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Grayscale has filed a Form 8-K with the SEC covering its Hyperliquid Staking ETF, which trades under the ticker HYPG. The filing, dated October 5, 2026, reports that BitGo Bank & Trust has been added as an additional custodian for the fund’s HYPE holdings, effective September 30, 2026.

What the filing changes An 8-K is the SEC form companies use to flag material events between their regular quarterly and annual reports. Grayscale’s filing reports an amendment that lets BitGo hold part of the trust’s HYPE alongside the fund’s existing custody setup.

As of October 5, 2026, HYPG held approximately $217.8 million in assets under management, with 6.54 million shares outstanding.

HYPG charges a management fee of 0.29%. That was the lowest among US HYPE exchange-traded products when the fund launched.

Approximately 88.66% of the fund’s assets are staked, generating average gross staking rewards of 2.26%. Once fees come out, the yield investors actually pocket typically lands below that figure.

A short but busy history HYPG has not existed for long, yet it has already changed names once. The fund started life as the Grayscale HYPE ETF before being renamed on May 26, 2026, a move intended to tie it more closely to Hyperliquid’s core branding.

The SEC declared the fund effective on June 2, 2026. Trading on Nasdaq began the following day, June 3.

Structurally, HYPG is a grantor trust. Investors hold an interest in the underlying assets the trust owns, rather than shares in an operating company that happens to own tokens.

The asset at the center of all this is HYPE, the native token of the Hyperliquid network. HYPE has a maximum supply of 1 billion tokens. The token entered the world through a community airdrop in November 2024.

The competitive field Grayscale is not alone in this lane. 21Shares and Bitwise both launched their own HYPE products in mid-May 2026, trading as THYP and BHYP, respectively. Both rivals charge 0.30%. Grayscale undercut them by a single basis point.

What this means for investors and issuers Spreading a fund’s holdings across more than one custodian can reduce reliance on any single provider, which matters for a product whose entire value sits in one token. Staked tokens are actively used to support a network, so the custodian handling them needs to manage both safekeeping and participation in network operations.

HYPG’s staking ratio of roughly 88.66% means nearly nine out of every ten tokens the fund holds are earning rewards. A lower staking ratio would mean more idle tokens, while a higher one could limit how much liquidity the fund keeps on hand for redemptions.

HYPE’s price can swing sharply, and a gross reward rate of 2.26% offers little cushion against a meaningful drop in the token’s value. Net returns also depend on network reward rates and how the Hyperliquid ecosystem evolves. Staking rewards are historical figures, not guarantees.

Disclosure: This article was edited by Kaye Quema. For more information on how we create and review content, see our Editorial Policy.

Hyperliquid is one of the buzziest blockchains in crypto. Known for its perpetual futures trading platform, it has also achieved a rare feat: building a digital asset treasury, or DAT, that has delivered positive returns for its shareholders. DATs are corporate vehicles designed to acquire and hoard a specific cryptocurrency—Michael Saylor’s Bitcoin behemoth Strategy is the most famous example—but in the past year, their share prices have slumped badly, and some DATs have flamed out altogether. The exception is the DAT called Hyperliquid Strategies, ticker symbol PURR, whose shares have climbed 251% since the start of the year. 

Since Hyperliquid Strategies launched 10 months ago—less than two years after the Hyperliquid blockchain went live—its market capitalization has climbed past $3 billion. The DAT now holds more than 35 million HYPE tokens, the blockchain’s native token, worth roughly $3.3 billion. This twin achievement of expanding its treasury and posting outsize shareholder returns puts the Hyperliquid DAT in stark contrast to its peers. As the chart below shows, the year-to-date returns of the leading DATs dedicated to Bitcoin, Ethereum, and Solana have been dismal:

So why has Hyperliquid’s DAT flourished while the others have stumbled? Unlike other DATs, Hyperliquid Strategies does more than accumulate tokens and wait for their value to rise. The company has built an operating model that runs like an active business rather than a passive vault. By earning revenue from its holdings, the company can add to its HYPE reserves, increasing the amount of cryptocurrency tied to each share of stock over time. Whether by design or circumstance, Hyperliquid Strategies may have finally cracked the code on how to make DATs viable. 

The remarkable rise of Hyperliquid In the short time since the Hyperliquid blockchain launched in 2023, its HYPE token has vaulted into the top 10 most valuable cryptocurrencies. A big reason is that, unlike many other crypto projects that seek to build value with hype or vague future promises, Singapore-based Hyperliquid—founded by Harvard grad and physics whiz Jeff Yan—offers a valuable real-world service.

Its decentralized platform offers 24/7 derivatives trading at rapid speed, and is based around perpetual futures, a novel type of option that doesn’t expire. Following its launch, Hyperliquid initially drew crypto speculators, but soon after attracted a new group of customers: traders who use Hyperliquid to trade tokenized versions of oil, gold, and other commodities. 

This new class of traders has carried out huge numbers of transactions on Hyperliquid, which charges small fees in the form of the HYPE token. Hyperliquid uses a portion of those fees to pay the so-called validators who operate the blockchain, but most of the HYPE it collects is “burned”—diminishing the overall supply and increasing the value of the token. All of this has led the price of HYPE to surge more than 2,200%, according to data analytics platform CoinGecko.

Even as Hyperliquid thrived, however, it faced an obstacle to further growth: It was not (and still is not) legally available in the United States, leaving many American investors without an easy way to gain exposure to the platform. Meanwhile, many investors of all sorts who are unfamiliar with crypto find buying HYPE tokens can be cumbersome, typically requiring them to create a crypto wallet and connect it to a decentralized exchange.

Spotting this gap in the market, David Schamis, a founding partner at private equity firm Atlas Merchant Capital and former Barclays executive, launched Hyperliquid Strategies. The publicly traded company was created to stockpile HYPE, allowing traditional investors to buy into the ecosystem through equity shares. It was a new DAT, in other words.

In July 2025, Atlas Merchant Capital and venture firm Paradigm announced an $888 million capital raise for the DAT, and Schamis became its CEO. By December, Hyperliquid Strategies was trading on the Nasdaq under the ticker “PURR.” Buying shares of PURR—named after a cat-themed meme token that was the first to be launched on Hyperliquid’s blockchain—became the only easy path for American investors to gain exposure to HYPE until last May, when asset managers started rolling out Hyperliquid exchange-traded funds.

“That timing explains much of the success Hyperliquid Strategies has experienced since Q4 of last year, accumulating billions of dollars in treasury assets,” Eliezer Ndinga, global head of research at crypto asset manager 21shares, told Fortune. “Given … the success of the Hyperliquid ecosystem, they were well positioned to ride that wave.”

‘Adding some alpha’ Unlike its DAT predecessors, Hyperliquid Strategies did not simply sit on its HYPE stash and wait for the token to rise. That has been the model employed by Strategy and numerous copycat DATs, which have counted on steadily rising asset prices to issue new shares that pay for their operating costs. The flaw in that approach became apparent this year, however, as slumping crypto prices saw the market capitalizations of DATs fall below the value of the crypto assets they held—triggering a potentially existential spiral.

In the case of Hyperliquid Strategies, its New York–based team of four—CEO Schamis, CFO Brett Beldner, COO Jeroen Nieuwkoop, and director of corporate affairs Rob Diamond—drew on their experience in traditional finance to structure an operating model around the company’s token reserve.

Hyperliquid Strategies operates its own network validator, a specialized computer system that helps process transactions and secure the Hyperliquid blockchain. In return, it earns ongoing fees, turning its HYPE holdings into a source of operating revenue rather than a passive reserve.

In addition to validator fees, the company stakes its 35 million HYPE tokens in the network, earning ongoing token rewards. Similar to interest earned on a deposit, those rewards increase the company’s HYPE holdings over time, adding to the amount of cryptocurrency backing each share.

“For the DATs that can do that well, they actually have the ability to outperform the market over the long term because they’re taking the underlying holding and adding some alpha on top of that,” said Ryan Rasmussen, head of research at asset manager Bitwise. 

The model also depends on investors valuing Hyperliquid Strategies’ stock at more than the HYPE and cash behind each share. When PURR trades above that underlying value, its multiple to net asset value, or mNAV, is above one. That premium gives the company an additional way to grow its HYPE holdings.

“When the mNAV is above one, [the company] can issue more shares on the open market to raise cash and then buy more HYPE, and that becomes this … self-fulfilling loop,” Rasmussen told Fortune.

An analyst at crypto research firm Artemis earlier this year published a detailed breakdown of how Hyperliquid Strategies has so far been able to thread this needle.

Avoiding the DAT trap According to Ndinga, Hyperliquid’s most notable contribution was showing investors that cryptocurrency could serve a purpose beyond price speculation by expanding access to global financial markets in response to a real necessity. 

“Crypto has had a marketing problem for a while … [People assume] cryptocurrencies are trying to be like gold or the dollar,” Ndinga said. “But not all cryptocurrencies are currencies. You have crypto equities [and] crypto commodities … Hyperliquid has made the industry more tangible by showing what blockchain technology can do.”

Previous DATs strayed from this approach. Strategy initially gave traditional investors a way to gain Bitcoin exposure before spot ETFs were available. Over time, however, it built its model around passive accumulation and a “hold on for dear life” philosophy. It expanded its Bitcoin reserve through financing such as convertible notes and preferred stock, leaving its returns heavily dependent on Bitcoin’s price appreciation rather than income generated from the holdings.

As share prices dropped below so-called NAV, or net asset value, Strategy and other DATs could no longer issue stock without diluting existing shareholders. With less access to new capital, some also struggled to cover operating costs. Many ended up dying out. 

When Fortune asked Hyperliquid Strategies whether it would go down a similar path in the case of a market downturn, Schamis’s answer was concise: “We’re not religious zealots,” he said in an interview.

“Our primary responsibility is to our shareholders … and if the circumstances ever arose where it was beneficial to our shareholders to be selling our tokens … we certainly would,” Schamis added.

For practical purposes, as Schamis explained on an earnings call, this means Hyperliquid Strategies only issues new shares when its mNAV is 1.1 or higher, and buys back shares when it falls below that.

A cash cushion of roughly $292 million also gives the company a financial buffer during a severe downturn, reducing the likelihood that it will have to dump its HYPE holdings or make desperate trades. 

A narrow monopoly Hyperliquid Strategies is now entering a new chapter as the market structure around it matures. 

That shift was on full display in late August, when Trump said at a White House crypto and technology summit that the Commodity Futures Trading Commission was working to create a legal path for Hyperliquid to operate in the United States.

At the time, Schamis was in Wyoming, attending Anthony Scaramucci’s SALT Conference. After finishing a panel presentation on Hyperliquid, he stepped offstage, checked his phone, and saw PURR shares had suddenly jumped 30%.

