CZ říká, že jakákoli regulace pro Hyperliquid by prospěla celému sektoru decentralizovaného obchodování. Podle něj by jasná cesta pro perpetuální DEXy mohla otevřít americkým uživatelům další on-chain služby.
Binance co-founder Changpeng Zhao (CZ) has argued that any regulatory framework adopted to accommodate Hyperliquid would, by extension, benefit the entire decentralized trading sector, not just one platform.
"Policy cannot be applied to only one company/project," CZ said. "What's good for one is good for the rest of the industry."
A Rising Tide for Perp DEXsCZ's comments point to an opportunity that extends well beyond Hyperliquid. If US regulators carve out a clear pathway for decentralized perpetual futures platforms, more perp DEXs and on-chain services could become accessible to American users for the first time. Hyperliquid, the largest decentralized perpetual futures exchange by volume, is actively working to find a legally compliant way to serve US traders, though the platform currently geo-blocks American users.
The push comes after the Commodity Futures Trading Commission (CFTC) took a significant step in late May 2026, That decision is widely seen as a potential turning point for the broader on-chain derivatives market.
CZ's Broader View on Decentralized TradingThe remarks reflect CZ's long-held view that decentralized venues will play an increasingly significant role in crypto markets. Zhao has previously predicted that perp DEXs will rival centralized exchange volumes within one market cycle. At the same time, he has been candid about the compliance risks that come with operating without KYC checks, drawing on his own experience navigating regulatory scrutiny at Binance.
CZ's public backing adds weight to that case, signaling that how Washington treats platforms like Hyperliquid has implications for the entire decentralized trading industry.
Sources
CoinDesk: Hyperliquid starts DeFi lobbying group with $29 million token backing
Proskauer: The CFTC approves US-listed perpetual futures
CoinMarketCap: Hyperliquid launches $29M DeFi Policy Center in Washington
Trump uvedl, že američtí regulátoři pracují na tom, aby Hyperliquid uvedli na americký trh v plném souladu se zákonem. Token Hyperliquid po tomto výroku vyskočil o 22 %.
President Donald Trump said U.S. regulators are working to bring Hyperliquid, a popular offshore venue for perpetual futures, to the U.S. The price of Hyperliquid token jumped 22% after the remark.
“I understand that Mike [Selig] is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion,” said Trump at a White House crypto meeting Wednesday, referring to the Commodity Futures Trading Commission Chairman Michael Selig.
If Hyperliquid enters the U.S., it will bring a competitor to Coinbase and Kalshi, which recently got approval to offer perpetual futures, which are contracts that allow traders to bet on the price of crypto or other assets with leverage without an expiry date.
Hyperliquid, an exchange and blockchain founded by Harvard graduate Jeff Yan in 2023, doesn’t operate a U.S.-regulated exchange and its interface prohibits U.S. users from trading through it. One regulatory pathway would be petitioning regulators to allow U.S.-regulated firms to offer perpetual futures to their clients on markets that trade, clear and settle on Hyperliquid’s public blockchain, Jake Chervinsky, CEO of Hyperliquid Policy Center, told The Information in a recent interview.
Coinbase přidal do Base App přes Hyperliquid více než 290 perpetuálních trhů s pákou až 50x. Produkt je ale mimo jiné nedostupný v USA, Británii a Kanadě.
Coinbase has added more than 290 perpetual contract markets to the Base App through Hyperliquid, giving eligible users access to leverage of up to 50 times.
Summary
More than 290 perpetual markets are available through the Base App. Hyperliquid executes the trades while users remain inside their existing wallets. Leverage reaches 50x on supported markets, raising the risk of liquidation. Users in the United States, United Kingdom, and Canada cannot access the product. According to an Aug. 19 report, Coinbase said that the integration covers Bitcoin, Ethereum, and contracts tied to stocks and commodities, although the leverage limit varies by market.
Coinbase brings Hyperliquid trading into Base App Rather than operating a separate derivatives venue inside the Base App, Coinbase is routing perpetual contract orders to Hyperliquid for execution. Users can open and manage positions without leaving their existing wallets, according to the company.
Coinbase Head of Engineering Chintan Turakhia described Hyperliquid as one of the highest-performance on-chain perpetual trading protocols, pointing to its liquidity and execution speed as reasons for the integration.
“Because we support multiple chains and ecosystems, this integration lets our users tap into its deep liquidity and speed without ever leaving their existing wallet,” Turakhia said in a statement.
The arrangement keeps the trading interface inside the Base App while relying on Hyperliquid’s infrastructure to process orders. Coinbase did not disclose whether it receives a share of trading fees, pays Hyperliquid for order execution, or applies additional charges to trades placed through the app.
Perpetual contracts let traders take long or short positions on an asset without buying the underlying instrument. Unlike dated futures, the contracts have no fixed expiry, while funding payments between long and short traders help keep their prices close to the referenced market.
Alongside Bitcoin and Ethereum, the available markets include contracts linked to equities and commodities. Coinbase did not provide a complete list of the supported markets in its announcement, and leverage can fall below the advertised 50x maximum depending on the asset.
The stock-linked products provide price exposure through derivatives rather than ownership of company shares. Traders therefore do not receive voting rights, dividends or other rights normally attached to the underlying stock.
A June report on pre-IPO perpetuals examined Coinbase’s contracts tied to private companies, including SpaceX, OpenAI, and Anthropic. Such products rely on constructed reference prices because privately held companies do not have continuously traded public shares.
Up to 50x leverage raises liquidation risk Using 50x leverage allows a trader to control a position worth 50 times the capital committed as margin. The same structure can amplify losses, with relatively small price changes capable of exhausting the funds supporting a position.
Coinbase said positions may be liquidated when losses pass the applicable maintenance threshold. Hyperliquid’s execution system can close a position if the trader no longer has enough collateral to keep it open, although the precise liquidation level depends on the market, position size, and leverage selected.
Turakhia said perpetual contracts account for about 75% of current cryptocurrency trading volume, describing the product as the most requested addition among frequent Base App users.
“Perps are where the volume is—roughly 75% of all crypto trading today is perps, not spot,” he said.
Coinbase did not identify the dataset or measurement period behind the 75% figure. Trading-volume estimates can differ depending on whether a calculation includes centralized exchanges, decentralized protocols, dated futures, options, and exchanges that do not publish independently verified figures.
Hyperliquid has developed into one of the largest on-chain venues for perpetual contracts. A May review of the protocol cited industry trackers showing that it processed more monthly perpetual volume than several competing decentralized platforms combined.
For Base App users, the integration removes the need to open a separate Hyperliquid interface before entering a position. Coinbase, however, has not said whether the Base App will offer every Hyperliquid order type or provide the same trading controls available through Hyperliquid’s native platform.
US users remain blocked from Base App perpetuals Coinbase said the new perpetual product is unavailable in the United States, the United Kingdom, Canada, and other jurisdictions that restrict leveraged cryptocurrency derivatives.
American customers therefore cannot use the Base App integration to trade Hyperliquid perpetuals. Coinbase offers separate futures products in the United States through Coinbase Financial Markets, a futures commission merchant registered with the Commodity Futures Trading Commission and a member of the National Futures Association.
According to Coinbase’s risk disclosures, its regulated U.S. futures service can liquidate positions if a customer’s margin ratio reaches 100%. The company also warns that leveraged futures may produce losses exceeding the amount initially deposited.
Funds placed in a U.S. Coinbase Financial Markets futures account fall under CFTC customer-protection rules, including segregation requirements. Coinbase states that ordinary spot balances held by Coinbase Inc. do not receive the same protection.
Hyperliquid perpetuals inside the Base App are separate from the regulated U.S. futures service. Coinbase has not announced a timetable for seeking American access to the new integration or identified a U.S.-regulated entity that would offer the contracts.
The geographic limits also exclude UK users from the product, even though Coinbase has recently expanded other services in the country. In August, the exchange began rolling out access to almost 4,000 U.S. stocks for eligible UK customers, with trading available 24 hours a day on weekdays.
Base App has returned its focus to financial products The Hyperliquid integration follows a change in Base App’s product priorities after its earlier focus on social feeds, creators, and creator tokens failed to produce the user growth its developers expected.
As crypto.news reported in July, Base creator Jesse Pollak said the network had fallen behind in prediction markets and perpetual futures while concentrating on social products.
Pollak wrote that demand for the social features had “disintegrated completely” and called the creator-led approach the “wrong bet.” He subsequently stepped back from leading the Base App to concentrate on the development of the Base blockchain, while Coinbase resumed control of the application.
Trading, payments, stablecoins, and AI agents have since taken a more prominent role in the app’s development. Coinbase has also pursued an “Everything Exchange” model that combines crypto markets with stocks, derivatives, prediction markets, and other financial products.
In July, coverage of prediction markets showed that Coinbase had described the category as one of its fastest-growing products. The company’s first-quarter 2026 shareholder materials said retail derivatives had passed $200 million in annualized revenue, while derivatives volume over the previous 12 months had risen 169% year over year.
Base already offered perpetual trading through Avantis and prediction markets through Limitless, but Pollak acknowledged in July that both products trailed larger competitors. Dune Analytics data cited at the time showed that Limitless accounted for about 0.5% of monthly prediction-market notional volume.
Trump řekl, že USA zvažují akumulaci „významného množství“ bitcoinu a že jeho administrativa už „zcela ukončila válku proti kryptoměnám“. Zároveň vyzval Kongres k rychlému přijetí Clarity Act.
U.S. President Donald Trump met with executives from crypto and fintech firms including Coinbase, Ripple, Robinhood, Gemini, and Chainlink at the White House’s Roosevelt Room on Wednesday local time, delivering a speech in support of cryptocurrencies. Trump said his administration has “completely ended the war on cryptocurrencies,” noting the industry is thriving, and the U.S. must retain its “undisputed leadership” in areas such as Bitcoin, cryptocurrencies, prediction markets, and artificial intelligence, while committing to becoming the “world’s crypto capital.” He added that the U.S. government has discussed accumulating “significant quantities” of Bitcoin and other cryptocurrencies, claiming crypto assets “have greatly eased pressure on the U.S. dollar.” Meanwhile, he urged Congress to pass a “fair version” of the Clarity Act (Digital Asset Market Clarity Act) promptly, arguing this would keep the U.S. ahead of China and other countries. Trump also noted that the SEC Chair is working to bring Hyperliquid to the U.S. market in a compliant manner, and highlighted policy achievements including the signed Genius Act (stablecoin legislation), strategic Bitcoin reserves, and the ban on central bank digital currencies (CBDCs).
CANADA - 2025/09/28: In this photo illustration, the Hyperliquid (Hyper Liquid) logo is seen displayed on a smartphone screen. (Photo Illustration by Thomas Fuller/SOPA Images/LightRocket via Getty Images)
SOPA Images/LightRocket via Getty Images
"Supply cliffs get packaged as sentiment, but the actual selling is largely mechanical," said Dat Ngo, a certified public accountant at Vetted Prop Firms, in written comments. "In the typical construction the recipient has tax liability upon vesting (which is day + current day price), regardless of selling. That means a chunk will immediately get sold off just to pay a tax bill."
"HyperLabs unlocked another 433,025 $HYPE($23.46M) and has been gradually depositing the tokens into exchanges, including Flowdesk and OKX, likely to sell," the onchain research account @lookonchain posted on August 8.
"Around 433,000 $HYPE unlocked over the weekend. Great projects don't magically ignore supply and demand," the trader @MrStakamoto posted two days later. HYPE trades 22.7% below its June 16 record. The trackers project another 9.92 million for September 6, some $589 million at Monday's $59.39 and nine days before the Federal Reserve's September 15-16 meeting.
"Remove all discretionary supply, cut the 38% incentive and burn unclaimed airdrop tokens. Unscheduled vesting is arguably worse than fixed as you can't forecast it out," the trader @0xpostrich posted on August 13, under the heading "Hyperliquid float problem." The Hyper Foundation announces a claim amount around the 6th of each month, and it has landed far under the schedule's 9.92 million every time, at 173,217 HYPE in March.
"$HYPE buys back 1 of every 7 tokens on its unlock schedule," the token-unlock data service Tokenomist posted on August 14. "The vesting schedule unlocks 9.92M $HYPE a month to Core Contributors, 81.8M over nine months. The Assistance Fund bought back 11.9M of that on-chain, 14%, a 7:1 ratio in token counts." DefiLlama puts Hyperliquid's 30-day trading fees at $41.7 million, and the HYPE the fund buys is burned. Total supply is down to 955.3 million against a 1 billion cap.
'The Danger Is Margin'"Margin is what makes an already publicized calendar event a difficult event to navigate," said Ashley Akin, a certified public accountant at the broker TMGM, in written comments. "$581M to unlock is digestible by the market if it is not over-leveraged; the danger is margin placed on top." With two events stacked days apart, she said, "it seems reasonable to pare back size prior to the date, rather than trade through it."
That margin sits on the largest onchain perpetual futures venue, which challengers have attacked for two years.
"We're interested in Morpho markets, Aave markets. We're interested in like Hyperliquid perps," MacBrennan Peet, founder and chief executive of Project 0, said on the On The Margin podcast of the venues his DeFi prime brokerage cross-margins for clients. When one of them, Drift, was exploited, "as with any like traditional market prime broker, we isolated risk, we contained risk in that event to Drift specific lenders," he said.
"The only restriction being that, you know, you can't trade through some news events like nonfarm payrolls was this morning," James Sixsmith, founder and chief executive of Take Profit Trader, said on the On The Margin podcast. That rule is the one difference between his firm's simulated accounts and its live ones. Onchain perps carry no equivalent, including the trading Telegram put in front of a billion users.
"Liquidations down 71%. Volume down 50%. BTC unchanged. This isn't consolidation, it's abstention," the macro account @Richmanvn posted Sunday. "Everyone is flat into Wednesday's FOMC minutes." The minutes cover the July 28-29 meeting, where three officials dissented in favor of a hike from the 3.50% to 3.75% range. Jackson Hole follows August 27-29.
"That is leverage bleeding out slowly. I do not see $BTC sustaining above $65K before the September FOMC while open interest keeps unwinding," the market commentary account @CryptoChannel24 posted on August 15, as open interest and prices fell together.
Bitcoin sits at $63,840, 49% below its October 2025 record and 1.2% lower on the week, and prediction market bettors dumped their rate cut hopes in the spring.
"Seeing an event on the calendar doesn't help steady nerves; all it really does is increase the time we have available to craft a narrative for why this time it's different," said Sira Masetti, founder of consultancy Bias for Growth, in written comments.
Hyperliquid’s platform-wide open interest has crossed the $12B threshold, a level the decentralized perpetuals exchange hasn’t touched since October 10. The milestone signals a steady climb back toward the platform’s previous highs and reflects broadening trader appetite for on-chain derivatives.
For a protocol that runs its own Layer-1 blockchain dedicated entirely to perpetual futures trading, reclaiming $12B in open interest is more than a vanity metric. It’s a proxy for how much capital traders are willing to park in leveraged positions on a decentralized venue, essentially a confidence vote denominated in billions.
What’s driving the recovery A significant chunk of this growth traces back to HIP-3 markets, Hyperliquid’s framework that lets third-party developers spin up bespoke perpetual contracts. The twist: many of those contracts aren’t crypto assets at all. They’re tied to traditional financial instruments like the S&P 500 and individual equities.
HIP-3 open interest alone has surpassed $4B at points, which means roughly a third of the platform’s total positioning has come from traders betting on stocks and indices through crypto rails.
Earlier in 2026, Hyperliquid had already crossed the $10B open interest mark as it expanded into commodities and real-world assets. The jump from $10B to $12B suggests the expansion isn’t just attracting curiosity, it’s retaining capital.
Hyperliquid has also captured a record 9.5% share of centralized exchange perpetual open interest, competing against incumbents like Binance and Bybit.
Context and the road back The pre-downturn peak for Hyperliquid’s open interest sat around $15.85B, so the platform still has ground to cover before setting new all-time highs. The October decline was part of a broader market correction that compressed positioning across crypto derivatives venues. Recovering to $12B puts Hyperliquid roughly 75% of the way back to its previous ceiling.
HYPE, the platform’s native token, handles governance, staking, and transaction fees on the Hyperliquid blockchain, with a maximum supply capped at 1 billion tokens. As trading volumes and open interest climb, demand for HYPE naturally increases since every transaction on the chain requires it for gas.
The platform’s architecture is deliberately different from competitors that build on top of existing chains like Ethereum or Arbitrum. By operating its own Layer-1, Hyperliquid controls the entire stack, from consensus to order matching.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Multicoin Capital převedla 172 710 HYPE v hodnotě asi 10,15 milionu USD na Coinbase Prime, což vyvolalo spekulace o možném prodeji. Firma přesto stále drží zhruba 2,16 milionu HYPE.
On August 18, blockchain analytics platform Onchain Lens reported that Multicoin Capital transferred 172,710 HYPE tokens, valued at around $10.15 million, to Coinbase Prime, raising questions about potential selling activity from one of HYPE’s most prominent institutional holders.
Market impact of the transferHYPE, backed by the Hyperliquid decentralized exchange, has recently ranked among the top 10 crypto assets by market capitalization. With a market cap of approximately $13 billion and a current trading price near $58.59, as reported by DefiLlama, large-scale token transfers have the potential to influence market sentiment significantly.
While direct sales have not been confirmed, market observers often interpret substantial inflows to major exchanges as early signs of possible liquidation. Elevated awareness of such transfers has intensified as the token’s price remains well below its earlier June peak of $76.87.
Multicoin Capital’s position in HYPEDespite the recent transfer, Multicoin Capital, a crypto investment firm known for actively supporting emerging blockchain projects, continues to be a major HYPE holder. According to Onchain Lens, the firm still holds around 2.16 million HYPE, valued at nearly $126.63 million, making the latest movement a relatively modest trim instead of a substantial exit.
Coinbase Prime, the institutional platform operated by Coinbase, provides custody, trading, and financing solutions for large-scale clients. Transfers to platforms such as Coinbase Prime are often classified as either preparation for potential sales or custody management.
Onchain Lens described this transaction as “likely to sell,” prompting caution among traders due to the high profile of the institution involved.
Mini dictionary: Multicoin Capital is a prominent digital asset investment firm specializing in tokens, blockchain projects, and supporting new Web3 infrastructure initiatives.
Exchange inflows and liquidity concernsThe market reads major token inflows to exchanges as a sign of additional supply that could exert downward price pressure. Although HYPE’s open interest sits around $11.8 billion, its liquidity remains more limited than larger cryptocurrencies, amplifying the price impact from large holders’ transactions.
After a period in which Hyperliquid’s biggest holders have made visible token movements, further actions by Multicoin Capital continue to attract market scrutiny.
MetricValueHYPE current price$58.59June peak price$76.87Current market cap$13 billionOpen interest$11.8 billionMulticoin’s remaining HYPE2.16 million ($126.63 million)Latest transfer172,710 HYPE ($10.15 million)Multicoin Capital has continued to engage with speculation about its intentions, as large transfers to exchanges may spook investors, particularly when liquidity is limited and open interest remains high.
Previous statements and ongoing debateFollowing a previous $291 million combined HYPE unstaking executed by Multicoin Capital and Paradigm in July, which led to price volatility, Multicoin Capital’s co-founder Tushar Jain stated that the unstaking aimed to enhance privacy and rotate wallets rather than initiate sales. On-chain analysts at Markets Alpha backed this by showing the tokens were moved to custody providers rather than exchanges.
The latest transfer, however, marks a shift as tokens have entered Coinbase Prime, an institutionally focused exchange platform more directly linked with trading and settlement. This difference in transaction destination has drawn additional attention to the $10.15 million movement, though there is still no evidence indicating an active sale has taken place.
Multicoin Capital previously stated that wallet movements were for privacy and operational security, not immediate selling, underscoring the ongoing debate about investor intentions during large crypto transfers.
Fundamental outlook for HYPEDespite short-term selling pressure, Hyperliquid reported revenue of $873 million on approximately $2.9 trillion in trading volume for 2025, representing nearly 59% of open interest in the decentralized derivatives market. According to Multicoin Capital’s June valuation report, nearly all protocol revenue is allocated to HYPE buybacks and subsequent burning, underlining the token’s deflationary structure.
