Track market-moving stories before they get noisy

https://web3.bitget.com/en/academy/what-is-hype-hyperliquid-token-crypto-price-prediction

Hyperliquid, a decentralized perpetuals exchange and Layer 1 blockchain, has achieved a significant milestone by surpassing $1.2 billion in cumulative fees since its launch in 2024. This figure has been reported by Grayscale and highlights the substantial revenue generated by the protocol. Hyperliquid employs a buy-back-and-burn model, directing the majority of its fees to an Assistance Fund that reduces the supply of HYPE, its native token, through buybacks. This approach has created a deflationary pressure on the token, potentially increasing its market value.

The HYPE token currently trades near $60 and plays a crucial role in securing the network and facilitating transactions on the HyperEVM platform. With over 45 million tokens, or approximately 14.5% of the initial supply, removed from circulation, the buy-back-and-burn mechanism is seen as a major factor driving the token’s value. This strategy aligns the token’s value with the protocol’s revenue, making the tokenomics of Hyperliquid a subject of interest among market participants.

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Markets are currently assessing the impact of these developments on the likelihood of Hyperliquid reaching a $100 price target by the end of 2026. As of now, the odds are priced at 30% for this scenario, suggesting that while there is optimism, significant growth is still required to reach this target.

Key Takeaways The milestone of $1.2 billion in fees suggests strong growth and sustainability for Hyperliquid, consistent with positive sentiment around its future potential. The buy-back-and-burn model appears to create deflationary pressure on the HYPE token, which may support a rise in its price. Current market pricing indicates a 30% probability for Hyperliquid to reach $100 by December 31, 2026, reflecting cautious optimism. What to Watch Observers should monitor Hyperliquid’s ongoing fee generation and the effectiveness of its buy-back-and-burn model in enhancing token value. Key developments, such as major partnerships or listings on prominent exchanges, could drive sentiment and pricing. Conversely, any security issues or negative regulatory news might impact the market’s outlook. The evolving performance of Hyperliquid and its tokenomics will be crucial in shaping market expectations and pricing consistency with the $100 target scenario.

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Term Structure

Contract Odds Δ since publish Volume 24h December 31 30% — — View market → January 1 2027 6.2% — — View market → January 1 2027 4% — — View market → January 1 2027 65.5% — — View market → January 1 2027 9.1% — — View market → January 1 2027 3.6% — — View market →

Table of contents

Two days ago this site retired its concern about HYPE when the token bounced over $67. The market took one look at that and reopened the case. HYPE trades at $59.93 now, down 9% in a day, below the round number, 22% off the all-time high it set just a month ago. So: why is Hyperliquid falling? The data gives three answers, and one of them is a date.

HYPE trades at $59.93 as of July 17, 2026, down 9.0% over 24 hours, per CoinGecko. It sits in both the trending and most-viewed lists, which is what happens when a top-10 token breaks a round number. The all-time high: $76.67, set June 16, 2026. One month later the token has surrendered 22% of that.

Answer one: the leverage is leaving HYPE is the token of a derivatives exchange, and its own derivatives tell the story. Futures open interest in HYPE has contracted toward $2.7 billion, long positions have been liquidated in waves through the week, and funding rates collapsed as traders flipped to paying premiums for shorts. That is a positioning cleanout in plain sight: leveraged bulls who bought the June high are being carried out, and each liquidation is forced selling that begets the next. Nothing about that process requires bad news. It only requires a crowded trade, and a token that rallied to an all-time high in mid-June was exactly that.

Answer two: high beta cuts both ways The macro tape has been a blender: a war scare, an inflation surprise, a relief rally, and oil creeping back up on ceasefire doubts. Through all of it, HYPE has moved like what it is, one of the highest-beta large caps on the board. When the market fell last week, HYPE fell hardest in the top 10. When the market bounced on the cool CPI, HYPE bounced hardest. Now the bounce is fading and HYPE is, again, leading the way down. Traders reducing risk sell their most volatile holdings first. HYPE is on top of that list by construction.

Answer three: August 6 Here is the date. On August 6, roughly 9.92 million HYPE unlock for core contributors, about 1% of total supply, worth around $618 million at current prices per CoinGecko unlock data. Unlike this week’s Arbitrum unlock, which went to a DAO vault, this one goes to insiders, the category of unlock with sellers historically attached. Our token unlock guide explains the difference in full. Three weeks out, that number is already doing what big unlocks do before they arrive: giving every nervous holder a reason to sell first and ask questions later.

The One Number That Matters Nine. That is how many consecutive weeks HYPE-focused ETFs have recorded inflows, including roughly $10 million last week, with the token also appearing in a T. Rowe Price crypto ETF’s holdings.

Sit with the contradiction, because it is the entire HYPE story right now. The platform just posted record open interest above $11 billion. Institutions are buying the token through ETFs every single week. And the price is down 22% in a month anyway, because retail leverage leaving is a bigger flow than institutional drip arriving. Both facts are true. The question that decides the next month is simply which flow exhausts first: the sellers being liquidated, or the buyers on autopilot.

Key Levels The broken round number, $60, is now the immediate test from below; reclaiming it quickly would mark today as a flush, not a trend. Below, the next area the market has flagged sits near $56, and beneath that the round $50 enters the conversation nobody wants. This week’s low printed at $59.79; watch whether it holds on a closing basis.

Bottom Line Why is Hyperliquid falling? Because leverage is unwinding on a token that rallied too fast, because high-beta assets lead every selloff by design, and because a $618 million insider unlock is 20 days away and casting a shadow. Against all that stands a business at record volume and nine straight weeks of institutional buying. The honest read: this is a fight between fast money leaving and slow money arriving, at exactly the round number where such fights get settled. $60 reclaimed, the bulls keep the story. $56 lost, the unlock shadow wins early.time high? $76.67, set on June 16, 2026. At $59.93 the token trades about 22% below that peak, one month later.

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 Why is HYPE going down today? HYPE fell 9% to $59.93 on July 17, 2026, driven by unwinding leverage: futures open interest contracted toward $2.7 billion with heavy long liquidations, while broad risk reduction hit high-beta tokens hardest.

What is the HYPE unlock in August? About 9.92 million HYPE, roughly 1% of supply worth around $618 million, unlocks on August 6 for core contributors, per CoinGecko unlock data. Insider-bound unlocks historically carry more sell pressure than treasury unlocks.

Is Hyperliquid the platform doing badly? No. The exchange recently posted record open interest above $11 billion. The token's decline reflects trader positioning and upcoming supply, not visible platform weakness.

Are institutions buying HYPE? HYPE-focused ETFs have logged nine consecutive weeks of inflows, including about $10 million last week, and the token appears in a T. Rowe Price crypto ETF's holdings.

What are the key HYPE price levels? $60 is the broken round number to reclaim. Support sits near $56, then the round $50. This week's low at $59.79 is the immediate line on a closing basis.

What is HYPE's all-time high? $76.67, set on June 16, 2026. At $59.93 the token trades about 22% below that peak, one month later.

AUTHOR

Simeon is a detail-driven editor who sharpens every piece with clarity and precision, ensuring clean, consistent, and professional content throughout.

Decentralized exchanges were supposed to be the scrappy underdogs, perpetually outgunned by Binance and its centralized cousins. Someone forgot to tell Hyperliquid.

The decentralized perpetual futures platform has reached a 9.3% share of global aggregate perpetual open interest, measured against centralized exchanges. That number, reported by hypeflows.com, marks a record high for the platform and represents a genuine milestone for on-chain trading at large.

From 6.9% to 9.3% in six weeks Back in late May 2026, Hyperliquid held a 6.9% share of aggregate perpetual open interest. By early July 2026, that figure had climbed to 9.3%.

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Total perpetual open interest on the platform peaked at approximately $11.14B in mid-2026. Hyperliquid now also commands over 70% of on-chain perpetual futures volume across all decentralized platforms.

HIP-3 is doing the heavy lifting A significant portion of the open interest growth traces back to HIP-3, Hyperliquid’s permissionless market framework launched on October 13, 2025.

HIP-3 lets anyone spin up a perpetual market on Hyperliquid without needing approval from a central team. The result has been an explosion of tradable assets that go well beyond crypto, including equities, commodities, indices, and pre-IPO assets.

The HIP-3 markets have added several billion dollars to Hyperliquid’s total open interest figure, according to the research. That means a material chunk of the platform’s record-breaking number is coming not from Bitcoin or Ethereum perps, but from real-world asset markets that CEXs have not traditionally offered retail traders in this format.

The architecture that makes it work Hyperliquid runs on its own Layer-1 blockchain. The platform currently supports over 300 markets, with high transaction throughput and fully on-chain settlement. Non-custodial means users retain control of their funds at all times.

What this means for traders and the broader market Hyperliquid is no longer a niche product. A 9.3% share of global perpetual open interest, measured against the largest centralized venues in the world, puts it in serious conversation as a tier-one trading venue by volume and positioning metrics.

The HYPE token, Hyperliquid’s native asset, is closely tied to the platform’s growth trajectory. As open interest rises, fee revenue accruing to the protocol increases, which feeds directly into token valuation models.

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

T. Rowe Price, which manages nearly $2 trillion in assets, has launched the first active crypto ETF, which provides exposure to crypto assets such as Bitcoin, Ethereum, XRP, and Hyperliquid. Bloomberg analyst Eric Balchunas had previously said that this launch was notable because the asset manager was the largest active manager to enter the crypto space.