“For about 30 seconds, I was incredibly impressed with myself, thinking my panel speech had moved the market,” Schamis recalled with a laugh. “Then I opened the news and realized President Trump had just publicly commented on bringing Hyperliquid to the U.S. at that exact same minute.”

But that mainstream attention also signals stiffer competition ahead. As spot HYPE ETFs continue to roll out in the U.S. and perpetual futures access expands, PURR’s initial monopoly on institutional access will naturally narrow.

That said, not all investment vehicles are created equal, and, according to Rasmussen, Hyperliquid’s business strategy will continue to hold off competition, at least for now. 

“The DATs that perform the best over the long term are those that add some level of operational boost to the underlying holds,” he said. “Investors are willing to pay a premium above HYPE performance to have a company … putting their assets [to work] on their behalf in generating incremental returns.”

Photo: Rostislav Uzunov / Pexels

Hyperliquid, a decentralized perpetual futures exchange, has made its perpetual contracts available on the Bloomberg Terminal, according to a report from @coinbureau. This marks a significant step for Hyperliquid, integrating its market data into a major professional workstation. The exchange, built on its own layer-1 blockchain, supports over 100 assets and handles its operations via HyperCore. The inclusion on Bloomberg Terminal suggests increasing institutional interest and represents a potential shift in how traditional finance engages with decentralized platforms.

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Market participants appear to view this development as supportive of scenarios where Hyperliquid’s market reach broadens, potentially influencing price predictions for the asset. Current market pricing on platforms like Polymarket suggests increased optimism about Hyperliquid’s ability to reach its price targets by the end of 2026. This optimism is reflected in the December 31 sub-market, which shows a 71.5% likelihood of Hyperliquid reaching $100, up from 68% just 24 hours ago.

Key Takeaways Hyperliquid’s integration with Bloomberg Terminal appears to enhance its visibility and accessibility to institutional investors. Market pricing suggests increased confidence in Hyperliquid meeting the $100 price target by the end of 2026, with current odds at 71.5% YES. The development may indicate a growing acceptance of decentralized platforms by traditional financial institutions. What to Watch The response from institutional investors and other exchanges could provide further indicators of Hyperliquid’s impact on the broader market. Monitoring Bloomberg’s future coverage and any potential strategic partnerships will be crucial. Additionally, any regulatory developments or changes in market sentiment could affect the outlook for Hyperliquid’s price trajectory as the year-end approaches.

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Term Structure

Contract Odds Δ since publish Volume 24h December 31 71.5% — — View market → January 1 2027 2.4% — — View market → January 1 2027 1.4% — — View market → January 1 2027 2.8% — — View market → January 1 2027 2.2% — — View market → January 1 2027 3.9% — — View market → January 1 2027 3.3% — — View market → January 1 2027 4.5% — — View market → January 1 2027 7% — — View market → January 1 2027 10.5% — — View market →

Table of contents

Hyperion DeFi, Inc. (NASDAQ: HYPD), the first publicly listed U.S. company building on the Hyperliquid blockchain, said on October 2 that it repurchased 240,124 HYPD shares and retired roughly $8.6 million of legacy debt, with the paydown partially funded by HYPE token sales, according to a press release filed with the SEC.

The Dallas-based company bought back 240,124 common shares at a weighted average price of $3.21 per share, before costs and fees, and repaid all outstanding principal and interest under its loan agreement with Avenue Capital. The move leaves Hyperion DeFi with no long-term debt outstanding. Chief Executive Officer Hyunsu Jung said September brought raised guidance, the start of buybacks, the debt paydown and several new business announcements, and thanked Avenue Capital for supporting the shift away from the company’s former biotech brand, Eyenovia.

A treasury funded partly by HYPE As of September 30, the company held about $14.5 million in cash, cash equivalents and stablecoins and owned 1.85 million HYPE tokens, with roughly 15.44 million HYPD shares outstanding. HYPE is the native token of Hyperliquid, a layer-one blockchain built for high-frequency trading, and has traded on major venues since Binance listed it with a seed tag in September. The company said more than 47 million HYPE have been autonomously purchased and sequestered by the network from trading fees on its central limit order books. The network settles orders, cancellations and liquidations in 70-millisecond block times and also runs HyperEVM, a smart-contract platform for permissionless DeFi applications, according to the filing. Staking HYPE grants holders lower trading fees and higher referral bonuses on the network.

From biotech to onchain DeFi Hyperion DeFi describes itself as the first U.S.-listed DeFi company on Hyperliquid, offering shareholders exposure to HYPE through staking yield and onchain utility revenue. The business is expanding alongside a broader build-out of the Hyperliquid borrowing and lending services launched this year. The filing’s forward-looking statements, including plans to scale its onchain DeFi businesses and further optimize its capital structure, remain subject to market and regulatory risks, and the company did not set a timetable for additional buybacks. It provides investors with streamlined access to what it describes as one of the fastest-growing blockchains. The company did not disclose a total dollar value for the repurchase beyond the share count and average price.

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Hyperliquid is about to start paying for HYPE buybacks with money that has nothing to do with how much anyone trades.

The first yield payment under the exchange’s AQAv2 framework, approximately $14.58 million in USDC, is pending transfer to the Hyperliquid Assistance Fund as of October 3, 2026. That lands close to the roughly $15 million the market had been anticipating. For a token whose buyback engine has always run on trading fees, this adds a second, quieter fuel line.

How the USDC yield machine works Under AQAv2, about 90% of the net yield generated on Hyperliquid’s USDC reserves gets routed to the Assistance Fund. The fund then uses that money to buy HYPE on the open market and burn it.

Yield began accruing on August 26, 2026. The payment now awaiting transfer covers that first stretch of accumulation.

Validators approved the framework on June 12, 2026, with 69.08% support.

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The plumbing involves two big names in the stablecoin world. Coinbase serves as the official USDC treasury deployer, while Circle handles technical deployments. The setup operates under a 1:9 technical-to-treasury balance requirement.

Current reserves are estimated between $5 billion and $6.7 billion. At prevailing yields of about 3%, that translates to projected annual buyback funding of $135–200 million from reserves alone.

Stacking on top of the fee machine Approximately 99% of Hyperliquid’s trading fees are funneled into the Assistance Fund. Estimates put annual trading fee buyback capacity at around $771 million.

Add the USDC yield and total annual buyback capacity is estimated to exceed $900 million.

The Assistance Fund has acquired approximately 45 million HYPE tokens for around $1.1 billion at lower prices. Cumulative burns have reached hundreds of millions of tokens since the coin’s debut in late 2024.

Background: why volume-independent revenue matters Hyperliquid is a decentralized perpetuals exchange running on its own Layer 1 blockchain. Perpetuals, or perps, are futures contracts with no expiry date, letting traders take leveraged positions indefinitely.

AQAv2 changes the equation slightly. Stablecoin deposits tend to stick around even when trading slows, because traders often keep collateral parked on the exchange between positions. Yield on those balances keeps flowing whether or not anyone is opening new trades.

What this means for HYPE holders and the perp market The framework leans on Coinbase and Circle as USDC deployment partners. That ties a piece of HYPE’s tokenomics to the operational health and policies of two centralized firms.

The 69.08% validator approval shows the plan had backing, but nearly a third did not support it. Future tweaks to the yield split or the buyback mechanics will face similar scrutiny.

The near-term item to watch is the actual transfer of the approximately $14.58 million payment to the Assistance Fund. Once it moves, the market gets its first concrete look at how much buying pressure the new mechanism can deliver in practice.

Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.

Hyperliquid’s native token is no longer confined to its home chain. Through Wormhole, HYPE can now be transferred to Solana, Base, and Unichain.

How the multichain rollout works Hyperliquid is a Layer 1 blockchain designed for on-chain perpetual futures and spot trading. Its multichain push relies on Wormhole’s Native Token Transfers standard, usually shortened to NTT.

The expansion kicked off on September 3, 2025, alongside the Unichain rollout. That launch also brought bridging to Solana and Base, so all three destinations arrived in the same wave.

Unichain’s debut came with liquidity incentives attached. Those rewards targeted the USDC/HYPE and USDC/SOL trading pairs.

The stated goal is to reduce liquidity fragmentation. Hyperliquid also wants HYPE holders to enjoy lower fees and faster transactions on the chains they prefer.

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What the trading data shows Activity has followed the token to its new homes. Trading in HYPE has shown up on Jupiter, Solana’s major trading venue, and in Uniswap pools on Unichain.

On Solana, HYPE has recorded daily trading volumes in the millions. The tokenized value of the Wormhole-issued version on Solana has reached approximately $66 million.

HYPE has traded at around $90, a level the research tied to strong adoption.

HYPE has a maximum supply of 1 billion, with circulating supply in the low hundreds of millions. At launch, 310 million tokens went to early users. There was no allocation for a private sale.

Following the initial rollout, activity settled into a pattern of steady use and liquidity provisioning. No major new developments were identified in the month leading up to October 2, 2026.

Why Hyperliquid built for speed first The engine underneath all this is HyperCore, Hyperliquid’s trading layer. It can process up to 200,000 orders per second, which is the kind of throughput on-chain order books need to feel competitive.

What this means for HYPE holders and the broader DeFi map Traders and liquidity providers on Solana, Base, and Unichain can now engage with HYPE without leaving their preferred ecosystems.

Each destination brings something different. Solana offers an established trading culture, with Jupiter already showing HYPE volume. Unichain came with incentives designed to bootstrap activity from the start.

The roughly $66 million tokenized on Solana is a useful baseline for tracking whether interest grows, holds, or fades.

Cross-chain infrastructure also adds a dependency. HYPE’s reach beyond its home chain now relies on Wormhole functioning as intended.

Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.

Kinetiq, a liquid staking protocol built on the Hyperliquid ecosystem, has concluded its kPoints loyalty program and opened KNTQ token subscriptions. Point holders can purchase their allocated KNTQ tokens at a price of $0.26 per unit within 10 days. This round’s subscription quota is 50 million KNTQ tokens; if fully sold, it is expected to raise approximately $13 million. Following the announcement, KNTQ’s price dropped by around 23%. Kinetiq previously built its user base through the kPoints points mechanism, and is now offering token access to point holders via paid subscriptions.

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A roughly $16 million exchange deposit and a separate $5.78 million sale have been combined into headlines about a $22 million whale dump. The distinction matters because Hyperliquid Strategies has been accumulating HYPE too. Its SEC filing shows how a public treasury chooses when to buy and what its 33.2 million-token position really represents.