Multicoin’s analysts estimated in their forecast that HYPE could eventually reach approximately $319 by 2028, although actual outcomes may depend on market dynamics and investor behavior in the interim.
While the recent transfer has intensified short-term speculation, Multicoin Capital’s substantial remaining stake in HYPE ensures it will remain a focal point for traders monitoring large-scale token moves.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Hyperliquid Policy Center a trade[XYZ] vyzvaly SEC, aby vytvořila regulaci pro IPOPs, tedy pre-IPO perpetual kontrakty, on-chain deriváty navázané na budoucí veřejné listingy. Na Hyperliquidu už běží pět takových trhů s kumulovaným objemem asi 1,46 miliardy USD.
An independent advocacy group tied to the Hyperliquid ecosystem is making its case to Washington: let traders bet on IPO prices before companies actually go public, and do it on-chain.
The Hyperliquid Policy Center (HPC) and trade[XYZ] submitted a comment letter to the US Securities and Exchange Commission on August 18, urging the agency to build a regulatory framework around what they’re calling IPOPs, or pre-IPO perpetual contracts. These are cash-settled derivative instruments that reference anticipated public company listings, settling in USDC rather than delivering any actual shares.
What exactly are IPOPs The contracts don’t grant ownership rights, voting power, or any allocation in the actual IPO. What they do provide is a continuous, market-implied valuation for private companies that operates around the clock.
Five active IPOP markets currently operate on the Hyperliquid platform through trade[XYZ]’s HIP-3 deployment. Among the most notable are SpaceX (trading under the ticker SPCX) and Cerebras (CBRS), two companies whose pre-IPO perpetual prices have closely tracked their actual IPO opening levels.
The numbers behind the petition Hyperliquid’s pre-IPO markets have generated approximately $1.46 billion in cumulative trading volume, with open interest sitting around $106 million as of early June. The SpaceX IPOP launched on May 18 and quickly became one of the most closely watched contracts in the market.
trade[XYZ] has been the primary contributor to these volumes, operating as the interface layer between Hyperliquid’s on-chain infrastructure and the IPOP market structure. The HIP-3 deployment framework handles the listing and settlement mechanics, while the perpetual contract design eliminates the expiration dynamics that complicate traditional futures.
The regulatory chess game This isn’t HPC’s first conversation with the SEC. The group, founded in February 2026 under CEO Jake Chervinsky, met with the SEC’s Crypto Task Force on July 14 to discuss perpetual markets more broadly. The comment letter represents the next step in what appears to be a deliberate, multi-touch regulatory engagement strategy.
The letter itself isn’t just a plea for approval. HPC included specific recommendations around disclosures, listing standards, leverage limits, and safeguards against market manipulation.
One of the more politically interesting elements: the letter advocates for retail investor access. In traditional finance, pre-IPO exposure has been almost exclusively the domain of venture capital funds, institutional allocators, and high-net-worth individuals. The pitch here is that IPOPs democratize that access without requiring anyone to actually hold pre-IPO shares.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Bitwise a Grayscale koupily HYPE za zhruba 2,8 milionu USD během posledního týdne. Hyperliquid od víkendových minim vzrostl o více než 16 % díky silné poptávce po ETF.
Bitwise and Grayscale have emerged as leading buyers of HYPE, purchasing a combined $2.8 million worth of the token over the past week. Their activity follows a period of significant price recovery for Hyperliquid, after the asset experienced several days trading in negative territory.
ETF holdings and market resilienceArkham Intelligence reported that despite heightened market volatility and a stretch of lackluster price action, Hyperliquid ETF investors refrained from selling their HYPE holdings throughout the week. Instead, these funds either maintained or increased their positions, standing apart from other crypto funds that saw net outflows during the same period.
Analysts pointed to this unwavering demand from institutional investors as a key driver behind the recent recovery in HYPE’s price. From its weekend lows, Hyperliquid advanced by more than 16%, suggesting a robust rebound tied to ongoing ETF interest.
Data indicated that no sales of HYPE occurred from any Hyperliquid ETF over the week, while other crypto funds experienced noticeable outflows. The sustained holding or accumulation among institutional participants signals a strong confidence in the asset’s potential.
Institutional activity supports price actionBitwise and Grayscale’s involvement was particularly notable, as the two investment firms together acquired roughly $2.8 million in HYPE during this market recovery. Their purchases further reinforced the positive momentum, providing additional support to the price rebound.
According to market observers, renewed institutional interest has amplified demand for HYPE and contributed to its climb from depressed levels. Market participants are now monitoring whether this pattern will persist, with some analysts suggesting that continuous ETF buying could signal further upside potential for the token.
Analysts believe that sustained ETF demand, especially from major institutions, may indicate the beginning of a new upward trend for HYPE if current buying patterns continue.
Efficiency in a volatile environmentAs HYPE responds to institutional activity and market swings, investors increasingly seek streamlined tools to navigate crypto markets efficiently. In a landscape where a sudden Fed decision or an unanticipated altcoin listing can spark instant volatility, managing multiple apps for tracking data often leads to missed opportunities. Many traders now turn to privacy-first platforms such as CryptoAppsy, which consolidates real-time charts, trade alerts, coin-specific news, and macroeconomic data onto a single interface without requiring account creation.
HYPE continues to trade with bullish momentum as ETF interest remains high and institutional accumulation drives optimism for further gains.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Hyperliquid Policy Center a Douro Labs vyzvaly SEC ke zrušení 20 let starého pravidla Rule 611 pro on-chain trhy. Současně chtějí principy best execution přizpůsobené blockchainu.
Two organizations deeply embedded in the Hyperliquid ecosystem have told the SEC to ditch a 20-year-old equity trading rule and start thinking about what “best execution” actually means when trades settle on a blockchain instead of the NYSE.
The Hyperliquid Policy Center (HPC) and Douro Labs submitted a joint comment letter on August 17 backing the SEC’s June 11 proposal to rescind Rule 611 of Regulation NMS. The rule, originally adopted in 2005, requires trading venues to route orders to whichever exchange displays the best price, a concept known as the “trade-through” rule. Both organizations argue the rule is a relic of an era when stock exchanges were the only game in town.
What Rule 611 does and why crypto wants it gone Rule 611 was designed to protect investors by ensuring their orders got the National Best Bid and Offer (NBBO) price across all registered exchanges. In practice, it means a broker can’t execute your trade at a worse price if a better one exists somewhere else in the system. Onchain markets don’t operate like centralized exchanges. There’s no consolidated quote system, no closing bell, and no neat hierarchy of registered venues. Trading happens 24/7 across permissionless protocols where liquidity can appear and vanish within a single block.
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The SEC itself acknowledged in its June proposal that the trade-through rule “complicates execution and increases costs.” The proposal would also impact related provisions governing locked and crossed market prohibitions under Regulation NMS.
Best execution, but make it onchain Repealing Rule 611 is only half of what HPC and Douro Labs are asking for. The other half is principles-based best-execution guidance designed specifically for onchain markets. Onchain trading introduces complications that didn’t exist when those rules were written. Network fees (gas costs) eat into execution quality. Maximal extractable value, or MEV, lets validators and sophisticated actors reorder transactions to profit at a trader’s expense. And because many decentralized venues don’t display conventional quotes, there’s no obvious benchmark to measure “best” against.
Douro Labs, which is closely associated with the Pyth Network oracle, previously submitted comments to the SEC on February 20, proposing that execution certainty, privacy, and total costs should all factor into the assessment of best execution. The joint letter extends that thinking, suggesting that independent, transparent pricing feeds could replace conventional market quotes as the relevant benchmark for onchain venues.
Who’s behind the push HPC launched on February 18 in Washington, D.C., funded by a $28 million donation in HYPE tokens. Its stated mission is to influence regulatory frameworks for decentralized markets, with a particular focus on onchain perpetual derivatives, the product category where Hyperliquid has built its reputation.
Douro Labs brings a complementary angle. As the team behind the Pyth Network, it has a direct interest in how regulators treat onchain data feeds. If the SEC eventually requires some form of best-execution reporting for decentralized venues, the infrastructure that provides those reference prices becomes critical plumbing, not unlike the role that SIP (Securities Information Processor) feeds play in traditional equities today.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Duquesne Family Office nově drží podíl v hodnotě 23 milionů USD v Hyperliquid Strategies, čímž získává nepřímou expozici vůči HYPE prostřednictvím treasury firmy kótované na Nasdaqu. Firma drží miliony tokenů HYPE.
Duquesne Family Office has disclosed a $23 million position in Hyperliquid Strategies Inc., giving Stanley Druckenmiller’s investment office indirect exposure to HYPE through the Nasdaq-listed digital asset treasury company.
Summary
Duquesne Family Office disclosed a new $23 million stake in Hyperliquid Strategies. The Nasdaq listed company holds millions of HYPE tokens as part of its digital asset treasury strategy. Duquesne’s former partner Kevin Warsh became Federal Reserve chairman in May 2026. Warsh disclosed more than $100 million in assets before his confirmation. The SEC filing for the second quarter of 2026 showed Duquesne held shares of Hyperliquid Strategies, which trades under the ticker PURR, as of June 30, with the position appearing in the family office’s portfolio for the first time.
The disclosure adds Duquesne to the institutional investors gaining exposure to Hyperliquid through publicly traded shares instead of purchasing the protocol’s HYPE token directly. Hyperliquid Strategies operates as a digital asset treasury company built around accumulating and managing HYPE.
Fintel data based on the filing also lists PURR as a new Duquesne position, accounting for roughly 0.44% of the investment manager’s reported portfolio.
Duquesne adds Hyperliquid Strategies to its portfolio Hyperliquid Strategies has built one of the largest corporate HYPE holdings since establishing its digital asset treasury business.
As crypto.news previously reported in February, the Nasdaq-listed company purchased another 5 million HYPE for about $129.5 million at an average price of $25.90 per token. The acquisition increased its holdings at the time to 17.6 million HYPE while leaving the company with about $125 million in cash.
Its holdings later increased substantially. Artemis data cited in a June treasury report showed Hyperliquid Strategies controlled about 23.7 million HYPE and was sitting on more than $1.1 billion in unrealized gains at the time.
The report found HYPE-focused treasury companies were among the few major digital asset treasury groups still carrying sizeable paper profits during the June market downturn. Bitcoin, Ether and Solana treasury companies, by comparison, were recording substantial unrealized losses as prices fell.
Duquesne’s $23 million PURR holding gives the family office exposure to that treasury structure through a regulated U.S. equity. The 13F does not show whether the firm bought the shares in a single transaction or accumulated them at different points during the quarter, since the filing only reports holdings as of June 30.
Form 13F reports are required from institutional investment managers that exercise investment discretion over at least $100 million in certain securities. The disclosures provide a quarterly snapshot of reportable holdings but do not show positions purchased or sold after the reporting date.
Hyperliquid Strategies has accumulated millions of HYPE Institutional interest in Hyperliquid Strategies came as HYPE recorded large price swings during the second quarter.
HYPE reached a record of about $73.7 on June 1 after gaining more than 70% over the preceding month. At the time, Hyperliquid Strategies was already one of the largest publicly identified corporate holders of the token.
Demand for HYPE had also expanded through regulated investment and derivatives products. In June, Kalshi launched CFTC-regulated HYPE perpetual futures for U.S. traders, after which HYPE futures open interest rose to $2.48 billion and briefly surpassed XRP open interest, according to a June 11 report.
Institutional exposure has not been limited to listed treasury companies. Bitwise Chief Investment Officer Matt Hougan said in May that HYPE had gained 77% since the start of 2026 while Hyperliquid processed about $170 billion in monthly trading volume.
Bitwise also said it would direct 10% of management fees collected from its BHYP Hyperliquid exchange-traded fund toward purchasing and holding HYPE on its own balance sheet, as detailed in May.
Hyperliquid’s token model sends a large share of protocol trading fees toward HYPE purchases through its Assistance Fund. The mechanism has provided another source of demand alongside corporate treasury purchases and investment products.
Fed Chair Kevin Warsh previously worked with Duquesne Duquesne’s newly disclosed PURR investment also comes with a connection to Federal Reserve Chairman Kevin Warsh, who worked with the family office before returning to the central bank.
The Federal Reserve’s official biography says Warsh served as a partner at Duquesne Family Office after leaving the Fed’s Board of Governors in 2011. Warsh had previously served as a governor from 2006 to 2011 and returned to the central bank as chairman on May 22, 2026.
Before his confirmation, financial disclosures filed as part of the nomination process provided more detail about his relationship with Stanley Druckenmiller’s investment office.
Warsh disclosed assets worth well over $100 million, according to his April financial disclosure, although government ethics forms report investments in ranges and do not always provide precise valuations.
Two positions in the Juggernaut Fund LP were each listed at more than $50 million. The disclosure did not identify the underlying investments because of pre-existing confidentiality agreements, while Warsh committed to divesting the positions if confirmed.
The same filing showed that Warsh had received $10.2 million in consulting fees from Druckenmiller’s investment office during the period covered by the disclosure. His overall consulting income exceeded $13 million across several financial firms.
Warsh also agreed to dispose of assets required under Federal Reserve ethics rules before assuming the chairmanship. Fed investment rules introduced in 2022 place restrictions on the securities that senior officials and their immediate families may hold, including crypto-related assets.
After completing the confirmation process, Warsh took office as Federal Reserve chairman on May 22 for a four-year term ending May 21, 2030. He also became chairman of the Federal Open Market Committee and holds a separate term as a member of the Board of Governors through January 31, 2040.
CEO Wintermute Evgeny Gaevoy označil americkou regulaci za největší dlouhodobé riziko pro Hyperliquid. Varoval, že případné KYC by mohlo oslabit jeho permissionless model a tlačit platformu k centralizaci.
Hyperliquid’s expansion beyond crypto derivatives has been one of the more aggressive pushes into tokenized real-world assets, commodities, and equity trading. But Wintermute CEO Evgeny Gaevoy is not treating that growth as a clean path toward becoming a full-scale market venue. In an interview with The Archive Pod, he framed US regulation as the biggest long-term obstacle for the perps exchange, according to the original report.
Gaevoy said Hyperliquid has performed well across those asset classes, but the platform will eventually have to confront two structural constraints. One is regulatory pressure from the United States. The other is throughput, especially if Hyperliquid wants to compete against incumbent venues like CME and Nasdaq. That second issue compounds the first: scaling into traditional market competition may require order matching and data infrastructure that do not map neatly onto a fully decentralized validator set.
The regulatory concern is not abstract. If Hyperliquid is eventually required to implement know-your-customer checks, the product would need identity verification at deposit, withdrawal, or even trading layers. That would erode the permissionless model that has made the venue attractive to traders who are outside major jurisdictions. Gaevoy noted that a KYC mandate and a desire to compete with CME and Nasdaq could push Hyperliquid toward becoming increasingly centralized. That is the core tradeoff: the closer the platform gets to institutional equities and commodities, the more it may look like the intermediaries it set out to replace.
The KYC and Centralization Tension US regulators have been moving unevenly on market structure rules, and the stakes for crypto venues have become clearer as the fight over the biggest crypto bill in US history showed how much banks and legacy financial players still control the process. For Hyperliquid, the question is whether it will be treated as a derivatives exchange, an alternative trading system, or something else entirely.
A KYC requirement would not just add a compliance layer. It would change the sequencing and clearing assumptions behind a decentralized perpetuals venue. Users could still trade without custody, but their on-chain addresses would need to be tied to identities. That undermines one part of the value proposition while leaving the operational complexity intact. Hyperliquid’s fast block times and low-fee execution may still work, but the user experience would shift dramatically if a regulator demands real-time screening and transaction monitoring.
The bigger unknown is token classification. If the HYPE token is seen as facilitating an unregistered exchange or clearing activity, the pressure would extend beyond KYC to delisting, fines, or geographic blocks. Gaevoy’s comments did not go that far, but they reflect a recognition that US enforcement often uses market access as a lever even when formal rules are unresolved.
Throughput Is the Second Friction Point Competing with CME and Nasdaq is not only a legal problem. It is an engineering problem. Traditional venues operate with microsecond-level matching and deeply optimized order books. Hyperliquid’s own throughput has been a differentiator in crypto, but the gap remains when compared with centralized derivatives infrastructure. Gaevoy identified throughput as the second long-term challenge, which suggests that raw transaction speed alone will not close the distance if compliance and data retention requirements add friction.
Even among the top blockchains by developer activity this week, sequencing and scalability remain design constraints rather than solved problems. Hyperliquid’s approach uses a specialized L1 with a smaller validator set, which improves performance at the cost of decentralization. That architecture may be a preview of where high-performance trading chains are headed, but it also makes the regulatory conversation harder because there are fewer independent operators to distribute legal responsibility.
What the Market Is Watching Next Hyperliquid’s positioning sits at the intersection of two growing narratives. On one side, tokenized real-world assets have gained traction as on-chain tokenization volumes crossed $20 billion, with institutions beginning to treat the space as a serious settlement layer. On the other side, US enforcement and legislative uncertainty continue to weigh on venues that try to list equities or commodities without traditional registration.
For traders, the practical question is whether Hyperliquid will be forced to restrict US users, introduce gradual KYC, or split its product into compliant and non-compliant silos. Each option changes the liquidity profile. Institutional participants may prefer a KYC-enabled order book because it gives them clearer legal standing, while offshore retail traders may migrate if identity checks become mandatory.
What remains uncertain is timing. Regulators have not issued a specific rule targeting Hyperliquid, and the platform has not signaled a shift toward centralized compliance. But the Wintermute CEO’s warning matters because it comes from a market maker that deals with liquidity and risk across venues. His concern is less about whether Hyperliquid can scale technically, and more about whether the final version of the platform will still be recognizable as the decentralized venue it is today.
AUTHOR
Tokoni Uti is a Lagos-based writer with several years of experience. Her work has appeared in the Huffington Post, the Los Angeles Free Press and the San Diego Free press among others. She is a graduate of Bowen University.
Hyperliquid v 1. pololetí 2026 zaznamenal 169 514 nových peněženek, které začaly obchodovat s RWA, a tyto účty vytvořily objem 111,6 miliardy USD. Podle DeFiLlama šlo o 31,7 % všech nových peněženek.
Real world assets (RWAs) are playing an increasingly influential role in decentralized finance, according to recent data from Hyperliquid and DeFiLlama Research. The integration of tokenized traditional assets into on-chain markets has contributed substantially to new-user adoption patterns during the first half of 2026.
Surge in RWA-First User AdoptionBetween January and June 2026, the Hyperliquid platform recorded 534,362 wallets making their first trades. Of this group, 169,514 wallets began their activity by trading RWAs, according to DeFiLlama’s analysis. This RWA-driven group represented 31.7% of all new-user onboardings during the period.
DeFiLlama Research noted that these new wallets did not simply diversify their portfolios but entered the DeFi ecosystem specifically for access to tokenized real world assets. This suggests that RWA markets are drawing in a unique user segment distinct from existing crypto participants.
Trading and Fee BreakdownRWA-First wallets contributed $111.6 billion in trading volume during the period, accounting for 31.5% of total new-user trading activity. However, these users largely limited their activity to RWA products, reinforcing the notion that tokenized traditional assets can attract dedicated market participants.
RWA-First wallets generated $34.1 million in fees, representing 8.3% of the $412.6 million in new user fees. Over 80% of fees were attributed to Other-First wallets, indicating that long-standing crypto users contribute more platform revenue compared to RWA-focused newcomers.
Other-First wallets, typically crypto-native users, accounted for a significant proportion of RWA market volume by progressively diversifying their activity into these products. Specifically, DeFiLlama’s analysis found that crypto-focused users contributed 40% of RWA market volumes, while RWA-First wallets remained primarily active in their initial product segment.
Wallet TypeNumber of New WalletsTrading Volume ($)Fees Generated ($)Share of RWA VolumeRWA-First169,514$111.6 billion$34.1 million60%Other-First364,848Data not specified$378.5 million40%Product Expansion and Market WavesThe surge in RWA onboarding follows the launch of Hyperliquid’s HIP-3 framework in October 2025. This permissionless listing system allows qualifying market builders to introduce new perpetual contracts by staking 500,000 HYPE. The initiative expanded access to multiple asset classes, including equities, commodities, indices, and foreign exchange.