T. Rowe Price Unveils First Active Crypto ETF In a press release, the asset manager announced the launch of the first active crypto ETF, which began trading on the NYSE Arca today under the ticker TKNZ. “The fund is the first actively managed multi-token spot exchange-traded product* offered in the marketplace,” the firm noted.

The T. Rowe Price Active Crypto ETF notably offers exposure to Bitcoin, Ethereum, BNB, XRP, Solana, and Hyperliquid. The Fund will also hold top meme coins Dogecoin and Shiba Inu, making it the first U.S. Fund to offer spot exposure to SHIB.

The asset manager also noted that the crypto ETF is designed to capitalize on emerging trends, momentum-driven rallies, and market rotations among crypto assets. Meanwhile, the Fund will offer a net fee waiver, which will be effective until May 31, 2027. The management fee during this period will be 0.75%.

The T. Rowe Price Active Crypto ETF joins a host of other crypto ETFs that have launched this year, including the Hyperliquid ETFs. As CoinGape reported, Morgan Stanley’s Ethereum and Solana ETFs are about to launch, with the Wall Street giant filing amendments to its S-1.

‘Smart Timing’ For The ETF Launch Bloomberg analyst Eric Balchunas commended T. Rowe Price for the timing of the launch of its active crypto ETF. “I think they were smart with the timing- waiting till the Oct selloff dust settled a bit,” he said in an X post.

T Rowe Price’s Active Crypto ETF $TKNZ is ready for launch. Any day now, I’d guess Thursday. I think they were smart with the timing- waiting till the Oct selloff dust settled a bit. pic.twitter.com/5LZO5WHrqn

— Eric Balchunas (@EricBalchunas) July 14, 2026

It is worth noting that the SEC had approved the crypto ETF last month but waited until now to launch the Fund. The asset manager had first filed for the month in October last year, around the time of the infamous crypto crash.

Meanwhile, Balchunas had previously said that the T. Rowe Price Active Crypto ETF was notable because the asset manager was “by far the biggest active manager to apply their active prowess to this space.”

Hyperliquid has added a pre-IPO perpetual market linked to ChangXin Memory Technologies, or CXMT, giving traders synthetic exposure to the Chinese chipmaker before its Shanghai debut.

Summary

Hyperliquid listed a CXMT pre-IPO perpetual as the chipmaker prepares its July 27 Shanghai debut. CXMT’s contract price near $8 implied a $535 billion valuation, 526% above its IPO price. The market offers synthetic exposure, not ownership of CXMT shares listed on Shanghai’s STAR Market. The contract, listed as xyz, traded near $8 on July 15, according to on-chain market data cited by Hyperinsight. Applied to CXMT’s expected post-IPO share count of 66.881 billion shares, that price implies a valuation near $535 billion, about 6.3 times its official IPO valuation.

Hyperliquid Lists CXMT, Potentially A-Share’s Largest IPO and 4th-Largest DRAM Maker

Following the listing of the “CSI STAR Market 50 ETF”, Hyperliquid has officially added ChangXin Memory Technologies (CXMT). As A-share listings such as CXMT on the STAR Market require a RMB… pic.twitter.com/eGSQvziPpZ

— Wu Blockchain (@WuBlockchain) July 15, 2026 Hyperliquid opens a synthetic route to CXMT The CXMT contract operates through Hyperliquid’s HIP-3 framework, which allows outside deployers to create perpetual markets linked to assets beyond cryptocurrencies. These markets trade as derivatives rather than spot securities, so the CXMT contract does not provide ownership, dividends or voting rights in the Shanghai-listed company.

Individual investors on China’s STAR Market generally face a RMB 500,000 asset threshold and a two-year trading-experience requirement. Hyperliquid offers a separate synthetic market that can give eligible users price exposure without access to the underlying A-share. The distinction also means the contract price can differ sharply from CXMT’s official share price.

CXMT contract trades far above IPO valuation CXMT priced its IPO at RMB 8.66 per share and expects to raise about RMB 57.9 billion, or $8.55 billion, before any over-allotment option. Reuters reported that the deal will be Asia’s largest IPO of 2026 so far and China’s biggest A-share semiconductor offering, surpassing SMIC’s 2020 share sale.

At the offer price, CXMT’s expected post-listing value is about RMB 579.2 billion, or roughly $85.5 billion. A synthetic price near $8 implies about $535 billion, placing the Hyperliquid contract around 526% above the dollar equivalent of the IPO price. The gap reflects pricing in a separate derivatives market and does not set CXMT’s official equity valuation.

China’s largest DRAM maker prepares for listing CXMT is China’s largest DRAM producer and ranks fourth globally, behind Samsung Electronics, SK Hynix and Micron. Recent market estimates place its global DRAM share near 8%. The company has expanded as China invests heavily in domestic semiconductor production and demand for memory chips grows alongside artificial intelligence infrastructure.

Reuters also reported that CXMT secured a long-term memory supply agreement with Tencent worth more than RMB 20 billion, or about $2.94 billion. Investor subscriptions for the STAR Market offering begin on July 16, while the shares are scheduled to start trading in Shanghai on July 27. CXMT plans to use the IPO proceeds for production and technology investment.

Hyperliquid widens its real-world asset markets Hyperliquid’s HIP-3 framework allows builders to launch perpetual markets linked to stocks, commodities and other real-world assets. A pre-IPO SpaceX contract also traded through the framework, showing how on-chain derivatives can create markets around companies before their public shares become available.

Hyperliquid has also expanded its connection to tokenized securities. As reported by crypto.news, Ondo Finance brought 35 tokenized U.S. stocks and ETFs to HyperEVM in June. Those products differ from the CXMT perpetual because tokenized securities can use structures backed by assets held through custodians, while perpetuals provide synthetic price exposure.

The CXMT market gives traders another route to speculate on a major public offering before its debut. Attention will now turn to whether the 526% premium narrows before subscriptions start and after the underlying shares begin trading on the STAR Market.

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14 July 2026 | 23:44 Representatives connected to the Hyperliquid ecosystem met with the U.S. Securities and Exchange Commission’s Crypto Task Force on July 14, 2026, bringing the architecture of decentralized perpetual markets into the agency’s regulatory discussions.

Key Takeaways SEC task force met Hyperliquid ecosystem representatives. Talks focused on decentralized perpetual market regulation. HIP-3 separates market deployment from core execution. Meeting confirms engagement, not regulatory approval. U.S. access still requires concrete regulatory action. According to the SEC’s official meeting memorandum, the participants represented the Hyperliquid Policy Center, XYZ Ltd. and Sullivan & Cromwell LLP. The stated topic was how regulators could address issues involving crypto assets.

What the SEC Filing Actually Confirms The attached meeting request sought to brief the task force on the Hyperliquid protocol’s technology, markets and relevant ecosystem participants. It described Hyperliquid Labs as a software contributor and XYZ as a research and product laboratory operating a HIP-3 deployment for traditional-asset perpetual markets.

The proposed attendee list included Hyperliquid Policy Center CEO Jake Chervinsky, policy counsel Bradley Bourque, Hyperliquid founder Jeff Yan, XYZ representative Collins Belton and four lawyers from Sullivan & Cromwell.

The disclosure is more limited than a formal policy proposal. It does not publish a detailed technical presentation, identify specific exemptions requested from the SEC or record any commitments made by the agency. The meeting therefore confirms regulatory engagement, not approval of Hyperliquid, HIP-3 products or access for U.S. traders.

HIP-3 Separates Market Design From Trade Execution The policy question is complicated by how responsibilities are distributed under Hyperliquid Improvement Proposal 3.

HIP-3 allows independent builders to deploy perpetual markets without relying on a centralized listing committee. Each deployer is responsible for several functions that would normally sit with a derivatives venue:

Market definition: selecting the reference asset, contract specifications and oracle methodology. Risk controls: setting leverage limits and determining whether an asset is eligible for cross-margin treatment. Market operation: publishing oracle prices and settling or halting the contract when necessary. A mainnet deployer must maintain a stake of 500,000 HYPE. Validators can slash that stake through a weighted vote when irregular deployer inputs harm protocol correctness, uptime or performance. Slashed tokens are burned rather than distributed as compensation to affected traders.

Trade execution remains inside HyperCore, Hyperliquid’s native trading system. It provides the order books and margining infrastructure, although every HIP-3 exchange retains independent settings and its own market configuration. Cross-margining is not automatic: enabling it is irreversible and requires sufficient external liquidity, a dependable oracle and resistance to price manipulation.

XYZ illustrates that division of responsibilities. Its technical documentation states that HyperCore manages matching, order types, funding, liquidations and auto-deleveraging. XYZ supplies the bespoke oracle, mark price and external price used for its markets through distributed relayers that submit updates approximately every three seconds.

These contracts provide synthetic exposure rather than ownership of the referenced asset. An equity perpetual settled in USDC does not deliver the underlying share, making it legally and economically different from a tokenized security representing ownership rights. The distinction leaves regulators with separate questions around the derivative itself, the trading infrastructure, the oracle operator and any interface providing access.

The regulatory discussion is unfolding as Hyperliquid becomes more important to the economics of stablecoin distribution. JPMorgan recently lowered its earnings estimates for Circle and Coinbase, arguing that their revised USDC arrangement with Hyperliquid could pressure margins as both companies seek to preserve the stablecoin’s dominant position on the platform. The frequently cited $160 million figure represents estimated reserve yield that could be redirected under the arrangement, rather than a confirmed net loss.

The SEC Agenda Offers a Framework, Not a HIP-3 License The meeting took place one week after SEC Chair Paul Atkins published a statement on the agency’s 2026 Regulatory Agenda. Atkins said the Commission intends to establish clearer rules for crypto fundraising, custody and the trading of tokenized securities onchain.