Summary

Lookonchain tracked 177,518 HYPE worth $16.08 million deposited to OKX and Bybit on September 28. A separate wallet it linked to Hypersphere Ventures sold 62,869 HYPE for about $5.78 million. A wallet linked to Hyperliquid Strategies bought 494,200 HYPE worth $45.8 million over 16 hours on September 25. The company’s September filing reported approximately 33.2 million HYPE held as of September 8. About 25.1 million of those tokens were delegated to its linked validator, with 8.1 million to Anchorage. One HYPE holder sent 177,518 tokens, worth approximately $16.08 million at the time, to OKX and Bybit on September 28. A different wallet linked by Lookonchain to Hypersphere Ventures sold 62,869 HYPE for about $5.78 million. The tracker’s original item identifies one exchange deposit and one sale. It does not establish that the full $21.86 million was sold.

The distinction is the story. An exchange deposit makes coins readily available to trade, and it can precede a sale. It can also reflect custody, market making, collateral or a later withdrawal. A realized sale has a different evidentiary status. Headlines treating the combined $22 million as executed selling have already promoted a possibility into a fact.

On the other side, a wallet that Lookonchain linked to Hyperliquid Strategies acquired 494,200 HYPE worth about $45.8 million over 16 hours on September 25. That purchase was three days before the September 28 whale activity. Comparing their dollar amounts as if the treasury took those exact coins off the seller on the same day would be false. Public transfers do not name the other side of every trade.

One deposit and one sale were reported The 177,518-token transfer went from a wallet identified as 0xc745 to two centralized exchanges. The 62,869-token sale was attributed by the tracker to a different wallet it associated with Hypersphere Ventures. The latter transaction was estimated to realize roughly $2.13 million in profit. Wallet attribution is a researcher’s classification, not a statement signed by the institution, so the association should be kept attached to its source.

The $16.08 million deposit and $5.78 million sale sum to $21.86 million at the prices used in the report. That is the basis for the rounded $22 million figure. Only $5.78 million is described in the underlying tracker account as an executed sale. The other $16.08 million is a transfer to venues where trading could happen later. Even that valuation can change before the tokens are sold.

Suppose all 177,518 deposited HYPE eventually sold. The combined disposed amount would be 240,387 HYPE including the separate 62,869 sale, subject to transaction details and potential double counting. Suppose none of the deposit sold. The confirmed amount remains 62,869 HYPE under the tracker report. A responsible article should not choose either endpoint without following the exchange balances and execution evidence.

Transfers into an exchange omnibus address make the next step harder to trace. Once coins are credited internally, exchange trades occur on the venue’s private ledger. An outside analyst may observe deposits, subsequent withdrawals or order-book activity, but cannot usually match a precise deposited token with a buyer’s identity. The absence of a visible onchain sale after deposit does not prove the holder kept the position. Nor does a deposit itself prove disposal.

This is why the phrase head for the exits is too strong as a factual headline for the 177,518 HYPE movement. A holder moved inventory into tradable venues; another sold a smaller, documented position. The two events together show potential supply pressure, not a single $22 million completed dump.

The treasury’s purchase is real, but from a different window The September 25 crypto.news report described 494,200 HYPE bought by a wallet linked to Hyperliquid Strategies for about $45.8 million. The tracker attributed the activity to wallet 0x6436. Buying across a 16-hour period is an observed action from a labeled address, not a corporate filing for that exact intraday amount.

At the stated prices, the treasury purchase was about 2.85 times the later $16.08 million exchange deposit and about 7.9 times the separate $5.78 million sale. Those ratios compare public dollar figures from different dates; they do not show one party absorbed the other’s inventory. The September 25 buy may already have been complete before September 28’s transfer. They belong in a chronology, not a netted same-day order book.

The company’s formal filings provide a broader check. In its September registration statement, Hyperliquid Strategies reported approximately 33.2 million HYPE held as of September 8. It said the balance included about 12.5 million tokens contributed at the transaction closing and tokens purchased with proceeds from a roughly $299.9 million PIPE and other capital raises. A 494,200-token reported acquisition later in September is about 1.49% of that September 8 inventory. That is meaningful incremental accumulation, but the dated 33.2 million figure cannot be treated as a current balance after it.

The company says it updates its HYPE balance weekly with a one-week delay. That disclosure lag matters when comparing a fast whale headline with treasury holdings. A balance published today might describe last week’s ownership. A look at an attributed wallet can fill part of the gap, but it may omit other wallets, internal transfers or custodial accounts. The filing and the wallet tracker are complementary evidence with different scopes.

The public company’s stock, PURR, provides exposure to HYPE through a corporate structure. Shareholders do not own a redeemable fraction of the onchain wallet. The issuer can buy more tokens, stake them, raise equity, repurchase its own shares and maintain cash reserves. The share count and obligations determine HYPE per share. A headline about a large treasury buy does not by itself prove accretion for an existing shareholder.

A filing spells out when the company intends to buy Hyperliquid Strategies’ registration statement describes a Treasury Committee composed of its CEO, CFO and COO, subject to board oversight. It says the company seeks to raise equity primarily when its shares trade at a premium to a market net asset value measure. It then considers buying HYPE when the market price is below an internal assessment of long-term fundamental value. It may repurchase its own stock at a meaningful discount to net asset value.

Those are the company’s stated policies, not a guarantee that each purchase meets an external definition of cheap. The internal fundamental-value estimate is not an observable market price, and the filing does not disclose a public threshold at which the September 25 buying was approved. A reader can test the subsequent outcome through HYPE per diluted share, cash, issuance prices and actual purchases, but cannot reverse-engineer the committee’s complete judgment from an address label.

The same filing describes a committed equity facility of up to $2.5 billion with Chardan. Capacity is not cash already raised, and an equity facility can issue new shares. If future share sales finance HYPE purchases at attractive premiums, HYPE per share can rise; if shares are sold too cheaply or expenses absorb proceeds, it can fall. The company’s objective is to maximize long-term HYPE exposure per common share. The measurable unit is therefore per share, not the gross treasury balance.

The capital framework separates a working capital reserve intended to cover at least 12 months of projected operating expenses, a cash reserve available for deployment and HYPE holdings. This explains why a company can announce a large cash raise without immediately buying an equivalent amount of tokens. Some cash is reserved for the business, and the committee can wait. It also means that its buying may continue through a market decline without any promise to support a particular HYPE price.

Another detail weakens the simple whale versus treasury picture. The company’s own filing says HYPE sales are conditioned on its assessment that the prevailing price exceeds its estimate of fundamental value. It is an accumulating treasury, but its policy does not forbid sales. A change in market price, cash requirements or its valuation assessment could put the company on the other side of the market. Present buying as an observed period, not a perpetual floor.

The 33.2 million tokens are largely staked As of September 8, the company said approximately 25.1 million HYPE, or 75.7% of its staked holdings, were delegated to its linked HSIxUNIT validator. Another approximately 8.1 million, or 24.3%, were delegated to Anchorage, described as its only third-party validator at that time. The two balances sum to 33.2 million, matching the rounded treasury figure. The percentages refer to its staked position, not the entire circulating HYPE supply.

The staking detail changes the liquidity interpretation. HYPE moved to a validator is not available for immediate spot sale until the owner initiates unstaking and completes the applicable process. The filing describes an initial one-day lock after delegation and a seven-day unstaking queue following withdrawal from staking. That does not make the treasury immovable; it sets a timing constraint. The company can keep cash and use other financing while coins are delegated.

Staking rewards also enlarge holdings without a new market purchase. The filing cited an average net annualized reward rate of 2.18% at 440.4 million HYPE staked across the network as of September 8. Applying 2.18% to 33.2 million tokens gives about 723,760 HYPE annually as a rough run rate, before the company’s specific fees and changes in balance or network rate. It is not a forecast of actual annual rewards. Rewards accrue and compound under the protocol mechanics, while the market price can change the dollar result substantially.

If a future report shows HYPE holdings rising by 700,000 tokens, it would be wrong to call all of that new spot buying without separating staking rewards, transfers and acquisitions. Conversely, a flat balance could conceal purchases offset by sales or other uses. The split between purchased tokens, contributed inventory and earned rewards is essential to testing whether the treasury is absorbing outside supply.

The initial 12.5 million HYPE contribution is another reason to keep categories straight. Those coins became company property through its corporate transaction, not through an open-market buy on the date the company reported 33.2 million. Roughly 20.7 million tokens above that initial contribution existed in the September 8 balance, but even that difference cannot be labeled net spot purchases without accounting for staking rewards and other transactions since closing.

Buybacks respond to trading revenue, not whale headlines Hyperliquid’s protocol routes most eligible trading fees through its Assistance Fund to purchase HYPE. Tokens acquired under the program are burned according to the protocol’s published structure. That creates an ongoing source of token demand tied to platform activity. It is separate from Hyperliquid Strategies, the public company, even though both can acquire the same asset.

The reported percentage of fees directed to the fund varies across descriptions because fee categories and program terms matter. One crypto.news unlock analysis used 99% of eligible trading fees; another account described 97% of protocol trading fees. The precise percentage should be quoted with its denominator and date. For the present comparison, what matters is the mechanism: trading generates fees, which fund market purchases, while actual buyback size changes with volume and pricing.

An example shows why a constant percentage is not a price guarantee. If eligible fees were $1 million in one day and 99% flowed into the fund, the buyback budget would be $990,000 before execution considerations. A $16.08 million exchange deposit would be more than 16 times that illustrative daily amount. If fees rose tenfold, the relative scale would change. Without matching a real daily fee tally and dated onchain fund transactions, one should not claim the mechanism absorbed September 28’s specific deposit.

The September burn report described about 9,730 HYPE repurchased and burned over a 24-hour period ending September 6, worth roughly $830,000 then. That historical daily print is useful as an order-of-magnitude check, not a claim about September 28. At 9,730 tokens a day, 177,518 HYPE is roughly 18.2 days of purchases. Actual daily activity varies, so that ratio is a dated illustration only.

The Assistance Fund cannot identify who bought a whale’s exchange sale any more than a treasury wallet can. Market makers and other investors stand between flows. Structural buying can help absorb supply across time, but it is not a standing promise to purchase at a particular price. A lower HYPE price changes the number of tokens a fixed fee budget can acquire; a collapse in platform activity lowers the fee budget itself.

Unlocks add potential supply, not automatic sales The September 6 vesting release made approximately 9.92 million HYPE claimable, valued around $820 million at the then-prevailing price of $82.60. Claimable supply is a stock of tokens owners may sell, stake or hold. It is not $820 million of executed sell orders. The prior coverage of that unlock emphasized that historical exchange movements after a previous unlock were a small share of tokens released.