DefiLlama observed significant spikes in user adoption correlating with new market launches. For example, the S&P 500 perpetual market attracted over 38,000 unique wallets within eight days of opening. Similarly, in June, the introduction of a SpaceX pre-IPO market drove another onboarding wave.
Mini dictionary: HIP-3: A Hyperliquid framework enabling any qualified participant to create and list new perpetual futures markets for various asset classes, provided they stake the required amount of the HYPE token. This system removes centralized control from market listings, supporting broader user-driven innovation.
Despite robust user engagement, economic returns from RWA-First onboarding appear mixed. The research highlights that user acquisition and trading activity are increasing, while monetization remains centered on more established, crypto-native users who are active across multiple markets.
Outlook for Hyperliquid and RWAsLooking ahead, Hyperliquid’s growth in the RWA segment will likely depend on whether users initially attracted by tokenized traditional assets expand their involvement into broader market offerings. Current data signals that RWA markets are successfully enlarging DeFi’s user base, but the platform’s economic value hinges on encouraging cross-market participation.
Hyperliquid is a decentralized trading platform known for supporting perpetual futures across digital and tokenized real-world assets.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Multicoin Capital investoval do nativního tokenu Hyperliquid HYPE přes 100 milionů USD. Jde o jednu z jeho největších pozic a potvrzení důvěry v model založený na poplatcích a zpětných odkupech tokenu.
Multicoin Capital has invested over $100 million in Hyperliquid’s native token, HYPE, as part of its strategic allocation to high-potential blockchain ventures. Hyperliquid, a Layer 1 blockchain with a decentralized perpetual futures exchange, aims to generate real cash flow through a fee-driven token buyback model. Multicoin Capital has been actively investing in HYPE since February, marking it as one of its largest positions. This investment underscores institutional confidence in Hyperliquid’s business model, which focuses on fee revenue directed towards token buybacks.
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Key Takeaways
Multicoin Capital’s significant investment in HYPE suggests strong institutional confidence in Hyperliquid’s business model.
Market pricing indicates an increase in the perceived likelihood of Hyperliquid reaching its price targets by the end of 2026.
The investment appears consistent with market participant expectations of Hyperliquid’s growth in the blockchain ecosystem.
What to Watch
Market participants will be monitoring developments from Hyperliquid, including potential partnerships and expansions, which could influence price predictions. Any significant announcements or regulatory changes affecting Hyperliquid’s operations could impact market sentiment. Observers will also be attentive to Multicoin Capital’s future moves within the blockchain space, as these could provide further insights into the fund’s confidence and strategic direction.
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Ondo Perps zavedl perpetual futures na $HYPE a umožní obchodování s pákou až 10x v rámci RWA kolaterálu. Obchodníci tak mohou spekulovat na Hyperliquid bez opuštění tohoto modelu.
Ondo Perps Adds $HYPE to Its RWA Derivatives Platform@OndoPerps has listed $HYPE perpetual futures, opening leveraged exposure to the @HyperliquidX ecosystem for traders who hold institutional-grade real-world asset collateral. The listing allows traders to go long or short on the native token of the Hyperliquid L1 with up to 10x leverage, around the clock.
Hyperliquid is a Layer-1 blockchain with an integrated decentralized exchange, most known for perpetual futures trading. $HYPE is the native token of the Hyperliquid network, used for securing the L1 and governance voting. The addition of $HYPE to Ondo Perps gives traders a way to gain directional exposure to that ecosystem without leaving the RWA collateral framework that Ondo has built.
How the RWA Collateral Model WorksThe listing reflects a broader design philosophy that sets Ondo Perps apart from most on-chain derivatives venues. Ondo's main differentiator is its collateral structure, which lets traders post tokenized securities rather than only stablecoins. Existing RWA perpetual markets force traders into an inefficient model where they can only post stablecoins as collateral, even if they already hold the tokenized asset. This double-collateralization means capital is locked up twice for the same economic exposure, limiting position sizing and doubling the cost of capital.
Ondo Perps uses a prime-brokerage-style design that lets traders use the tokenized equities or US Treasury tokens they already hold directly as margin, without selling them. By listing $HYPE within that framework, traders can now back a leveraged position on Hyperliquid's native token while continuing to earn yield from tokenized equity exposure held as collateral.
The move comes as Ondo, already a major issuer of tokenized US Treasuries and equities, works to build broader trading infrastructure amid growing Wall Street interest in tokenization and 24/7 markets. In the week of July 13, perpetual futures on real-world assets generated $25.1 billion in volume on Hyperliquid, representing 52 percent of the platform's $48.2 billion total and marking the first time RWA markets out-traded every crypto category on the venue combined. The $HYPE listing positions Ondo Perps at the crossroads of that momentum, combining crypto-native token exposure with an RWA-backed collateral layer.
Sources:
Ondo Finance: Introducing Ondo Perps
CoinDesk: Ondo drops blockchain plans for private high-speed trading network
Cryptopolitan: Ondo Finance prepares RWA perpetual contracts platform
Hyperliquid spouští HIP-4, který mění poplatky u výsledkových trhů a zavádí postupné zavádění na mainnetu. Developeři budou zpočátku omezeni na 100 souběžných výsledků a 500 nasazení výsledků denně.
Hyperliquid announces HIP-4 has rolled out multiple new features: Deployers can now add named results after a question is created, with the new results’ initial balances matching the pending fallback balance; Template instantiation now requires setting a deployerFeeScale — a fee multiplier similar to HIP-3, which deployers can configure between 0 and 10 to charge result fees; A new shortString type hint has been added for template-side names, simplifying interface field parsing; Settlement details have been pruned from L1 state, so dependent node APIs or precompiled application readers can index required data independently; Multiple new template sets have been added to the testnet, with template IDs using sequential suffixes — all except the highest sequential ID in each set are marked as deprecated templates. After the next network upgrade, the fee mechanism will activate for validator-deployed result markets, with the average transaction fee for these markets set at half the rate of non-result spot trades. The HIP-4 mainnet launch will follow a conservative phased rollout: Each deployer will initially be capped at 100 concurrent results and a maximum of 500 result deployments per day; Once the technology stabilizes, these limits are expected to quickly rise to 1000 concurrent results and 5000 daily deployments, with further limit increase plans to be developed based on feedback.
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Tokenized US Stocks Go Live on HyperliquidChainlink has confirmed that tokenized exposure to US stocks and ETFs is now available on Hyperliquid, marking a notable step in the push to bring traditional equity markets onchain. The integration is powered by xStocks and Chainlink's Cross-Chain Interoperability Protocol (CCIP), which handles the movement of supported assets across chains and into Hyperliquid's trading environment.
that now sit on Hyperliquid's spot trading infrastructure.
How the Integration Works
The setup means spot holders and perpetual traders can operate within the same ecosystem, rather than across separate platforms.
Chainlink frames the opportunity in broad terms. The $150+ trillion global equity market is moving onchain, the protocol said, pointing to growing institutional and retail demand for always-on access to equity exposure. Chainlink's infrastructure plays a critical role, providing price feeds to track the asset, Proof of Reserve to confirm backing, and CCIP to enable secure cross-chain transfers.
Investor přišel o zhruba 550 000 USDC po kliknutí na podvodnou reklamu ve vyhledávání Google na Hyperliquid. Ukradené prostředky byly rozděleny do tří peněženek a účet inzerenta na Googlu byl deaktivován.
Key Takeaways An investor using Hyperliquid lost approximately $550,000 in USDC after interacting with a fraudulent Google search advertisement DarcyAri from FlashRescue identified the incident through on-chain analysis The stolen assets were distributed among three separate attacker-controlled wallets Following notification, Google disabled the malicious advertiser’s account Trezor wallet users have also been recent targets of comparable phishing campaigns On August 13, a cryptocurrency investor suffered losses totaling around $550,000 in USDC after becoming victim to a sophisticated phishing operation executed through a paid Google search advertisement.
Hacker Uses Google Search Ad for Hyperliquid to Phish Users, Causing About $550,000 in Losses
According to DarcyAri, a hacker used a Google sponsored ad for “Hyperliquid” to lure users into a phishing site, resulting in a Google Search paid-ad phishing attack that has caused… pic.twitter.com/lbZnNmmuVy
— Wu Blockchain (@WuBlockchain) August 13, 2026
DarcyAri, who co-founded the blockchain tracing company FlashRescue, shared on-chain evidence revealing three separate fund transfers from the victim’s account to wallets associated with the scammer.
The stolen cryptocurrency was divided across three outbound transfers: $27,500 sent to the first wallet, $82,500 routed to a second destination, and $440,020 directed to a third address.
The malicious advertisement redirected the trader to a counterfeit website mimicking Hyperliquid’s legitimate platform, where sensitive information such as login credentials or wallet permissions were presumably compromised.
Google verified that it deactivated the fraudulent advertiser’s account. A company representative stated that their systems prevent 99% of policy-breaking advertisements from appearing and that they eliminated more than 602 million fraudulent ads throughout the previous year.
Recurring Trend of Cryptocurrency Phishing via Sponsored Listings This incident represents just one of multiple occasions where malicious advertisements have exploited crypto investors through Google’s search platform.
During April, cryptocurrency security organization SEAL reported successfully blocking 356 dangerous Google advertisement URLs across multiple weeks. A portion of these malicious links specifically targeted Hyperliquid users.
SEAL observed that threat actors frequently leverage hijacked advertiser credentials to circumvent Google’s automated verification processes.
The organization emphasized that malicious advertisements may remain active for mere minutes before successfully deceiving a victim, complicating swift removal efforts.
This Hyperliquid attack occurred shortly after a distinct operation that focused on Trezor customers. On August 7, Trezor released an alert regarding phishing domains appearing as sponsored listings when users searched for “Trezor wallet.”
Trezor cautioned that submitting recovery seed phrases on these fraudulent platforms could result in complete asset forfeiture.
In July, a different cryptocurrency holder lost $999,999 in USDT after authorizing a malicious token approval on Ethereum, as documented by Web3 security company Scam Sniffer.
Platform Expansion Remains Unaffected Importantly, there is no evidence suggesting the Hyperliquid platform itself experienced any security breach.
User engagement on the exchange has demonstrated consistent expansion. The total count of active perpetual contract traders achieved a record high of 263,666 on August 6, based on data from HyperTracker analytics.
Active participant numbers have climbed from approximately 150,000 during early January 2026, with accelerated momentum observed throughout the spring and summer months.
The HYPE token delivered returns of 79.2% during the latest quarter, peaking at an all-time high of $76.90 on June 16 before settling at $66.04 by quarter’s end.
The phishing incident showed no impact on the platform’s technical infrastructure or its trajectory of user expansion.
Cryptocurrency participants are strongly encouraged to bypass sponsored search listings when navigating to trading platforms and to independently confirm website URLs before connecting digital wallets or submitting sensitive information.
Kain Warwick ze Synthetix označil 50% podíl Hyperliquidu z poplatků pro externí tvůrce trhu za neudržitelný. Upozornil, že klesající tržby i buybacky HYPE ukazují, proč se to podle něj změní.
On Uneasy Money, the Infinex and Synthetix founder called Hyperliquid’s decision to hand outside market builders half of all trading fees “a bit crazy,” and argued that falling revenue and shrinking HYPE buybacks show why it will have to change.
Original Image Credits: ddRender / Shutterstock.com
Posted August 13, 2026 at 6:46 pm EST.
Hyperliquid lets outsiders spin up their own trading markets and keep half the fees they generate. On the August 12 episode of Unchained’s Uneasy Money, Kain Warwick, the founder of Infinex and Synthetix, argued that the arrangement cannot hold, and that the exchange will be forced to claw back the cut it now shares with those builders.
Hyperliquid’s HIP-3 system lets anyone stake 500,000 HYPE, worth about $28 million at current prices, to deploy a permissionless perpetual-futures market and keep up to half of the trading fees it generates. Those builder-run markets, most of them tokenized real-world assets such as stocks and commodities, have grown from roughly 2% of Hyperliquid’s volume at the start of 2026 to about half today, DefiLlama data shows.
A fee split Warwick calls ‘a bit crazy’ Warwick said he had watched the same fight play out at Synthetix, where market makers pushing to run the order books “always wanted it to be like 80/20,” and never got there. At Synthetix, “the highest it ever got to was like 30%,” he said on the show, adding that outside parties asking for a bigger share always arrive with a sob story about how expensive and difficult the work is. Against that history, Hyperliquid’s terms struck him as an outlier. “The fact that Hyperliquid has landed on 50% of the fees is a bit crazy,” he said on the podcast. “I can’t see how that’s sustainable.”
His reasoning was that Hyperliquid holds the pricing power. Builders can take their markets elsewhere, but “there is no competitor to Hyperliquid” itself, Warwick said on the show — the “mothership,” as he put it — so the exchange can lower the builder cut over time without losing the underlying venue. “I think 50% was an opening offer that probably is gonna change,” he said on the podcast.
Revenue and buybacks are falling as usage climbs The numbers behind the segment show why the split matters to HYPE holders. Hyperliquid routes nearly all of its own share of trading fees, about 99% excluding the builders’ cut, into an Assistance Fund that buys back the token, so a smaller protocol take means a smaller buyback. Gross revenue has fallen for four straight quarters even as trading volumes held up, sliding from roughly $357 million in the third quarter of 2025 to about $202 million in the second quarter of 2026, a 43% drop, DefiLlama data shows. Quarterly buybacks fell over the same span, from nearly $290 million to about $149 million.
Volume is barely down, Warwick noted, so the gap is a matter of who collects the fees rather than fewer fees being paid. The fees are “just going to different people,” he said on the show.
One builder holds most of the risk The open interest is heavily concentrated. A single builder, trade.xyz, accounts for more than 90% of all HIP-3 open interest, and tokenized real-world-asset perpetuals hit a record $3.6 billion in open interest in July, surpassing bitcoin’s open interest on the platform, DefiLlama data shows. Warwick’s concern cut both ways: the platform depends heavily on one counterparty, and that counterparty depends entirely on a protocol it does not control. “You never wanna be fully reliant on one platform,” he said on the show, noting that Hyperliquid could cut a builder’s fees, or absorb its markets, at any time.
HYPE recently traded around $57.66, DefiLlama data shows, below its June record of $76.67, with the protocol still burning tokens from daily fees.
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AI-assisted content: This article was produced with the assistance of AI tools and was reviewed, edited, and fact-checked by a member of the Unchained editorial team before publication.
Hyperion DeFi vykázala ve 2. čtvrtletí rekordní čistý zisk 31 milionů USD, více než trojnásobek oproti 8,8 milionu USD v 1. čtvrtletí 2026. Hodnota jejích 2,04 milionu HYPE vzrostla na zhruba 133 milionů USD z 71 milionů USD.
Hyperion DeFi (Nasdaq: HYPD), the Nasdaq-listed DeFi company focused on the Hyperliquid ecosystem, reported record second-quarter net income of $31 million, more than triple the $8.8 million it earned in Q1 2026. The results, released on August 12, mark the second consecutive quarter in which Hyperion has set a new profit record.
HYPE Treasury Nearly Doubles in ValueThe company held 2.04 million HYPE tokens as of June 30, with gross holdings valued at approximately $133 million, up from $71 million at the end of Q1. The sharp rise reflects both additional token accumulation and a higher HYPE price during the quarter. Adjusted EBITDA came in at $53.7 million, up from $19.5 million in the prior period, driven primarily by $54.8 million in treasury gains. Staking yield contributed $527,000 for the quarter, a 69% increase, while yield-enhancement activities added a further $334,000, up 58%.
Hyperion describes its approach as a "Triple-Dip" strategy, combining a growing HYPE treasury, scalable DeFi businesses, and embedded economic upside in early-stage Hyperliquid builders. From Q3 2025 to Q2 2026, the company's adjusted gross profit grew 162%, while operating expenses excluding stock-based compensation fell 46%.
New Staking Partnerships Extend Ecosystem ReachAlongside the earnings release, Hyperion announced a HYPE Asset Use Service (HAUS) agreement with Entropy, an upcoming HIP-3 deployer, committing 500,000 staked HYPE tokens to the partnership. The company also confirmed a separate 500,000 HYPE commitment to Skew Technologies, which is building institutional perpetual futures markets and outcome-based products using Hyperliquid's HIP-3 and HIP-4 infrastructure. Under the Skew agreement, Hyperion receives equity in the company as well as a share of listing-service revenues. Skew's private beta had already attracted more than 40,000 unique sign-ups as of August 10.
The dual partnerships give Hyperion exposure to both HYPE price appreciation and on-chain network activity, consistent with its stated goal of building multiple revenue streams within the Hyperliquid ecosystem. The company reiterated full-year 2026 adjusted gross profit guidance of $5 million to $7 million, roughly five times 2025 levels, and said it expects operating cash flow to turn positive before year-end.
Hyperliquid otevřel přístup ke své Foundation provozované nízkolatenční datové infrastruktuře kvalifikovaným třetím stranám za standardizovanou cenu pod 1 000 USD měsíčně. Dříve přímý přístup vyžadoval staking 10 000 HYPE a status Tier 1 v maker rebates.
Hyperliquid opened access to its Foundation operated low latency data infrastructure to qualified third party infrastructure providers on Aug. 12, creating a cheaper route for trading firms and developers that previously faced demanding direct access requirements.
Summary
Hyperliquid opened Foundation low-latency node access to qualified infrastructure providers under a standardized pricing model. Provider pricing is currently indicated below $1,000 monthly, covering computing resources and outbound network traffic. Qualified providers need one year operating history, 100 customers, five networks, and 99.9% availability levels. Direct Foundation access previously required staking 10,000 HYPE and Tier 1 maker rebate qualification status. Providers may not offer faster dedicated lines to individual market makers under Foundation access rules. The new provider model uses a current reference price below $1,000 per month for access, covering compute and outbound traffic.
The change applies specifically to connectivity with the Hyper Foundation’s non validating node. Running an independent non validating node has always been permissionless, according to Hyperliquid’s documentation. Direct peer access to the Foundation node, however, previously required staking 10,000 HYPE and reaching Tier 1 in maker rebates, defined as more than 0.5% of 14 day weighted maker volume.
Hyperliquid Opens Low-Latency Data Nodes to Infrastructure Providers at Under $1,000 a Month
Hyperliquid Foundation has opened its low-latency on-chain data nodes to qualified infrastructure providers, allowing them to offer access at standardized pricing, currently indicated at… pic.twitter.com/LfSJuid2ZS
— Wu Blockchain (@WuBlockchain) August 13, 2026 Hyperliquid opens Foundation node access beyond major makers Qualified providers must have operated for at least one year, serve at least 100 customers and support five or more networks or protocols. They also need 99.9% node availability and cannot have been terminated by another network or foundation for a breach during the previous three months.
The commercial rules are designed to limit information advantages between customers. Providers must offer open access and nondiscriminatory pricing, scale automatically as access nodes increase and cannot provide faster dedicated connections to selected market makers. Reports of verified preferential treatment may qualify for a Hyper Foundation bug bounty.
The reference price is intended to cover computing resources and outbound traffic. The Foundation describes the figure as a current benchmark, meaning the sub-$1,000 level should not be treated as a permanently fixed price. Providers are also barred from turning Foundation peering into preferential infrastructure for an individual trading firm.
The change targets latency-sensitive trading infrastructure Hyperliquid’s Foundation non validating node is designed to provide reliable, low latency blockchain data. A non validating node follows network activity without taking part in consensus. Hyperliquid also maintains open source node software in its repository, allowing users to operate their own nodes.
The access change follows earlier adjustments to Hyperliquid’s public WebSocket feeds. In June, the network directed automated traders needing more order book levels or real time update streams toward non validating nodes. The new provider route gives smaller teams another path without independently satisfying the Foundation’s former staking and maker volume requirements.
The shift also comes as professional trading infrastructure around Hyperliquid expands. Gold-i said this week that MatrixNET had integrated direct non validating node connectivity, providing institutional clients fuller order book depth and faster, more granular market data than the standard API. Gold-i has not been identified as a participant in the newly opened Foundation provider program.
