures are accurate as of June 30, 2026, and will change.
TradingView přidalo nativní podporu pro páry Hyperliquid, včetně HYPEUSD, a zároveň jej zařadilo mezi centralizované burzy. Hyperliquid tak lze nově analyzovat přímo v TradingView spolu s daty z Coinbase a Binance.
TradingView, the charting platform used by millions of traders worldwide, has added native support for Hyperliquid trading pairs. Symbols like HYPEUSD now appear directly in TradingView’s interface, ready for technical analysis alongside data from Coinbase, Binance, and every other major venue.
Here’s the thing: TradingView categorized Hyperliquid as a centralized exchange. The platform that built its entire identity on being decentralized and non-custodial is now sitting in the same bucket as Binance and Kraken in TradingView’s taxonomy.
A DEX wearing a CEX label Hyperliquid operates as a Layer-1 blockchain purpose-built for trading. It runs a fully on-chain central limit order book with gasless orders and sub-second transaction finality. Users never surrender custody of their assets.
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Alongside Hyperliquid’s own data, TradingView also sources pricing from oracles like Pyth, giving traders multiple reference points for the same assets.
Hyperliquid’s numbers tell the story Open interest on the platform hit $8.9 billion in May 2025. That figure represents roughly 8.3% of aggregate perpetual open interest across the entire crypto derivatives market.
The platform now offers over 300 markets spanning cryptocurrencies, equities, commodities, and indices with leverage options reaching 40-50x.
The HYPE token, which powers governance and fee distribution within the ecosystem, carries a market capitalization of approximately $16.6 billion with prices around $65.
What this means for traders and the broader market Third-party automation tools already exist that connect TradingView alerts directly to Hyperliquid order execution. With native charting now available, the pipeline from analysis to trade becomes even more seamless. A trader can spot a setup on a TradingView chart and route the order to Hyperliquid without the friction of switching between platforms or manually replicating chart data.
The risk calculus isn’t gone. Hyperliquid’s on-chain architecture introduces smart contract risk and potential vulnerabilities that don’t exist on traditional centralized platforms. Its rapid growth also means the system hasn’t been stress-tested across every conceivable market condition. And the CEX label from TradingView, while flattering in terms of perceived quality, might create confusion among traders who assume centralized custodial protections apply when they don’t.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Hyperliquid’s prediction markets just crossed $80 million in daily trading volume for the first time. For a feature that launched barely two months ago, that’s the kind of number that makes competitors recalibrate their roadmaps.
The milestone comes from HIP-4, Hyperliquid’s binary outcome market framework that went live around May 2, 2026. It lets users trade on the outcomes of various events, from cryptocurrency price movements to macroeconomic indicators, all on-chain, all permissionless.
From perpetuals to predictions When HIP-3 launched its mainnet on October 13, 2025, the first deployed market was XYZ100, a perpetual contract tracking roughly 100 non-financial US-listed companies. Within two weeks, by October 28, 2025, XYZ100 was already pulling in over $80 million in daily trading volume with approximately $70 million in open interest.
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Deployers earned more than $100,000 in fees during that initial stretch. Launching a HIP-3 market requires staking a minimum of 500,000 HYPE, which was valued at around $25 million at the time. The fee structure splits revenue 50/50 between the protocol and the deployer.
By mid-2026, cumulative volume across the platform reached into the trillions.
Taking a bite out of Polymarket Bitcoin outcome markets on Hyperliquid captured roughly 20% of the 24-hour volume compared to Polymarket within just 25 days of HIP-4’s launch. Individual prediction markets on HIP-4 have been posting millions in daily volumes. Protocol open interest in prediction markets peaked at around $25 million near the end of June 2026.
What this means for HYPE holders and the broader market For HYPE token holders, the staking yield was hovering around 2.2% in late 2025. Every new market that goes live on HIP-3 or HIP-4 requires deployers to stake 500,000 HYPE minimum, locking up a meaningful chunk of HYPE supply.
The risk here is concentration. Hyperliquid commands a dominant share of on-chain perp volume, which means a single protocol handling that much activity is also a single point of failure. Smart contract risk, oracle manipulation, and liquidity cascades are all amplified when one platform is the center of gravity for an entire trading vertical.
There’s also the question of regulatory scrutiny. Prediction markets that track US-listed equities and macroeconomic outcomes aren’t exactly flying under the radar. The CFTC has historically taken a dim view of unregistered derivatives platforms offering event contracts to US persons, and Hyperliquid’s permissionless architecture means there’s no KYC gatekeeper deciding who gets to trade.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Bitwise převedl 1.775 milionu HYPE do stakingu, což při transakční ceně odpovídá zhruba 114 milionům dolarů. Krok posiluje jeho sázku na Hyperliquid i nový ETF BHYP.
Bitwise brutally strengthens its crypto bet on Hyperliquid. The asset manager transferred 1.775 million HYPE tokens to the protocol before staking them. The operation, estimated at around 114 million dollars, accompanies the rise of its Hyperliquid spot ETF launched in May.
In brief Bitwise placed 1.775 million HYPE in staking. The crypto operation amounts to about 114 million dollars. The BHYP ETF strengthens institutional demand around Hyperliquid. Bitwise deposited 1.775 million HYPE on Hyperliquid, then committed all the tokens to staking. This position confirms the interest already shown by the manager for an asset he recently judged undervalued on the market.
At the price taken during the transaction, the tokens represented roughly 114 million dollars. This is therefore no longer a simple institutional test. Bitwise is establishing massive exposure on one of the main decentralized crypto derivatives platforms.
Staking also reduces the amount of HYPE immediately available on the market. When large holders lock their tokens, the liquid supply can contract. This mechanism however does not guarantee an automatic price increase. The economic model of Hyperliquid plays a central role in this operation. Staking rewards are not only based on the issuance of new tokens. They are notably supported by the activity and revenue generated by the protocol.