Three pending workstreams are relevant to the broader Hyperliquid discussion: The SEC is considering exemptions and safe harbors for crypto-asset offerings. Proposed amendments could apply broker-dealer net-capital, customer-protection and recordkeeping rules to crypto-asset activities under Rules 15c3-1 and 15c3-3. A separate project would adapt Exchange Act rules for crypto trading on alternative trading systems and national securities exchanges. None of those entries expressly creates a pathway for permissionless perpetual markets. The SEC’s agenda primarily concerns securities offerings, broker-dealers and securities-trading venues, while the operation of derivatives markets also raises Commodity Exchange Act questions overseen by the Commodity Futures Trading Commission.

Hyperliquid’s policy effort is consequently proceeding on both tracks. In a July 9 submission to the CFTC, the Hyperliquid Policy Center and Phantom asked the derivatives regulator to distinguish software development from regulated financial intermediation.

Their proposed model would keep registration and compliance obligations with entities that handle customer orders, control funds or enter transactions, rather than automatically imposing them on developers publishing protocol code. The submission also called for regulated exchanges, clearing organizations and futures commission merchants to be allowed to use public blockchain infrastructure, subject to their existing market-surveillance, segregation and customer-protection duties.

U.S. Access Still Depends on Concrete Regulatory Action The SEC meeting creates a channel for explaining how Hyperliquid divides functions among validators, deployers, interfaces and users. It does not resolve which participants would need registration when a HIP-3 market references equities, indices or other traditional assets.

The current TradeXYZ disclaimer states that its interface is unavailable to U.S. persons. Changing that position would require more than a policy discussion: regulators would need to define the accountable entity for listing, market surveillance, oracle governance, margining, customer access and settlement.

Evidence of substantive progress would include a proposed SEC or CFTC rule covering onchain market infrastructure, formal guidance separating protocol development from market operation, registration by a venue using HyperCore or published exemptive relief addressing non-custodial access. Until one of those steps occurs, the July 14 session should be treated as regulatory engagement rather than authorization.

The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice.

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.

Key Takeaways HYPE has declined more than 2% on Monday, with the token now challenging critical support near the $68.50 trendline Futures Open Interest contracted by over 2% across 24 hours to reach $2.72 billion, accompanied by $2.48 million in liquidated long positions Institutional investors poured $10.36 million into HYPE ETFs during the previous week, marking a ninth uninterrupted week of capital inflows Markets launched under HIP-3 have expanded their share of Hyperliquid perpetual trading volume from 2% to approximately 50% throughout 2026 Critical support rests at the 50-day EMA level of $63.13; a breakdown beneath this threshold may drive prices toward $53.71 Hyperliquid (HYPE) is currently exchanging hands near $65 on Monday, reflecting a decline exceeding 2% as widespread risk aversion across markets weighs on cryptocurrency valuations. This downturn continues the negative price movement observed during the previous week.

Hyperliquid (HYPE) Price Escalating geopolitical tensions between the United States and Iran centered around oil tanker navigation rights in the Strait of Hormuz have triggered a flight from risk-oriented assets, with cryptocurrencies caught in the selloff. Alternative tokens such as HYPE have experienced heightened selling pressure as a result.

Derivatives market intelligence from CoinGlass indicates that Open Interest decreased by more than 2% during the last 24-hour period, settling at $2.72 billion. Aggregate liquidation events reached $2.93 million, with positions betting on price increases accounting for $2.48 million of this figure.

The funding rate metric has experienced a pronounced decline to 0.0275%, signaling an increase in traders establishing short positions. This represents a notable departure from the optimistic market positioning observed in prior weeks.

Institutional Capital Continues Flowing In Notwithstanding near-term price weakness, HYPE exchange-traded funds attracted $10.36 million in net inflows throughout the past week. This achievement represents the ninth consecutive week that institutional investment vehicles focused on HYPE have recorded positive capital flows.

Source: SoSoValue Cryptocurrency analyst Michaël van de Poppe shared an optimistic assessment on July 12, stating that the HYPE chart “is ready to break out upwards” with a price objective of $100. His thesis rests on consistent revenue expansion, a pattern of ascending peaks and troughs, and the asset maintaining position above both its 21-day and 50-day moving average indicators.

The $HYPE chart is super strong.

It's ready to break out upwards, and the next target is going to be $100.

The reasons for the fact that this is the case:

– Constant revenue growth and value accrual to the token.
– Holding above the 21-Day and 50-Day MA's.
– Constant higher… pic.twitter.com/S6AZSY1Ecr

— Michaël van de Poppe (@CryptoMichNL) July 12, 2026

From a technical perspective, HYPE is currently challenging a breakout from an important ascending trendline situated around $68.50. The 50-day exponential moving average positioned at $63.13 now represents the nearest support zone requiring monitoring.

The Relative Strength Index has deteriorated below the neutral 50 mark to 48, while the MACD indicator is charting below its signal line. These technical readings collectively suggest diminishing bullish momentum.

A daily candle closure beneath the $63.13 threshold could establish conditions for a move toward the 50% Fibonacci retracement level located at $53.71. Conversely, a price recovery scenario would establish the previous swing high at $75.58 as the initial resistance target.

Permissionless Markets Drive Volume Growth Beyond immediate price dynamics, Hyperliquid’s HIP-3 infrastructure has demonstrated explosive adoption. HIP-3 enables developers to launch permissionless perpetual futures markets directly onchain.

The protocol’s contribution to aggregate Hyperliquid perpetual futures volume has surged from roughly 2% when 2026 commenced to approaching 50% presently. This expansion correlates with increasing retail trader appetite for onchain equity derivatives products.

TradeXYZ has emerged as the dominant participant within this category, operating markets including XYZ100 (which tracks the Nasdaq-100 index) alongside individual equity perpetuals on companies like Nvidia and Tesla, all settled using stablecoins.

The continuous 24/7 market availability represents a fundamental attraction point—participants can respond to breaking developments at any moment without restriction to traditional market hours.

HYPE exchange-traded funds documented their ninth consecutive week of institutional capital inflows totaling $10.36 million as of the most recent reporting period.

https://coinness.com/ja/media/hyperliquid-how-to-use

Activity on Hyperliquid, a decentralized perpetual futures platform, has surged to a new peak with over $11 billion in open positions, marking the highest level for the year. This development reflects growing interest in the platform, which operates on its proprietary Layer 1 blockchain. The increase includes significant engagement in non-crypto markets, such as gold and equities, through its HIP-3 markets. Hyperliquid already accounts for about 70% of all on-chain perpetual futures volume, highlighting its dominant role in the sector. This milestone comes as the platform continues to attract interest amid a backdrop of robust global market activity.

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Key Takeaways The surge in open positions on Hyperliquid suggests increased confidence and engagement from market participants, indicating a potential upward trend in user activity. Pricing within related prediction markets shows a minor increase in the likelihood of Hyperliquid reaching the $100 target by the end of 2026, now at 41.5% YES. The platform’s ability to capture a substantial share of both crypto and non-crypto markets appears to support its continued growth and relevance in the sector. What to Watch Market participants will be observing whether Hyperliquid can sustain this level of engagement and whether it will translate into further price increases, particularly towards the $100 target by December 31, 2026. Key developments to monitor include potential partnerships, technological advancements, and institutional interest, which could further influence market confidence. Additionally, any security incidents or regulatory challenges could impact market sentiment and alter current pricing expectations.

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Term Structure

Contract Odds Δ since publish Volume 24h December 31 41.5% — — View market → January 1 2027 5.4% — — View market → January 1 2027 4% — — View market → January 1 2027 70.5% — — View market → January 1 2027 9.1% — — View market → January 1 2027 4.5% — — View market →

Hyperliquid’s quarterly notional trading volume has fallen roughly 35% since October 2025, a steep decline for a platform that was setting records just months ago. But buried inside that headline number is a more interesting story: real-world asset trading now accounts for about 30% of total volume on the platform, and that share keeps climbing.

The volume decline in context During Q1 2026, the platform still managed $633 billion in total trading volume.

Hyperliquid has also maintained between 32% and 44% of the perpetual DEX market throughout this period. Losing volume while keeping market share means the whole category contracted, not just one player.

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RWA trading fills the gap RWA volume now constitutes approximately 30% of total platform activity, up meaningfully from prior quarters. At certain points during Q1 and Q2 2026, that figure peaked between 44% and 47% of total volume. In other words, nearly half of all trading on a crypto-native DEX was happening in assets like crude oil, gold, silver, and the S&P 500.

Open interest in RWA perpetuals hit an all-time high of $2.6 billion in May 2026, doubling from $1.3 billion just two months earlier in March.

If you want to hedge an S&P 500 position at 2 AM on a Sunday, your options in traditional finance range from limited to nonexistent. Hyperliquid’s RWA perpetuals fill that gap with 24/7 liquidity, no brokerage account required.

What this means for investors For HYPE token holders specifically, the token serves as the backbone of the ecosystem, used for staking, governance, fee payments, and user incentives, with a maximum supply capped at 1 billion. A decline in overall volume would normally be bearish for a platform token, since less trading typically means less fee revenue. But the growth in RWA trading introduces a new revenue stream and a new user base that could prove more durable than crypto-native speculation.

The risk to watch is regulatory. Traditional financial instruments trading on decentralized platforms exists in a gray area that regulators haven’t fully addressed. Hyperliquid’s 32% to 44% market share makes it a large enough target to attract attention.