As previously reported, Hyperliquid controls an estimated 70% of onchain perpetuals volume, making data quality increasingly relevant for firms competing in its order books. Separately, the Foundation controlled share of staked HYPE fell to about 49.3% this year as the validator base expanded.
What happens next for providers and HYPE Infrastructure firms that meet the published requirements can compete to provide Foundation connected data access under the new service conditions. Hyperliquid has not announced a named list of approved providers or a fixed rollout schedule in the materials reviewed. The next test will be whether multiple providers emerge while maintaining the required availability and equal access standards.
Hyperliquid (HYPE) price chart, source: crypto.news The broader change is narrower than opening Hyperliquid’s validator set or matching engine. It lowers the barrier to a specific low latency data path while leaving independent non validating nodes permissionless. For smaller market makers and trading developers, access is therefore less dependent on holding a large HYPE stake or already commanding substantial maker volume.
Bitwise CIO Matt Hougan říká, že krypto vstupuje do éry, kdy se hodnota projektů víc posuzuje podle tržeb a jejich návratu držitelům tokenů. Hyperliquid, Uniswap i Aave už propojují poplatky s buybacky a burny.
TLDR: Hyperliquid generated over $800M in annual revenue, with about 99% of certain fees used to buy HYPE. Uniswap’s UNIfication activated protocol fees and included a one-time treasury burn of 100M UNI tokens. Aave spent about $42M buying over 205,000 AAVE in 10 months, equal to roughly 1.28% of total supply. Aave’s January 2026 revenue fell to $7.95M from $13.5M, prompting a proposal to cut annual buybacks to $30M. Crypto markets are increasingly being judged by a metric familiar to traditional businesses: how much revenue they generate and return to asset holders. Bitwise CIO Matt Hougan said in an Aug. 12 memo that this shift is weakening a long-running criticism of digital assets.
Historically, many networks could attract users, generate fees, and process billions in activity without creating direct economic benefits for native token holders. That model is changing as major protocols adopt buybacks, burns, and other mechanisms linking platform revenue with token economics.
Hougan’s argument does not equate crypto tokens with stocks. Instead, it highlights a clearer connection between protocol activity and token demand.
Hyperliquid and Uniswap Turn Protocol Fees Into Token Demand Hyperliquid provides the clearest example of the revenue model highlighted by Matt Hougan. Bitwise said the decentralized trading network generated more than $800 million in revenue last year.
The protocol directs roughly 99% of certain fee revenue toward purchasing HYPE, creating recurring token demand from trading activity. DefiLlama currently estimates Hyperliquid’s trailing-year revenue rate near $750 million, while monthly perpetual-futures volume recently reached about $190 billion.
The mechanism creates a measurable relationship between usage, fees, and token purchases. Instead of growth remaining separate from token economics, platform activity directly funds demand for HYPE through market purchases.
Uniswap has also strengthened that connection through its “UNIfication” overhaul. The governance proposal activated protocol fees and created a structure allowing collected fees to fund UNI burns.
It also included a one-time 100 million UNI treasury burn. That adjustment was significant as Uniswap had processed roughly $4 trillion in cumulative volume before the proposal was introduced. Previously, that activity did not produce a comparable direct value-accrual mechanism for UNI holders.
Aave Shows Why Revenue Alone Cannot Guarantee Token Value Meanwhile, Aave demonstrates the appeal and limits of revenue-based token analysis. The Aave DAO launched its buyback program in April 2025 and spent about $42 million purchasing more than 205,000 AAVE.
Those purchases represented approximately 1.28% of total token supply during the program’s first 10 months. However, a later proposal sought to reduce the annual buyback budget from $50 million to $30 million.
The proposal followed a drop in January 2026 revenue to $7.95 million from $13.5 million one year earlier. Aave then paused buybacks on April 19 after the rsETH incident to preserve treasury flexibility.
That decision showed why investors cannot treat protocol revenue as guaranteed token-holder cash flow. Governance decisions, security events, operating expenses, and treasury needs affect how much economic value reaches holders.
Regulatory conditions are also changing alongside these token models. SEC Chairman Paul Atkins, who took office in April 2025, has prioritized clearer rules covering crypto issuance, custody, and trading.
Still, revenue-generating tokens do not automatically give holders the legal rights associated with company shares. The shift is therefore centered on measurable value transfer rather than fees alone.
As Bitwise CIO Matt Hougan argues, revenue becomes more meaningful when token holders can clearly capture part of the economic activity a network creates.
Hyperliquid jedná s CFTC a SEC o tom, aby regulované firmy mohly nabízet perpetual futures na jeho blockchainu. Platforma loni vykázala čistý zisk přes 900 milionů USD.
Hyperliquid is reportedly lobbying U.S. regulators to open a pathway for regulated firms to offer perpetual futures on its blockchain, according to a report by The Information on Wednesday.
The news comes as market commentators point to improving fundamentals and institutional accumulation around the HYPE token.
Will HYPE Grab the Perps Market?Hyperliquid is engaging with the CFTC and SEC to allow U.S.-regulated companies to offer perpetual futures that trade and settle on its public blockchain, The Information reported.
The decentralized trading platform currently restricts U.S. users from accessing its services but is reportedly seeking no-action letters or new regulatory guidance that could allow its infrastructure to play a larger role in regulated U.S. markets.
The push comes as Hyperliquid’s underlying business continues to gain traction. The platform reportedly generated more than $900 million in profit last year.
In late July, VanEck’s Matthew Sigel highlighted Hyperliquid as an early leader and an example of crypto-native infrastructure expanding beyond digital assets.
He predicts HYPE to generate $800 million in annualized revenue.
Traders Debate if HYPE Is a BuyCrypto trader Michael van de Poppe highlighted HYPE as an asset worth watching during market weakness, arguing investors should focus on buying dips in assets that are gaining traction and have a strong narrative.
"HYPE has been one of those assets for almost a year," he said.
Arkham Intelligence data points to continued demand from Bitwise clients.
Bitwise-linked ETF clients have purchased more than $5 million worth of HYPE over the past week. The wallets tracked by Arkham have not sold any HYPE since last month and have only accumulated the token during August.
Trader Crypto McKenna sees an improving technical setup, noting that HYPE appears to be establishing a higher low following a deviation below its range low.
He also highlighted the upcoming AQAv2 launch at the end of August and increased fee flexibility for HIP-3 deployers as potential fundamental catalysts.
Altcoin Sherpa is also looking for accumulation opportunities but would prefer a deeper correction. He hopes to build a larger spot position if HYPE falls into the $40s. Currently, the setup does not offer attractive trading opportunities.
He added that the token does not currently offer an especially attractive active trading setup.
Price Action: Hyperliquid Strategies Inc (NASDAQ:PURR) is up 1.5% on the day, the 21shares Hyperliquid ETF (NASDAQ:THYP) is up 2.5%.
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Crypto.com spustila Tokenized Stocks, deriváty sledující cenu zhruba 1 500 amerických akcií a ETF pro uživatele mimo USA. Obchodování běží nonstop a startuje od 1 USD.
Summary Crypto.com launched tokenized derivatives tracking roughly 1,500 US stocks and ETFs for users outside America. The product relies on a MiFID license secured through the acquisition of Foris Capital and custody with Alpaca. Kraken, Binance, Robinhood, OKX and Hyperliquid already run competing tokenized equity products with different structures. Regulators shut down a similar Binance and FTX attempt in 2021 within three months of launch. Crypto.com opened access on Wednesday to a new product line called Tokenized Stocks, a set of derivatives that mirror the price of about 1,500 US-listed equities and exchange-traded funds. The rollout targets users in the European Economic Area and other approved jurisdictions outside the United States, letting them buy fractional exposure to names like Apple, Nvidia and Tesla, as well as commodity funds such as SPDR Gold Shares, starting from $1. The exchange built the offering on a Markets in Financial Instruments Directive license it picked up through its acquisition of Foris Capital, and it settles trades instantly on-chain rather than through the traditional two-day clearing window.
A $1 Token Buys Price Exposure, Not a Share Certificate The product does not hand buyers real shares. Each token is a derivative contract that tracks price movement without transferring legal or beneficial ownership, voting rights or any say in corporate governance. Holders can still receive dividend-equivalent payments that mirror the underlying company’s cash distributions, even though they hold no equity stake. Collateral backing the tokens sits with Alpaca, a US self-clearing broker-dealer that already underpins more than 90% of the tokenized US stock market industry-wide. Depending on where a user is based, the legal issuer is either Foris Capital CY Limited in Cyprus or Foris Capital MU Ltd, and the Cyprus arm operates under supervision from the Cyprus Securities and Exchange Commission.
Trading runs continuously, including weekends, and the promotional fee structure currently sets commissions at zero, though the exchange notes that other platform charges may still apply. CEO Kris Marszalek tied the launch to a $400 million investment from Citadel Securities that valued Crypto.com at $20 billion, framing the funding as proof that markets “shouldn’t have to sleep.”
Crypto.com Tracks Prices, Some Rivals Put the Real Share on Chain Crypto.com’s approach sits on one side of a structural split that now defines the tokenized equity market. Synthetic or derivative models, which Crypto.com and Kraken both use, map the price of a stock without putting the actual security on-chain. Issuer-sponsored models instead aim to register real common shares as blockchain assets, giving holders an actual claim on the company. If an issuer like Crypto.com or Kraken runs into financial trouble, a synthetic-token holder has a claim on collateral held by a custodian like Alpaca, not a direct claim on the underlying shares the way a real shareholder would.
Synthetic · MiFID
Crypto.com
~1,500
stocks and ETFs covered
Collateral held in custody with Alpaca
Token Wrapper
Kraken · xStocks
100+
stocks and ETFs, SPL on Solana
Proprietary Chain
Binance · bStocks
$500M+
market cap
Over 90% of volume trades outside Wall Street hours
Proprietary Wrapper
Robinhood
Arbitrum
EU retail focus
Built for a traditional-broker style interface
Liquidity Integration
OKX
40+
tokenized stocks
Secondary liquidity venue, not the issuer
Synthetic Perps
Hyperliquid · HIP-3
$633B
Q1 2026 trading volume
Hosted synthetic SpaceX trading ahead of its 2026 IPO
BaFin Shut This Down Once Already, in Three Months Flat This is not the industry’s first run at putting Wall Street on-chain. Binance and FTX both launched fractional stock tokens in April 2021, covering names like Tesla, Apple and Coinbase, through partnerships with European firms CM-Equity and Digital Assets AG. Neither exchange filed the securities prospectuses regulators expected, and Germany’s BaFin along with the UK’s Financial Conduct Authority moved quickly. Binance pulled the product just three months after it went live.
The current wave looks different on paper. Crypto.com built its launch around an actual MiFID license and regulated custody, and Kraken’s perpetuals run under similar regulatory cover. BaFin’s 2021 objection centered on the absence of a prospectus, not the token mechanism itself; Crypto.com’s MiFID license and Kraken’s regulated derivatives venue are built to satisfy that specific requirement.
Weekend Token Prices Called 92% of Monday’s Gaps Binance’s own research points to something specific: more than 90% of on-chain bStocks trading volume happens while US markets are shut. The exchange’s data found that weekend token pricing correctly anticipated 92% of the Monday morning gaps that later showed up on Wall Street. On-chain volume peaked between 20:00 and 24:00 ET, the start of the Asian trading day, while activity on Binance itself clustered around the US pre-market open. They are running continuous price discovery on assets that traditional exchanges only reopen five days a week, and traders elsewhere are watching those weekend moves for signals.
Hyperliquid pushes the same idea further. Its Layer-1 chain processes roughly 200,000 actions per second and lets external developers list perpetual contracts on equity indices, commodities and even pre-IPO companies through tools like trade.xyz. Synthetic trading for SpaceX tracked closely with the eventual valuation the company reached at its June 2026 listing, giving retail traders a way to price a private company months before it reached a public exchange. Hyperliquid cleared more than $633 billion in trading volume in the first quarter of 2026 alone and now competes with Binance for the position of the world’s second-largest perpetuals venue by open interest.
A $2.49 Billion Market Now Splits Five Ways Between Rivals The tokenized equity market has grown roughly sixfold over the past year to reach a $2.49 billion valuation, and Citigroup expects the broader tokenized securities category to reach $5.5 trillion by 2030, with $2.6 trillion of that coming from tokenized equities specifically. Crypto.com now competes directly with Kraken, Binance, Robinhood and OKX for retail flow in this category, and each platform is betting on a different structure to win users. Investors comparing these products need to look past headline asset counts and check whether they are buying a synthetic price tracker or something closer to real ownership, since the two carry different risk profiles if a platform runs into trouble. Regulatory scrutiny is also likely to intensify as volumes rise, given how quickly authorities acted the last time exchanges tried this without a full licensing framework behind them.
Hyperliquid míří na americký trh, ale jeho rozhraní zůstává pro uživatele v USA uzavřené. Podle zprávy za 2. čtvrtletí HYPE ve 2. čtvrtletí vzrostl o 79,2 %.
Hyperliquid is turning its attention toward the U.S. market, according to a recent report by The Information.
The push comes at an important moment for the crypto industry. Hyperliquid has grown into one of the largest venues for crypto perpetual futures.
U.S. regulators are simultaneously trying to determine how derivatives, decentralized exchanges and other on-chain financial products should fit into a regulatory system largely designed around centralized intermediaries.
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The question, therefore, is not simply whether Hyperliquid wants to enter the United States. It is whether the existing regulatory framework gives a decentralized protocol a workable way to do so.
U.S. prohibition?In practical terms, Hyperliquid's current trading interface is closed to U.S. users. The Hyperliquid blockchain itself has been declared illegal in the United States.
Hyperliquid is a permissionless blockchain. Its network and smart contracts are distinct from the website interface through which many users access the protocol.
Hyperliquid's terms of use identify people and entities located in or resident in the United States as "Restricted Persons" and prohibit them from using the interface.
Perpetual futures are its most important product. In the U.S., derivatives markets are subject to an extensive regulatory framework that has been developed by the CFTC.
The Hyperliquid Policy Center has made precisely this issue the centerpiece of its Washington strategy. The organization says it is seeking a "clear, regulated path" for Americans to access onchain markets.
The Policy Center was launched in Washington in February 2026 and is led by crypto lawyer Jake Chervinsky.
Hyperliquid's remarkable growth Hyperliquid has plenty of economic reasons to pursue the U.S. after it recorded remarkable growth.
According to the Q2 report cited in the recent report on Hyperliquid, HYPE rose 79.2% during the second quarter.
This is the second consecutive quarter in which HYPE substantially outperformed the broader crypto market.
The platform has become large enough that Washington can no longer simply ignore it.
At the same time, American users remain largely excluded from direct access to the derivatives upstart.
Hyperliquid usiluje o vstup na americký trh, přestože čelí regulačním překážkám. Kvůli souladu s předpisy zatím blokuje uživatele z USA na svém front-endu.
Hyperliquid, a decentralized perpetual futures exchange, is reportedly aiming to expand its operations into the United States despite ongoing regulatory challenges. The exchange, which currently blocks U.S. users from its front-end due to compliance issues, is seeking a path to offer on-chain derivatives within the U.S. market. This development comes amid pressure from established exchanges like CME Group and Intercontinental Exchange (ICE), which have urged U.S. regulators to impose tighter controls on Hyperliquid. The exchange’s policy arm has engaged in discussions with U.S. regulators, including a recent meeting with the SEC’s Crypto Task Force, indicating its intent to navigate the complex regulatory landscape.
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Key Takeaways Hyperliquid’s exploration of a U.S. expansion suggests a strategic initiative to tap into the American market despite existing regulatory barriers. The involvement of regulatory bodies like the SEC indicates that the exchange is actively seeking a compliant path for its services in the U.S. Market pricing suggests a cautious outlook, with the current odds of Hyperliquid reaching $100 by the end of 2026 standing at 13.5% YES. What to Watch Observers will be keen to see how U.S. regulators respond to Hyperliquid’s proposed expansion plans and whether they will require the exchange to adopt new compliance measures. Key developments to watch include any announcements from Hyperliquid regarding partnerships or regulatory approvals that could impact their market trajectory. Changes in the odds for Hyperliquid’s price targets, particularly any significant shifts, may indicate evolving market sentiment in response to these regulatory discussions.
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Term Structure
Contract Odds Δ since publish Volume 24h December 31 13.5% — — View market → January 1 2027 4.1% — — View market → January 1 2027 3.1% — — View market → January 1 2027 27.5% — — View market → January 1 2027 8.9% — — View market → January 1 2027 3.4% — — View market →
HYPE po návratu nad klíčový support a po nákupu velryby za 7,29 mil. USD drží kolem 55,39 USD. Na Hyperliquid zároveň debutovala platforma xStocks s tokenizovanými akciemi a ETF.
Key Highlights HYPE currently trades at $55.39 following a successful reclaim of critical moving-average support, positioning for a potential $57 breakout Technical analyst BATMAN reports HYPE bounced from its three-day MA and successfully recaptured a key support zone that was previously lost Major whale activity detected with $7.29 million HYPE purchase on Coinbase, indicating strong institutional confidence xStocks platform debuts on Hyperliquid, bringing tokenized stocks and ETFs with round-the-clock trading capabilities Platform destroyed $1.07 million in HYPE over 24 hours; cumulative burn reaches 47.62 million tokens, representing 4.76% of maximum supply The HYPE token from Hyperliquid is demonstrating fresh momentum following a technical recovery from its three-day moving average support. Currently, HYPE is valued at $55.39, registering a 1.5% gain over the last 24 hours, supported by a market capitalization of $13.96 billion and daily trading volume reaching $252.9 million.
Hyperliquid (HYPE) Price Technical analyst BATMAN highlighted on X that HYPE has successfully recaptured a support level that was previously breached, following its bounce from moving-average support. The token is currently retesting this reclaimed area, which traders view as critical for validating the sustainability of the current recovery.
Should buyers successfully maintain support at this critical juncture, technical projections suggest a potential advance toward $57. Market observers are awaiting confirmation signals before declaring a sustained upward breakout.
Significant whale activity has reinforced the bullish sentiment. Analyst Ted Pillows reported on X that a single large-scale buyer acquired $7.29 million worth of HYPE through Coinbase in a single transaction. Ted Pillows characterized the move as clear “Accumulation,” suggesting heightened conviction among major market participants.
xStocks Platform Introduces Tokenized Stock Trading on Hyperliquid The xStocks platform has officially launched on Hyperliquid, introducing tokenized equities and exchange-traded funds through HyperCore infrastructure. The initial rollout features five tokenized assets, selected based on their highest open interest within HIP-3 perpetual futures markets.
xStocks is now live on @HyperliquidX.
Our first deployment on HyperCore starts with a total of 5 tokenized equities and ETFs, including the leaders in open interest across HIP-3 perps.
24/7 liquidity. Meeting traders where they already are. With more assets to come. pic.twitter.com/c70lqRGOtB
— xStocks (@xStocksFi) August 10, 2026
This integration enables cryptocurrency traders to gain exposure to traditional financial markets continuously, eliminating restrictions imposed by conventional trading hours. The platform seamlessly connects tokenized equity products with Hyperliquid’s established derivatives infrastructure.
Sustained Token Burning Activity Continues From a fundamental perspective, Hyperliquid eliminated approximately $1.07 million in HYPE tokens within a 24-hour timeframe, as reported by Onchain Lens. During this same period, the platform generated approximately $1.45 million in fee revenue.
Total tokens burned have now reached 47.62 million HYPE, valued at approximately $2.63 billion based on current market prices. This burn volume accounts for 4.76% of the one billion token maximum supply.
The sustained burn rate demonstrates ongoing platform activity and utilization. When combined with the xStocks platform launch and increasing whale accumulation patterns, these metrics indicate a thriving and expanding ecosystem.
HYPE’s immediate price trajectory hinges on whether buyers can maintain control of the recently reclaimed support level and generate enough momentum to break above current resistance toward the $57 target zone.