Bitwise is thus exposed to two crypto variables. The first remains the price of HYPE. The second depends on Hyperliquid’s level of use, notably the volume handled on its decentralized markets. This structure makes the bet more strategic than a classic purchase. If the activity grows, the protocol’s revenues can reinforce staking interest. Conversely, a drop in volumes would reduce the position’s economic attractiveness.
Hyperliquid quickly established itself in derivatives trading. The platform now competes with several major centralized venues on certain indicators, while retaining a largely on-chain architecture.
The BHYP ETF fuels crypto accumulation The operation follows the launch of the Bitwise Hyperliquid ETF, listed under the symbol BHYP. This product gives investors exposure to HYPE without forcing them to directly manage a crypto portfolio or technical staking constraints.
The fund also seeks to capture rewards thanks to the tokens held. This design distinguishes BHYP from an ETF that would merely passively track the price of an asset. Bitwise wants to combine market exposure and on-chain yield.
The manager also dedicates part of its revenue to buying and staking HYPE. Fund growth can therefore feed new demand for the token. The more assets managed increase, the larger this mechanism can grow.
This dynamic explains why the Hyperliquid ETF now occupies an important place in Bitwise’s crypto strategy. The manager no longer only bets on Bitcoin or Ethereum. It also seeks to capture growth from younger infrastructures.
Hyperliquid attracts institutional finance Bitwise is not alone in this field. Other managers have also sought to launch products linked to HYPE. This competition shows Hyperliquid has exceeded its status as a platform reserved for specialized traders.
The arrival of regulated funds can create a new source of demand. A few tens of millions of dollars represent little at the scale of traditional finance, but a lot for a token whose liquid supply remains limited. This concentration carries risks though. If ETFs accumulate a large share of available HYPE, their purchases can support the price. But their sales could also amplify a correction during massive exits.
Staking adds another level of dependency. Bitwise must monitor the protocol’s operation, validators, technical risks, and the network’s rule evolution. Institutional exposure does not remove crypto’s inherent vulnerabilities.
The 114 million dollar investment thus remains a strong signal, but not a guarantee. It confirms that Hyperliquid is entering a new phase, driven by ETFs, staking, and institutional capital. The battle for exposure to HYPE is probably just beginning, while the token aims higher in the crypto hierarchy.
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Evans S.
Fascinated by Bitcoin since 2017, Evariste has continuously researched the subject. While his initial interest was in trading, he now actively seeks to understand all advances centered on cryptocurrencies. As an editor, he strives to consistently deliver high-quality work that reflects the state of the sector as a whole.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
Hyperliquid překonal S.A.N.T.A v 24hodinových příjmech a jeho kumulované příjmy už přesáhly 1,027 miliardy USD. Až 97 % poplatků jde na zpětné odkupy HYPE.
Hyperliquid has overtaken S.A.N.T.A in 24-hour revenue generation, marking another data point in the ongoing battle between competing memecoin infrastructure models.
The platform, which runs its own Layer-1 blockchain purpose-built for perpetual futures trading, has turned itself into one of DeFi’s most efficient revenue engines. Cumulative revenue has surpassed $1 billion, reaching roughly $1.027 billion according to DefiLlama data.
The revenue flywheel that keeps spinning Hyperliquid captures trading fees and funnels them into what it calls an Assistance Fund. That fund exists primarily for one purpose: regular buybacks of HYPE, the platform’s native token. Up to 97% of fees get redistributed into these buybacks.
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Annualized revenue run rates currently sit between $676 million and $843 million. Hyperliquid has at times generated more revenue than Ethereum. The platform operates without venture capital funding and runs a minimal team.
S.A.N.T.A and the transparency question Public information about S.A.N.T.A’s operations, revenue metrics, and overall business model remains difficult to verify independently. There are no public sources confirming the operational functionality or revenue claims of S.A.N.T.A as related to Hyperliquid.
Hyperliquid’s revenue figures are trackable through DefiLlama and other on-chain analytics tools.
What this means for investors Hyperliquid’s perpetual futures focus gives it a structural advantage. Perps are the most traded instrument in crypto, often generating multiples of spot trading volume.
The HYPE buyback mechanism, funded by up to 97% of fees, creates consistent demand pressure on the token. The 97% redistribution rate also leaves very little cushion for building reserves or funding development during lean periods.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Hyper Foundation spustila grantový program za zhruba 10 milionů USD na podporu migrace z USDH na USDC. Pomoc míří na projekty i uživatele v ekosystému Hyper.
TLDR:Hyper Foundation Unveils $10M USDH Migration Grant ProgramUSDH Holders Receive Migration Options as Ecosystem Shifts to USDC Hyper Foundation committed about $10 million to support USDH migration across affected ecosystem projects. Eligible builders must complete migration or orderly shutdown activities before the end of July deadline. USDH holders can swap tokens for USDC through supported HyperCore and HyperEVM migration pathways. Grant allocations depend on deployment costs or affected USDH total value locked across supported protocols. Hyper Foundation has introduced a grant program worth approximately $10 million to support projects affected by the USDH sunset. The initiative targets builders migrating away from the stablecoin or winding down USDH-dependent services before the end of July.
Eligible teams have already been contacted as the network moves through an organized transition process. The funding aims to reduce migration costs while helping maintain continuity across the Hyper ecosystem.
Hyper Foundation said the grants will support builders whose products relied on USDH before its retirement. According to the foundation, eligible recipients include HIP-1 spot deployers, HIP-3 perpetual deployers, HyperEVM protocols, dedicated USDH: USDC bridge operators, and Native Markets.
The grants fall into two categories. Migration grants support teams replacing USDH with USDC, while wind-down grants assist projects ending USDH-related operations. The foundation noted that wind-down grants remain smaller than equivalent migration awards.
According to Hyper Foundation, every recipient has committed to completing migration or orderly shutdown activities before the end of July. The program seeks to minimize disruption while encouraging structured transitions across supported applications.
Grant calculations also differ between ecosystem participants. HIP-1 and HIP-3 recipients receive allocations based on auction deployment costs, while HyperEVM protocol grants depend on the amount of USDH total value locked affected by the sunset.