The Multicoin transfer report showed another recent move to a trading venue. The September 28 wallet deposit has a more immediate market implication than a raw unlock count because identified coins reached trading venues. Still, a venue deposit remains one step away from a verified sale. A rigorous supply ladder runs from vested, to claimed, to transferred to an exchange, to sold. Each stage provides stronger evidence of disposal and a smaller, more specific quantity. Rolling all four into a single dollar value exaggerates precision.

The company purchase belongs to a separate demand ladder. Capital raised is potential buying power; cash allocated is a budget; an executed HYPE purchase is actual demand; tokens staked afterward are removed from immediate liquid inventory. Counting the $2.5 billion equity facility as if already spent is as misleading as counting all unlocked HYPE as already sold.

The two ladders are not symmetrical in public visibility. Onchain transfers and staking deposits can be observed quickly. A corporate decision to issue shares or hold cash appears through securities disclosures, sometimes later. Centralized exchange executions are often invisible at wallet level. Any net supply calculation that combines them will have blind spots. The strongest available conclusion is usually bounded: how many tokens were demonstrably sold, how many reached possible sale venues and how many the labeled treasury demonstrably bought during a specified period.

The strongest case for the buyers has limits Supporters of the HYPE thesis can point to real platform usage, fees that feed token purchases and a listed treasury that reported 33.2 million HYPE by September 8. The company’s September 25 wallet activity adds evidence of continuing accumulation. A token that receives recurring protocol purchases and corporate acquisitions can absorb some distributions without a sustained fall in price. The September unlock’s headline dollar figure alone did not establish that holders rushed to sell.

That case weakens if trading activity falls and the Assistance Fund’s purchases shrink. It weakens if corporate issuance becomes dilutive in HYPE-per-share terms or if the treasury pauses buying. It weakens if exchange deposits turn into verified sales at a pace exceeding new demand. The case is testable through actual fee-funded buys, token balances, public-company disclosures and exchange-flow follow-ups. It does not rest on an assumption that every whale transfer is harmless.

The bearish case also needs discipline. The separate 62,869 HYPE sale is evidence of one holder realizing a profit. The 177,518 HYPE deposit makes more inventory tradable. Neither proves broad capitulation or a final buyer’s identity. Calling $22 million a dump when about $16 million is a transfer makes the argument easier to say and harder to defend. A further sequence of deposits followed by verified sales would strengthen it substantially.

The two sides can both describe the same session accurately: a large holder sold, another holder sent inventory to exchanges, and independent buyers continued to exist. Price discovery balances them. A permanent directional conclusion requires the next rounds of flow and fee data, not an attempt to name one wallet as the other wallet’s counterparty.

A matched buyer requires more than matching dollar totals The claim that a treasury took the other side of a whale sale sounds plausible when the treasury’s reported purchase is larger. It requires more than size. At minimum, the buy and sell must overlap in time, occur through a venue or route that could connect the orders, and be supported by transaction records or a clearly described inference. The September 25 wallet accumulation precedes the September 28 deposit. Chronology alone defeats a claim that the former was an immediate response to the latter.

Even trades in the same hour do not automatically pair. A market maker may buy from a whale, hedge on a perpetual market and later sell to a treasury buyer. The economic exposure passes through several hands. An exchange order can be filled against many counterparties at different prices. Onchain wallet movements show entry and exit from a venue, while the actual order matches stay in its private system. A complete matching claim would require exchange records or corroboration from participants, neither of which is in the cited public data.

The better question is whether identifiable demand is large enough over a comparable period to absorb identifiable supply without a persistent price concession. That requires a ledger of actual executed sales, actual treasury purchases, actual Assistance Fund buys and other liquidity. The exchange deposit belongs in a separate potential-supply column. The $2.5 billion equity facility belongs in a possible-future-demand column. Mixing either with executed transactions would make the ledger balance only because its categories were wrong.

One can still learn from the imbalance in published amounts. The $45.8 million labeled treasury purchase shows the company has been willing to deploy substantial capital. The $5.78 million reported sale shows at least one whale has realized gains. The $16.08 million deposited shows more inventory could be offered. None of the three describes the anonymous investors who may have bought on OKX, Bybit or elsewhere. The headline’s question about absorption is not answered by treating the most visible buyer as the only buyer.

Future observations can narrow it. If the deposited wallet’s exchange balance is later withdrawn and HYPE appears in another self-custody address, an immediate complete sale becomes less certain, though exchange internal netting still limits proof. If venue volume and price show heavy selling while the wallet’s funds are credited, the sale case gains circumstantial support. If a company filing confirms purchases in the same period, it demonstrates a buyer class, not necessarily a matched counterparty. The distinction survives every update.

That approach has an editorial advantage. It can state what is known firmly, leave only the unknown part open and identify exactly which record would change the conclusion. The alternatives are a $22 million dump headline that overstates the evidence and a treasury-rescue headline that invents a buyer-seller link. Neither is needed to explain the pressure on HYPE’s market.

The public company is an amplifier, not a price floor Hyperliquid Strategies’ ability to accumulate depends partly on the market for its own shares. If PURR trades at a premium to the value of its underlying assets, the company may raise capital in a way that adds HYPE per old share. If the premium contracts, raising the same cash may be less attractive or more dilutive. Its policy explicitly contemplates buying back company stock when shares trade at a meaningful discount to its adjusted asset value. That choice could benefit shareholders without producing any new HYPE spot purchase.

This distinction matters after a visible treasury buy. A crypto holder may care whether the company removes coins from the market. A PURR shareholder cares whether each share’s economic claim improves after financing and expenses. The company’s earlier results coverage recorded a 29.3 million HYPE balance and stock repurchases at a previous cutoff. The move to 33.2 million by September 8 is a larger token total, but a complete per-share comparison needs the intervening share count and other claims.

The SEC filing also states that substantially all of the company’s HYPE is held with one custodian. That is a corporate concentration risk distinct from whales on an exchange. A custodian disruption could affect access to coins even if the protocol continues to function. The company discloses its dependence on HYPE’s price and liquidity because its treasury is concentrated in cash and this one token.

A 16-hour wallet acquisition is therefore an input into a broader balance sheet story. It can show willingness to buy at prevailing prices. It cannot establish how much future capacity remains, whether future issuance will be accretive, or whether the company will buy the next large exchange deposit. Its filed mandate gives management discretion on all three questions.

The two wallets cannot be joined by an arrow The public record supports a bounded conclusion. Lookonchain reported a 62,869 HYPE sale and a separate 177,518 HYPE exchange deposit. It had previously identified a 494,200 HYPE purchase by a treasury-linked address. The times differ, the venues obscure counterparties and the company filing reports balances with a lag. No cited source establishes that Hyperliquid Strategies bought the specific coins the September 28 wallets moved.

The company may continue to buy, the Assistance Fund may continue to convert eligible fees into token purchases, and other investors may absorb supply. None of those facts can be turned into a guaranteed floor. Likewise, the deposit could lead to a sale without making it a sale at the time it was observed. The next dated wallet update and the issuer’s subsequent balance disclosure will narrow the gap.

The actionable reporting standard is simple. Label the 62,869 HYPE as a reported sale, the 177,518 HYPE as an exchange deposit and the 494,200 HYPE as an earlier reported purchase by a linked wallet. Treat any claim about the final buyer of the whale’s coins as unproven until transaction or venue evidence supports it.

What to watch Exchange follow-through: Whether the 177,518 HYPE deposited on September 28 is followed by identifiable withdrawals or corroborated selling. Treasury updates: Whether the reported 33.2 million HYPE as of September 8 rises through purchases, staking rewards or both. Assistance Fund purchases: Compare actual daily token buys with trading fees, not with a fixed percentage in isolation. HYPE per share: Track PURR equity issuance and repurchases alongside changes in gross token holdings. Fresh whale sales: Separate confirmed executions from deposits and newly unlocked but untransferred tokens. FAQ Did HYPE whales sell $22 million on September 28? The tracker described about $5.78 million in a separate 62,869 HYPE sale and $16.08 million in a 177,518 HYPE exchange deposit. The combined roughly $22 million is not a confirmed executed-sale total.

Where were the 177,518 HYPE sent? Lookonchain reported deposits to OKX and Bybit from wallet 0xc745. Subsequent internal exchange trading cannot usually be attributed to that deposit from public chain data alone.

How much HYPE did the treasury-linked wallet buy? Lookonchain attributed a 494,200 HYPE purchase, worth about $45.8 million, to a wallet linked to Hyperliquid Strategies over 16 hours on September 25. That preceded the September 28 deposit.

How many HYPE did Hyperliquid Strategies hold? Its September registration statement reported approximately 33.2 million HYPE as of September 8. That dated figure should not be presented as the exact post-September 25 balance.

Were all 33.2 million HYPE bought on exchanges? No. Approximately 12.5 million were contributed in the company’s transaction, while other tokens were acquired with capital proceeds or accrued through activities such as staking.

What does the Assistance Fund do? It uses most eligible protocol fee revenue to buy HYPE, with purchased tokens burned under the described mechanism. The daily amount varies with trading activity and execution.

Are the treasury’s tokens liquid immediately? The company said substantially all HYPE was staked as of September 8. Its filing described a one-day initial delegation lock and a seven-day unstaking queue after an exit request.

What would prove broad whale selling? Further dated exchange deposits corroborated by executions, shrinking wallet balances and sustained selling pressure would strengthen that conclusion. This is educational analysis, not investment advice.

Disclaimer: This article is for information and educational purposes only and does not constitute financial or investment advice. Figures reflect regulatory filings and reporting available at the time of writing and change with each disclosure. Nothing here is a recommendation to buy, sell, or hold any security or asset. Always do your own research. Information is accurate as of September 30, 2026.

CryptoBriefing

Hyperliquid Labs has announced a significant token transaction involving the unstaking and private sale of 3.75 million HYPE tokens. This amount is notably 8.65 times larger than the September 6 unlock. According to Hyperliquid’s co-founder Iliensinc, the tokens are intended for a private over-the-counter deal with an institution, rather than being introduced to public markets. This move is reported to remove expected selling pressure from exchanges, though details on the buyer’s holding and hedging terms remain undisclosed. The transaction is set to take place on October 7, with market participants closely watching for further developments.

Key Takeaways Hyperliquid’s decision to sell 3.75 million HYPE tokens privately appears to suggest a reduction in public market supply. Pricing suggests that this could be supportive of a potential price increase, with reduced selling pressure on exchanges. The specifics of the transaction, including the buyer’s intentions, remain unclear, leaving room for market speculation. What to Watch Market participants will be observing any official confirmation of the private sale and the terms agreed upon by the buyer. The impact of this private distribution on Hyperliquid’s market price will likely depend on further announcements from Hyperliquid Labs or any leaks regarding the institutional buyer’s strategy. Additionally, any macroeconomic factors or broader market trends that could influence HYPE’s price trajectory will be key indicators to monitor.