Hyperliquid přidává do HIP-1 funkci scaleWei, která umožní deployerovi jedním atomickým krokem proporcionálně upravit zůstatky všech držitelů tokenu. Současně se automaticky přepočítají i otevřené objednávky.
Hyperliquid just gave its native token standard a feature that traditional finance has had for decades but crypto has largely lacked: the ability to cleanly split, redenominate, and proportionally adjust token balances without breaking everything in the process.
The upgrade introduces a deployer-controlled scaleWei function to the HIP-1 token standard, allowing atomic proportional balance transfers across all holders of a given token. Think of it as the on-chain equivalent of a stock split, except it also handles airdrops, dividends, repricing, and reverse splits, all executed in a single atomic operation on Hyperliquid’s Layer-1 blockchain.
What scaleWei actually does The scaleWei function sidesteps the traditional migration mess entirely. When a deployer triggers it, every balance of the referenced HIP-1 token gets scaled proportionally in a single atomic transaction. No migration contracts, no user action required, no liquidity fragmentation.
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Critically, open orders on Hyperliquid’s exchange are also automatically adjusted when the scaling action references the same token. That means a limit order sitting on the book doesn’t suddenly become nonsensical after a 2-for-1 split. The order’s size and price parameters get recalibrated to reflect the new denomination.
Who controls the lever Access to the scaleWei function is restricted to two categories: system addresses and signed vaults. In practical terms, this means only the original deployer of a HIP-1 token, or an authorized vault structure, can trigger a balance scaling event.
The function builds on HIP-1’s existing parameter set, which already includes weiDecimals, szDecimals, maxSupply, and genesis distribution mechanics. HIP-1 itself remains a capped-supply fungible token standard native to Hyperliquid’s L1, meaning these tokens aren’t ERC-20s living on Ethereum. They’re first-class citizens of Hyperliquid’s own chain, with the exchange’s order book integrated at the protocol level.
The RWA play becomes more obvious Recent equity-related spot listings on the platform have already signaled the direction of Hyperliquid’s positioning toward tokenized real-world assets. With scaleWei, a deployer managing a tokenized equity on Hyperliquid can now execute a proportional distribution, like a dividend paid in the same token, by simply scaling all balances upward. A reverse split works the same way in the opposite direction. The atomic nature of the operation means there’s no window where some holders have been adjusted and others haven’t.
Where this fits in the broader upgrade timeline The scaleWei addition is part of a broader sequence of protocol enhancements. The platform’s upgrade path has included HIP-1 through HIP-4, each addressing different aspects of the protocol’s functionality. HIP-1 established the foundational capped-supply fungible token standard, while subsequent proposals have layered on additional features including liquidity bootstrapping, permissionless perpetual market creation, and prediction markets.
The initial market response has been muted, with no significant price movement on the back of the announcement.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Klienti Bitwise za poslední týden nakoupili HYPE za více než 5 milionů USD a od konce července nic neprodali. I přes 14% pokles ceny za posledních 30 dní zůstává HYPE od začátku roku o 118 % výše.
Bitwise’s ETF clients spent more than $5 million on Hyperliquid’s HYPE token in the past week and have not sold any holdings since July. Despite a 14% decline in HYPE’s price over the last 30 days, the token remains up 118% since the start of the year.
Ongoing accumulation and market signalsBlockchain analytics platform Arkham reported that Bitwise ranks among the largest HYPE ETF issuers and has not sold a single HYPE token since the end of July. All August transactions conducted by the firm and its associated investors were purchases, according to Arkham Explorer. This data represents on-chain activity and is not an official statement from Bitwise.
While the recent investment amount is relatively minor compared to the broader crypto sector, Arkham pointed out that the accumulation trend is significant. Consistent buying by a major player often signals increasing confidence in the token’s underlying fundamentals.
Arkham highlighted that a firm consistently acquiring tokens sends a markedly different message than one balancing outflows against inflows.
As traders watch the market’s shifting dynamics, timely access to live data and multi-functional tools becomes essential. In a market where a single Fed decision or a sudden altcoin listing can change everything in seconds, jumping between different apps for charts, news, and portfolio tracking is costing investors money. Smart traders are now utilizing privacy-first tools like CryptoAppsy to consolidate everything. Without even the hassle of creating an account, you get real-time charts, smart price alerts, coin-specific news, and critical macro data all on one screen.
Bitwise launches Hyperliquid ETF on NYSEBitwise debuted its Hyperliquid ETF (BHYP) on the New York Stock Exchange in May 2026. Trading began a day after its May 14 launch. The company stated that this was among the first spot Hyperliquid products available in the United States and featured a unique staking capability managed through Bitwise Onchain Solutions.
As of April 1, 2026, Bitwise reported $11 billion in assets under management. The company set a sponsor fee of 0.34% for the ETF but waived all fees for the first month on investments up to $500 million.
Matt Hougan, Chief Investment Officer at Bitwise, described Hyperliquid as “one of the most compelling investment opportunities in crypto today,” crediting the platform’s underlying architecture for channeling trading activity directly to token holders.
European expansion and product featuresBitwise also expanded the HYPE product to Europe with the listing of the Bitwise Hyperliquid Staking ETP (BHYP) on Deutsche Börse Xetra on April 9, 2026. Bradley Duke, Head of Europe at Bitwise, described the listing as a timely addition to the firm’s European offerings and said it is the company’s seventh such product.
The European ETP tracks the Kaiko HYPE Reference Rate LDNLF index and carries an annual expense ratio of 0.85%. It targets a 1.00% net staking reward, with a third of staking rewards kept by Bitwise to cover operational costs. Staking revenue is collected daily and compounded, increasing each investor’s overall crypto holdings over time.
Token mechanics and trading impactCoinbase Institutional characterized HYPE as a token that behaves more like a claim on exchange revenue rather than a purely DeFi asset. In a March 5, 2026 note, Coinbase researchers detailed that the Hyperliquid protocol channels its fees into an Assistance Fund, which converts 97% of this revenue into buybacks of the HYPE token, effectively reducing the circulating supply. Coinbase estimated annualized protocol fees at approximately $1 billion.
Demand and transaction flows are key for HYPE’s ongoing price movement. Hyperliquid recorded $2.9 trillion in trading volume in 2025, representing a year-over-year increase exceeding 400%, and currently accounts for about 60% of global on-chain derivative open interest, according to Bitwise. With a market value above $11 billion, HYPE ranks as the tenth-largest cryptocurrency by market capitalization.
Whether Bitwise continues accumulating HYPE through August is expected to be reflected first in Arkham’s blockchain data.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
xStocks Goes Live on Hyperliquid's Core Exchange Layer@xStocksFi has launched on @HyperliquidX's core exchange layer, starting with five tokenized equities and ETFs. The initial assets are already leading open interest across Hyperliquid's stock perpetuals, with the project indicating that more assets are planned.
The tokens provide economic exposure to the underlying equities rather than direct ownership, a structure common across the tokenized-equity sector. The instruments are designed to provide price exposure only, not direct ownership of shares, and are not available to US persons.
Companies like Backed Finance (xStocks) and Ondo Finance create tokenized stocks backed 1:1 by real shares held in regulated custody. KYC is required at the issuer level for primary mints but not for secondary trading, which is why Backed cannot serve US persons.
A Crowded But Growing Venue for Tokenized StocksxStocks is not the first tokenized-equity provider to arrive on Hyperliquid. Ondo tokenized stocks can be transferred from BNB Chain and Ethereum to Hyperliquid's HyperEVM via the Ondo Bridge, powered by LayerZero, bringing tokenized stocks and ETFs such as SPYon, NVDAon, and TSLAon to the platform. Holders of Ondo tokenized stocks and ETFs can pair long tokenized spot exposure with perpetual positions on applicable markets, unlocking strategies such as basis trades, funding arbitrage, and delta-neutral positioning. Dinari's dShares have also been available on Hyperliquid.
The xStocks launch adds another distribution point for a product that has scaled quickly since it first appeared on Solana and centralised exchanges. The platform has recorded more than $3.5 billion in on-chain activity from over 80,000 unique on-chain holders. xStocks hold 8 of the top 11 positions for tokenized equities by unique holders, accounting for 68% of the top 25 tokenized stocks by unique holders as of February 2026.
The broader tokenized-equity market has expanded rapidly in parallel. CoinGecko's RWA Report 2026 shows total RWA perps volume reached $524.8 billion in Q1 2026 alone, more than the $313.0 billion recorded for all of 2025. Platforms including Hyperliquid, via HIP-3, and Binance offer up to 20x leverage on these instruments.
The Hyperliquid listing extends xStocks' multi-venue strategy. Leading crypto platforms including Bybit, Gate.io, and others have already integrated xStocks, bringing tokenized US equities to retail investors, professional traders, and institutional clients worldwide.
Sources:
Markets Media: Ondo Brings Tokenized Stocks to Hyperliquid
Kraken Blog: xStocks Surpass $25 Billion in Total Transaction Volume
CoinGecko: What Are Tokenized Stocks
Hyperliquid nově podporuje tokenizované americké akcie přes Chainlink CCIP a na spotu přidává alespoň 10 xStocks. Mezi registrovanými tickery jsou i AAPLx a NVDAx.
Hyperliquid, the Layer 1 blockchain that has quietly built one of the most active decentralized exchanges in crypto, now supports tokenized US equities through an integration with Chainlink’s Cross-Chain Interoperability Protocol (CCIP). The move brings xStocks, which are 1:1 backed tokenized versions of US stocks and ETFs, onto Hyperliquid’s spot trading infrastructure.
How the plumbing works Chainlink’s CCIP serves as the connective tissue between Hyperliquid and the broader multi-chain ecosystem. The protocol handles cross-chain token transfers through a burn-and-mint mechanism, meaning tokens aren’t just copied across chains. They’re destroyed on one side and recreated on the other, keeping supply in check.
Hyperliquid runs two layers: HyperCore, a custom-built order-book engine, and HyperEVM, an Ethereum Virtual Machine compatible environment. CCIP bridges the gap between HyperCore’s native tokens and ERC-20 tokens on HyperEVM, allowing assets from other chains to plug into Hyperliquid’s trading system.
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The cross-chain infrastructure also leverages xBridge, which initially focused on Ethereum-to-Solana transfers before expanding to support Hyperliquid. Together, CCIP and xBridge create a pipeline for tokenized assets to move across chains and land on Hyperliquid’s spot markets.
At least 10 xStocks tickers have registered for spot trading on the platform following auction processes, according to community reports. Tickers like AAPLx and NVDAx give users direct exposure to the underlying equities without leaving the DeFi ecosystem.
What xStocks actually are xStocks are tokenized representations of US equities and ETFs developed by Backed Finance, which is part of the Kraken Group. Each token is backed 1:1 by the corresponding underlying asset, meaning one AAPLx token represents one share of Apple stock held in reserve.
Until now, Hyperliquid was primarily known for perpetual futures trading, where it has carved out a dominant position among decentralized exchanges. Adding tokenized equities to its spot markets represents a meaningful expansion of its product surface area.
Why this convergence matters The CCIP integration on Hyperliquid has been live since July 2025, giving the infrastructure several months to stabilize before the xStocks rollout gained traction.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Hyperliquid rozšiřuje nabídku trhů a většinu poplatků směruje do zpětných odkupů HYPE, což může zvyšovat poptávku po tokenu. Platforma nově přidala spotové a predikční trhy.
Hyperliquid, a decentralized perpetuals exchange and Layer 1 blockchain, is reportedly expanding its market offerings, which may drive demand for its native token, HYPE. According to a tweet from Delphi Digital, new market launches on Hyperliquid increase demand for HYPE as the platform channels most of its fees into HYPE buybacks. This development aligns with Hyperliquid’s latest expansion into spot and outcome prediction markets, adding more fee-generating venues. The platform’s buyback mechanism, which routes up to 99% of protocol fees to HYPE purchases, plays a significant role in this process.
The expansion of Hyperliquid’s markets and the associated fee mechanism appear to support the potential for increased demand for HYPE. Market pricing reflects a cautious optimism about Hyperliquid’s price prospects, with current predictions for reaching $100 by the end of 2026 priced at 11% YES. The market has seen fluctuations, with the YES percentage slipping from 18% a week ago to 11% now, suggesting some uncertainty among participants.
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Hyperliquid’s growth strategy includes the implementation of HIP-3 and HIP-4 initiatives, encouraging builders to deploy new markets by staking significant amounts of HYPE. This strategy aims to broaden the platform’s appeal and revenue streams, potentially affecting market sentiments and price predictions for HYPE.
Key Takeaways Hyperliquid’s market expansion appears to increase demand for HYPE by directing most fees into buybacks. Market pricing suggests cautious optimism for HYPE reaching $100 by December 31, 2026, currently at 11% YES. The introduction of HIP-3 and HIP-4 initiatives could indicate further growth and demand for HYPE. What to Watch Watch for Hyperliquid’s future announcements regarding partnerships or new market launches, as these could influence price predictions. Regulatory developments or security issues could impact sentiment and pricing. Observing changes in sub-market odds and volume could provide further insights into market confidence regarding Hyperliquid’s price trajectory toward the $100 mark by the end of 2026.
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Term Structure
Contract Odds Δ since publish Volume 24h December 31 11% — — View market → January 1 2027 4.1% — — View market → January 1 2027 2.9% — — View market → January 1 2027 29.5% — — View market → January 1 2027 9.7% — — View market → January 1 2027 3.4% — — View market →
HYPE čelí silnějšímu prodejnímu tlaku po vkladu velryby 37,39 tis. HYPE za zhruba 2,03 milionu USD na KuCoin. Spot Netflow dosáhl přibližně 1,24 milionu USD, což zvyšuje nabídku na burzách.
Hyperliquid [HYPE] faced intensifying selling pressure following a $2.03 million KuCoin whale deposit, as positive netflows strengthened exchange-side supply concerns.
The exchange-bound transfer increased available supply while HYPE attempted to stabilize following its broader decline. The whale deposited 37.39K HYPE, worth approximately $2.03 million, to KuCoin six hours earlier.
The same wallet also transferred 290.75K USDC, worth roughly $290.65K, to Kraken one hour earlier. However, the HYPE transaction carried greater significance because it directly increased exchange-bound token supply.
Exchange deposits often expand immediately tradable supply, although they do not confirm completed sales. Therefore, the transaction strengthened distribution concerns rather than proving the whale had already sold. More importantly, broader spot flows supported the same direction, giving the transfer stronger bearish context.
Spot inflows strengthen the selling case Exchange flows had already shifted toward the supply side as the whale moved HYPE onto KuCoin.
Spot Netflow reached approximately $1.24 million at press time, confirming inflows exceeded outflows during the latest recorded period. Previously, HYPE had registered substantial negative netflows, including several pronounced outflow spikes around late July.
Those readings reflected tokens leaving exchanges and reduced the immediately available exchange supply. However, the latest positive reading marked a change from that withdrawal-heavy activity.
The whale’s $2.03 million deposit reinforced the shift because both metrics pointed toward increased exchange availability. Although one positive session could not erase previous outflows, current conditions clearly favored incoming supply.
Thus, the latest exchange activity gave sellers a stronger near-term position. Continued positive netflows would increase pressure on buyers to absorb additional HYPE supply.
Source: CoinGlass Whales stay active as retail participation cools Large traders had maintained their presence while broader market participation weakened across HYPE’s spot market.
The Spot Average Order Size registered Big Whale Orders, highlighting continued activity from larger market participants.
Meanwhile, the Spot Volume Bubble Map was cooling, pointing toward weaker participation across the wider spot market. This divergence gave whales greater influence over HYPE’s immediate market direction.
Notably, exchange activity provided a bearish direction to their growing influence. Positive spot netflows reached $793.92K, while one whale deposited $2.03 million in HYPE to KuCoin.
Therefore, whale activity increasingly favored the supply side as broader participation cooled. Retail demand appeared less capable of counterbalancing incoming exchange supply under those conditions.
Unless broader participation strengthens, whale-driven exchange inflows could keep sellers dominant and restrict HYPE’s recovery.
Source: CryptoQuant Improving MACD gives HYPE a recovery chance Despite stronger supply pressure, HYPE defended $53.67 and preserved an opportunity for another recovery attempt.
Price reached approximately $54.65 after rebounding from the lower area of its descending structure. Yet, the descending trendline continued restricting upside progress below the $57.10 resistance.
MACD had improved during the rebound, adding some technical support for buyers. At press time, its line reached -1.93, above the -2.23 signal line, while the histogram climbed to 0.30. Both MACD lines remained below zero, however, leaving the broader recovery unfinished.
RSI had reached 43.42, above its 39.57 average, but remained below the neutral 50 threshold. A sustained recovery could challenge $57.10 and potentially expose $62.48 afterward. Failure around resistance would keep $53.67 vulnerable, while a breakdown could reopen $51.09.
Source: TradingView Final Summary HYPE exchange inflows and whale activity currently give sellers the stronger near-term position. Holding $53.67 keeps recovery alive, but $57.10 remains the crucial upside hurdle.
Nově vytvořená peněženka vložila na Hyperliquid 3,56 milionu USDC a otevřela 4x long na 36 000 XMR v hodnotě asi 14,33 milionu USD. Cíl zisku je mezi 475 a 516 USD.
Someone really likes Monero right now. A newly created wallet dropped 3.56 million USDC onto Hyperliquid, the decentralized perpetual exchange, and immediately opened a leveraged long position on 36,000 XMR tokens. At entry prices hovering between $395 and $400, the notional value of the trade clocks in at roughly $14.33 million.
The trader then set a take-profit ladder between $475 and $516, suggesting they’re expecting XMR to rally another 20% to 30% from current levels.
Breaking down the trade The position uses approximately 4x leverage, meaning the trader’s $3.56 million in deposited collateral is controlling a position worth more than four times that amount.
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On-chain analytics from Lookonchain first flagged the whale activity on August 10, 2026. The wallet in question appears to have been created specifically for this trade, which is a common pattern among large traders looking to keep their broader portfolio activity under wraps.
XMR has gained nearly 10% over the past week, trading in a range between $393 and $402 after breaking through a descending trendline that had been capping price action.
Hyperliquid is a decentralized exchange specializing in perpetual futures that operates on its own Layer-1 blockchain to facilitate on-chain order books and leveraged trading. Perpetual futures allow traders to bet on price movements without actually buying the underlying asset — you’re trading a synthetic contract that tracks XMR’s price, settled in stablecoins, with leverage available to amplify exposure.
This distinction matters for Monero in particular. XMR has been delisted from several major centralized exchanges over the years due to regulatory concerns around its privacy features, making it harder to trade in traditional spot markets. Perpetual futures on platforms like Hyperliquid offer an alternative route for traders who want exposure without navigating the shrinking list of venues that still support direct XMR trading.
A pattern of whale interest This isn’t the first time a large trader has taken a sizable XMR position on Hyperliquid. Earlier in 2026, a similar whale trade surfaced involving a $2.27 million USDC deposit used to open a 2x leveraged long on Monero. The current trade is significantly larger in both collateral and leverage.
The take-profit range of $475 to $516 would represent a roughly 19% to 29% move from the entry zone. At 4x leverage, a 25% adverse move would wipe out the collateral entirely without intervention.
With spot market access becoming increasingly restricted, decentralized perpetual exchanges are absorbing a growing share of XMR volume. That means XMR’s price discovery is happening less on order books where actual coins change hands and more on synthetic markets where stablecoins serve as the medium of exchange. Hyperliquid, which operates without traditional KYC requirements for most users, is a natural landing spot for that flow.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Robinhood rozšířil britskou aplikaci o více než 50 kryptoměn včetně Bitcoin, Ethereum, XRP a Hyperliquid. Současně spustil AI nástroj Cortex Digests for Crypto pro vysvětlování pohybů trhu.
Robinhood has expanded its UK investing app into crypto, giving eligible customers access to more than 50 digital assets while adding an AI-powered tool to explain market moves.
UK customers can now buy and sell more than 50 cryptocurrencies, including Bitcoin, Ethereum, XRP and Hyperliquid, through Robinhood’s main app. The service operates through Bitstamp UK, the crypto exchange Robinhood acquired for $200 million last year.