USDH Holders Receive Migration Options as Ecosystem Shifts to USDC Hyper Foundation also outlined the migration process for users holding USDH. The organization encouraged users to follow instructions directly from the protocols where their assets remain deployed.
Users can exchange USDH for USDC through the HyperCore spot order book. The foundation also confirmed that HyperEVM users can swap USDH for USDC at a one-to-one ratio through Across without paying transaction fees.
Hyper Foundation Allocates $10M in Grants to Support USDH Migration
Hyper Foundation announced approximately $10 million in grants to help builders affected by the USDH sunset, covering migration and wind-down costs. Grants will be distributed to eligible HIP-1 and HIP-3… pic.twitter.com/Hwy7ZNwswz
— Wu Blockchain (@WuBlockchain) June 28, 2026
Wu Blockchain highlighted the announcement shortly after the grant program became public. The report noted that the funding package covers both migration expenses and wind-down costs for affected ecosystem participants.
Hyper Foundation also acknowledged the contribution of builders, users, and Native Markets throughout the USDH rollout. The organization credited community participation and direct coordination with helping the migration process progress smoothly during the transition period.
Grayscaleův HYPG se stal největším stakingovým fondem v síti Hyperliquid, spravuje 123,28 mil. USD a drží 1 941 165 HYPE. V USA je zároveň nejlevnějším regulovaným produktem pro expozici vůči HYPE s poplatkem 0,29 %.
Grayscale's HYPG Leads the Hyperliquid ETF Race@Grayscale's Hyperliquid Staking ETF, trading under the ticker $HYPG on Nasdaq, has emerged as the dominant institutional product in the fast-growing $HYPE ETF category. As of June 26, 2026, the fund manages $123.28M in assets and holds 1,941,165 $HYPE tokens, placing it ahead of rival products from 21Shares and Bitwise by assets under management.
Grayscale launched $HYPG on Nasdaq with a 0.29% sponsor fee, undercutting rival Hyperliquid funds from 21Shares and Bitwise. 21Shares debuted its fund (THYP) on Nasdaq on May 12 with a 0.30% fee, while Bitwise followed with its BHYP ETF, initially waiving fees before stepping up to 0.34% upon the end of the promotional window. That makes $HYPG the most cost-effective regulated vehicle for $HYPE exposure currently available in the United States.
Staking Rewards Built Into the Structure Unlike traditional crypto ETFs that simply hold an underlying asset, $HYPG is designed to generate additional returns through staking. The fund participates in the Hyperliquid network's staking process, allowing investors to capture staking rewards through the ETF structure. Grayscale cites historical staking rewards of about 2.2% annually. Those rewards, net of fees and expenses, flow through to the fund's net asset value, offering investors a potential return beyond simple price appreciation.
Hyperliquid began as a decentralized perpetual futures exchange but has expanded into a broader blockchain ecosystem that supports smart contracts, tokenized assets, and new financial markets. The protocol generated about $857 million in revenue during 2025, with almost 99% directed toward $HYPE buybacks, a model that ties network usage directly to the token's value.
$HYPG is the third U.S.-listed Hyperliquid fund, with HYPE ETFs already topping $132 million in inflows. That pace of adoption reflects a broader shift in how institutional investors are approaching DeFi infrastructure. The fund's debut adds another sign that institutional investors are increasingly looking beyond bitcoin and ether toward crypto-native infrastructure projects that generate revenue and resemble traditional financial networks.
As with any staking product, risks apply. When a fund stakes its underlying asset, the token is subject to staking risks generally, including a lock-up period during which the fund cannot sell or transfer the staked token, making it illiquid for that period. Investors should review the fund's prospectus carefully before committing capital.
Sources:
Grayscale Hyperliquid Staking ETF (HYPG) Official Page
CoinDesk: Grayscale Launches Lowest-Fee U.S. Hyperliquid ETF
GlobeNewswire: Grayscale Official Press Release
Somewhere between a DEX and a full-blown financial exchange, Hyperliquid has built something that most DeFi protocols only claim to be: the dominant venue for trading perpetual futures on-chain. At its peak in 2025, the platform captured more than 80% of decentralized perpetual trading volume. Hyperliquid’s share of on-chain perpetual futures volume sat at 36.4% in January 2026, then climbed to 44% by mid-2026, even as new competitors entered the space.
The scale of what Hyperliquid has actually built Hyperliquid processed $633 billion in trading volume during Q1 2026 alone. Daily volume runs between $3 billion and $10 billion depending on market conditions. Cumulative lifetime volume crossed $4.726 trillion by June 2026.
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The platform runs on its own Layer-1 blockchain, built on a consensus mechanism called HyperBFT. Collateral on the platform settles in USDC. The protocol offers leverage up to 40x across more than 300 markets. Those markets now extend beyond crypto perpetuals into commodities, indices, prediction markets, and real-world assets, all made possible through the platform’s HIP-4 framework.
Revenue, the HYPE token, and what traders are actually paying for Hyperliquid generated over $800 million in revenue in 2025. Recent weekly revenue has averaged around $11 million, which annualizes to roughly $570 million at that pace.
The HYPE token launched on November 29, 2024, with approximately 31% of supply allocated to a user airdrop. It subsequently reached all-time highs near $77. The token has attracted ETF investment interest and serves a functional purpose: revenue generated by the protocol flows back to HYPE holders through distributions and token burns.
Total value locked on the platform has ranged between $1 billion and $6 billion depending on market conditions.
The 30-day trading volume reached $237 billion by mid-2026.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Hyperliquid generuje anualizované tržby kolem 700 milionů USD z 3 miliard USD kolaterálu a už překročil 1 miliardu USD kumulativních příjmů. Platforma od spuštění zpracovala přes 4,7 bilionu USD v objemu perpetual futures.
Think of Hyperliquid as a casino that built itself without taking a dime from investors, and now generates roughly 23 cents in annual revenue for every dollar deposited on its platform. That’s the math when you divide $700 million in annualized revenue by $3 billion in collateral.