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Term Structure

Contract Odds Δ since publish Volume 24h December 31 64% — — View market → January 1 2027 2.4% — — View market → January 1 2027 2.1% — — View market → January 1 2027 2.8% — — View market → January 1 2027 1.9% — — View market → January 1 2027 7% — — View market → January 1 2027 3.5% — — View market → January 1 2027 7% — — View market → January 1 2027 12% — — View market → January 1 2027 12% — — View market →

Five Funds, One Payout Date21Shares, one of the world's largest issuers of cryptocurrency exchange-traded products, has announced its latest round of quarterly staking distributions across five US-listed ETFs: the Ethereum Staking ETF (TETH), Solana Staking ETF (TSOL), Hyperliquid Staking ETF (THYP), Sui Staking ETF (TSUI) and Polkadot Staking ETF (TDOT). Payments are scheduled for September 30, with an ex-dividend and record date of September 29.

The distributions convert onchain validator rewards into cash payouts for ordinary fund investors. Each ETF holds its respective proof-of-stake asset and commits a portion of those holdings to validators on the relevant network. The rewards that flow back to the fund are then passed through to shareholders in cash, net of expenses, on a quarterly basis.

The per-share amounts for this round are: $0.031602 for TETH, $0.076590 for TSOL, $0.191360 for THYP, $0.052939 for TSUI and $0.045029 for TDOT. The Hyperliquid Staking ETF (THYP) carries the largest distribution of the five. THYP is described by 21Shares as the first US spot Hyperliquid ETF, listed on Nasdaq, offering investors exposure to HYPE along with quarterly staking distributions without the need for a crypto wallet or exchange account.

Packaging Native Yield Inside a Traditional WrapperThe mechanics behind these payouts are straightforward. For a fund such as TSOL, a portion of the ETF's SOL is committed to validators on the Solana network. Those validators earn protocol rewards, which flow back to the fund net of fees and are then distributed to shareholders in cash. Reward rates are variable and are not guaranteed, and the amounts will differ each quarter depending on network conditions and validator performance.

The broader significance is structural. Crypto ETFs were originally designed to give investors simple price exposure to digital assets. This generation of staking ETFs goes a step further, packaging the native yield of proof-of-stake networks into a regulated, exchange-traded wrapper. For investors who previously had to run their own validators or use a third-party staking service to access these rewards, the ETF format removes that friction entirely.

It is worth noting that these funds are not registered under the Investment Company Act of 1940 and therefore do not carry the same protections as standard registered ETFs or mutual funds. Staking also introduces risks including validator slashing, liquidity constraints during asset lock-up periods and uncertainty around future reward rates.

Sources:
GlobeNewswire: 21Shares Announces Distributions on TETH, TSOL, THYP, TSUI and TDOT
21Shares: THYP Hyperliquid Staking ETF product page
21Shares: TSOL Solana Staking ETF product page

Photo: Rostislav Uzunov / Pexels

The House Oversight Committee has broadened its inquiry into prediction market insider trading to include the platforms Hyperliquid and Crypto.com, among others. This investigation, initially focused on the practices of several prediction market operators, is examining how these platforms manage identity verification, geographic restrictions, and the monitoring of suspicious activities. Hyperliquid has previously been under scrutiny for its offshore activities, which operate outside direct U.S. regulatory oversight. This expanded probe may indicate ongoing congressional concerns about compliance and surveillance within the crypto market sector.

Key Takeaways The expansion of the probe suggests heightened regulatory concerns, particularly affecting Hyperliquid’s market dynamics. Pricing suggests participants are factoring in potential negative impacts on Hyperliquid’s market performance, with current odds reflecting a drop from previous levels. Market behavior appears consistent with concerns over increased regulatory scrutiny and its potential ramifications. What to Watch Future developments will likely hinge on any findings released by the House Oversight Committee and any subsequent regulatory actions. Watch for statements from Hyperliquid and Crypto.com regarding their compliance measures and any adjustments in their market practices. Any significant regulatory updates or announcements could influence market perceptions and affect pricing in related markets. The probe’s outcome could be a key indicator of broader regulatory trends impacting the crypto market.

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Term Structure

Contract Odds Δ since publish Volume 24h December 31 67.5% — — View market → January 1 2027 2.5% — — View market → January 1 2027 2.1% — — View market → January 1 2027 2.7% — — View market → January 1 2027 1.9% — — View market → January 1 2027 7% — — View market → January 1 2027 3.9% — — View market → January 1 2027 6% — — View market → January 1 2027 10% — — View market → January 1 2027 15.5% — — View market →

A wallet linked to Wintermute has built roughly $126.25 million in short positions on Hyperliquid, with a $46.92 million Ethereum short making up the largest reported exposure as major cryptocurrencies trade below recent highs.

Summary

Wintermute-linked wallet holds $126.25 million in shorts, with Ethereum representing its largest reported position currently. Ethereum short exposure stands near $46.92 million, while Solana and HYPE positions exceed $10 million. Onchain Lens reports tracked positions carry roughly $963,600 in unrealized profit at its latest snapshot. CoinGecko shows Bitcoin, Ethereum, Solana and HYPE trading near or below their weekly highs Monday. FTX and Alameda-linked wallets transferred 27,372 ETH to Wintermute, though the transfer purpose remains unconfirmed. Onchain Lens reported on Sept. 28 that the tracked account held shorts across several crypto assets and was sitting on roughly $963,600 in unrealized profit when the snapshot was taken. The analytics account put the wallet’s lifetime profit and loss at approximately $197.22 million.

The address, 0xecb63caa47c7c4e77f60f1ce858cf28dc2b82b00, has repeatedly been identified by on-chain researchers as a Wintermute-linked Hyperliquid wallet. Wintermute has not publicly confirmed ownership of the address or described the purpose of the current positions.

Previous analysis of the Wintermute-linked Hyperliquid short book found the same address carrying substantially larger bearish exposure in August, including shorts in ETH, BTC, SOL, HYPE and XRP.

Wintermute shorts remain concentrated in Ethereum Ethereum accounted for $46.92 million of the latest reported short exposure, according to Onchain Lens. SOL followed with an $11.30 million position, while HYPE accounted for approximately $10.03 million.

WINTERMUTE OPENS $126M IN SHORTS

Wintermute is short $126.25M across Hyperliquid, led by a $46.92M $ETH short.

Largest positions:
· $ETH short: $46.92M
· $SOL short: $11.30M
· $HYPE short: $10.03M

The positions are currently up ~$963.6K, while lifetime PnL stands at +$197.22M.… pic.twitter.com/fDLoWSn2Jg

— Onchain Lens (@OnchainLens) September 28, 2026 Other positions make up the remainder of the reported $126.25 million total, though Onchain Lens did not provide a complete position-by-position breakdown in its latest post.

Data collected from the same address over previous months shows that its exposure can change quickly. An independent analysis of the wallet identified extensive activity across Hyperliquid markets, with hundreds of orders used for both sides of market-making books.

The analysis found Wintermute-linked bids and asks spread across dozens of assets, including BTC, ETH, SOL and HYPE. It described the quoting structure as close to balanced at the time of its January snapshot, with roughly $101.7 million of bid orders and $97.2 million of asks.

For that reason, a visible short position does not by itself establish that Wintermute expects an asset’s price to fall. Market makers can hedge spot inventory, options, client flows or exposure held across other venues with perpetual futures.

Crypto.news previously examined the same issue when a Wintermute-linked wallet carried $190.77 million in Hyperliquid shorts in August. At that point, ETH led the account’s short positions at roughly $53.02 million, followed by BTC and SOL. Wintermute did not publicly confirm the positions at the time.

ETH, SOL and HYPE trade below recent peaks The current positioning comes as Ethereum has pulled back from the $2,800 region reached earlier in September.

CoinGecko shows ETH trading around $2,644 at the time of writing, placing the asset below its recent $2,800 attempt. Ethereum had already slipped below $2,700 on Sept. 23 after the advance stalled.

The Ethereum pullback after rejection near $2,800 came after the token reached a multiweek high before sellers pushed prices lower.

Bitcoin was trading around $82,863, according to CoinGecko data, down roughly 2.4% over the previous 24 hours at the retrieved reading.

SOL stood near $118.06 on CoinGecko data, while HYPE traded around $92.28.

CoinGecko shows HYPE remaining close to its recent record area despite the latest pullback. The token has traded above $90 after reaching prices near $98 during September.

Recent HYPE treasury purchases and whale transfers have kept large-wallet activity in focus. Hyperliquid Strategies bought 494,200 HYPE worth $45.8 million in one disclosed transaction, while several large holders began unstaking tokens.

Wintermute short exposure has changed repeatedly The latest $126.25 million figure is below some earlier snapshots of the same wallet.

On Sept. 20, third-party reports put its short exposure close to $146 million, with ETH near $53 million, BTC at approximately $26.7 million and SOL around $17.8 million.

By Sept. 23, on-chain analyst CW said the wallet was increasing short exposure in ETH, BTC and SOL while prices were rising.

CW described the positioning as downward pressure on the market. However, that interpretation has not been confirmed by Wintermute and should not be treated as evidence that the market maker was deliberately attempting to push prices lower.

The tracked positions have moved in both directions over time. Earlier wallet data showed short exposure being reduced during market pullbacks before positions increased again as prices recovered.

Public Hyperliquid data make positions on individual accounts visible, but they do not show all offsetting exposure a firm may hold elsewhere. Wintermute operates across centralized exchanges, decentralized venues and over-the-counter markets, leaving open the possibility that its Hyperliquid positions form one part of a larger hedging book.

Wintermute reported earlier this year that institutional clients represented a growing share of its OTC activity. The firm’s institutional OTC trading flow reached 72% of spot volume during the first half of 2026.

Alameda transferred ETH to Wintermute before latest shorts The reported positioning follows a separate large Ethereum transfer involving wallets tied to FTX and Alameda Research.

On Sept. 23, blockchain researchers tracked 23,639 ETH worth roughly $65 million moving from an FTX and Alameda-linked address to a wallet labeled as belonging to Wintermute.

A broader review found six linked wallets transferring a combined 27,372 ETH, worth approximately $75 million at the time, to Wintermute addresses. Blockchain security firm PeckShield flagged the largest 23,639 ETH transaction.