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

Bitwise has added Hyperliquid’s HYPE token to the Bitwise 10 Crypto Index ETF, known by the ticker BITW. The move places HYPE inside a fund that gives investors exposure to a basket of large crypto assets rather than a single token.

Summary

Hyperliquid entered BITW after strong trading activity pushed HYPE into Bitwise’s top large-cap crypto basket. DOT and AVAX lost BITW spots as HYPE and XLM met the index’s rebalancing criteria. Crypto.news coverage shows HYPE ETF demand rose quickly before early outflows tested the narrative later. Bitwise 10 Crypto Index ETF (BITW) Adds HYPE, Removes DOT and AVAX

Bitwise has officially added Hyperliquid (HYPE) to the Bitwise 10 Crypto Index ETF (BITW), the world's largest crypto index fund. Hyperliquid posted strong performance in the first half of 2026, recording $1.34… pic.twitter.com/3eF4tiPpj4

— Wu Blockchain (@WuBlockchain) July 9, 2026 Bitwise describes BITW as the “world’s first and largest crypto index fund.” The product tracks the Bitwise 10 Large Cap Crypto Index, which covers the largest screened crypto assets by market value.

DOT and AVAX leave the basket The latest holdings data, dated July 7, 2026, show Hyperliquid in the fund with a weight close to 1%. Reports placed HYPE’s share near 0.95%. The same update also showed Stellar entering the fund, while Polkadot and Avalanche were removed.

The change follows Bitwise’s latest index reconstitution. BITW rebalances monthly and weights assets by market cap after screening. That means tokens can enter or leave the fund when rankings, liquidity, and index checks change.

Hyperliquid’s growth draws more attention Hyperliquid has gained more market attention this year because of its trading activity. The platform reportedly recorded $1.34 trillion in trading volume and $320 million in revenue in the first half of 2026. HYPE was also reported to have gained 165% year-to-date before entering BITW.

The move also follows rising interest in HYPE-linked products. Crypto.news reported that HYPE ETFs crossed $100 million in cumulative net inflows as traditional finance investors increased exposure to Hyperliquid. Another crypto.news report later noted that the Bitwise HYPE ETF saw its first daily outflow after 16 straight inflow days.

Index entry adds visibility for HYPE HYPE’s addition gives Hyperliquid more visibility inside a diversified crypto product. For investors, the entry means HYPE now sits inside a familiar index wrapper managed by Bitwise. Still, its fund weight remains small compared with Bitcoin and Ethereum.

Bitwise’s holdings remain subject to change because BITW adjusts with the market. HYPE’s entry shows that Hyperliquid has reached the size and market standing needed for Bitwise’s index basket. Future rebalances could change the mix again if market caps and screening results move.

HYPE trades near $68 after roughly tripling from its March low of $25.64, a run built during one of the most risk-averse stretches crypto has seen since 2022.

Global retail crypto activity contracted for two straight quarters through Q1, yet Hyperliquid’s token set an all-time high at $76.90 in June. Understanding why it outperformed in risk-off conditions explains why a risk-on turn could compound the effect rather than replace it.

Summary HYPE tripled from $25.64 in March to a $76.90 high in June. At peak activity, $2.3M in daily fees funded $11M in HYPE buybacks. Seven of Hyperliquid’s top ten markets by volume are now equities or commodities. Price is coiling between support at $67 and a triple-tested ceiling near $74. Why It Worked in a Risk-Off Market Most crypto assets need risk appetite to rise, because their value rests on future adoption stories that get discounted harder when money turns defensive. HYPE’s value rests on something that gets paid daily: trading fees. And trading volume does not need optimism, it needs movement. The first half of 2026 delivered movement in abundance, from a 22% Bitcoin drawdown in Q1 to an oil shock during the West Asia crisis, and every violent session generated fees regardless of direction.

The mechanism that converts those fees into price support is the buyback. Hyperliquid routes the overwhelming majority of its protocol revenue into an Assistance Fund that buys HYPE on the open market, continuously, with no discretionary committee deciding when. At peak activity this year the platform generated $2.3 million in daily fees, funding $11 million in buybacks. More volume means more fees, more fees mean a larger standing bid under the token, and the purchased supply comes out of circulation. It is the crypto equivalent of an aggressive corporate buyback program, except executed block by block. That bid is why drawdowns in HYPE kept finding buyers while tokens with no revenue link bled without support: part of the demand is mechanical.

The risk-on case stacks on top rather than replacing this. Defensive markets gave Hyperliquid volatility-driven volume in oil, gold, and liquidations. A risk-on turn adds the other engine: expanding crypto speculation, altcoin leverage, and new listings, on a platform that already processes roughly 70% of all on-chain perpetuals volume. HYPE is one of the few large tokens with a credible claim to both regimes.

No Longer a Crypto Exchange That Happens to List Oil The deeper change came through HIP-3, the October 2025 upgrade that lets anyone staking 500,000 HYPE deploy their own perpetual futures markets on Hyperliquid’s infrastructure. Builders used it to list what crypto never had: tokenized Nvidia, Tesla, and S&P 500 contracts, WTI and Brent crude, gold, silver, FX, even pre-IPO names like SpaceX. Open interest across these builder-deployed markets grew from about $790 million in January to over $3 billion by early June, according to OAK Research.

The composition tells the real story. Oil and precious metals alone drove over 67% of HIP-3 volume in Q1, WTI crude perpetuals reached $1.27 billion in daily volume in March, and seven of Hyperliquid’s top ten markets by volume are now equities or commodities rather than crypto pairs. The killer feature is the clock: these markets never close, and when the West Asia crisis broke over weekends with traditional commodity venues dark, traders priced oil on Hyperliquid, pushing HIP-3 to as much as 40% of total platform volume. Non-crypto assets showed 60% trader retention in late March, the signature of a durable product rather than a novelty.

Every one of those barrels and shares feeds the same machine. HIP-3 markets charge roughly double native fee rates, half to the deployer and half to the protocol, so the buyback engine now runs on oil volatility and equity earnings seasons as well as crypto cycles. Deployers also lock 500,000 HYPE each just to participate, removing further supply. The scale of the shift has forced traditional finance to respond: ICE chief executive Jeffrey Sprecher, whose company owns the NYSE, called Hyperliquid “bigger than Nasdaq” at a May conference, while Grayscale Research wrote in June that the platform now looks “more like Amazon Web Services than a stock exchange.”

Coiling Under a Triple-Tested Ceiling The daily chart shows the June blow-off resolving into compression, not breakdown. Price at $68 sits above the rising 50-day moving average at $64.68, with the full average stack still in bullish order after the March-to-June trend tripled the token.

Daily technical analysis chart for Hyperliquid/USD, illustrating current price trends and technical indicators. The structure is a sequence of lower highs, $76.90, then roughly $74, then $71.50, pressing onto a horizontal shelf at $66.50 to $67 that has been defended repeatedly since late June. Below the shelf, a fresh ascending trendline and the 50-day converge, stacking three supports into a $2.50 window between $64.50 and $67. RSI at 53 has reset from overbought to neutral while price gave back little, which is digestion, not distribution. The triggers are clean: a daily close above $71.50 breaks the lower-high sequence and opens the $74 ceiling, with $76.90 the only level beyond it. A close below $64.50 takes out shelf, trendline, and 50-day together, exposing thin air down to the $53 to $54 zone where the 100-day is rising. Between $67 and $71.50, the chart is noise.

Where the Machine Can Break The buyback engine is reflexive, and reflexivity cuts both ways. If volume contracts, fees fall, buybacks shrink, and the mechanical bid weakens exactly when the token needs it most. The flywheel that amplified the rally can amplify a genuine downturn too.

Concentration is the second risk. A single deployer, TradeXYZ, accounts for more than 90% of HIP-3 open interest, so the non-crypto growth story currently rests on one team’s oracles, liquidity management, and continued good standing. HIP-3 markets are also not backstopped by Hyperliquid’s native liquidity pool; each deployer stands alone.

Regulation is the third and largest. The UK’s FCA lists the platform as unauthorized, Singapore has raised its own flag, and CME Group and ICE have formally warned US authorities about 24/7 synthetic markets in strategic commodities forming prices outside regulated frameworks while traditional venues are closed. When the exchanges Hyperliquid is disrupting start lobbying, the compliment is real, and so is the threat. Synthetic stock perpetuals sit in a gray zone that a single enforcement action could darken quickly.

The technical reality suggests HYPE’s next leg could depend on which arrives first: a volume regime that keeps the buyback engine fed, or a regulatory shock that tests the 90%-concentrated foundation. The chart has compressed the decision into a narrow band. Above $71.50, a token with revenue in both risk regimes could trade back toward price discovery. Below $64.50, the market might signal the machine’s output is already priced. What the first half already proved is narrower but real: Hyperliquid no longer needs a crypto bull market to generate demand for its token. A risk-on turn may be simply be the first time both engines run at once.

https://99bitcoins.com/cryptocurrency/hyperliquid-review/

Hyperliquid, a decentralized perpetual futures exchange, has burned 16% of its HYPE token supply in under two years as US stock perpetuals emerge as a key driver of volume on the platform. Notably, stock-linked perpetuals now rank among the most traded pairs, trailing only Bitcoin and HYPE itself. This activity highlights the crypto market’s expansion and ability to capture volume traditionally dominated by conventional finance. The platform’s unique structure allows for continuous activity, even on weekends, when traditional markets are closed, offering leverage and synthetic exposure to equities like Nvidia (NVDA).