The numbers behind the machine Hyperliquid’s annualized revenue figures range between $700 million and $1.2 billion, depending on the measurement window. Cumulative revenue has already crossed the $1 billion mark, with 30-day revenue running at approximately $60 million.
The engine powering those figures is trading volume. The platform has processed over $4.7 trillion in cumulative perpetual futures volume since launch. Recent 30-day perp volume exceeds $250 billion, and open interest sits at roughly $9 billion.
The platform’s activity has drawn comparisons to Nasdaq.
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The fee structure is lean. Maker fees sit at 0.015%, taker fees at 0.045%, and gas fees are zero. Hyperliquid directs 99% of certain fee revenues toward purchasing its native token, HYPE, on the open market.
How Hyperliquid got here without VC money The platform launched around 2023 and bootstrapped its way to relevance without venture capital funding. It runs on a custom Layer-1 blockchain using HyperBFT consensus, which enables a fully on-chain order book.
The native token, HYPE, currently trades around $64 to $65 with a market capitalization of approximately $14 billion. It has touched an all-time high of $77. Staking rewards and fee discounts give holders practical reasons to stay engaged beyond simple price speculation.
Recently, Hyperliquid has expanded beyond crypto perpetuals into new territory. The platform introduced off-chain event contracts and S&P 500 perps, positioning itself to compete not just with other DEXs, but with centralized exchanges and prediction markets like Polymarket.
What this means for investors The absence of venture capital in Hyperliquid’s cap table means there are no early investors sitting on heavily discounted tokens waiting to dump at the first opportunity and no unlock schedule hanging over the market. The token’s price dynamics are driven primarily by buybacks, staking demand, and organic trading activity.
Hyperliquid’s revenue is overwhelmingly dependent on perpetual futures trading volume. The expansion into event contracts and traditional equity perps looks like a hedge against concentration in that single revenue source.
For anyone evaluating HYPE as an investment, the 99% fee-to-buyback ratio creates a direct link between platform usage and token demand. With a $14 billion market cap already baked in, the question is whether the current valuation already prices in continued dominance, or whether $250 billion in monthly volume is just the beginning of something much larger.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
MAS zařadila Hyperliquid na seznam Investor Alert List a uvedla, že platforma není v Singapuru licencovaná ani autorizovaná. Hyperliquid tvrdí, že nikdy netvrdila opak.
Singapore’s top financial watchdog just put Hyperliquid on notice. The Monetary Authority of Singapore (MAS) added the high-speed trading platform to its Investor Alert List on June 26, flagging it as neither licensed nor authorized to operate in the city-state.
The move doesn’t ban Hyperliquid outright. But it does tell Singaporean users something important: if things go sideways on the platform, MAS protections won’t be there to catch you.
What the Investor Alert List actually means MAS launched the list back in 2004 as a public warning tool. Its purpose is straightforward: inform residents when a financial service provider hasn’t obtained the proper licenses to operate within Singapore’s jurisdiction.
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Being on the list doesn’t mean Hyperliquid is fraudulent. It means the platform hasn’t gone through Singapore’s regulatory gatekeeping process, which covers things like capital requirements, anti-money laundering compliance, and consumer safeguards.
Singapore’s MAS has also placed Bybit Fintech Ltd. on its Investor Alert List as part of its efforts to strengthen oversight of crypto platforms operating without local authorization.
In response, Bybit said it is seeking clarification from MAS and noted that it has long implemented measures, including contractual restrictions and IP blocking, to prevent Singapore users from accessing its platform.
Hyperliquid says it never claimed to be licensed by MAS In a statement, Hyperliquid said that as permissionless infrastructure, it is not, and has never claimed to be, licensed or authorized by MAS.
Hyperliquid has been added to the MAS's Investor Alert List (IAL). IAL listing does not constitute a ban, an enforcement action, or a finding of wrongdoing. The IAL provides a list of entities that, based on information available to MAS, may be wrongly perceived as being licensed…
— Hyperliquid (@HyperliquidX) June 26, 2026
The team added that nothing about the network or its operation has changed. Users always maintain self-custody, and all transactions are settled transparently and fully onchain.
Hyperliquid said the ecosystem will continue to engage constructively with regulators and institutions around the world in support of clear, effective frameworks that enable the continued development of onchain finance.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Multicoin Capital vidí HYPE na 319 USD do roku 2028, protože Hyperliquid rychle získává podíl na CEX a rozšiřuje se mimo krypto. Zhruba 99 % příjmů protokolu jde na zpětné odkupy HYPE.
Multicoin Capital has set a $319 price target for Hyperliquid’s HYPE token by 2028, arguing that the decentralized exchange is evolving into a unified platform for trading crypto and traditional assets.
The target represents roughly five times HYPE’s current price near $63. Multicoin’s base case assumes Hyperliquid will generate about $8 billion in annual earnings by 2028 and trade at a 20 times earnings multiple.
The investment firm said it began accumulating HYPE in February and has made the token one of the largest positions in its liquid fund. Multicoin also adopted a three day no trade policy following publication of the report.
Hyperliquid gains ground on centralized exchanges Multicoin pointed to Hyperliquid’s rapid growth in 2025 as the foundation for its valuation.
The platform generated approximately $873 million in revenue from $2.9 trillion in trading volume. Its user base grew from about 301,000 to 923,000, while open interest increased from $2 billion to $6 billion.
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Hyperliquid now controls more than 59% of open interest across decentralized perpetual futures markets. Its current open interest of approximately $9.6 billion exceeds that of its major onchain competitors combined.
The exchange is also taking share from centralized platforms. Hyperliquid’s monthly perpetual futures volume has reached approximately 17% of Binance’s, while its open interest is equivalent to about 21% of Binance’s.
Multicoin compared Hyperliquid’s growth with Binance’s early trajectory, arguing that the market may be underestimating how quickly liquidity and trading activity can compound around a dominant exchange.
Expansion beyond crypto supports the target HIP-3 is central to Multicoin’s growth thesis. The upgrade allows outside teams to launch perpetual markets for assets including stocks, commodities and equity indexes.