JUST IN: Alameda Research moves $65 million worth of ETH to Wintermute

The FTX bankruptcy estate deposited 23,639 $ETH into Wintermute earlier today, with the transfer reportedly linked to a potential sale. pic.twitter.com/P8m36l7XsH

— crypto.news (@cryptodotnews) September 23, 2026 Neither Wintermute nor the FTX Recovery Trust has publicly confirmed that the transfer represented an immediate sale. On-chain movements into a market maker can support sales, OTC execution, collateral management, hedging or other trading functions.

Past FTX and Alameda transfers involving Wintermute show that estate-linked wallets have used the market maker in earlier asset movements. In October 2023, FTX and Alameda addresses transferred crypto worth approximately $10 million to Coinbase, Binance and Wintermute-linked destinations.

The Sept. 23 ETH movement therefore remains separate from the latest Hyperliquid short snapshot unless further wallet data or disclosures establish a direct connection between the transferred Ether and the derivatives exposure.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

Hyperliquid [HYPE] is reducing its supply through continuous purchases and token burning, which will help sustain the strength of its value capture model for the token.

For example, since the last 24 hours, Hyperliquid has purchased and burned approximately 10.4k HYPE tokens at an approximate cost of $956.8k. The burn of these tokens was tied to fees generated by the protocol.

This process becomes even more important as trading volume grows exponentially and creates compound effects. As such, Hyperliquid has earned $58.27 million in revenue during the last 30 days. In addition, this has created daily buybacks averaging approximately $1.16 million.

This should be able to create continued removals of tokens from the market when there is sufficient trading activity.

Source: OnChain Lens Total cumulative burn is at 48.96 million HYPE, or approximately 4.9% of the one billion maximum supply. However, the current burn pace remains modest relative to total supply.

Therefore, the long-term effect of this process will ultimately depend upon whether trading volume and fee generation continue to grow rapidly enough to increase the burn rate of tokens.

HYPE ownership shifts toward whales HYPE faces a demand-supply test That shift toward larger HYPE holders is now creating a tug-of-war between fresh institutional demand and potential whale selling.

Hyperliquid Strategies acquired 494K HYPE worth approximately $45.8 million. This purchase further solidifies Hyperliquid Strategies’ accumulation trend, with it holding 35 million HYPE.

Source: LookOnChain The increased purchases will remove additional supply from the market. However, if this accumulation continues, then it could support prices. Conversely, five whales have unstaked approximately $90.4 million in HYPE.

Source: LookOnChain Feeds Multicoin also transferred $12.15 million from Coinbase Prime to Coinbase Prime, thus providing another avenue for HYPE to enter the market.

Together, these moves place more than $100 million of potential selling against continued treasury demand. HYPE’s next move, therefore, depends on which side absorbs the other.

HYPE, the native token of the Hyperliquid decentralized trading platform, is currently defending a critical support area as the protocol expands its buyback and burn initiative. Over the past 24 hours, Hyperliquid has reportedly burned 10,400 HYPE tokens, valued at approximately $956,800, at a volume-weighted average price (VWAP) of $91.97. This latest transaction brings the total number of HYPE tokens burned to 48.96 million, representing about 4.90% of the project’s maximum supply.

Protocol revenue and supply dynamicsHyperliquid’s ongoing burn mechanism aims to reduce token supply while supporting the HYPE market. The project’s 30-day protocol revenue reached $58.27 million, providing financial resources to sustain the buyback activity. While reducing supply can influence HYPE’s price dynamics, continued upward movement is not guaranteed, as price also depends on demand, market sentiment, and broader liquidity conditions.

The protocol’s ability to generate significant revenue underpins its buyback operations. In the past month, substantial inflows have allowed the platform to accelerate token burns, further shrinking the circulating supply.

MetricLatest ValueHYPE burned (latest)10,400 tokens ($956,800)Cumulative HYPE burned48.96 millionMaximum supply burned4.90%30-day protocol revenue$58.27 millionVWAP (24h)$91.97Mini dictionary: Hyperliquid is a decentralized perpetuals exchange known for its orderbook-based trading, buyback and burn mechanics, and high throughput design serving traders globally.

Technical outlook and support levelsFrom a technical perspective, the $89–90 range has become an important support area for HYPE. Analyst Giannis Andreou notes that this zone previously acted as resistance but now functions as support due to recent price action. He describes buyers defending this level, suggesting a possible transition where former resistance becomes new support—a common occurrence in trading that can signal a bullish continuation if sustained.

The analysis points out that holding the $89–90 area could preserve the current bullish structure, while a breakdown below this level would prompt traders to reconsider their strategies rather than assume a continued uptrend.

If HYPE holds above this support, Andreou highlights the upper trendline as the next technical objective. Clearing the relevant highs could place the token into price discovery, potentially attracting further market attention.

Burns, support, and the road aheadHyperliquid’s approach hinges on reducing supply through buybacks while maintaining strong protocol revenue. The immediate challenge for HYPE is to hold the $89–90 support area. Sustaining this zone would keep the resistance-to-support flip scenario in play and shift focus toward higher levels on the chart.

Market conditions remain pivotal. If buyers lose control of the $89–90 region, the technical setup weakens, and short-term market participants may look for support at lower levels. The number of tokens burned and ongoing revenue will continue to influence sentiment and trading strategies in HYPE.

The combination of significant HYPE burns, robust protocol revenue, and buyers maintaining support forms the primary narrative for market participants as they assess Hyperliquid’s ongoing developments.

As both fundamental and technical signals interact, traders and observers are closely watching whether current support levels hold and if the protocol’s token-reduction policy can continue to affect price discovery in HYPE.

Hyperliquid, a decentralized perpetuals exchange and L1 ecosystem, has achieved a significant milestone by surpassing $7 billion in total value locked (TVL). Over the past month, the platform has generated nearly $60 million in protocol revenue, placing it among the leading decentralized finance (DeFi) protocols in terms of both capital locked and income generated. The native asset, HYPE, is closely tied to the platform’s activity and fee structure, which may contribute to its current performance and market perception.

The milestone of crossing $7 billion in TVL is seen as a strong indicator of Hyperliquid’s growth potential. Despite this positive news, some market fluctuations have been observed. The probability of Hyperliquid reaching a price of $100 by the end of 2026 has adjusted to 82% from 86% in the past day, although it remains significantly higher than the 46% observed a week ago. This adjustment suggests that while confidence remains high, market participants are recalibrating expectations based on recent developments.

The activity around Hyperliquid continues to reflect a favorable outlook, with various scenarios being considered. Reports of sustained volumes and potential institutional interest could further influence the market’s assessment of Hyperliquid’s prospects.

Key Takeaways Hyperliquid’s recent surpassing of $7 billion in TVL suggests significant growth and market interest in the platform. Market participants appear to view the platform’s revenue generation as supportive of a positive outlook, with the probability of reaching $100 by the end of 2026 remaining high. The 4% drop in probability over the past 24 hours may indicate short-term recalibration of expectations amid ongoing market developments. What to Watch Observers should monitor further developments such as potential partnerships or listings on major exchanges, which could influence Hyperliquid’s competitive position and pricing. Additionally, any changes in the regulatory landscape or security incidents could impact market sentiment. Key indicators will include Hyperliquid’s ability to maintain its revenue growth and TVL, as well as broader DeFi market trends.

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Term Structure

Contract Odds Δ since publish Volume 24h December 31 81.5% -0.5¢ $1K View market → January 1 2027 3.5% 0.0¢ — View market → January 1 2027 2.5% 0.0¢ $5 View market → January 1 2027 3.6% 0.0¢ $12 View market → January 1 2027 2.5% 0.0¢ — View market → January 1 2027 6.5% -0.5¢ $379 View market → January 1 2027 5% 0.0¢ $3K View market → January 1 2027 7% 0.0¢ $3K View market → Updated 5min ago

Source: Binance EN

This is a general announcement. Products and services referred to here may not be available in your region. Disclaimer: This is not available for users in the EEA. Fellow Binancians, Binance is excited to announce that Hyperliquid (HYPE) will be added to Binance Simple Earn, "Buy Crypto", Binance Convert, Binance Margin and VIP Loan at the respective dates and timings listed below. Earn HYPE Flexible Products will be listed on Binance Simple Earn at 2026-09-24 11:00 (UTC) and will be available for subscription. Buy & Sell Crypto Users can buy HYPE with VISA, MasterCard, Google Pay, Apple Pay or buy and sell HYPE with their account balances on the “Buy Crypto” page, available within one hour of HYPE being listed on Binance Spot. Convert Users will be able to start trading HYPE against BTC, USDT, and any other tokens on Binance Convert at zero fees within one hour of HYPE being listed on Binance Spot. VIP Loan HYPE will be listed as a borrowable coin on VIP Loan within one hour of HYPE being listed on Binance Spot. Margin Cross Margin & Isolated Margin Binance Margin will add HYPE as a new borrowable asset on Cross and Isolated Margin, as well as the HYPE/USDT and HYPE/USDC pairs on Cross and Isolated Margin at 2026-09-24 11:00 (UTC). Portfolio Margin Binance Margin will add HYPE as a new borrowable asset on Portfolio Margin, as well as the HYPE/USDT and HYPE/USDC pairs on Portfolio Margin at 2026-09-24 11:00 (UTC). Notes: Please note that newly listed tokens tend to be volatile; users are encouraged to adopt stringent risk management strategies when trading such tokens. Please refer to Margin Data for a list of the most updated marginable assets and further information on specific limits, collateral ratio and rates. Guides & Related Materials: How to Buy Crypto with Credit/Debit CardHow to Use Binance ConvertHow to Use Short on Margin TradingHow to Use Long on Margin Trading Note: There may be discrepancies between this original content in English and any translated versions. Please refer to the original English version for the most accurate information, in case any discrepancies arise. Thank you for your support! Binance Team 2026-09-24 USDC is an e-money token issued by Circle Internet Financial Europe SAS (https://www.circle.com/). USDC’s whitepaper is available here. You may contact Circle using the following contact information: +33(1)59000130 and [email protected]. Holders of USDC have a legal claim against Circle SAS as the EU issuer of USDC. These holders are entitled to request redemption of their USDC from Circle SAS. Such redemption will be made at any time and at par value.

Binance will open spot trading for Hyperliquid (HYPE) at 11 a.m. UTC on September 24, listing the token against Tether (USDT), USDC (USDC), and the Turkish lira (TRY).

HYPE edged higher after the exchange published the notice, although Binance attached its Seed Tag to the altcoin.

How Binance Is Rolling Out HyperliquidBinance published the listing announcement early on September 24, a few hours before trading was set to begin. The exchange said that users can deposit HYPE ahead of the launch.

Withdrawals are scheduled to open at 11 a.m. UTC on September 25. Binance said it charged no listing fee for the token. 