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Key Takeaways Hyperliquid’s token burn and volume growth suggest increased platform activity and engagement. The rise of US stock perpetuals on Hyperliquid indicates a shift towards crypto derivatives capturing traditional finance volume. Market pricing appears supportive of Hyperliquid reaching its price targets by the end of 2026, with December 31 odds currently at 38.5% YES. What to Watch Monitor Hyperliquid’s continued ability to capture weekend volume as a potential indicator for further price movement. Developments such as major partnerships or technological innovations could influence market sentiment and pricing. Additionally, any changes in regulatory landscapes or security incidents might impact market confidence and Hyperliquid’s competitive position.

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Term Structure

Contract Odds Δ since publish Volume 24h December 31 38.5% — — View market → January 1 2027 5.5% — — View market → January 1 2027 3.9% — — View market → January 1 2027 71.5% — — View market → January 1 2027 9.1% — — View market → January 1 2027 4.5% — — View market →

1 hours ago

According to official announcements, blockchain analytics platform Nansen has officially launched Hyperliquid Perpetual (Perp) trading functionality, now available to all web and mobile users. Users can execute Hyperliquid perpetual trades directly within Nansen while tracking on-chain activities of Smart Money, whale addresses, and prominent investors, with real-time access to key metrics including funding rates, long-short position ratios, and wallet-level position distributions—enabling an integrated "research-to-trade" experience. Nansen added that the platform has also launched the Hyperliquid Perps Leaderboard, which supports filtering by Smart Money, whales, and top traders, and sorting by performance over the past 7 days, 30 days, or all-time, helping users quickly identify top-performing wallet addresses. Additionally, users can deposit funds from external wallets within the app, bridge assets from connected Solana or Base wallets to Hyperliquid, and receive asset transfers directly from other Hyperliquid addresses. Beyond trading features, Nansen has expanded its data coverage of the Hyperliquid ecosystem, including on-chain activity monitoring for HyperFND and the Hyperliquid Data API. Users can track real-time active HyperEVM addresses, contract deployments, and ecosystem growth, while development teams can access real-time Smart Money perpetual positions, unrealized profit and loss (PnL), account health, full transaction history, and performance data via the API—supporting quantitative analysis, strategy development, and application building.

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A HyperSwap user lost about $12,300 after clicking a fake airdrop link on X, approving one wallet request, and unknowingly giving a scammer control of his funds.

BeInCrypto reconstructed the attack with the victim using public blockchain records. The records show a fast phishing operation inside the Hyperliquid ecosystem. 

The scammer took the victim’s position on HyperSwap, withdrew the funds behind it, converted them into HYPE, and moved the money to Ethereum in less than two minutes.

Note: HyperSwap is an exchange that runs on the Hyperliquid blockchain. HyperSwap has its own team, and Hyperliquid does not manage it — just as the creators of Ethereum do not manage applications like Uniswap running on it.

The Trap Started With a Fake X Account The victim used HyperSwap. Like other decentralized exchanges, it lets users trade directly from their wallets without a company holding their funds.

The victim had supplied money to a HyperSwap liquidity pool. In simple terms, he had deposited crypto, so other users could trade against it. In return, he could earn fees.

On HyperSwap V3, that position was represented by NFT #178549. This was not a picture or collectible. It was more like a digital receipt. Whoever controlled that NFT controlled the funds linked to the position.

The victim told BeInCrypto he saw a post on X promoting an airdrop. An airdrop is a token giveaway, often used by crypto projects to reward users.

The Scammer’s Post Using a Fake X Account with a Very Similar Username to the Official HyperSwap Account The post appeared to come from HyperSwap. It did not. It came from an impostor account with a handle that closely resembled the real HyperSwap account, HyperSwapX, which is linked from the project’s official website.

The victim followed the link and connected his wallet. He believed he was checking whether he qualified for the airdrop. Instead, he approved a transaction that gave the scammer permission to move his HyperSwap position.

That approval was the key moment.

One Approval Gave the Scammer Control Crypto wallets often ask users to approve transactions. Some approvals are harmless. Others give another address permission to move valuable assets.

To most users, the warning can look routine. A fake site can make a dangerous approval look like a normal step in claiming tokens.

That appears to be what happened here.

At 20:21:51 UTC on June 29, the scammer used the earlier approval to transfer NFT #178549 out of the victim’s wallet. The victim did not sign anything at that moment. The scammer had already secured permission.

The scammer’s address was 0x880C95246D7525b84902E6c040818a7C72d3Aa77. HyperEVM explorer records flagged it as Fake_Phishing3746335, with a “Phish / Hack” tag reported by HashDit.

The NFT moved to another scammer-controlled wallet. Once that happened, the attacker controlled the liquidity position.

Twenty-five seconds later, the scammer withdrew the funds behind the NFT. The position contained about 3,935 USDC and 116.6 WHYPE. Together, they were worth roughly $12,300 at the time.

Theft transaction in hyperevmscan: On June 29, 2026, the address marked as Fake_Phishing3746335 transferred the victim’s NFT (0x39f2…0f9E) to his wallet The Money Was Moved Fast After withdrawing the funds, the scammer prepared to move them away from HyperEVM.

First, the wallet gave permission to LI.FI, a legitimate cross-chain bridge and swap service. A bridge lets users move crypto from one blockchain to another.

There is no evidence that LI.FI took part in the theft. The scammer used it after stealing the funds.

The scammer then converted the stolen USDC and WHYPE into about 175.9 HYPE. Seconds later, the HYPE was bridged from HyperEVM to Ethereum.

The destination was 0xFa47eef42fB2C63DCEA0cAC2295a58036052932D. On Ethereum, that wallet received the funds and almost immediately moved 7.035 ETH onward in one transaction.

The wallet had been created shortly before. It was used once and left almost empty. That pattern is common in laundering chains, where stolen funds pass through temporary wallets to make tracing harder.

From the NFT transfer to the bridge transaction, the active theft took about 84 seconds.

A Wider Phishing Pattern The scammer’s wallet appeared to be part of a broader operation.

Explorer records reviewed by BeInCrypto showed the address had been active for about 33 days. It was also linked to roughly 25 other addresses. That suggests the attacker may have targeted more than one user.

The link to the fraudulent resource has been hanging in messages since June 26 For victims, the problem is practical. Blockchain records can show what happened. They rarely stop it from happening in real time.

Once a user signs a bad approval, the scammer can act quickly. Once funds move across chains, recovery becomes even harder.

The victim later tried to report the suspicious link and get it removed. He said he felt ignored and began to suspect the HyperSwap team had failed to act.

The on-chain evidence reviewed by BeInCrypto points to a phishing attack from an impostor account. The fake X account was separate from HyperSwap’s official account. The official HyperSwap account and official contract were not shown to have carried out the theft.

However, the victim’s experience highlights a serious weakness in the ecosystem. Users can be attacked through fake social media accounts, drained through confusing wallet approvals, and left with few clear options after the money is gone.

During a conversation with BeInCrypto journalists, the victim stated that they tried various ways to warn the Hyperliquid team about the scam, but received no response.

According to the victim, the only active communication channel with HyperSwap was Discord. At the time of writing, the link to it is invalid. So he tried to get the problem across to the ecosystem team where the project works, but that attempt was unsuccessful.

The screenshot shows our interlocutor trying to reach Hyperliquid support via Discord. In this case, the Hyperliquid command ignores the user’s request to send a message about the found vulnerability and prompts him to contact HyperSwap himself. Overall, the scammer’s method was simple. A fake account promoted a fake airdrop. A fake site secured wallet approval. A flagged phishing wallet took the victim’s HyperSwap position, emptied it, and moved the funds to Ethereum.

The loss was about $12,300. The theft took less than two minutes.

The victim suggested that HyperSwap employees may be involved in the theft or are deliberately hiding it. However, BeInCrypto could not find any exact information to support those claims. 

PANews news, July 5 — Token Unlocks data shows that tokens including PUMP, HYPE, APT and others will see large unlocks next week, specifically:

Pump.fun (PUMP) will unlock approximately 82.5 billion tokens on July 12 at 10:00 PM Beijing time, representing approximately 29.23% of the circulating supply and worth approximately $125 million;

Hyperliquid (HYPE) will unlock approximately 452,000 tokens on July 6 at 8:00 AM Beijing time, representing approximately 0.2% of the circulating supply and worth approximately $30.9 million;

Aptos (APT) will unlock approximately 11.31 million tokens on July 12 at 10:00 PM Beijing time, representing approximately 0.66% of the circulating supply and worth approximately $6.9 million;

RedStone (RED) will unlock approximately 40.85 million tokens on July 7 at midnight Beijing time, representing approximately 9.8% of the circulating supply and worth approximately $4.1 million;

Movement (MOVE) will unlock approximately 165 million tokens on July 9 at 8:00 PM Beijing time, representing approximately 4.29% of the circulating supply and worth approximately $2 million;

Linea (LINEA) will unlock approximately 1.08 billion tokens on July 10 at 7:00 PM Beijing time, representing approximately 3.63% of the circulating supply and worth approximately $2.7 million;

io.net (IO) will unlock approximately 13.29 million tokens on July 11 at 8:00 PM Beijing time, representing approximately 3.61% of the circulating supply and worth approximately $2.3 million.

https://99bitcoins.com/cryptocurrency/hyperliquid-review/

Hyperliquid, a decentralized platform for perpetual futures, now accounts for 8.7% of the global open interest in the perpetual futures market, combining centralized exchanges (CEXs) and decentralized exchanges (DEXs). The platform’s open interest stands at over $4.3 billion, with protocol fees reaching an annualized $1.3 billion, fully distributed to HYPE stakers. This growth has led market participants to consider a potential migration from traditional CEXs to DEX platforms like Hyperliquid. Prominent market-making firms such as Jump, Wintermute, and GSR are actively involved, running dedicated wallets on the platform.