The company said there are no trading, custody or account maintenance fees. Customers will instead pay a 0.1% foreign exchange fee when converting currencies, while some weekend conversions carry a 0.3% fee.
The rollout follows Robinhood’s registration with the Financial Conduct Authority (FCA) on July 31. Bitstamp UK is also FCA-registered. Crypto assets held through the service are not covered by the Financial Services Compensation Scheme or the Financial Ombudsman Service.
Cortex brings AI into crypto tradingAlongside the trading launch, Robinhood is introducing Cortex Digests for Crypto. The generative AI feature reviews breaking news, market data, technical indicators and Robinhood’s own insights to explain what may be driving price movements.
The vision is to give users a simple market summary without making them dig through multiple sources.
Robinhood expands its crypto ecosystemThe company is also pushing its blockchain business through Robinhood Chain, a Layer 2 network built using Arbitrum technology. Robinhood said the network has recorded more than $18 billion in decentralized exchange trading volume and over $840 million in total value locked since its July 1 launch.
Developers, including those in the UK, can build applications on the network.
UK rules will tighten furtherRobinhood’s launch comes before the UK’s new crypto authorization regime. Applications are expected to open in September 2026, with the new framework scheduled to take effect in October 2027. Robinhood’s current FCA registration will not replace the authorization required under that future system.
The UK expansion also comes as Robinhood’s crypto transaction revenue fell 38% year over year to $100 million in Q2 2026. Still, total revenue rose 32% to $1.31 billion, while prediction-market revenue reached $156 million.
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Hyperliquid má open interest na nových maximech, ale příjmy podporující token HYPE klesají už čtyři čtvrtletí kvůli sdílení poplatků s externími vývojáři. RWA perpetuals sice táhnou aktivitu, část výnosů ale odtéká mimo protokol.
The numbers don’t line up the way they used to. Hyperliquid’s open interest has climbed to fresh highs, but the revenue that backs its HYPE token has dropped for four consecutive quarters. The culprit is a deliberate strategic choice: a fee-sharing program that shunts half the platform’s volume—and the fees that come with it—to outside builders. It is a tradeoff that worked for growth but is now thinning the direct income stream that market participants once took for granted.
According to the original report, the gap between surging activity and shrinking revenue traces back to a program that incentivizes third-party developers to route volume through the exchange. This approach has undoubtedly helped Hyperliquid lock in market share, especially in the increasingly crowded market for crypto perpetuals. But it has introduced a direct friction between volume metrics and the bottom line. The exchange’s own earnings—and by extension the value accrual mechanism for HYPE—are getting diluted at the very moment the platform looks busiest.
The rise of real-world asset perpetuals on Hyperliquid adds another layer. Traders have flocked to the synthetic exposure RWA perps offer, pushing open interest to records. But much of that volume now migrates through external integrations that claim their share of fees before any revenue touches the protocol’s treasury. The fee-sharing split is designed to be generous enough that builders prefer Hyperliquid over competing venues, but it means the platform’s own cut shrinks in real time. At a time when real-world asset tokenization is booming and attracting institutional capital, that tradeoff is especially visible.
Hyperliquid’s model is not an isolated case. Derivatives exchanges across DeFi have been wrestling with how to balance volume incentives against revenue that can be returned to token holders or used for protocol buybacks. Many platforms have chosen short-term volume sops that eventually force a reckoning. Hyperliquid is simply hitting that tension earlier than expected. The fee split doesn’t just lower current earnings; it also introduces uncertainty about what a normalized revenue level might look like if and when the incentives are dialed back. Market participants who value HYPE based on platform income are now trying to price that unknown.
A Structural Gap, Not a Cyclical One The decline in revenue isn’t a product of falling trading interest. It’s a direct consequence of the protocol’s architecture for attracting order flow. More volume doesn’t automatically translate into more protocol-level value when half of it is never captured in the first place. The open interest figures can create a misleading picture of platform health if they are read in isolation.
Revenue that once fed token burns, staking rewards, or buybacks is now being siphoned into an ecosystem of external developers. That ecosystem may strengthen the broader Hyperliquid network, but it doesn’t strengthen the token’s direct cash-flow story in the same way. This is similar to the kind of tension that has appeared on other fee-sharing exchanges, where the market eventually demands clarity on whether volume incentives are a temporary growth hack or a permanent feature.
What HYPE Holders Are Missing The expectation that platform revenue accrues to the token is a powerful narrative in DeFi, and it has been central to HYPE’s value proposition. When that link weakens, the fundamental story shifts. Traders and token holders who bought into HYPE partly on the thesis that rising volumes would boost its real yield now face a more complicated reality. The volume is there; the yield is not.
In decentralized perps markets, liquidity and composability often attract an initial wave of users, but sustained token demand depends on more than just headline metrics. If the fee-sharing program remains the default, HYPE’s economic model may need to be rethought. It’s not just about a few quarters of declining revenue—it’s about whether the current growth path can ever restore a direct line from user activity to token value without disrupting the developer incentives that got it there in the first place. As the uncertain regulatory outlook for decentralized derivatives platforms continues to complicate long-term planning, the margin to recalibrate economic models becomes narrower.
The RWA Perpetuals Wildcard Hyperliquid’s RWA perpetuals market is still nascent, but its speed of adoption has outpaced the platform’s ability to capture value from it. The flood of new users trading tokenized commodity and equity exposure has been a gift for growth, yet the beneficiary has been the broader funnel of builders rather than the protocol treasury. That could change if the fee-sharing terms are eventually adjusted, but any adjustment would need to be calibrated carefully to avoid pushing volume toward competitors who are ready to offer equally attractive splits.
What’s left is a question of market structure. Can a venue reliant on external developers to drive order flow ever capture enough native revenue to satisfy token holders who demand both growth and value capture? Hyperliquid’s four-quarter revenue slide suggests that the market isn’t sure. The coming quarters will test whether the protocol can shift its economic levers without losing the volume that made it a contender. For now, the gap between open interest and income is the one number that truly matters.
AUTHOR
Freelance writer and crypto enthusiast with a focus on Web3, delivering clear and engaging articles. Known for his well-researched articles and insightful analysis, Shayan covers a broad range of topics including market trends, blockchain technology, decentralized finance (DeFi), and emerging crypto projects. His writing aims to educate both beginners and experts, providing clear, engaging content that helps readers stay informed about the fast-evolving crypto space. Shayan's expertise and dedication make him a trusted voice in the blockchain community.
Hyperliquid has never traded more contracts, and it has never kept a smaller share of the money those contracts earn
Open interest, the total value of leveraged positions traders hold at one time, climbed to just above $11 billion on July 13, the platform's highest in 2026. Hyperliquid’s perpetual futures volume over the past 30 days ran to nearly $178 billion. Hyperliquid now settles roughly 9% of all open perp positions worldwide, centralized exchanges included, up from under 7% in late May.
But the platform’s revenue has gone the other way. Gross protocol revenue peaked at roughly $357 million in the third quarter of 2025 and has fallen every quarter since, to nearly $295 million, then roughly $217 million, then about $202 million in the second quarter of 2026, DefiLlama data shows. That is a 43% drop from the top, booked while the trade count climbed.
Hyperliquid Improvement Proposal (HIP-3) helps explain why Hyperliquid is keeping less of the activity it attracts. Since October 2025, anyone who stakes 500,000 HYPE, worth about $28 million at current prices, can deploy their own perpetual futures market on Hyperliquid's order books and keep up to half the trading fees.
At the start of 2026 these builder-deployed markets were about 2% of Hyperliquid's perp volume. They are now roughly half of it.
The pass-through shows up in the accounts. Cost of revenue, the portion of fees Hyperliquid hands straight back to builders, market makers and its own liquidity vault, was under 6% of gross revenue in the second quarter of 2025. A year later it was 18%.
Builder code fees, which front-ends like Phantom charge on top for routing an order, arrived at roughly $16 million of revenue in the second quarter and left as roughly $16 million of cost in the same quarter. Every dollar of it passes through.
Traders keep showing up because of what those builder markets list. Real-world asset perps, contracts on things like crude oil, gold, Nvidia, Tesla, a Nasdaq-100 tracker and pre-IPO names like SpaceX, hit a record $3.6 billion in open interest this month and overtook bitcoin as the platform's largest market by that measure.
Between July 13 and July 19, tokenized stocks and commodities did $25 billion in volume, 52% of the weekly total, outpacing crypto perps for the first time. The contracts settle in stablecoins, never expire, and trade through the weekend when the New York Stock Exchange is shut. A product such as leveraged Nvidia exposure, at 2 a.m. on a Sunday, has few other homes.
That growth sits largely on one set of shoulders. Trade.xyz accounts for more than 90% of all HIP-3 open interest, which means Hyperliquid's record numbers depend on a single deployer's oracle choices, margin settings and risk management.
The risk in that arrangement showed earlier this week on Monday, when a single trade on a thin Korean pre-market venue dropped Trade.xyz's SK Hynix contract 19% and triggered liquidations the firm has since agreed to reimburse.
Hyperliquid routes about 97% of trading fees into its Assistance Fund, which buys the token on the open market and retires it, taking roughly 44.5 million HYPE out of the total supply so far. The buyback is a fixed share of earnings, so it contracts when earnings contract. The fund bought nearly $290 million of HYPE in the third quarter of 2025. In the second quarter of 2026 it bought roughly $149 million, close to half as much.
HYPE traded near $55 on Friday, down 5% on the week and roughly 28% below the June 16 record near $77, CoinDesk data show. Annualized earnings of about $785 million put the token at roughly 16 times its circulating market value and about 70 times fully diluted.
Institutional holders including Multicoin Capital and Bitwise have moved sizeable amounts of HYPE to exchanges over the past month.
The ecosystem around it is thinner than a top-15 ranking suggests. Of the 48 tokens CoinGecko tracks in the Hyperliquid category, HYPE accounts for almost all of the value. The next two, Ethena's USDe at about $4.5 billion and USDT0 at roughly $4 billion, are stablecoins issued elsewhere and bridged in. The largest natively built token is PURR at about $53 million, under half a percent of HYPE. The market still values HYPE largely on Hyperliquid’s exchange economics rather than a broad base of native applications.
Supply and regulators press from the other side. Nearly 10 million HYPE unlocked to core contributors on Aug. 6, about $550 million at current prices, one of a monthly series running through 2027 against a circulating supply of only 222 million.
Spot HYPE ETFs posted their first weekly outflow in the week to July 17, roughly $7 million, ending a nine-week inflow run. Singapore's MAS added the platform to its investor alert list in late June, following earlier U.K. warnings, and CME and ICE executives have pushed the CFTC to review its commodity perps.
Meanwhile, competition has arrived from an unexpected direction. Robinhood Chain, the brokerage's month-old network, has been clearing more than $600 million in daily decentralized-exchange volume on memecoin trading, and by some measures now draws more daily speculative activity than Hyperliquid does.
None of which is the same as saying the business is failing. ARK research put Hyperliquid and Pump.fun together at 67% of all crypto application revenue as of July 31, and Grayscale has compared the platform to Amazon Web Services, a place where outside developers build the products while the operator takes a cut of everything traded.
That comparison contains the problem. Hyperliquid booked roughly $45 million in gross revenue through the first four weeks of the third quarter. Hold that pace and the quarter lands near $150 million, a fourth straight decline, and the bid under HYPE thins with it.
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Building the Zcash Machine: Tachyon and Quantum Readiness
Building the Zcash Machine: Tachyon and Quantum Readiness
Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.
Jun 30, 2026
Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.
Why it matters:
Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.
Hyperliquid překročil 263 419 aktivních obchodníků s perpetual futures a nyní tvoří až 69 % všech denních on-chain uživatelů perpetualů. Open interest se drží mezi 8,97 mld. a 10,55 mld. USD.
Hyperliquid has crossed 263,419 active perpetual futures traders, a number that would have been unthinkable for a decentralized exchange just two years ago. The platform now accounts for up to 69% of all on-chain perpetual daily active users.
Perpetual futures are the single most traded instrument in crypto. They let traders bet on price movements with leverage and no expiration date.
The numbers behind the dominance Open interest on Hyperliquid sits between $8.97B and $10.55B. Monthly active traders have topped 274,000 in recent snapshots, suggesting the 263,419 figure represents a consistent baseline rather than a spike.
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The platform offers more than 300 perpetual and spot markets spanning crypto, commodities, and indices. Traders can access synthetic exposure to traditional assets around the clock, something legacy markets still can’t offer without significant infrastructure.
Hyperliquid runs on its own Layer-1 blockchain, using a custom consensus mechanism called HyperBFT. Everything happens on-chain and non-custodially, which means traders hold their own keys throughout the process.
From quant desk to crypto infrastructure The platform was founded in 2023 by Jeff Yan, who previously worked as a quantitative trader at Hudson River Trading, one of Wall Street’s most prominent high-frequency trading firms. That pedigree shows up in Hyperliquid’s design philosophy: capital efficiency, low latency, and the kind of order book mechanics that institutional traders expect.
The HYPE token launched through a community airdrop in 2024, a distribution method that avoided the typical venture capital unlock schedule that tends to create persistent sell pressure. The token powers governance, staking, and fee mechanisms across the ecosystem.
Why perpetual futures keep eating crypto Hyperliquid’s rise has coincided with increased regulatory scrutiny of offshore centralized platforms. As governments tighten rules around entities like Binance and OKX, traders who want fewer counterparty risks and more transparent execution have gravitated toward decentralized alternatives.
Traders can get exposure to commodities or equity indices at 3 AM on a Sunday through Hyperliquid’s support for tokenized or synthetic perpetuals on traditional assets. This 24/7 availability, combined with high leverage options, makes Hyperliquid particularly attractive to active traders.
Hyperliquid’s decision to build a dedicated Layer-1 rather than deploy on an existing chain has given it performance advantages that application-layer protocols struggle to match. Protocols like dYdX and GMX continue to iterate on their own perpetual products against this backdrop.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
A memecoin factory just out-earned one of crypto’s most hyped derivatives exchanges. Pump.fun, the Solana-based token launchpad that lets anyone spin up a memecoin in seconds, posted $33.73 million in 30-day revenue, according to DeFiLlama data, surpassing Hyperliquid’s $32.73 million over the same period.
The $PUMP token responded accordingly, climbing roughly 12% to trade near $0.0027 with a market capitalization of approximately $1.055 billion.
The numbers behind the flip Pump.fun’s total fees over the 30-day window reached $84.35 million, while Hyperliquid collected $47.14 million in fees during the same stretch. The gap between fees and revenue for each protocol reflects their different economic models. Pump.fun converts a larger share of its fee intake into protocol revenue, while Hyperliquid distributes more of its fees back to liquidity providers and stakers.
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The TVL comparison tells a different story entirely. Hyperliquid sits on $6.041 billion in total value locked across its Layer 1 and Arbitrum deployments. Pump.fun holds $251.4 million, almost entirely on Solana. That means Pump.fun is generating more revenue per dollar locked by a factor of roughly 24x.
Historical data shows multiple instances where Pump.fun has outpaced Hyperliquid on daily and weekly revenue metrics. The monthly flip just makes the pattern harder to dismiss as noise.
How Pump.fun built its revenue engine Pump.fun launched in early 2024 and quickly became the go-to platform for memecoin creation on Solana. Its bonding-curve mechanism lets anyone deploy a token with built-in liquidity, no coding required. The platform’s cumulative lifetime revenue has reached $1.231 billion.
For comparison, Hyperliquid’s cumulative lifetime revenue sits at $1.188 billion. The memecoin launchpad has now surpassed the derivatives exchange on both trailing 30-day and all-time revenue metrics.
What this means for the competitive landscape The contrasting fee structures deserve attention from anyone allocating capital between these ecosystems. Pump.fun’s higher fee-to-revenue conversion rate means more value accrues directly to the protocol and, by extension, to token holders. Hyperliquid’s model redistributes more value to participants, which makes it stickier for power users but less immediately profitable as a protocol investment.
A protocol generating over $33 million in monthly revenue against a $1 billion market cap gives $PUMP a price-to-revenue multiple that looks attractive compared to many DeFi tokens trading at far higher valuations on thinner revenue streams.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
As the crypto market continues to show mixed price actions, Hyperliquid's development team, Hyperlabs, stirred reactions across the crypto market following a recent unlocking of HYPE tokens.
According to recent data shared by crypto analytics platform Lookonchain, Hyperlabs has unlocked a total of 433,025 HYPE tokens and has been dumping them on major crypto exchanges.
Is Hyperlabs selling?Following HYPE's current trading price, the total amount of tokens unlocked by the team is worth over $23 million, drawing attention from market watchers.
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Although the massive unlocking of the tokens does not reflect a bearish signal, the move became concerning after the team began to deposit portions of the unlocked tokens to exchanges like OKX and Flowdesk.
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While deposits to exchanges potentially indicate an intention to sell, the move has sparked speculation across the crypto community, although the team has yet to give further details about the purpose of its move.
With the move perceived as being bearish for HYPE's potential price move, it appears that momentum is cooling after the rapid price surge seen earlier this week.
HYPE supply pumpsBy unlocking some of the Hyperliquid tokens into circulation, the team has added to the supply of HYPE available in the market and could create additional selling pressure amid the ongoing market volatility.
Nonetheless, there are suggestions that the team may not have sold the tokens it unlocked, as exchange deposits do not solely confirm that Hyperlabs has sold the assets.
Market analysts predict that there is a good chance the team may have deposited the tokens for liquidity management or other operational purposes.
Hyperliquid za posledních 24 hodin spálil HYPE za 1,28 milionu USD po příjmech z poplatků ve výši 1,65 milionu USD. Nabídka se dál utahuje, i když HYPE pokračuje ve dvoudenní korekci.
Hyperliquid’s [HYPE] deflationary model is gathering pace despite HYPE extending its two-day correction.
According to the recent reports, the protocol burned $1.28 million worth of HYPE over the past 24 hours after generating $1.65 million in fees.
Lifetime token burns have now reached 47.53 million HYPE, equivalent to $2.68 billion, highlighting stronger long-term holding and fewer tokens changing hands.
The combination points to a steadily tightening supply backdrop , which could in turn translate into bullish signals in the long run.
Has the burn rate affected the network supply? The impact on the burned tokens is already visible on the market. According to the recent data, Hyperliquid’s circulating turnover has fallen to a weekly average of 2.9%.
The latest burn is turning out to be revenue-driven, meaning higher protocol activity continues removing HYPE from circulation.
At the same time, the sharp decline in circulating turnover suggests holders are keeping their positions instead of rotating supply back into the market.
Source: Token Terminal Reduced token availability has historically supported bullish trends when demand remains stable. The same turn of events could be developing for HYPE. Moreover, given that the derivatives and supply metrics remain supportive despite the recent price weakness.
On contrary, the token trading volume have flattened at around $230 million after a week of steady gains. This could be the result of many traders playing averse as they wait for a potential rejection at around $54 before they chip in to join the trend.
Source: Santiment Can bulls reverse the correction? On the daily chart, the token’s bollinger bands have widened indicating the current increased market volatility.
However, the token is still trading below the key 20 SMA and its Stochastic RSI is currently at an overbought region at $86.21, increasing the likelihood of further short-term bearish run.
Since retesting the 20 SMA at around $56.65 yesterday, the token has recorded consecutive days of bearish run.
Source: TradingView However, with the overall long-term structure still leaning bullish and the token supply reducing, the token could be on a short correction to clear the liquidity cluster worth over $1.53 million at $54.22 before resuming its long-term bullish structure.
Notably, the price level lies within the market gap between $52 and $55 on the daily chart, a zone that the token price action is likely to retest to collect unfilled orders before resuming it long-term bullish trend.
If HYPE bulls defend the demand zone, a continuation of the bullish rally back to $60 will be more than likely to materialize.
Hyperliquid Policy Center vyzývá CFTC, aby zvážila perpetual futures jako zajišťovací nástroj i pro komoditní firmy. Tvrdí, že by mohly doplnit tradiční futures a lépe sedět na průběžnou expozici.
7 August 2026 | 18:20 Hyperliquid’s policy arm is pushing regulators to consider whether perpetual futures, best known for crypto trading, could also work as hedging tools for businesses exposed to commodity prices.