Spot algorithmic orders go live alongside trading, while trading bots and spot copy trading follow within 24 hours.

The TRY pair is open only to users with verified Binance TR accounts. Meanwhile, residents of the US, Canada, the Netherlands, and several other regions cannot trade any of the new pairs.

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What the Seed Tag Means for HYPE TradersBinance applies its Seed Tag to projects it considers more volatile and riskier than other listed tokens.

“HYPE is a relatively new token that poses a higher than normal risk, and will likely be subject to high price volatility. Users must exercise sufficient risk management and DYOR (do your own research) to fully understand the project before opting to trade the token,” the exchange said.

Under the tag,users must pass a risk quiz every 90 days to trade HYPE on Binance Spot or Margin. HYPE posted modest gains once the announcement went live.

TradingView data for the HYPE/USD pair on Coinbase showed the token up about 1.5% within 10 minutes. The token briefly climbed close to 1.9% before giving back part of that move. Over the past day, the altcoin has been down nearly 3% amid a broader market decline.

Hyperliquid (HYPE) Price Performance After Binance Listing Announcement. Source: TradingViewThe next checkpoint arrives at 11 a.m. UTC, when trading begins. Traders will then see whether HYPE holds its early gains once spot volume begins flowing through the exchange.

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Hyperliquid’s HYPE token has rallied after bouncing off a key support level, drawing renewed interest from traders and investors. The protocol, a decentralized exchange platform designed to deliver high throughput and fast transaction speeds for crypto users, continues to strengthen its position through strategic token burns and heightened user activity.

Price recovery and technical momentumHYPE regained positive momentum following a successful retest at the $75 support level, leading to an approximately 27% gain as the token advanced toward $96.13. This move highlighted a strong willingness among market participants to defend crucial levels, which prevented a deeper correction and fueled optimism for further recovery.

According to crypto analyst Einstein, the token’s ability to rebound from expected technical patterns suggests further targets are possible. Einstein identified potential upside levels for HYPE at $120, $140, and $160, though these are seen as resistance areas rather than assured price destinations.

Einstein pointed out that HYPE’s next hurdle would be holding gains despite potential selling near the $100 mark, and noted continued volatility is likely as the price approaches higher resistance levels.

Despite the optimism, a significant gap remains between current prices and these upper targets. Analysts expect that volatility will persist, and traders are closely monitoring whether HYPE can maintain momentum above the recent bounce zone or if a pullback toward $75 will reemerge.

Accelerating token burns and protocol growthOnchain Lens, a blockchain analytics firm, reported that Hyperliquid conducted a token buyback and burn of 39,980 HYPE tokens on September 22 at an average price of $94.18 per token, removing $3.76 million in supply. The cumulative burn now totals approximately 48.84 million HYPE—about 4.88% of the token’s maximum potential supply. At prevailing market values, the burned tokens represent around $4.64 billion in value.

The protocol’s cumulative revenue stands at about $1.27 billion, further highlighting its continued growth and level of on-chain activity.

Mini dictionary: Hyperliquid, a decentralized exchange protocol built for high-throughput trading, aims to provide low-latency order execution, supporting both spot and perpetual futures trading across a wide range of digital assets.

MetricValueRecent token burn39,980 HYPE ($3.76 million)Total tokens burned48.84 million HYPE (4.88% of supply)Value of burned tokens$4.64 billionTotal protocol revenue$1.27 billionRising user engagement and increased throughputHyperliquid’s network activity has reached new peaks, with the number of monthly active addresses climbing to an all-time high of 291,900, according to analyst Crypto Patel. This uptick in engagement reflects expanding participation within the ecosystem as renewed price action draws more users to the protocol.

Growth in unique addresses is being closely monitored as a barometer for long-term health, though increased usage does not automatically guarantee future price rises. Higher participation may support trading volume, liquidity, and protocol fee generation, driving further platform development.

Network performance has also improved significantly. Data from Hyperliquid Daily shows sustained throughput at 8,000–10,000 transactions per second (TPS), with recent spikes around 19,000 TPS. Robust throughput is regarded as vital for trading-focused blockchains, as it enables efficient order execution, liquidations, and overall network stability during periods of high market activity.

Hyperliquid continues to emphasize scaling and reliability, underpinning its ambitions to offer advanced trading infrastructure for crypto users worldwide.

Outlook and resistance levelsMarket sentiment around HYPE has benefited from a sharp rebound, ongoing token burns, rising wallet activity, and network scaling improvements. Immediate attention now centers on whether the token can consolidate in the $95-$100 range and build toward resistance targets at $120, $140, and $160. However, analysts caution that renewed selling or increased volatility may trigger a retracement to the $75 support level.

If HYPE establishes stability above $95, continued bullish momentum and higher targets may be achievable, but the road ahead remains sensitive to broader market dynamics and profit-taking by traders.

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

Summary

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kinetiq has flipped the switch on the public testnet for Elysium, the Hyperliquid-native layer-2 network it first revealed in late August. Developers can now connect using chain ID 99801, a public RPC endpoint, a block explorer, a bridge, and a faucet, essentially the full starter kit for building DeFi applications on top of Hyperliquid’s infrastructure.

The testnet going live barely a month after the project’s unveiling signals an aggressive development timeline. For a protocol that already dominates Hyperliquid’s liquid staking market, Elysium represents a bet that the ecosystem’s biggest bottleneck isn’t demand. It’s throughput.

What Elysium actually does Built on the Arbitrum Orbit framework, Elysium positions itself as the first dedicated layer-2 solution for Hyperliquid, designed to handle the kind of traffic that DeFi trading generates without the congestion.

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The performance targets are ambitious. Elysium is aiming for 100 to 200 milliseconds per canonical block, with an execution capacity of 300 Mgas/s, a substantial leap over what HyperEVM currently delivers.

HYPE serves as the native gas token, bridged at a 1:1 ratio. The bridging mechanics handle the full lifecycle from Elysium’s AMM layer through HyperEVM and beyond, maintaining what the team calls “asset coherence” across the Hyperliquid stack. The network is targeting spot trading and token launches as its initial use cases.

The economics: burns, builders, and buybacks Elysium’s sequencer fee distribution reveals a lot about Kinetiq’s priorities. Half of all fees, a full 50%, gets allocated to buybacks and burns of KNTQ, the project’s governance token. Another 25% goes to builders deploying on the network, and the remaining 25% flows to the Kinetiq treasury.

KNTQ, which is listed on Kraken, rallied roughly 30% when Elysium was first unveiled in August before partially retracing. Mainnet parameters are still being refined and pre-launch conditions remain in flux.

Hyperliquid’s expanding infrastructure layer Kinetiq already controls the majority of Hyperliquid’s liquid staking market, giving it an outsized role in the chain’s validator economics and a built-in distribution channel for Elysium adoption.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

The US Securities and Exchange Commission (SEC) has approved a five-year Innovation Exemption, enabling qualified trading venues to list fully-backed tokenized National Market System (NMS) equities on public blockchains. This regulatory change offers venues the possibility to bring real-world equities, such as NVDA, TSLA, and composite indexes, into on-chain environments for 24/7 spot trading.

Pathway for Tokenized EquitiesThe Innovation Exemption allows venues that meet SEC requirements to make tokenized equities available for spot trading using permissioned automated market makers (AMMs). Venues must implement know-your-customer (KYC) protocols at the trading level, and settlement occurs transparently on public blockchain infrastructure. However, the exemption does not extend to leveraged derivatives, such as perpetual swaps, which the SEC has not endorsed for these assets.

For Hyperliquid, a leading decentralized futures exchange, this regulatory shift presents a pathway to integrate traditional equity trading alongside its crypto-based spot and derivatives offerings. Hyperliquid’s EVM layer, HyperEVM, plans to incorporate a decentralized exchange for spot equities, leveraging lending and oracle services already connected to its system.

DefiLlama data from September 2026 shows Hyperliquid managing daily trading volumes above $1.2 billion, making it the largest decentralized futures venue. Introducing tokenized TradFi assets addresses a current gap for users seeking US equities for collateral and portfolio diversification.

Potential Impact on Market StructureIf Hyperliquid’s HyperEVM launches as a compliant venue, it could attract significant assets under management as institutional investors consider using tokenized equities for lending, liquidity provision, and delta-neutral trading strategies. A unified environment where traders can simultaneously hold spot positions and short perpetuals on the same underlying equities, such as tokenized TSLA, provides new opportunities for risk management without leaving the platform.

The SEC under Chair Paul Atkins has signaled a permissive stance on asset tokenization. Meanwhile, the Commodity Futures Trading Commission (CFTC) is pursuing its own pilot programs for derivatives, including the Bitnomial track. The catalyst for legal US equity perpetuals still depends on CFTC guidance.

Other major trading platforms such as Coinbase, Kraken, and Robinhood are also exploring tokenized equity offerings, often through their broker-dealer affiliates. Layer-1 blockchains including Solana and Arbitrum have run pilot programs featuring permissioned tokenized stock trading, underscoring rising competition in the sector.

Operational and Regulatory ChallengesVenues offering tokenized equities need to secure registration as alternative trading systems or broker-dealers and implement transfer agent controls to meet SEC standards. Accurate price oracles and verifiable asset custody are expected to face scrutiny, with the SEC accepting public comments on the exemption through the fourth quarter of 2026.

Key milestones going forward include formal filings for HyperEVM-based share trading venues, governance proposals for HYPE token holders, and ongoing signals from the CFTC on US-listed derivatives. The launch of a regulated equities-perps hybrid market remains a significant test for the Hyperliquid ecosystem.

The Innovation Exemption is not a license for perpetuals, but represents the most substantial TradFi-approved framework yet for on-chain tokenized spot stocks. If implemented successfully, HyperEVM could provide compliant access to real US equities, expanding institutional participation and bridging traditional and crypto markets within a single trading environment.

Technical developments such as oracles and integrated pools underscore the importance of market timing and asset selection in tokenized ecosystems. In the meme token market, an internet trend can transform into millions of dollars of interest within days. According to data shared by Fomo App, a trade involving “Niu Lai”—which turned an initial $99 investment into approximately $370,000, stands out as a striking example of this activity. In this market, tracking not only prices but also the timing and token choices of investors is crucial. Fomo App brings token discovery and trading together on a single platform, featuring social feeds, investor rankings, and trade notifications. Discover Fomo App to follow the world of meme tokens alongside investor activity.

If compliant venues begin operations, the move could lower entry barriers for institutions and add significant liquidity, utility, and cross-market functionality to the Hyperliquid ecosystem. Market observers are closely watching for updates as Hyperliquid pursues integration of spot and derivatives trading for both crypto and traditional assets.