Open interest linked to real world assets has already exceeded $2.9 billion. An officially licensed S&P 500 perpetual contract also generated more than $100 million in daily volume during its first week.
Multicoin expects options, prediction markets, portfolio margining and further integration with HyperEVM applications to expand the platform’s addressable market.
The firm believes these products could turn Hyperliquid into what it calls the “everything exchange,” offering continuous markets across several asset classes.
HYPE buybacks strengthen value capture Approximately 99% of Hyperliquid’s protocol revenue is used to repurchase HYPE, with the acquired tokens effectively removed from circulation.
Hyperliquid also has no separate equity layer and has never raised outside capital. Multicoin argues that this allows the protocol’s economic success to accrue directly to HYPE holders.
The report estimates that Hyperliquid generated approximately $869 million in trailing earnings for token holders. At around $63, HYPE trades at roughly 36 times trailing earnings, or about 30 times after including revenue from its Coinbase and USDC agreement.
Multicoin identified decentralization, regulation, governance, competition and bad debt as key risks. Despite those concerns, the firm expects Hyperliquid’s market share gains, product expansion and token buybacks to support a HYPE price of $319 by 2028.
Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.
Hyperliquid rozšířil HIP-4 o outcome trhy na offchain události, jako jsou údaje o inflaci v USA a rozhodnutí Fedu. Vypořádání zajišťuje vlastní sada validátorů, bez externího oraclu jako u Polymarketu.
Hyperliquid has expanded its HIP-4 outcome market to let users trade prediction-style contracts on offchain events like U.S. inflation data and Federal Reserve decisions alongside crypto derivatives.Unlike rival Polymarket, which relies on UMA’s external oracle, Hyperliquid resolves these markets through its own validator set, which ingests news, decides which markets to list and votes on settlement outcomes.The fully collateralized Yes/No contracts, which settle at either 1 USDC or zero, position Hyperliquid as a potential multi-asset venue where traders can combine crypto perps with macro and event-driven bets without shifting collateral across platforms.Decentralized platform Hyperliquid is now competing with established betting platforms such as Polymarket, but with a differentiated mechanism for resolving bets.
The leading decentralized exchange has expanded its HIP-4 outcome contracts beyond crypto price milestones into real-world events. This native prediction-market infrastructure allows users to trade macro contracts, such as inflation data and interest-rate decisions, directly alongside their standard crypto perpetuals out of a single account.
Outcome markets mark a notable expansion for the decentralized derivatives venue, which built its business around crypto perpetual futures and initially tested the product using price‑outcome contracts settled against its own market data.
Hyperliquid first tested the product on exchange‑native outcomes, such as whether bitcoin would trade above a specific level by a fixed time using Hyperliquid’s own reference prices. The latest rollout expands that model into real‑world macro events, or offchain outcomes, like U.S. inflation and Federal Reserve decisions, directly competing with prediction market platforms like Polymarket.
Native resolutionWhat sets it apart is that HIP‑4 brings dispute resolution and settlement in‑house, rather than depending on an external oracle network like Polymarket.
Here’s why it matters. Offchain events introduce a new problem: determining truth.
Polymarket handles this through UMA, an external oracle protocol that uses an optimistic dispute system. A proposed settlement stands unless challenged, at which point UMA tokenholders vote on the final result. That model has faced criticism following controversial resolutions, prompting accusations that large tokenholders could influence outcomes.
Hyperliquid uses a more vertically integrated model. Validators themselves ingest external information through automated newsfeed software, determine whether markets should launch, and vote on settlement outcomes.
Multi-purpose platformThe launch also fits into Hyperliquid’s broader effort to evolve into a multi‑asset trading venue. FalconX said in a recent report that the exchange’s expanding product stack could position it as a challenger not just to crypto‑native rivals but also to traditional exchanges.
“For example, you could pair a HIP‑3 perps position on NVDA with outcome markets that NVDA will miss or beat earnings,” CoinDesk previously reported.
Hyperliquid’s outcome markets are structured as fully collateralized contracts rather than leveraged bets, thereby limiting losses to the amount paid upfront. Traders buy “Yes” or “No” positions tied to a defined event, with contracts settling at either 1 USDC or zero USDC depending on the result. If a trader buys a “Yes” contract at 0.65 USDC, their maximum loss is limited to that upfront amount, unlike perpetual futures, where leverage can trigger liquidations.
That makes the product sit somewhere between a prediction market and a simplified binary options contract.
If Hyperliquid’s outcome markets gain traction, traders could eventually use the same venue to express directional crypto views, hedge macro risks, and speculate on event outcomes without moving collateral between platforms.
Hyperliquid Strategies plánuje získat až 1 miliardu USD na rozšíření držby HYPE, hlavně nákupem dalších tokenů. Po oznámení HYPE vzrostl o více než 10 % na 39,73 USD.
Hyperliquid Strategies is taking a major step to strengthen its presence in the decentralized finance (DeFi) ecosystem. The firm plans to raise up to $1 billion to expand its holdings of the Hyperliquid (HYPE) token, which powers the world’s largest decentralized derivatives platform.
In brief Hyperliquid Strategies to raise $1B via 160M share offering advised by Chardan Capital Markets. Funds will expand HYPE token holdings and support general corporate initiatives post-merger. HYPE token surged 10% to $39.73, outperforming a declining crypto market amid mixed technicals. Hyperliquid leads DeFi perps with $317.6B in October volume, capturing a 70% market share. According to Wednesday’s S-1 registration filing, Hyperliquid Strategies intends to issue up to 160 million shares of common stock. The proceeds will be used primarily to purchase additional HYPE tokens and for general corporate purposes. Chardan Capital Markets will serve as the financial advisor for the offering.
The company is emerging from a merger between Nasdaq-listed biotech firm Sonnet BioTherapeutics and Rorschach I LLC, a special purpose acquisition company (SPAC). Once the merger is finalized, David Schamis will serve as CEO, while Bob Diamond, former CEO of Barclays, will take on the role of chairman.