Key Takeaways Its proposal centers on giving businesses additional hedging options alongside traditional futures contracts. Agricultural markets provide a demanding test because farmers and merchants use derivatives to manage real operating risks. Public blockchains could streamline collateral and settlement, but liquidity and market protections would still determine whether the products are useful. In an August 7 submission connected to the Commodity Futures Trading Commission’s July 29 Agricultural Advisory Committee meeting, the Hyperliquid Policy Center focused on product choice, the CFTC’s gradual approach to perpetual futures and the potential role of public blockchains in derivatives markets.
The committee represents agricultural producers, merchants and other businesses that use derivatives to manage costs and revenues tied to their operations. Its July meeting examined risk-management tools for agricultural users alongside 24-hour trading and newer derivatives products.
Bringing perpetual futures into that discussion puts the structure in front of businesses with very different needs from crypto traders. The question for regulators is whether it can offer a useful hedging alternative in markets where derivatives protect operating margins.
Hyperliquid Policy Center CFTC submission letter. Why Would a Farmer Need a Perpetual Future? Traditional futures contracts expire. A farmer, commodity merchant or food producer that wants to remain protected against price changes beyond the life of a contract has to close or roll the position into another maturity.
A perpetual future removes the fixed expiry date. The position can remain open while a funding mechanism helps keep its price aligned with the underlying market.
That could suit companies with continuous exposure to commodities. A business that regularly buys energy, grain or another input may want to maintain protection for an extended period without repeatedly moving into a new contract.
Traditional futures remain useful when their expiration dates align with a harvest, shipment or scheduled purchase. A December contract, for example, may suit an exposure that also ends in December.
Perpetuals would give businesses another option when the risk they are managing does not fit neatly into a fixed maturity.
24-Hour Trading Is Useful Only If Liquidity Follows The CFTC is also examining longer trading schedules. In his remarks to the Agricultural Advisory Committee, CFTC Chairman Michael Selig focused on giving farmers and producers efficient tools for managing price uncertainty.
Commodity prices can move while US exchanges are closed. Weather events, geopolitical developments, energy shocks and overseas trading can all affect markets outside normal domestic sessions.
Longer trading hours could allow companies to adjust hedges sooner when those events occur.
Liquidity remains the complication. Thin overnight trading can mean fewer counterparties, wider spreads and larger price moves from relatively small orders. Under those conditions, a 24-hour perpetual contract could offer worse execution than a traditional future during its most active trading hours.
Keeping a market open around the clock only helps if enough participants are there to trade. Commercial users, market makers and other counterparties still need to provide sufficient depth.
Public Blockchains Could Change the Market Infrastructure Derivatives markets require collateral transfers, position reconciliation and settlement of gains and losses between participants. Public blockchains could handle some of those processes on infrastructure that operates continuously and can be independently verified.
Faster collateral movement and systems that remain available outside traditional banking hours could be useful to commercial participants. This may be especially relevant for perpetual contracts, where positions stay open and collateral requirements can change as prices move.
The Hyperliquid Policy Center has also argued that regulators should distinguish public blockchain infrastructure from financial businesses that take custody of customer assets or intermediate transactions.
Agricultural derivatives offer a practical setting for that argument to be tested. Any advantage would need to appear in areas businesses already care about, including collateral efficiency, settlement speed and access during volatile market periods.
The Policy Push Also Serves Hyperliquid’s Broader Strategy Hyperliquid has its own stake in how regulators treat perpetual futures and onchain derivatives.
Hyperliquid Policy Center describes itself as an independent research and advocacy organisation focused on creating a regulated US path for onchain finance. When it launched, the Hyper Foundation committed 1 million HYPE tokens to support its work, according to the organisation’s official launch announcement.
A regulatory framework that accommodates perpetual futures and public blockchain infrastructure could give platforms built around those markets more opportunities to compete with established derivatives venues.
The campaign also comes as Hyperliquid faces growing competitive pressure. JPMorgan has recently argued that regulated US perpetual products could narrow the platform’s advantage, while HYPE ETF demand has weakened. Our earlier analysis explains why JPMorgan sees growing competition as a test for Hyperliquid and HYPE.
That gives the policy effort a broader strategic importance. Expanding the regulatory role of perpetual futures could increase the number of markets where onchain derivatives platforms are able to compete.
The Real Test Is Whether Businesses Actually Use Them Perpetual futures already have a long trading history in crypto. What remains uncertain is whether companies managing commodity and other commercial exposures would find the same structure worthwhile.
Farmers, merchants and producers will judge these products on hedging costs, liquidity, collateral requirements and their ability to respond when markets move.
If perpetual futures improve those areas, they could earn a place alongside established derivatives products.
If they do not, regulatory approval may expand where the contracts can trade without creating much demand from the businesses the CFTC’s agricultural committee represents.
Methodology: This article uses the Hyperliquid Policy Center’s August 7 submission relating to the CFTC Agricultural Advisory Committee’s July 29 meeting, official CFTC meeting materials and Hyperliquid Policy Center disclosures. The analysis focuses on the practical implications of perpetual futures, continuous markets and public blockchain infrastructure. Disclaimer: The article is provided for informational and educational purposes only and does not constitute financial, legal or investment advice. Regulatory policy and derivatives-market rules may change as the CFTC considers new products and public comments. Author
Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
Hyperliquid čelil obávanému unlocku 6. srpna 9,92 milionu HYPE, ale tým si nárokoval jen asi 22,65 milionu USD, nikoli 620 milionů USD. HYPE se po události držel kolem 55,83 USD k 7. srpnu 2026.
Three weeks ago we wrote that a date was hanging over this token. August 6. Roughly 9.92 million HYPE unlocking for core contributors, something like $620 million at the time, and every nervous holder selling first and asking later. The date came. The tokens released. And then the thing nobody was pricing: the team’s committed claim came to about $22.65 million. Not $620 million. Twenty-two.
HYPE trades at $55.83 as of August 7, 2026, up 0.7% over 24 hours, per CoinGecko. Market cap sits near $12.3 billion. The token is about 27% below its June 16 all-time high of $76.67, and it is still sitting in the top handful of most-viewed coins on the board, which is what happens when a market spends a month waiting for a specific Thursday.
The shadow was bigger than the monster Here is what actually matters about yesterday, and it has almost nothing to do with the price.
An unlock releases tokens. It does not sell them. We hammered that distinction in July when Arbitrum’s release went to a DAO treasury and landed with a thud instead of a crash, and the same principle just got its second demonstration in three weeks. Per Tokenomist’s tracking, the August 6 tranche was structurally modest in practice: the committed claim represented a small fraction of a percent of unlocked supply, well under what the full whitepaper schedule would have permitted.
Translation for anyone who sold in July out of unlock fear: you sold into a shadow. The monster arrived, blinked, and went back to bed.
That is not a victory lap for HYPE holders, and it should not read as one. Two things stayed true through all of it. The token is down 27% from June. And an unlock that lands softly today does not unlock softly forever; the vesting calendar keeps running, monthly, and each release adds to a float that has to be absorbed by something. Soft landings are a pattern, not a promise.
The number nobody quotes Everyone quotes the market cap. Almost nobody divides it by anything.
Hyperliquid generated roughly $1.86 million in fees in the last 24 hours, with about $1.39 million of that landing as protocol revenue. Annualize the revenue line and you get somewhere near $500 million a year. Put the $12.3 billion market cap over it and HYPE trades at roughly 24 times annualized revenue.
Sit with that for a second, because it is the whole argument in one ratio.
If you told a traditional equity investor about a business growing fast, dominant in its category, trading at 24 times revenue, they would call it expensive but not insane. Now consider the peer group. The overwhelming majority of tokens in the top hundred have no revenue at all to divide by, and the ones that do rarely route it anywhere near holders. HYPE’s entire premium exists because the exchange makes money and the token has a mechanical claim on it. That is rare enough that it explains both the valuation and the volatility: you are holding something with an actual multiple, which means the multiple can compress.
That is the honest bear case, stated in the bulls’ own language. Twenty-four times revenue is not cheap. It is a price that assumes the volumes keep coming.
Where the levels stand We named $56 as support on July 17 and $60 as the reclaim that would end the concern. HYPE is at $55.83. The first number broke, barely, and has spent weeks being fought over rather than abandoned. Call it what it is: a floor that leaks.
Above, $60 is unchanged as the line that would put the token back in an uptrend rather than a grind. Below, the round $50 is the level nobody wants to discuss and everybody watches. In between is where this has lived since the June top, and the unlock everyone thought would break the range did not break it.
What is actually different now Two things landed in the last few weeks that were not true in July, and both cut in the same direction.
A Tokyo-listed company, Eole Inc., disclosed a HYPE position, becoming the first Japanese public company to hold the token. Corporate treasury buyers are slow money; they do not trade the unlock calendar. Against that, JPMorgan noted that inflows into HYPE-linked exchange-traded products have stalled as competition mounts, which takes some air out of the institutional-drip story we highlighted in July when the streak was running.
So the picture is not “institutions are coming” and it is not “institutions left.” It is both, at once, in different rooms of the same building. One buyer type is arriving with a multi-year horizon while another has slowed to a crawl. Anyone telling you which one wins has better information than the tape does.
Bottom Line The date that scared this market for three weeks came and went, the team claimed a small fraction of what the headline number implied, and HYPE closed the week roughly where it started. The lesson is the one this site keeps repeating and the market keeps relearning: read the label on an unlock, not the size of it. The rest of the picture is unchanged and unsentimental. A dominant exchange, real revenue, a 24 times multiple that leaves no room for a bad quarter, a leaky floor at $56, and a calendar that brings another release next month. The monster was smaller than its shadow this time. Next time is a separate question, and it deserves its own answer.
This article is for information only and is not investment advice. Crypto assets are extremely volatile and you can lose your entire stake. Always do your own research.
Frequently Asked Questions What is the Hyperliquid price today? HYPE trades at $55.83 as of August 7, 2026, up 0.7% over 24 hours, with a market cap near $12.3 billion and roughly 27% below its June all-time high of $76.67.
What happened with the August 6 HYPE unlock? Roughly 9.92 million HYPE unlocked for core contributors. Per Tokenomist tracking, the committed claim was far smaller than the full schedule allowed, around $22.65 million, so the actual supply hitting the market was a fraction of the feared headline.
Did the unlock crash the HYPE price? No. HYPE was up 0.7% the day after and roughly flat across the week. Unlocks release tokens rather than sell them, and much of this tranche was not claimed.
Is HYPE expensive at these levels? By revenue multiple, HYPE trades at roughly 24 times annualized protocol revenue based on about $1.39 million in daily revenue. That is a real multiple in a sector where most tokens have none, and it prices in continued volume growth.
What are the key HYPE levels now? $56 is the contested support, $60 the reclaim that would restore an uptrend, and the round $50 the level below. The token has traded inside this band since the June top.
When is the next Hyperliquid unlock? Hyperliquid runs monthly releases under its vesting schedule. Check the official documentation and a tracker such as Tokenomist for the next date and allocation before assuming another soft landing.
Hyperliquid Policy Center požádal CFTC o rámec, který by v USA povolil obchodování s on-chain perpetual deriváty pro občany USA. CFTC podle šéfa Mikea Seligy připravuje cílený rámec pro takové platformy.
The @HyperliquidX Policy Center has formally petitioned the U.S. Commodity Futures Trading Commission (CFTC) to establish a regulatory framework that would allow on-chain perpetual derivatives trading for U.S. citizens, marking one of the most direct regulatory pushes yet from a decentralized platform seeking access to American markets.
A First-of-Its-Kind Regulatory Push The move is notable for its directness. The Hyperliquid Policy Center is an independent research and advocacy organization dedicated to advancing a clear, regulated path for Americans to access onchain markets. Rather than sidestepping U.S. jurisdiction, as many decentralized platforms have done for years, the Center is asking regulators to build a framework that accommodates non-custodial, on-chain trading of $HYPE and other assets.
The Hyperliquid Policy Center was established in early 2026 with the explicit goal of advocating for regulatory clarity around onchain markets. Its petition to the CFTC is part of a broader effort that has also included a joint comment letter filed with Phantom Technologies. The two organizations urged the agency to update rules that currently keep American users walled off from onchain derivatives markets.
At the core of the proposal is a challenge to how legacy financial rules treat decentralized software. HPC and Phantom argue that simply building onchain trading software should not trigger registration requirements as an exchange or clearinghouse, and that non-custodial front-end providers like Phantom do not have to register as introducing brokers. The initiative also calls for decentralized clearinghouse protocols to be formally integrated into the U.S. derivatives ecosystem, enabling transparent, non-custodial trading without the intermediary structures that traditional regulations assume.
A Regulator Signaling Openness The CFTC, for its part, appears receptive to rethinking its approach. CFTC Chair Mike Selig has said the agency is crafting a tailored regulatory framework for on-chain perpetual derivatives platforms like Hyperliquid, noting that 1930s-era exchange rules are ill-suited to DeFi. Under the Trump administration, the CFTC has taken a more accommodating approach to regulating the crypto industry, most notably approving the first U.S.-regulated bitcoin perpetual futures contract in May and opening the door to bringing more perps onshore.
That regulatory opening has not been without controversy. The proposal lands while the CFTC faces legal action from CME Group, which sued the regulator in June after it approved perpetual futures products from platforms including Kalshi. CME argues that perpetual contracts should be classified as swaps rather than futures under the Dodd-Frank framework and claims the regulator bypassed the required legal process.
The Hyperliquid Policy Center's petition reflects a broader shift in how decentralized platforms are engaging with regulators. Rather than operating in legal grey areas, projects are increasingly seeking defined rules. As the regulatory conversation matures, the CFTC's response could set a precedent for how on-chain derivatives platforms gain, or are denied, access to U.S. liquidity.
Sources:
The Block: Hyperliquid Policy Center, Phantom urge CFTC to stop treating onchain protocols like traditional brokers
Crypto.news: Hyperliquid Policy Center and Phantom call for DeFi-specific CFTC regulations
CryptoRank: CFTC Chair signals regulatory path for on-chain perpetual platforms like Hyperliquid
HYPE se odrazil nad 56,80 USD po silných výsledcích za 2. čtvrtletí a zpětných odkupech za 141 milionů USD. Hyperliquid vykázal výnosy 169 milionů USD.
HYPE price climbed above $56.80 as strong quarterly revenue, token buybacks, and rising RWA trading activity helped it rebound from the $51 support area.
Summary
HYPE price gained 2.5% in 24 hours and traded about 3.7% higher over the past week. Hyperliquid generated $169 million in Q2 revenue, allocating $141 million to HYPE buybacks. The daily chart shows a potential breakout from a descending channel, but momentum is nearing overbought levels. Liquidation clusters at $57.20 and $55 could determine HYPE’s next short-term move. HYPE price rebounds from $51 support According to data from crypto.news, Hyperliquid (HYPE) price traded near $56.80 on Aug. 7, gaining about 2.5% over 24 hours after recovering from an early-August low around $51.20. The token reached an intraday high near $57.04 before buyers and sellers began competing around the $57 level.
The rebound has lifted HYPE roughly 11% from its weekly low, although its net seven-day gain remained closer to 3.7%. Trading volume stood near $250 million over the previous 24 hours.
The 4-hour chart shows HYPE establishing a sequence of higher lows after defending the $51–$52 region. Price has also moved above the Supertrend indicator, which currently provides dynamic support near $54.44.
Hyperliquid price 4-hour chart — Aug. 7 | Source: crypto.news The 4-hour relative strength index stood at 60.08, slightly above its signal average of 59.49. This reading points to improving buying pressure without placing HYPE in overbought territory on the shorter timeframe.
However, the token remains about 26% below its June record near $76.70. The broader chart therefore shows a recovery within a larger correction rather than a confirmed return to its previous uptrend.
Hyperliquid buybacks support the recovery The latest move followed the release of Hyperliquid’s second-quarter performance figures. The protocol reported $169 million in quarterly revenue and said $141 million was directed toward HYPE buybacks.
Hyperliquid also passed $1 billion in cumulative protocol revenue during the quarter. HIP-3 real-world asset perpetual contracts generated $213 billion in trading volume and represented 32.2% of activity in the category covered by the report.
RWA trading contributed 6.6% of total quarterly revenue, according to the Q2 figures. The data strengthened the view that Hyperliquid is expanding beyond crypto perpetual futures into tokenized commodities, equities and other traditional-market products.
Buybacks can support HYPE by creating recurring demand using protocol revenue. Still, their effect depends on whether platform trading activity and fee generation remain high enough to offset token sales and future supply growth.
HYPE’s fully diluted valuation stood near $54 billion, compared with a circulating market capitalization of approximately $12.6 billion. That gap remains a longer-term risk because only part of the maximum token supply currently circulates.
HYPE price faces $57.30 liquidation wall The daily chart shows HYPE attempting to move above the upper boundary of a descending channel that has guided price lower since early July. A sustained daily close above $57 would strengthen the breakout case.
Hyperliquid price daily chart — Aug. 7 | Source: crypto.news The Awesome Oscillator remained negative at -5.39, showing that the broader momentum structure has not fully turned bullish. Its histogram bars have nevertheless shifted higher, indicating that bearish momentum is weakening.
The Stochastic RSI presents a more immediate warning. Its two lines stood at 95.80 and 88.35, placing the indicator deep in overbought territory. That setup does not guarantee a decline, but it raises the chance of consolidation or a short pullback before another advance.
CoinGlass’ 24-hour liquidation heatmap shows the largest nearby liquidity concentration above the market at approximately $57.20–$57.35. A move through that zone could force leveraged short positions to close and push HYPE toward $58 and $60.
Hyperliquid liquidation chart | Source: CoinGlass Below the current price, another major liquidation cluster sits around $54.90–$55. Losing that area could accelerate a decline toward the 4-hour Supertrend support at $54.44. The next lower zones are $52 and the recent low near $51.
Analysts Split Over HYPE’s Next Target Crypto trader Altcoin Sherpa said HYPE may be building a bottom near its current range, although he expected the outcome to depend on wider market conditions.
“The level to watch is still $50; lose that and I think we see low/mid $40s in a slow fashion,” he wrote in an Aug. 6 post.
The analyst added that he remained constructive on HYPE over the longer term. His chart placed a broader demand zone across the low-to-mid-$40 region if the $50 floor fails.
HypeDojo offered a more bullish scenario, comparing the latest $51.50 bottom with the token’s earlier rebound from $52.50 to its June record. The trader projected a possible move toward $80 by the end of August.
Can we expect a $HYPE ATH in August??
In early and mid-June, we saw two $HYPE ATHs, and although there was a profile of an ATH in July, it ended with a Monthly High with the BTC Market Crash.
In early August, that means we are currently in a Bottom. After the first ATH in June,… pic.twitter.com/5bnrCMiibP
— HypeDojo (@HypeDojo) August 7, 2026 That target would require HYPE to clear several resistance areas, including $60, $64, $68 and the previous record around $76.70. The overbought daily Stochastic RSI also suggests that such a move may not develop in a straight line.
US competition adds risk to HYPE outlook JPMorgan analysts have warned that momentum in HYPE-linked investment products weakened after strong inflows during May and June. A reported 12-session outflow streak reached approximately $29.8 million through Aug. 3.
The bank also pointed to competition from regulated derivatives and prediction-market platforms, according to Blockhead. That risk is particularly relevant in the United States, where regulated venues are expanding access to perpetual-style contracts.
For now, the HYPE price outlook depends on whether buyers can convert the rebound into a confirmed daily channel breakout. A close above $57.30 would open a path toward $60, while rejection and a break below $54.40 would bring $52 and $50 back into focus.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
Eole Inc. se stala první veřejně obchodovanou japonskou firmou, která koupila HYPE za zhruba 66 000 USD. Firma chce navýšit držbu až na 100 milionů JPY.
Hyperliquid‘s native token, HYPE, is trading at $56.16 as the market eyes a crucial technical level, following the end of its long-term uptrend. Market observers are tracking the token’s push to reclaim its previous support, now turned resistance, with attention focused on whether HYPE can overcome this hurdle or face a deeper correction.