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

Summary

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

Trailing stops are now available for perp markets.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Hyperliquid, the decentralized platform behind the HYPE token, has achieved a new milestone as its price hit an all-time high of over $92. The surge in value coincides with the platform’s expanded features, including a new borrowing facility that allows users to borrow stablecoins against HYPE or Bitcoin collateral. This development has possibly contributed to the token’s rise, with its market capitalization soaring past $20 billion. Despite this upward momentum, potential competition and regulatory challenges may pose hurdles to its sustained growth.

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Key Takeaways Hyperliquid’s price action suggests market participants are optimistic about its potential to reach $100 by the end of 2026. The introduction of borrowing against HYPE likely contributed to its recent price surge, indicating increased utility and demand. While current pricing trends appear supportive of a YES outcome for reaching $100, the market acknowledges potential risks from competition and regulation. What to Watch Market observers should monitor Hyperliquid’s ongoing developments, particularly any new partnerships or technological advancements that could bolster its competitive position. Regulatory news and potential security issues may also impact its future performance. Current pricing suggests confidence in short-term gains, but longer-term sustainability remains uncertain. Key dates include December 31, 2026, when the market will assess if Hyperliquid has met the $100 target.

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Term Structure

Contract Odds Δ since publish Volume 24h December 31 78% — — View market → January 1 2027 3.5% — — View market → January 1 2027 2.5% — — View market → January 1 2027 4.5% — — View market → January 1 2027 4.1% — — View market → January 1 2027 8.5% — — View market → January 1 2027 5.5% — — View market → January 1 2027 7.5% — — View market →

NEAR climbed about 13% to $4.07 on September 20 as its September rally accelerated. near.com now offers 50+ Hyperliquid perpetual markets with leverage of up to 40x, using NEAR Intents for cross-chain funding. Confidential TVL passed $90 million in NEAR’s September 19 announcement, while live readings subsequently climbed much higher. NEAR extended its September rally on Sunday as near.com expanded its cross-chain infrastructure into leveraged derivatives, launching confidential perpetual futures powered by Hyperliquid.

The token traded around $4.07 on September 20, gaining roughly 13% during the session after touching $4.31.

NEAR trades at $4.0727 after gaining 13.60% on September 20. Source: TradingView Behind the price move is a product that combines NEAR’s cross-chain routing with an established derivatives venue rather than attempting to build a new exchange. Traders can access more than 50 perpetual markets with leverage of up to 40x, while NEAR Intents handles the movement and conversion of assets used to fund their accounts.

The “confidential” label also has an important limitation: it applies to the connection between a trader’s funding source and trading account, not to making Hyperliquid’s underlying market activity invisible.

How NEAR’s Confidential Perps Work The product splits the trading process across three layers.

NEAR Intents handles cross-chain routing and asset conversion. near.com provides the interface and confidential funding process. Hyperliquid supplies the perpetual markets and execution infrastructure.

That setup allows users to start with assets held across supported blockchains rather than manually bridging and converting collateral before reaching the derivatives venue.

Confidentiality is focused on the funding path. Deposits and withdrawals associated with the dedicated trading account are designed to break the publicly visible connection to the original wallet.

The resulting positions should not, however, be treated as completely private trades. Hyperliquid remains the execution venue, so confidentiality around wallet provenance is different from hiding orders and positions themselves.

For larger traders, that separation can be meaningful. Linking a well-funded wallet directly to a leveraged trading account can reveal capital movements and potentially expose information about a trader’s broader activity.

40x Leverage Raises the Stakes Making a derivatives account easier to fund does not make leverage safer.

near.com offers leverage of up to 40x, meaning a trader using the maximum can control a position approximately 40 times the initial margin.

A 2.5% adverse price move would equal the initial margin under simple 40x leverage arithmetic. But that should not be interpreted as a universal 2.5% liquidation threshold.

Actual liquidation depends on maintenance margin requirements, fees and market-specific risk parameters. The near.com interface itself illustrates the difference: an example 10x ZEC position showed a liquidation price roughly 7% below entry rather than the simple 10% suggested by dividing one by leverage.

Cross-chain funding introduces another layer of dependency. Traders are relying not only on the derivatives venue but also on the infrastructure responsible for routing, converting and settling their collateral.

near.com says transactions are signed locally on users’ devices and that users retain control of assets until funds are committed to a position.

Confidential TVL Moves Beyond NEAR’s $90 Million Milestone Capital flowing into NEAR’s confidential infrastructure has increased rapidly alongside the product expansion.

NEAR announced on September 19 in X that near.com had reached $90 million in Confidential TVL. That was a dated milestone rather than a live ceiling on the amount of capital using the infrastructure.

$90 million confidential TVL.

Encrypt your commerce. pic.twitter.com/QsSBRUpxeT

— NEAR Protocol (@NEARProtocol) September 19, 2026

Live dashboard readings subsequently moved into roughly the $170 million-$182 million range as additional capital entered the system.

The difference is largely one of timing. The $90 million figure captures the level NEAR publicly highlighted on September 19, while the dashboard is dynamic and changes as assets move through the relevant infrastructure.

There is another factor to consider when interpreting the increase.

Confidential TVL had previously crossed $70 million, triggering the first snapshot of the [email protected] incentive program. Incentives can attract capital specifically seeking rewards, meaning the headline TVL increase should not automatically be treated as evidence that an equivalent amount represents permanent trading demand.

Retention after the incentive period will therefore provide a cleaner indication of how much capital is staying in the system.

Hyperliquid Gives NEAR Liquidity Without Another DEX The decision to integrate Hyperliquid removes one of the largest obstacles facing a new perpetual platform: creating a liquid market from scratch.

Hyperliquid was processing roughly $240 billion in perpetual-futures volume over a 30-day period in mid-September, giving near.com access to substantial existing trading activity instead of requiring NEAR to attract a separate pool of market makers and traders.

The structure is relatively straightforward:

NEAR Intents: cross-chain routing and asset conversion near.com: confidential funding and account interface Hyperliquid: markets, liquidity and derivatives execution For NEAR, the opportunity is therefore not necessarily to replace an established derivatives exchange. It can instead become part of the infrastructure traders use to reach external liquidity.

A user also does not need to migrate an entire portfolio onto NEAR first. Assets held elsewhere can be routed and converted through Intents into the collateral required for the Hyperliquid account.

This makes adoption of NEAR Intents itself particularly important. If the product succeeds, growth can occur through transaction routing even when the final trade executes outside NEAR’s own markets.

Privacy Does Not Remove Geographic Restrictions Confidential funding should also be separated from regulatory access.

near.com’s perpetual product states that it is unavailable to U.S. persons and users in certain other restricted jurisdictions. The published restriction establishes who may use the product, although near.com does not provide enough information on the product page to conclude precisely how every restriction is technically enforced.

That distinction prevents privacy from being confused with unrestricted access.

Eligible users still face the normal financial risks of leveraged derivatives alongside additional technical dependencies created by cross-chain routing. A private funding path does not change the possibility of liquidation or eliminate smart-contract and infrastructure risk.

NEAR Nearly Doubles During September Rally NEAR’s product expansion has coincided with a dramatic move in the token.

The token was trading near $2.30-$2.40 in mid-September before accelerating on September 17. It subsequently broke through $3 and $3.50 on its way to an intraday high of approximately $4.31 on September 20.

The move represents an increase of more than 75% from the $2.30 area.

The timing does not establish that confidential perpetuals caused the entire rally. NEAR had already attracted attention around Confidential Intents, rising TVL and the [email protected] program, while Bitcoin and the broader crypto market also strengthened during the period.

For the underlying product, the next set of numbers will be more informative than another short-term price move.

Perpetual volume routed through near.com will show whether traders are using the new integration. Confidential TVL after the incentive snapshots will reveal how much capital remains when reward-driven demand fades. And continued NEAR Intents volume will show whether its role as a cross-chain access layer is expanding beyond the initial derivatives launch.

Those metrics will determine whether September’s surge translates into sustained use of NEAR’s infrastructure.

Alex is a financial markets journalist and co-founder of Millennial Media Group, and he's spent close to ten years trying to answer one stubborn question: what's really driving this? It started in 2016, when Bitcoin refused to make sense to him - and rather than shrug, he stayed with it until it did. That patience became his method. He's less interested in what an asset is doing today than in the plumbing behind it: how liquidity flows, where risk hides, what a chart is quietly telling you that the headline isn't. That lens eventually stretched well past crypto into traditional markets, because the same forces - fear, leverage, incentives, timing - show up everywhere once you know how to look. Most coverage, in his view, insults the reader by stopping at the surface. Price up, price down, moving on. He'd rather leave someone genuinely understanding a move than merely informed that it happened. His path into markets ran through a Tourism degree at New Bulgarian University - proof, maybe, that curiosity beats credentials. With more than 200 deep analyses and over 10,000 articles behind him, he still walks away from most trading days having learned something he didn't know that morning.

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Hyperliquid pulled in $3.07 million in protocol revenue over a single 24-hour period, part of a broader wave that saw four major onchain platforms simultaneously post their best weekly numbers. According to data tracked by DefiLlama, Hyperliquid’s 7-day revenue total reached approximately $13.47 million, cementing its position as one of the highest-earning protocols in decentralized finance outside of stablecoin issuers.

The other three protocols sharing the spotlight, Pump (pump.fun), StonkFun (Stonk), and Pons, each hit personal weekly revenue records of their own.

The numbers behind the surge Hyperliquid’s revenue engine runs almost entirely on perpetual futures trading. Roughly 99% of eligible perps fees get funneled into HYPE buybacks and burns via the protocol’s Assistance Fund.

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StonkFun, operating in the token launchpad space, posted a peak single-day revenue figure of $1.84 million during the same stretch.

Pons demonstrated perhaps the most consistent performance of the group, with approximately $17.8 million in revenue over its trailing 30-day window.

Pump, the Solana-based memecoin launchpad, rounded out the quartet, capitalizing on continued activity within the Solana ecosystem.

Why revenue matters more than TVL right now DefiLlama’s rankings now place these protocols among the top onchain revenue generators when you exclude stablecoin issuers like Tether and Circle. That’s a meaningful filter, because stablecoin revenue is a fundamentally different business model built on interest income from reserves rather than protocol fees from users.

Activity levels surged particularly around mid-September, with revenue leadership shifting frequently among these platforms.

Buybacks, burns, and what comes next Hyperliquid’s approach is the most aggressive, directing nearly all eligible fees into its Assistance Fund for HYPE buybacks and burns. The launchpad protocols tend to split their earnings between treasury accumulation and token buyback initiatives.

For Hyperliquid specifically, the $13.47 million weekly revenue figure translates to an annualized run rate north of $700 million.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.