Treasury Play Pushes HYPE Higher Amid Mixed Technicals Unsurprisingly, news of the filing triggered a surge of more than 10% in the HYPE token, which climbed to $39.73. Interestingly, this rally came even as the broader crypto market slipped 0.6% during the same period.
Despite the sharp uptick, underlying market data paint a more cautious picture:
Market Sentiment: Hyperliquid’s price outlook remains bearish, reflecting investor caution. Investor Mood: The Fear & Greed Index stands at 27 (“Fear”), signaling weak market confidence. Performance Metrics: The token recorded 13 green days out of 30 (43%), suggesting limited short-term strength. Token Supply: Only 34% of the total HYPE supply is in circulation, pointing to limited liquidity. Technical Indicator: Despite subdued sentiment, HYPE continues to trade above its 200-day simple moving average, indicating that long-term support remains intact. Once the merger is complete, Hyperliquid Strategies is expected to hold 12.6 million HYPE tokens valued at roughly $470 million, along with $305 million in cash earmarked for additional token purchases.
This position would make Hyperliquid Strategies the largest corporate holder of HYPE, underscoring its alignment with the Hyperliquid network—a platform anchoring one of the most active decentralized derivatives exchanges globally.
Hyperliquid Outpaces Competitors as October Perpetual Volumes Hit $1 Trillion While such treasury-driven strategies can boost share prices in the short term, analysts have questioned their resilience during altcoin market downturns. Even so, Hyperliquid’s core fundamentals remain strong, supported by high trading activity and growing user engagement.
The platform leads the market in perpetual futures (“perps”), derivatives that enable 24/7 trading and leveraged exposure to digital assets.
Here are some key market data to note:
Decentralized perpetual trading volumes surpassed $1 trillion in the first 23 days of October, breaking September’s $772 billion record, according to DeFiLlama. Hyperliquid maintained its lead with $317.6 billion in trading volume during the same period. Competitors: Lighter recorded $255.4 billion, Aster $177.6 billion, and edgeX $60.6 billion. Market Share: Hyperliquid now commands an estimated 70% share of the decentralized perpetuals market, reinforcing its dominance in the sector. Hyperliquid continues to set new benchmarks in DeFi, reporting $248 billion in 24-hour trading volume in May 2025 and a record $106 million in revenue in August—further solidifying its leadership in decentralized derivatives.
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James G.
James Godstime is a crypto journalist and market analyst with over three years of experience in crypto, Web3, and finance. He simplifies complex and technical ideas to engage readers. Outside of work, he enjoys football and tennis, which he follows passionately.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
Peněženka spojená s Arthurem Hayesem podle Lookonchain vybrala z Gate $2,93 milionu v HYPE. Za dvě poslední obchody údajně vydělala dohromady $508 000.
Wallet Pulls $2.93M in HYPE from GateA wallet linked to BitMEX co-founder Arthur Hayes (@CryptoHayes) withdrew $2.93 million worth of $HYPE from Gate exchange on June 23, according to on-chain analytics platform Lookonchain. The move marks the second time in two weeks the address has accumulated Hyperliquid's native token, with the two trades together generating a combined $508,000 in profit.
The wallet, identified by the address prefix 0xf7A4, has drawn consistent attention from on-chain analysts throughout 2026. As with all on-chain wallet attributions, the link to Hayes is based on analyst clustering methodology and has not been independently confirmed by Hayes himself.
A Pattern of HYPE Swing TradesThe latest buy is the most recent chapter in a busy stretch of activity tied to this address. Earlier reporting from Bitcoin.com News documented that the same wallet had deposited 115,453 HYPE worth $6.33 million into Bybit, a move later confirmed as a sale at an average of $54.81 per token. The wallet then withdrew 85,714 HYPE from Bybit at $62.69 per token, roughly three hours before that analysis was published, locking in a gain on the round trip.
Separately, in early June, Lookonchain flagged a $2.09 million HYPE withdrawal from Bybit tied to the same address. Hayes publicly denied that transaction, writing on X that he had not made the purchase. The denial came days after he disclosed exiting his entire HYPE position at prices above $72, citing macro concerns including rising energy costs and expected pressure from large AI IPOs.
Hyperliquid itself remains one of the stronger-performing assets in crypto this year. The platform operates a fully on-chain perpetual futures exchange and has cleared around $40 billion in weekly perp volume, according to CoinDesk. $HYPE hit an all-time high of $76.85 on June 16, 2026, per CoinMarketCap data, before pulling back toward current levels.
Whether the 0xf7A4 wallet represents Hayes personally or another party operating within the same cluster remains unverified. Traders will likely keep watching the address closely given its track record of well-timed entries and exits in HYPE.
Sources:
CoinDesk: Hyperliquid pulls back as Arthur Hayes exits position
Bitcoin.com News: Arthur Hayes HYPE wallet activity breakdown
CoinMarketCap: Hyperliquid (HYPE) price and market data
Hyperliquid v roce 2024 zvýšil celkovou uzamčenou hodnotu na 2,1 miliardy USD a denní objem obchodů na 15 miliard USD. Uživatelská základna vzrostla z 31 000 na 300 000.
Hongji is a reporter who covers crypto, finance, and tech. He graduated from Northwestern University's Medill School of Journalism with a Bachelor's and a Master's. He has previously interned at HTX,...
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January 7, 2025
Hyperliquid highlighted key milestones in 2024, including reaching $15 billion in daily trading volume and expanding its user base ninefold to 300,000 users.
According to a post by Hyper Foundation, the decentralized exchange attributed its rapid growth and ecosystem expansion to updates such as the HyperBFT consensus, HIP token standards, and staking features.
Hyperliquid’s Exponential Growth in 2024Hyperliquid experienced growth in 2024, with its 24-hour all-time high (ATH) trading volume climbing from $1 billion to $15 billion.
This major increase in trading activity was accompanied by growth in other metrics, highlighting Hyperliquid’s expanding market presence.