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The shift in market share echoes the previous transition seen in 2020 when DEX spot trading captured and maintained over 8% market share. The presence of major firms as validators further strengthens Hyperliquid’s competitive position in the market. Alongside these developments, HYPE token valuations have been approaching all-time highs, suggesting confidence in the platform’s continued expansion.

Key Takeaways Hyperliquid’s significant share of global perpetual open interest suggests a shift in market dynamics, with decentralized platforms gaining traction. The participation of major firms as validators indicates institutional confidence in Hyperliquid’s market structure. The consistent rise in HYPE token value appears supportive of market sentiment favoring the platform’s growth prospects. What to Watch Observers are closely monitoring whether Hyperliquid’s growth will spur further movement of participants from CEXs to DEXs. Key indicators include any changes in market share metrics or notable shifts in validator participation. Developments such as partnerships with large enterprises or increased regulatory scrutiny could influence market dynamics significantly. Watch for announcements from Hyperliquid or shifts in CEX strategies that might affect the decentralized market landscape.

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Term Structure

Contract Odds Δ since publish Volume 24h December 31 37.5% — — View market → January 1 2027 4.6% — — View market → January 1 2027 3.5% — — View market → January 1 2027 65.5% — — View market → January 1 2027 8.1% — — View market → January 1 2027 4.5% — — View market →

Two protocol upgrades turned Hyperliquid from a crypto perpetuals exchange into something closer to an operating system for markets. HIP-3 lets anyone with enough staked HYPE launch a perpetuals exchange for stocks, oil, or gold. HIP-4 adds prediction markets that settle without a token vote. Here is how both work, what they have built so far, and where the risks sit.

Hyperliquid spent its first two years being described as the fastest decentralized perpetuals exchange in crypto. The description was accurate and incomplete. Since late 2025, the network has been executing a more ambitious plan: turning its core trading infrastructure into a platform that other builders deploy markets on top of, the way developers deploy apps on cloud infrastructure. Grayscale Research made the comparison explicit in a June 2026 note, writing that Hyperliquid now looks less like a stock exchange and more like Amazon Web Services.

Two upgrades carry that transformation. HIP-3, live on mainnet since October 13, 2025, opened perpetual futures listing to outside builders and brought tokenized stocks, commodities, and indices onto the platform at scale. HIP-4, live since May 2, 2026, added a second market primitive built for prediction markets and other event contracts. Together they explain why seven of the top ten markets by volume on a crypto exchange are now things like Nvidia stock and gold, and why the platform is picking a direct fight with Polymarket and Kalshi.

This guide walks through what each proposal does, how the mechanics work, what has happened since launch, and what can still go wrong.

First, the basics: what a HIP is Hyperliquid is a layer 1 blockchain built around a fully on-chain central limit order book. Its core engine, HyperCore, processes around 200,000 orders per second and handles matching, margining, and liquidations for every market on the chain. A separate component, the HyperEVM, runs Ethereum-style smart contracts on the same consensus layer. The native token, HYPE, secures the network through staking, pays fees, and absorbs most protocol revenue through a continuous buyback program. Cumulative protocol revenue passed $1 billion in late June 2026, with an annualized run rate near $840 million.

Changes to the protocol arrive through Hyperliquid Improvement Proposals, or HIPs, which the community debates and HYPE stakers weigh in on before the core contributors ship the code. The first two set the pattern. HIP-1 created the standard for launching spot tokens, with ticker slots sold through recurring Dutch auctions, so listing a token became a market process instead of an application form. HIP-2 added a protocol-native liquidity mechanism that seeds order books for new tokens automatically, solving the empty-book problem that kills most new listings on other venues. Both dealt with spot markets, and both introduced ideas that return later: auctions as the allocation mechanism for scarce listing slots, and protocol-level guarantees standing behind builder-created markets. The third and fourth proposals took those ideas after the two bigger prizes: perpetual futures on everything, and event contracts on anything.

HIP-3: builder-deployed perpetuals Before HIP-3, listing a new perpetual market on Hyperliquid worked the way it works on most exchanges: the core team decided. That created a bottleneck and a gatekeeper, two things the platform’s own community had complained about as the asset universe stayed narrow while demand for stock and commodity exposure grew.

HIP-3, called Builder-Deployed Perpetuals, removed the gatekeeper. Since October 2025, any builder who stakes 500,000 HYPE can deploy an independent perpetuals exchange on HyperCore, without core team approval. At current prices near $64, that stake represents roughly $32 million, a number that matters for reasons covered below.

The deployer controls nearly everything about their market. They choose the assets, the oracle that sets the mark price, the collateral token, margin requirements, leverage limits, funding parameters, and the front-end experience. The first three assets in any HIP-3 exchange deploy without an auction. Additional assets go through a Dutch auction shared across all HIP-3 deployers, similar to the HIP-1 ticker auctions.

What the deployer does not control is the plumbing. HIP-3 markets inherit the full HyperCore stack: the same matching engine, the same order types, the same margining and liquidation logic, and the same solvency guarantees as the validator-operated markets. A trader interacting with a builder-deployed market gets the same execution quality as on the flagship crypto perps.

The economic design has three pillars:

The stake is a bond, not just a ticket. The 500,000 HYPE can be slashed if the deployer misbehaves, for example by manipulating an oracle or breaking market rules, and the requirement holds for 30 days even after a deployer halts all markets. Fees split down the middle. HIP-3 markets charge users twice the fee of validator-operated perps, and the deployer keeps 50%. The protocol collects the same revenue per trade either way, so builder markets grow the pie without cannibalizing it. Cross margin has eligibility standards. Validators only allow cross margin on HIP-3 assets with sufficient observable liquidity, a reliable external oracle, and resistance to price manipulation, and any 50% intraday move in the reference price triggers a review. The design goal is alignment: builders with $32 million at stake and a 50% revenue share have every reason to run clean, liquid, well-oracled markets, and a slashing mechanism waits for the ones who do not.

What HIP-3 actually built The proposal would be a footnote if nobody used it. The opposite happened. The first market, a synthetic Nasdaq-style index called XYZ100, went live within days of activation. Its deployer, TradeXYZ, then built out United States equities including Nvidia, Tesla, Google, and Amazon, plus gold and silver contracts benchmarked to COMEX front-month futures, and later secured official licensing rights to the S&P 500 ticker, a landmark moment for a DeFi protocol.

The numbers followed. Open interest across HIP-3 markets passed $1.43 billion within months of launch. By spring 2026, seven of Hyperliquid’s top ten markets by volume were tokenized equities or commodities, not crypto pairs. During the West Asia crisis earlier this year, when traditional commodity venues closed for the weekend, traders moved to Hyperliquid to trade oil, gold, and silver around the clock, and HIP-3 markets drove up to 40% of the platform’s total volume. Non-crypto assets showed 60% trader retention in late March, a signal that around-the-clock access to traditional markets is a durable product, not a novelty. At peak HIP-3 activity the platform generated $2.3 million in daily fees, funding $11 million in HYPE buybacks.

Other deployers took different angles. Kinetiq built around its liquid staking token. Liminal used HIP-3 markets to run fully on-chain delta-neutral yield strategies across equities, FX, and commodities, including markets collateralized with yield-bearing assets like Ethena’s USDe. In June, Hyperliquid and TradeXYZ launched the FOMO app, a single interface for trading equities, pre-IPO stocks, crypto, indices, and commodities. Access also spread through consumer wallets: HIP-3 markets can be traded through any Hyperliquid-compatible front end, including Phantom.

The listing economics also flipped in a way worth pausing on. Under the old model, and on centralized exchanges generally, a new asset waits for an exchange’s business development calendar, and projects have long complained about the cost and opacity of the process. Under HIP-3, listing latency collapsed from a governance or negotiation timeline to a deployment transaction plus an auction, and the gatekeeping moved from relationships to capital. A pre-launch project that wants a perpetual market for hedging no longer needs a major venue’s blessing; it needs a deployer willing to run the market. Comparable systems show how unusual this is: dYdX v4 still routes every new market through a governance vote with a week or two of latency, and GMX listings run through its core team. Hyperliquid is the first chain-level implementation where market creation itself carries no approval step.

The concentration is the caveat. TradeXYZ accounts for more than 90% of all HIP-3 open interest, and Blockworks Research has flagged the deployer economics as a structural risk: with a roughly $30 million lockup, auction costs, and stiff competition, a smaller deployer’s break-even period can stretch to four years. Blockworks has proposed lowering the stake for small builders and letting them keep 100% of revenue until they recover their costs. Hyperliquid’s own documentation says the 500,000 HYPE threshold is expected to fall as the infrastructure matures. Until it does, HIP-3 is permissionless in principle and an oligopoly in practice.

HIP-4: outcome markets HIP-3 covered continuous markets, things with a price that moves all day. It could not cleanly handle discrete events. A perpetual future needs an oracle that updates continuously with limits of roughly 1% deviation per update, a design suited to leveraged trading on a live price and incompatible with questions that jump from uncertainty to a hard answer in one instant, like an election call or an inflation print.

HIP-4, announced on February 2, 2026 and live on mainnet since May 2, added a purpose-built primitive for exactly that. Outcome markets are fully collateralized contracts that settle to exactly 0 or 1 at expiry. Each market has two sides, typically Yes and No, and the order books for the two sides are merged: an order to buy Yes at a price of 0.62 is the same order as one to sell No at 0.38, so all liquidity concentrates in one book. Positions are collateralized in USDH, the network’s native stablecoin, and because every position is fully backed, there is no liquidation risk.