Technical indicators signal key test for HYPECrypto analyst Umair Orakzai stated that after breaking a persistent ascending trendline—which supported HYPE in its move from nearly $20 to $80 over six months—the token’s bullish market structure has been disrupted. According to Orakzai and other analysts, this breakdown suggests that selling pressure is beginning to outweigh recent buying momentum.
HYPE is now testing a former support level, which has emerged as resistance. The price’s latest rebound is coupled with falling volume, a sign that fresh buyers may be hesitant as sellers exert influence. Analysts suggest that if HYPE fails to exceed the $60 resistance, prices could slip further. However, a decisive move above $60 with robust trading volume could re-establish a bullish outlook.
Analysts point to the $60 resistance level as a critical point for a trend reversal or continuation, noting the relevance of trading volume in confirming any breakout.
Eole Inc. pioneers institutional HYPE investmentInstitutional interest in HYPE received a boost as Eole Inc., a company listed on the Tokyo Stock Exchange Growth Market, disclosed a significant entry into the asset. Eole acquired approximately 1,078 HYPE tokens for ¥10.1 million, or about $66,000, at the end of July. The company revealed intentions to expand its HYPE holdings to ¥100 million, equivalent to about $611,000.
InstitutionCurrent HYPE InvestmentPlanned HYPE InvestmentNative MarketEole Inc.¥10.1 million ($66,000)¥100 million ($611,000)Tokyo Stock Exchange Growth MarketEole Inc. describes itself as a Japanese technology and finance firm focused on leveraging new digital tools for long-term value. With this purchase, Eole became the first publicly listed company in Japan to acquire HYPE, highlighting growing institutional confidence in blockchain-based assets.
The company stated that its HYPE investment is part of its developing “Neo Crypto Bank” concept, an initiative aimed at applying blockchain and AI technologies to future financial services. Eole is exploring Hyperliquid’s high-speed network to facilitate automated trading, transactions, and autonomous finance, building on its existing exposure to Bitcoin.
Mini dictionary: Hyperliquid is a decentralized perpetual futures exchange with a focus on high-speed, low-latency trading infrastructure. Its native coin, HYPE, powers protocol functions including governance and transaction fees.
With a plan to raise its HYPE position to ¥100 million, Eole signals institutional commitment and broader adoption of digital assets within traditional financial markets in Japan.
Institutional momentum and HYPE’s outlookEole’s series of buy-ins is being closely watched by both traders and analysts, as consistent institutional participation can reinforce price support for HYPE and draw additional interest from other investors.
Observers note that while the current technical recovery is fragile due to thin volume, any fresh surge in institutional allocation—such as Eole’s planned purchases—could influence market confidence and direction.
HYPE’s price remains near $56, with traders awaiting a catalyst to define its next significant move.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
JPMorgan uvedl, že příliv do ETF na Hyperliquid v červenci a začátkem srpna téměř ustal po silném růstu v květnu a červnu. Za zpomalením vidí rostoucí konkurenci regulovaných krypto derivátových platforem a predikčních trhů.
JPMorgan says Hyperliquid ETF inflows have stalled as competition mounts. (Pixabay)Summary
JPMorgan said inflows into Hyperliquid ETFs have largely stalled in July and August after a surge earlier this summer.The bank attributed the slowdown to rising competition from regulated crypto derivatives platforms and crowded prediction markets.Despite the recent pause, Hyperliquid’s HYPE remains one of the fastest-growing crypto assets, ranking fourth in corporate crypto treasury holdings.Inflows into Hyperliquid (HYPE) exchange-traded funds (ETFs) have largely ground to a halt after surging in May and June, reflecting growing concerns over the protocol's competitive outlook, according to Wall Street bank JPMorgan (JPM).
The bank said Hyperliquid ETFs led non-bitcoin crypto funds in inflows relative to assets under management in May and June, though that momentum faded in July and early August.
“We see significant challenges to the market share of decentralized platforms such as Hyperliquid,” analysts led by Nikolaos Panigirtzoglou said in a Thursday report.
Hyperliquid has been one of crypto's biggest breakout stories this year, with its HYPE token surging as traders flocked to the protocol's decentralized perpetual futures exchange.
The rapid growth has turned Hyperliquid into one of the largest crypto ecosystems outside bitcoin and ether, attracting institutional capital, corporate treasury buyers and ETF issuers.
According to JPMorgan analysts, the cooling demand comes as decentralized derivatives platforms face mounting competition from regulated centralized exchanges.
The report said the rollout of U.S.-regulated crypto perpetual futures products could shift trading activity away from offshore decentralized venues such as Hyperliquid, which remain exposed to concerns around licensing, compliance and investor protections.
The analysts also pointed to intensifying competition in prediction markets, an area Hyperliquid is expanding into as it looks to diversify beyond perpetual futures trading, where transaction fees underpin much of the token's value.
The bank cautioned that while Hyperliquid has been one of crypto's standout performers this year, becoming the fourth-largest asset held in corporate crypto treasuries behind bitcoin BTC$64,391.36, ether ETH$1,905.33 and solana (SOL), whether it can continue gaining market share against larger rivals such as Solana and XRP remains uncertain.
Bitcoin and ether continue to dominate the crypto exchange-traded fund market with roughly $77 billion and $10 billion in assets under management, respectively, while ETFs tied to other cryptocurrencies, including Solana, XRP and Hyperliquid, collectively account for just $2 billion to $3 billion, the report added.
HYPE was trading more than 3% lower over the last 24 hours, around $55.30.
Read more: JPMorgan says fading Clarity Act odds weigh on crypto outlook
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
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The Evolution of the Crypto CEX Landscape: A Case Study on Binance
The Evolution of the Crypto CEX Landscape: A Case Study on Binance
Binance remains crypto’s leading exchange, expanding from spot and derivatives into RWAs, payments, savings, yield, and broader financial services.
Jun 29, 2026
Binance remains crypto’s leading exchange, expanding from spot and derivatives into RWAs, payments, savings, yield, and broader financial services.
Why it matters:
Binance remains crypto’s leading exchange, expanding from spot and derivatives into RWAs, payments, savings, yield, and broader financial services.
Tokenized real-world asset (RWA) trading now accounts for more than 33% of the trading activity on decentralized exchange Hyperliquid.
HIP-3 RWA perpetual contracts saw their share of trading volume increase to 32.2% during the second quarter of 2026, up from 20.7% in Q1 and 1.8% in Q4 of 2025. RWA trading volume reached $213 billion during Q2 on Hyperliquid, according to its quarterly report published on Wednesday.
Hyperliquid said that RWA trading generated 6.6% of the protocol’s quarterly revenue of $169 million. Of that $169 million, the platform said it returned $141 million to token holders through Hyperliquid (HYPE) token buybacks. Hyperliquid reported over $1 billion in cumulative protocol revenue.
RWAs became Hyperliquid’s largest trading category for the first time last month, when RWAs accounted for 52% of Hyperliquid’s total weekly trading volume between July 13 and July 19, reflecting growing demand for tokenized assets on the decentralized exchange.
At the end of July, RWA perpetual futures reached 99.2% of Bitcoin (BTC) perpetuals volume on Hyperliquid.
RWA holders increased 56% to 1.6 million investors over the past month, while the total value of onchain tokenized assets rose 3.3% to $37.8 billion, according to data provider RWA.xyz.
Magazine: How Hong Kong is turning tokenized bonds into real market infrastructure
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
Americké bankovní skupiny tlačí na FDIC, aby povinnosti proti praní peněz pro emitenty stablecoinů pokračovaly i po vydání tokenu. Kryptofirmy varují, že by to mohlo vytlačit regulované stablecoiny z DeFi.
Two of the most influential U.S. banking trade groups are pressing the Federal Deposit Insurance Corporation to extend anti-money laundering obligations for stablecoin issuers well beyond the point of token issuance, setting up a direct clash with crypto industry groups over how far compliance duties should reach.
Banks Push for Broader Compliance Perimeter The Bank Policy Institute (@bankpolicy) and The Clearing House Association (@TCHtweets) filed a joint comment letter on the FDIC's proposed rule to implement Bank Secrecy Act and sanctions compliance standards for FDIC-supervised permitted payment stablecoin issuers. Their submission arrived as the agency's comment window closed on Tuesday.
The banking groups' position is clear: AML obligations should not stop at issuance. BPI and The Clearing House emphasized the meaningful gaps in AML/CFT obligations in the secondary market for payment stablecoins, arguing that most illicit activity occurs there and that current requirements fail to impose sufficient AML obligations on secondary-market actors such as DeFi firms, certain digital asset custodians, and exchanges.
Crypto Side Warns of DeFi Consequences Crypto investment firm Paradigm (@paradigm) and the Hyperliquid Policy Center (@HyperliquidPC) warned U.S. regulators that proposed stablecoin AML rules could push regulated dollar tokens away from permissionless DeFi if issuers are made responsible for secondary-market activity.
In their letter, the two groups argued that the proposal could expose stablecoin issuers to liability for secondary-market transactions they cannot directly control, with their core concern being that issuers may be held responsible for activity taking place through public blockchain smart contracts, even when those issuers do not know the users involved and cannot stop the transaction in real time.
The two groups argued that regulators should separate primary issuance, where issuers have direct customer relationships, from secondary-market activity, where stablecoins move through wallets, decentralized finance apps, and validators outside an issuer's direct control. A wallet address "that simply holds or transfers" a stablecoin should not be treated as an issuer customer, they argued, and developers, protocol operators, and validators should be protected from issuer-style obligations when they have "no direct relationship with the issuer."
According to the two groups, extending strict issuer liability to the secondary market through smart contracts would create "impossible obligations," forcing issuers to launch stablecoins only on permissioned networks and effectively pulling regulated dollar stablecoins out of DeFi, creating a vacuum quickly filled by unregulated offshore alternatives. Unclear rules are described as "especially serious" for validators, as they could be read to cover infrastructure operators on networks such as Ethereum, Solana, and Hyperliquid, potentially pushing U.S.-based staking and infrastructure building offshore.
The FDIC now proceeds to draft a final rule with both camps firmly on record. The outcome will have broad consequences for how dollar-pegged tokens are deployed across open blockchain networks.
Sources:
Bank Policy Institute: BPI and The Clearing House Comment on FDIC's BSA and Sanctions Proposal for Stablecoin Issuers
Decrypt: Paradigm, Hyperliquid Policy Center Push Back on GENIUS Act Stablecoin AML Rule
FinanceFeeds: Hyperliquid Policy Center and Paradigm Push Treasury on AML Rule
Hyperliquid ve 2. čtvrtletí zvýšil objem obchodů i počet traderů, ale nižší poplatkové trhy stlačily výnosy protokolu o 6,6 % na 169,37 milionu USD. HYPE se zároveň odrazil k rezistenci 57–58 USD.
5 August 2026 | 14:18 Hyperliquid processed more volume and attracted more traders in Q2, but lower-fee markets took a larger share of activity, leaving protocol and holder revenue below the previous quarter.
Key Takeaways HYPE now faces stacked resistance near $57-$58. HIP-3 captured 32.2% of matched quarterly volume. June delivered Hyperliquid’s strongest revenue since November. Assistance Fund holdings reached 45.56 million HYPE. Team claimed only 4.3% of quarterly entitlement. Outcome markets generated volume but almost no fees. HYPE Tests a Stacked Resistance Zone When the chart was captured on August 5, HYPE traded near $57, up approximately 3.9% during the session. The rebound brought the price into two technical barriers at once: the 0.5 Fibonacci retracement and the 100-day simple moving average near $58.
The overlap makes the $57–$58 area a decision point rather than a confirmed breakout. Both levels previously acted as barriers, increasing the risk that buyers lose momentum before establishing support above them.
HYPE rebounded into the $57–$58 resistance zone, where the 0.5 Fibonacci retracement and 100-day SMA converge. Chart: TradingView, August 5, 2026. A daily close above the zone followed by a successful retest would improve the structure. The next major resistance sits around $62–$63, where the 50-day SMA was positioned near $62.5. Above that, the broader resistance area near $65 would return to focus.
Until the breakout is confirmed, a rejection remains possible. The first important support sits around $52, where buyers stopped the latest decline. Losing that area would expose the lower support near $47.
The daily RSI had recovered to approximately 47.5, showing improved momentum during the rebound but no decisive move into bullish territory above 50.
The technical setup now sits against a mixed fundamental backdrop. Hyperliquid entered Q3 with stronger trading activity, but lower quarterly revenue and a growing reliance on lower-fee markets.
The Hyperliquid 2Q2026 Quarterly Report is not a conventional company-issued financial statement. HRC, GLC Research and Four Pillars reconstructed the figures from public ledger records, independent data providers and protocol disclosures.
The report shows a clear gap between activity and monetisation. Protocol revenue declined 6.6% to $169.37 million and the report’s holder revenue measure fell 4.7% to $142.88 million, even as overall protocol TVL increased 16.8% to $5.72 billion.
More Trading Activity Produced Less Revenue Traders paid $197.67 million in gross fees during Q2, down 5.9% from $210.04 million in the previous quarter. Of that total, approximately $28.31 million accrued to builders, deployers and other ecosystem participants rather than becoming protocol revenue.
Several operating indicators still moved higher:
Matched volume rose 2.7% to $662.4 billion. Average open interest increased 25.4% to $8.68 billion. Quarter-end open interest climbed 28.6% to $9.31 billion. Average daily perpetual traders increased 19.8% to 54,294. Spot volume improved 5.3% to $16.2 billion. Revenue fell because more activity shifted from Hyperliquid’s higher-fee native perpetual markets into lower-priced builder-deployed markets.
The quarter also ended more strongly than it began. Protocol revenue fell to $46.19 million in April, recovered to $53.14 million in May and reached $70.03 million in June, its strongest monthly result since November 2025.
Hyperliquid monthly protocol and holder revenue chart. HIP-3 Became Hyperliquid’s Main Growth Engine Native perpetual volume declined for a third consecutive quarter, falling 12.7% to $432.9 billion. Growth instead came from HIP-3 builder-deployed perpetual markets.
HIP-3 volume increased 59.6% to $213.3 billion and represented 32.2% of all matched volume, up from 20.7% in Q1. HIP-3 open interest ended the quarter at $3.09 billion, a further 47.2% increase.
Under HIP-3, independent builders can deploy perpetual markets on Hyperliquid’s infrastructure rather than waiting for the protocol’s main listing process. Deployers choose important market parameters, provide their own front ends and can receive a share of the fees generated by their markets.
This expands the range of markets available on Hyperliquid, but HIP-3 volume generates less protocol revenue than activity on the native perpetual venue. Hyperliquid’s Growth Mode fee structure reduces protocol fees, rebates, volume contributions and certain rate-limit contributions by 90% for eligible markets, helping them attract traders without immediately replacing the revenue lost from declining native activity.
One Deployer Captured Almost All HIP-3 Volume The listing layer also became more concentrated. Trade[XYZ] accounted for approximately 81% of HIP-3 volume in February and 93% in April. By July, after the quarter ended, its share had approached 100% as other deployers wound down or migrated their markets.
Shared liquidity means that fewer deployers do not necessarily translate into less underlying market liquidity, as multiple interfaces can route users into the same order book. The concentration still matters at the deployment layer: Trade[XYZ] may benefit from stronger liquidity and easier market discovery, but users now have fewer meaningful alternatives.
Buybacks Continued, but the HYPE Price Changed the Math The Assistance Fund purchased 2.77 million HYPE for $140.66 million during Q2, giving the quarter an average execution price of approximately $50.80.
The dollar amount was only moderately below the $147.72 million deployed in Q1, but the number of tokens purchased fell 43.9% from 4.94 million HYPE because the token traded at substantially higher prices. The fund remained a source of market demand, although each dollar acquired fewer tokens.
Assistance Fund holdings ended the quarter at 45.56 million HYPE, an increase of 6.4% from Q1 and 78.6% from the same period a year earlier. The report found no discretionary sales during the quarter.
Low Team Claims Reduced Immediate Supply Pressure Approximately 29.8 million HYPE became available to the team under its scheduled Q2 entitlement, but only 1.289 million tokens were claimed. That represents a 4.3% claim rate, down from 5.1% in Q1 and the third consecutive quarterly decline.
Monthly team token claims versus entitlement chart. At the report’s calculated average prices, the team claimed around $69 million from an entitlement valued at approximately $1.53 billion. Another 64.9 million vested but unclaimed tokens remained outstanding, worth roughly $4.3 billion at HYPE’s quarter-end price.
The low claim rate limited the quantity becoming immediately available for transfer or sale, but the tokens have not disappeared from supply. They remain claimable, and the monthly entitlement of approximately 9.92 million HYPE continues. A change in team behaviour could alter supply expectations quickly.
New Products Expanded Reach but Added Little Revenue HIP-4 Volume Was Concentrated Around the World Cup HIP-4 outcome markets generated $211.3 million of single-sided volume across 59 trading days and attracted 13,046 new traders during the quarter.
Volume doubled from $70.6 million in May to $140.7 million in June, with the strongest day reaching $12.1 million on June 27. Average daily traders also increased from 1,343 in May to 1,506 in June.
Most of that growth came from one event. World Cup markets accounted for 83.8% of tracked market-group volume, while recurring bitcoin markets declined from millions of dollars during their launch week to roughly $100,000 per day by mid-July.
Total HIP-4 fees remained below $3,000 for the quarter. The product attracted traders around major events, but demand across ordinary market cycles remains unproven.
The USDC Migration Opens a New Revenue Question Hyperliquid also completed its transition away from USDH toward USDC as the main quote asset. The process took approximately 11 weeks from announcement to substantial completion and involved more than $90 million of USDH supply.
According to the report, the migration was completed without a depeg, a stuck bridge or a public dispute. The Hyper Foundation allocated approximately $10 million in grants to affected deployers and HyperEVM applications, with support based partly on auction costs and affected TVL.
Consolidating markets around USDC reduces liquidity fragmentation and could create a new source of reserve-based income through Aligned Quote Asset version 2, or AQAv2. The report estimates potential annual revenue of $135 million to $200 million, but treats that range as unconfirmed.
The estimate depends on the eligible reserve base, interest rates, Coinbase and Circle arrangements and the final share allocated to Hyperliquid. The first reserve-yield payment expected on October 3 would provide the first direct evidence of whether the projected economics are realistic.
HyperEVM Stablecoin Growth Outpaced DeFi Activity Stablecoins held on HyperEVM increased 313% during the quarter, rising from $1.35 billion to $5.58 billion. HyperEVM TVL moved in the opposite direction, falling 14.8% to $1.44 billion.
The two figures are not directly contradictory: stablecoin balances measure assets held on the network, while TVL tracks capital deployed across applications. Their divergence shows that bringing more dollar-denominated assets onto HyperEVM did not produce equal growth in lending, liquidity pools and other protocols.
Lending-category TVL ended the quarter at $744 million, down 11.7% from Q1 and 38% below its Q3 2025 peak. HyperLend became the largest venue with $407 million in TVL and $252 million in active loans, overtaking Morpho after Morpho’s deposits fell to approximately $248 million.
Four Tests for Hyperliquid’s Next Quarter Native perpetual volume: Whether activity stabilises before the platform becomes more dependent on lower-fee HIP-3 markets. AQAv2 revenue: Whether the first reserve-yield payment supports the report’s projected economics. HIP-4 retention: Whether outcome-market activity continues outside major global events. Team claims: Whether the low claim rate continues as more vested HYPE becomes available. Methodology: This article is based primarily on the Hyperliquid 2Q2026 Quarterly Report prepared by HRC, GLC Research and Four Pillars. The report reconstructs Hyperliquid’s activity, revenue, token and ecosystem figures using public ledger records, independent data providers and protocol disclosures rather than company-issued financial statements. The HYPE price analysis uses the daily chart captured on August 5, 2026, including price action, Fibonacci retracement levels, simple moving averages, support and resistance zones, and the Relative Strength Index. Disclaimer: This article is provided for informational and educational purposes only and does not constitute financial, investment, legal, tax or trading advice. HYPE and other crypto assets are volatile and may lose some or all of their value. Technical levels are not guarantees, and market conditions may change after publication. Readers should verify the underlying data, conduct their own research and assess whether any investment or trading decision is appropriate for their circumstances. Author
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