Hyperliquid started 2024 as a barely-known perp dex and ended the year as one of the largest decentralized financial hubs, processing billions in volume per day with a thriving ecosystem of builders, traders, and community members.
Thank you to everyone who came together for a… pic.twitter.com/GgmlsiW4mg
— Hyperliquid (@HyperliquidX) January 7, 2025 Open interest rose from $178 million to $4.3 billion, while total value locked (TVL) climbed from $56 million to $2.1 billion.
Additionally, the exchange’s user base expanded from 31,000 to 300,000, marking a ninefold rise.
Hyperliquid also supported 158 perpetual trading pairs and 128 native spot assets, generating over $3.5 million in daily revenue from trading fees and spot auctions.
These achievements were underpinned by the introduction of staking mechanisms and native token standards, including HIP-1 and HIP-2, which streamlined token usage across its platform.
Ecosystem Expansion Through New Features in 2024Throughout 2024, Hyperliquid launched new features and integrations that strengthened its ecosystem.
Third-party platforms, including Synapse, deBridge, and DEX Screener, bolstered interoperability and trading tools within Hyperliquid’s ecosystem.
Projects launched on Hyperliquid during the year included applications like HypurrScan, which allows users to analyze blockchain data, and HypurrFun, a platform for trading and creating meme coins.
Community-driven initiatives, such as Hyperliquid KR and HyperActive, further contributed to regional expansion and outreach efforts.
“All of this was achieved without taking any external funding and giving all trading fees to the community,” Hyper Foundation stated in its post. “Thank you to everyone who came together for a record-breaking 2024.”
Hyperliquid ETF zaznamenal rekordní denní čistý příliv 25,5 milionu USD a za prvních sedm obchodních dnů přilákal celkem 54 milionů USD. Institucionální toky do HYPE ETF podle Presto Research zatím v poměru k tržní kapitalizaci překonávají tempo Bitcoin ETF.
May 21. On May 20, the U.S. Spot Hyperliquid ETF notched $25.5 million in net inflows—its largest single-day haul since launch. In the days leading up to that date, the ETF had posted net inflows of $4.4 million on Monday and $11 million on Tuesday. Data shows the 21Shares Hyperliquid ETF (THYP), which launched on May 12, brought in $16.7 million in net inflows that same day—up from the $5.3 million it saw the prior day. The Bitwise Hyperliquid ETF (BHYP), launched on May 14, took in $8.8 million, a jump from the $5.7 million it recorded the day before. Over its first seven trading days, the entire category has pulled in a total net inflow of $54 million. Peter Chung, research director at Presto Research, noted that when adjusted for market capitalization, institutional flows into the HYPE ETF have outpaced the speed of inflows into Bitcoin ETFs so far this year. Dominick John, an analyst at Zeus Research, added that these inflows signal investors are capitalizing on entry points tied to the infrastructure narrative, while recognizing the asset’s transparent, usage-driven revenue model. Fueling this momentum, HYPE’s token price surged 17.3% in the past 24 hours to $55.91, with a current market cap of roughly $13.4 billion. The token previously hit an all-time high of around $59.3 in September 2025. Per CoinGecko data, HYPE’s fully diluted valuation briefly reached about $54.7 billion, momentarily surpassing Solana’s $54.2 billion valuation at the time. Tim Sun, a senior researcher at HashKey Group, believes the sustained inflows into the HYPE ETF show the market is forming a new consensus: decentralized trading platforms are starting to be integrated into broader overhauls of financial infrastructure. Jeff Ko, chief analyst at CoinEx, pointed out that HYPE and its related ETFs have structural investment logic distinct from Bitcoin and Ethereum. He explained: Bitcoin acts as a non-yielding store of value; Ethereum centers on staking rewards; HYPE, meanwhile, operates more like equity in a cash-flow-generating trading platform—since the protocol uses most of its fees for open-market token buybacks, giving investors a more familiar valuation framework to work with. On-chain metrics confirm Hyperliquid has become a dominant player in on-chain perpetual contract and derivative trading. So far this week, the network has captured approximately 42% of total blockchain fees, outperforming Tron (22.6%), Solana (10.6%), and Ethereum (8%) in that key metric.
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Polymarket integrates with Telegram via TON, enabling users to participate in prediction markets directly within the messaging app.
Polymarket has been integrated into Telegram via Predict, a native decentralized application (dApp) of the TON ecosystem. Developed by the Getgems team, the app allows users to directly participate in prediction markets covering sports, politics, cryptocurrency, culture and other sectors within Telegram. Transaction results are settled on-chain, and users retain full control over their assets. Users can participate in trades using USDT on the TON network, and pay a small amount of GRAM for gas fees. The cross-chain infrastructure is powered by STON.fi’s Omniston protocol, enabling the prediction market service to seamlessly integrate into the Telegram ecosystem.
Americké spotové Bitcoin ETF zakončily den v minusu 68,18 milionu USD, protože odlivy z IBIT a GBTC převážily silné nákupy ARKB a FBTC. ARK a Fidelity přesto dohromady přilákaly 121,38 milionu USD.
On June 22, 2026, the US spot Bitcoin ETF market recorded net outflows of $68.18 million. This decline is explained by massive redemptions on BlackRock’s IBIT and Grayscale’s GBTC. These outflows completely overshadowed the positive performance of Ark Invest (+$64 million) and Fidelity (+$57.38 million). Above all, it reflects a strong polarization among institutional investors.
In Brief Bitcoin ETFs show a net loss of $68.18 million during the June 22, 2026 session. Ark Invest (ARKB) and Fidelity (FBTC) nonetheless attracted a combined inflow of $121.38 million, proving continued buying demand. Ethereum funds also recorded a decline of $66.38 million, while Bitwise’s XRP gained $5.31 million. The total net assets under management of Bitcoin ETFs reach $80.22 billion, confirming the structural anchoring of these products in institutional portfolios. Bitcoin ETFs Remain Under Pressure Despite Some Positive Signs At first glance, the session on June 22, 2026, in the US spot Bitcoin ETF market looks like an ordinarily bearish day. Analysts also reveal a record withdrawal of $6.35 billion over 30 days. However, SoSoValue’s data highlights a more complex reality: never before has a day in negative territory hidden so many active institutional purchases.