The market lifecycle has a distinctive opening. Each new outcome market starts with a single-price clearing auction lasting around 15 minutes, during which traders submit limit orders but nothing executes. The auction clears at the price that matches the most volume, and unfilled orders roll into continuous trading on the standard order book. The mechanism exists to concentrate early liquidity and produce a fair opening price instead of a thin, gappy first print. It borrows a page from how traditional exchanges open trading each morning, which is fitting for a protocol that keeps hiring ideas from the market structure it wants to replace.

The architecture runs natively inside HyperCore, sharing the matching engine, order types, and throughput of every other market on the chain. That matters for one under-discussed reason: liquidity providers can quote prediction markets with the same tooling and speed they use on perps, instead of the bespoke market-making setups that thinner prediction venues require. Deep books were always the missing ingredient on long-tail event markets, and Hyperliquid’s bet is that professional liquidity follows familiar infrastructure.

The fee structure is openly aggressive. Opening or minting an outcome position costs nothing. Fees apply only on closing, burning, or settling, and makers pay zero. That pricing targets Polymarket and Kalshi, which processed a combined $44.8 billion in June on the back of the World Cup, and the community reaction at announcement made the intent plain. When the proposal dropped in February, crypto.news covered the market pricing in exactly that ambition, with traders framing HIP-4 as Hyperliquid trying to house all of finance.

Initial markets are curated and validator-deployed, starting with recurring daily Bitcoin price threshold contracts that reset each day, run by the prediction platform Outcomexyz. Planned categories include politics, sports, macro data releases, crypto events, and entertainment. A later phase opens permissionless deployment: builders will stake 1,000,000 HYPE per market slot, slashable and burned if validators find oracle manipulation, invalid state transitions, or prolonged downtime. One slot supports rolling and recurring markets, recycling after each settlement.

Settlement without a token vote The deepest difference between HIP-4 and the incumbent on-chain prediction markets is not fees. It is how truth gets decided.

Polymarket outsources contested resolutions to UMA’s optimistic oracle, where token holders vote on disputed outcomes, an architecture that has produced repeated controversies in 2026, including a $60 million market on a Strategy Bitcoin sale that resolved against the documented facts. The full mechanics and failure modes of that system are covered in our companion guide to how prediction markets resolve.

HIP-4 replaces the token vote with the chain itself. Settlement runs through Hyperliquid’s validator set executing automated resolution against pre-specified, objective data sources. There is no dispute window, no escalation, and no path for a token holder with a position in the market to also vote on its outcome. The trade-off is scope: deterministic settlement works for objective questions with a clean data source, which is why the first markets are price thresholds. Ambiguous questions, the kind that generate the worst oracle disputes elsewhere, are exactly the kind HIP-4’s design avoids listing.

What all of this looks like from the trader’s side For a user, the machinery above mostly disappears. HIP-3 markets sit in the same interface as the flagship crypto perps, trade through the same API, and settle against the same margin account. A trader shorting gold on a builder-deployed market places the order the same way they would short Ethereum, and the differences show up in three places worth knowing.

Fees are higher on builder markets. The headline rate on a HIP-3 perp is twice the validator-operated rate, which at base tiers works out to roughly 3 and 9 basis points for makers and takers before discounts, with the deployer keeping half. Staking discounts, referral rebates, and collateral-based reductions still apply on top, so an active HYPE staker narrows the gap considerably.

Oracle quality varies by deployer. On validator-operated markets, the network itself maintains the price feed. On a HIP-3 market, the deployer chooses and operates the oracle, which is why the mark price on a weekend oil contract can drift from where Monday’s COMEX open eventually prints. During the West Asia crisis, Hyperliquid’s oil market traded on its own oracle through days when no traditional reference price existed at all. That independence is the product and the risk in one feature.

Collateral differs by market. Most markets margin in stablecoins, but HIP-3 supports alternative collateral where the deployer enables it, including yield-bearing assets, and HIP-4 outcome positions collateralize in USDH. Settlement demand for outcome markets flows through the stablecoin into the same fee-and-buyback loop that already routes nearly all protocol revenue toward HYPE, which is why analysts treat HIP-4 volume as a direct token catalyst rather than a side business.

The practical entry points have multiplied too. Beyond the native app, HIP-3 and HIP-4 markets surface through Phantom, through the FOMO app for the equities lineup, and through any front end built on the public API, since every builder market shares the unified HyperCore order flow.

The risk column Every part of the story above has a counterweight, and an honest explainer lists them.

Deployer concentration is the loudest one. A permissionless system where one builder holds 90% of open interest has recreated a gatekeeper one level up, and the $32 million entry stake keeps it that way for now. Regulatory exposure is the second. Hyperliquid operates without KYC in most of the world, the United Kingdom’s FCA has declared the platform unauthorized, and pending United States market structure legislation could either validate or constrain synthetic stock perpetuals, a product category regulators have barely begun to examine. Institutional ceilings are the third: a June JPMorgan report saw limited institutional demand for perpetual futures generally, citing unbounded basis risk and missing clearing protections, which matters for a token whose valuation leans on volume growth. And the products themselves are dangerous instruments. Leveraged perpetuals on any underlying can liquidate a position in minutes, and cross margin across markets adds its own failure modes.

There is a subtler risk in the oracle layer that the slashing design only partially covers. A deployer’s oracle is a single point of interpretation for its markets, and unusual conditions expose the gap: when traditional venues close and a HIP-3 commodity market keeps trading, the mark price is whatever the deployer’s methodology says it is, with no external reference to check against until markets reopen. Validators review any 50% intraday reference move and slashing punishes proven manipulation, but a subtly mispriced weekend, honest or otherwise, transfers money between longs and shorts without tripping any threshold. Traders in builder markets are underwriting oracle methodology whether they think about it or not.

None of that has slowed the platform yet. Hyperliquid controls an estimated 70% of on-chain perpetuals volume, spot HYPE ETFs drew $111 million in inflows in late June while Bitcoin and Ethereum funds bled, and the ecosystem is spending on the long game, including a $29 million policy center in Washington. Whether the moat holds is a different question from whether it exists.

The bigger picture for L1 competition HIP-3 and HIP-4 also reframe what layer 1 blockchains compete on. Ethereum and Solana fight over DeFi liquidity, users, and fees, a race with its own 2026 scoreboard. Hyperliquid opted out of the general-purpose contest and vertically integrated one thing: markets. The bet is that an exchange-shaped blockchain with permissionless market creation captures more value than a general-purpose chain hosting exchange apps. dYdX tried a dedicated appchain with governance-gated listings. GMX built on someone else’s layer 2. Hyperliquid is the first to make market creation itself permissionless at the chain layer, and the early evidence, an order of magnitude expansion in what can be traded on-chain, suggests the design space was bigger than the industry assumed.

What to watch from here Three markers will tell the story over the next year. First, whether the HIP-3 stake requirement drops and the deployer set widens beyond one dominant builder. Second, whether HIP-4 volume becomes measurable against Polymarket and Kalshi once permissionless deployment opens and categories expand past crypto prices. Third, whether regulators treat builder-deployed stock perpetuals as an innovation to license or a loophole to close. The upgrades themselves are shipped and working. The open question, as always in this industry, is what survives contact with scale.

Frequently asked questions What is Hyperliquid HIP-3? HIP-3, called Builder-Deployed Perpetuals, is a Hyperliquid protocol upgrade live since October 13, 2025. It lets any builder who stakes 500,000 HYPE deploy an independent perpetual futures exchange on HyperCore, choosing the assets, oracle, collateral, and fee capture, while inheriting Hyperliquid’s matching engine, margining, and liquidation systems. It moved market listing from a core team decision to a permissionless, stake-secured process.

What is Hyperliquid HIP-4? HIP-4 is the outcome markets upgrade, announced February 2, 2026 and live on mainnet since May 2, 2026. It adds fully collateralized event contracts that settle to exactly 0 or 1 at expiry, with merged Yes and No order books, USDH collateral, no liquidation risk, and zero fees to open a position. It is Hyperliquid’s entry into prediction markets.

How much does it cost to deploy a HIP-3 market? A deployer must stake 500,000 HYPE, worth roughly $32 million at current prices near $64. The stake is slashable for misconduct and must be held for 30 days even after all of the deployer’s markets are halted. The first three assets deploy without an auction; additional assets go through a shared Dutch auction. Documentation says the threshold should fall over time.

What can you trade on HIP-3 markets? Builder-deployed markets cover tokenized United States equities such as Nvidia, Tesla, Google, and Amazon, index products including a licensed S&P 500 contract and the Nasdaq-style XYZ100, commodities such as gold, silver, and oil benchmarked to COMEX and other references, FX, and long-tail crypto assets. Seven of Hyperliquid’s top ten markets by volume are now non-crypto assets.

How does HIP-4 settlement differ from Polymarket? Polymarket resolves contested markets through UMA’s optimistic oracle, where token holders vote on disputed outcomes. HIP-4 settlement is deterministic: Hyperliquid’s validator set resolves each contract against a pre-specified objective data source, with no dispute window and no token vote. The design avoids governance attacks but limits markets to questions with clean, objective answers.

Who is TradeXYZ? TradeXYZ is the dominant HIP-3 deployer, accounting for more than 90% of builder-deployed open interest. It launched the first HIP-3 market, the XYZ100 index, built out the equities and commodities lineup, secured S&P 500 ticker licensing, and co-launched the FOMO trading app with Hyperliquid in June 2026. Its dominance is also the center of the deployer concentration debate.