ARK & 21Shares lead the charge with $64 million in net inflows into their ARKB fund, closely followed by Fidelity’s Bitcoin ETF, which captured $57.38 million. Together, these two issuers have absorbed over $121 million in spot bitcoin.
Chart showing the evolution of Bitcoin ETF flows (Source: SoSoValue) Additional inflows include:
Grayscale Bitcoin Mini Trust: +$48.14 million Morgan Stanley’s MSBT: +$8.11 million Franklin Templeton’s EZBC: +$3.72 million WisdomTree’s BTCW: +$3.40 million In total, the aggregated demand from six ETF issuers exceeded $228 million. This represents one of the largest coordinated buying days in several weeks.
The Weight of BlackRock and Grayscale Tips the Bitcoin ETF Market Certainly, the buyer base remains solid. However, the Bitcoin ETF market was overwhelmed by extreme concentration of outflows on two specific investment vehicles.
The main culprit of this institutional Black Monday is BlackRock’s IBIT (iShares Bitcoin Trust). The asset management giant suffered massive outflows of $171.96 million in a single session. It had just launched the first-ever yield-bearing Bitcoin ETF.
Meanwhile, the GBTC (Grayscale Bitcoin Trust) records a disinvestment of $80.96 million. The manager tries to offset these losses through its Mini Trust. However, the historically high management fees of GBTC structurally encourage early investors to migrate to more competitive structures or take profits.
Beyond Bitcoin: Ethereum Stumbles, While XRP Surprises The spot Ethereum ETFs had an even tougher day. The data reveal a net loss of $66.38 million, almost entirely attributable to BlackRock’s ETHA fund. The only positive inflow on Ethereum that day came from 21Shares’ TETH, with $346,070 of inflows. The total net assets of Ethereum ETFs stand at $9.44 billion, with a daily volume of $433.10 million.
For crypto assets alternative to bitcoin, the XRP ETFs are the only source of color in an overall red picture. Bitwise captured $5.31 million, bringing the total net assets of the XRP category to $993.29 million. This represents a symbolic drop of $7 million from the billion-dollar mark. A threshold to watch in the coming sessions!
The Solana and HYPE ETFs remained completely inactive on this day. Solana’s assets stand at $836.09 million, and HYPE’s at $219.58 million.
In any case, this trading session highlights the end of the homogeneity of institutional flows on cryptocurrencies. Upcoming flow reports and US monetary policy decisions will be crucial to determine whether this phase of weakness marks a simple pause or the beginning of a new cycle for Bitcoin ETFs. Stay tuned…
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Ariela R.
My name is Ariela, and I am 31 years old. I have been working in the field of web writing for 7 years now. I only discovered trading and cryptocurrency a few years ago, but it is a universe that greatly interests me. The topics covered on the platform allow me to learn more. A singer in my spare time, I also cultivate a great passion for music and reading (and animals!)
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
Velcí držitelé Hyperliquid dál stahují $HYPE z Coinbase Prime a BitGo, což naznačuje novou vlnu akumulace. Jeden nový wallet vybral 278 827 $HYPE za zhruba 17,45 milionu $. Druhý wallet po měsíci nečinnosti vybral z BitGo 96 930 $HYPE za zhruba 6,01 milionu $.
Large holders of Hyperliquid's native token $HYPE are pulling significant sums off major custodians, with on-chain data pointing to a fresh wave of accumulation as the asset hovers near its all-time high.
Two Major Withdrawals Flagged by LookonchainAccording to on-chain analytics platform Lookonchain, a newly created wallet withdrew 278,827 $HYPE, worth approximately $17.45 million, from Coinbase Prime. The move is consistent with a broader pattern of large holders moving tokens out of institutional custody. Coinbase Prime is used almost exclusively by institutional buyers such as hedge funds, asset managers, and corporate treasuries who are moving assets off-exchange for long-term holding.
A second wallet also came back to life after a month of dormancy, pulling 96,930 $HYPE worth around $6.01 million from BitGo, a regulated digital asset custodian. Moving assets from an exchange to a custody solution is a classic behavioral indicator in crypto markets, with analysts generally interpreting such moves as a shift from active trading to secure, long-term storage.
Part of a Broader Accumulation TrendThese are not isolated events. Following a massive 96% rally in May, $HYPE's price consolidated while attracting aggressive whale accumulation, with data showing whale wallets withdrawing millions of HYPE tokens as the price remained stable above $70, signalling strong conviction among large investors.
Over one week, a single wallet moved a total of 1.14 million $HYPE, valued at roughly $79.22 million, off exchanges and deposited the tokens into Hyperliquid for staking. Additionally, Hyperliquid broke into the top 10 crypto assets by market capitalisation, becoming the first DeFi protocol since Uniswap in 2021 to achieve the milestone.
Hyperliquid has emerged as the leading venue for perpetuals trading in decentralised finance, with its native $HYPE token carrying a market capitalisation above $15 billion, making it the tenth-largest crypto asset globally.
The accumulation activity comes as spot $HYPE exchange-traded funds gain traction in the United States. Spot Hyperliquid ETFs have gathered $221 million in net assets since their May 2026 launch, with the products pulling in roughly $50 million so far in June, outpacing XRP ETFs' $24 million over the same period.
Movement off an exchange or custodian usually reduces immediate sell pressure, a dynamic that market participants are watching closely as $HYPE trades below its all-time high of $76.67, reached on 16 June 2026.
This article is for informational purposes only and does not constitute investment advice.
Sources:
Bitcoin.com News: Spot HYPE ETFs Log Strongest Crypto Debut on Record
CoinPedia: Whales Accumulate Millions in HYPE as Hyperliquid Defies Market Volatility
CryptoPotato: Lookonchain Flags $2M HYPE Buy Linked to Arthur Hayes