Is trading on Hyperliquid safe? The protocol has strong solvency engineering and a clean track record on its core markets, but the products are high-risk by nature. Leveraged perpetuals can liquidate quickly, HIP-3 markets depend on each deployer’s oracle quality, the UK’s FCA lists the platform as unauthorized, and synthetic stock perpetuals sit in a regulatory gray zone. Position sizing and jurisdiction checks matter.

Does HIP-4 have liquidation risk? No. Outcome positions are fully collateralized in USDH at purchase, so the maximum loss is the amount paid for the position and no liquidation engine is involved. That distinguishes outcome markets from perpetuals, where leverage means positions can be forcibly closed. The risk in outcome markets is being wrong about the event, or holding through a settlement data error.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Digital asset markets are volatile and you can lose your entire investment. Always do your own research. Information current as of July 3, 2026.

TradingView has expanded its market coverage by adding real-time data for Hyperliquid and Trade[XYZ], giving users access to onchain perpetual and spot markets directly through its charting platform.

Summary

TradingView has added real-time Hyperliquid and Trade[XYZ] market data to its charting platform. Users can now track crypto, equities, commodities, forex, and pre-IPO perpetual markets around the clock. The integration comes days after Singapore’s MAS placed Hyperliquid on its Investor Alert List. According to TradingView, the new integration brings live pricing for Hyperliquid’s crypto perpetual and spot markets alongside Trade[XYZ] markets covering equities, commodities, foreign exchange, and pre-IPO companies.

Trade[XYZ] and Hyperliquid data is now live on @tradingview. Putting this data where traders live has been a top priority for us.

Markets are increasingly shaped by events unfolding around the clock, and price discovery shouldn't stop when traditional venues close.

Users now…

— trade.xyz (@tradexyz) July 2, 2026 The data is available through TradingView’s Supercharts, allowing traders to follow price movements throughout the day, including when traditional financial markets are closed.

The addition extends the range of assets available on TradingView without requiring users to leave the platform for onchain market data. Hyperliquid markets appear under the HYPERLIQUID symbol prefix, while Trade[XYZ] listings can be accessed using the HIP3XYZ prefix through the platform’s symbol search.

Hyperliquid expands beyond its core exchange Built on its own layer-1 blockchain, Hyperliquid operates an onchain perpetual futures exchange that currently supports more than 300 perpetual and spot markets across cryptocurrencies, commodities, and indices.

The ecosystem has also grown through HIP-3, a protocol upgrade that allows third-party developers to launch perpetual markets using Hyperliquid’s infrastructure. Under that framework, Trade[XYZ] has become the first major deployment, offering perpetual markets tied to multiple asset classes, including cryptocurrencies, equities, as well as crypto spot trading.

By adding both Hyperliquid and Trade[XYZ] feeds, TradingView has made those markets available alongside its existing charting tools, enabling traders to monitor perpetual contracts and spot assets from a single interface.

Regulatory attention has continued alongside platform growth The TradingView integration comes days after the Monetary Authority of Singapore added Hyperliquid to its Investor Alert List, as previously reported by crypto.news.

According to the regulator, the listing covers both the Hyper Foundation website and the Hyperliquid trading application. MAS said the Investor Alert List is intended as a consumer protection measure identifying entities that could be mistakenly viewed as licensed or regulated by the authority. The regulator also stated that inclusion on the list does not constitute a ban or an enforcement action.

Following the listing, Hyperliquid said it had never claimed to be licensed or authorized by MAS.

Despite the regulatory attention, the decentralized exchange has remained one of the largest trading platforms in the sector. According to CoinGecko, Hyperliquid ranks as the sixth-largest decentralized exchange by trading volume. Separately, DefiLlama estimates that the protocol currently secures about $5.76 billion in total value locked.

The latest TradingView integration gives market participants another way to follow activity across Hyperliquid’s expanding ecosystem, combining live data from crypto perpetuals, spot assets, and Trade[XYZ]’s cross-asset markets within a single charting environment.

Türkiye-based digital asset platform Paribu has launched DeFi access inside its main app, adding DEX trading, perpetual contracts through Hyperliquid, and Polymarket-linked option markets. 

Summary

Paribu now offers Hyperliquid perpetuals and Polymarket markets through its main self-custodial DeFi app section. The platform opened a waitlist for NYSE, Nasdaq, and Borsa Istanbul stock trading access soon. Paribu says users can trade DeFi products without separate wallet apps, seed phrases, or transfers. The company also opened a waitlist for stock trading as it works to combine crypto, DeFi, yield products, and equities in one app.

Paribu said it is the first regulated exchange to offer both Hyperliquid perpetuals and Polymarket option markets through a centralized exchange interface. Users can access the DeFi section with their existing balance, without a separate wallet app, seed phrase, or new account. The company said each DeFi position remains self-custodial, while trades settle onchain through linked protocols.

DeFi access targets Türkiye’s retail market Paribu framed the launch around Türkiye’s active crypto market. The company cited TRM Labs data showing Türkiye ranked fifth globally in retail crypto activity, with $40 billion in volume in Q1 2026. The figure rose 7% year over year while global retail crypto volume fell 11%.

The company said many local retail users keep their main crypto holdings inside one app and have not used DeFi wallet tools. Paribu’s DeFi access is designed to let these users reach onchain markets without switching platforms. Its blog post on DeFi access says the wallet setup uses passkeys and recovery tools instead of seed phrases.

Hyperliquid and Polymarket enter the app The Hyperliquid integration lets Paribu users trade perpetual contracts from the DeFi section of the app. Trades route to Hyperliquid’s decentralized blockchain, while positions remain in users’ self-custodial wallets. Paribu said Hyperliquid has processed more than $4 trillion in cumulative trading volume.

The launch follows wider activity around Hyperliquid. As reported by crypto.news, Kalshi launched CFTC-regulated HYPE perpetual futures, lifting HYPE futures open interest to $2.48 billion. Moreover, crypto.news reported thatHyperliquid added validator-settled outcome markets under HIP-4, expanding beyond perpetual futures.

Paribu also added access to Polymarket markets through the same DeFi section. The company said it will list curated markets only, with each contract reviewed for integrity, liquidity, and risk profile before appearing in the app. Paribu serves as the interface, while execution and settlement happen onchain through Polymarket infrastructure.

The rollout comes as prediction markets face closer review in several jurisdictions. As crypto.news reported, the CFTC is preparing new rules that could affect Polymarket and Kalshi. Crypto.news also reported that the CFTC sued Kentucky to block state action against Kalshi, Polymarket, and related partners.

Stock trading remains pending Paribu is also preparing to offer equities. Its brokerage arm has received establishment authorization from Türkiye’s Capital Markets Board and is waiting for an operating license. The company said NYSE, Nasdaq, and Borsa Istanbul stocks will become tradable after the license process is complete.

For now, users can view real-time market data for U.S. and Turkish stocks inside the app. Paribu said the stock waitlist is open before trading goes live. Founder and CEO Yasin Oral said, “Paribu is becoming a single app for all of finance: crypto, DeFi, equities, and yield.”

The expansion follows other Paribu moves. Previously, crypto.news reported that Paribu’s $240 million CoinMENA acquisition led a weekly crypto funding period in December 2025. The company has also said Clave joined Paribu in 2026 to support passkey-based account abstraction and self-custody tools.

KEY TAKEAWAYS

HIP-3 is a Hyperliquid network upgrade launched in October 2025 that allows permissionless deployment of perpetual futures markets by staking 500,000 HYPE tokens. Open interest across HIP-3 markets grew from roughly $790 million in January 2026 to a peak of $3.2 billion by June, according to Grayscale. TradeXYZ, the leading HIP-3 builder, accounts for more than 90% of all HIP-3 open interest with tokenized equities, indices, and commodities. Seven of Hyperliquid’s top ten markets by volume are now tokenized equities or commodity futures rather than traditional cryptocurrency pairs. Grayscale compared Hyperliquid’s infrastructure model to Amazon Web Services, calling it a platform where developers create products while HYPE captures value from every trade. Hyperliquid’s HIP-3 upgrade has quietly transformed a decentralized perpetuals exchange into what Grayscale Research described as “more like Amazon Web Services than a stock exchange” in a June 2026 research note cited by Stocktwits. 

Since launching on October 13, 2025, HIP-3 has enabled permissionless deployment of perpetual futures markets for assets that include NVDA, TSLA, gold, crude oil, and the S&P 500. Open interest surpassed $3.2 billion in June 2026, and on peak days, HIP-3 markets accounted for nearly 48% of Hyperliquid’s total trading volume. 

This article explains the mechanics of HIP-3, how open interest functions on the platform, and what the growth trajectory means for the broader DeFi derivatives market.

How HIP-3 Works: Permissionless Market Deployment HIP-3 enables any participant who stakes 500,000 HYPE tokens, worth approximately $25 million at current prices, to deploy their own perpetual futures exchange on HyperCore, Hyperliquid’s main trading layer.

Deployed markets operate alongside native Hyperliquid pairs but are not covered by the platform’s shared liquidity vault, known as HLP. Instead, deployers manage their own liquidity, according to a detailed CoinGecko analysis published in May 2026. 

Deployers earn half of the trading fees generated on their markets. HIP-3 markets charge roughly double the native fee rate, starting at 0.09% for takers versus 0.045% on native pairs. A “Growth Mode” feature introduced in November 2025 allows deployers to reduce fees by 90% to accelerate adoption, according to OAK Research. 

All HIP-3 markets are margined in USDC, priced against off-chain oracles, and trade 24 hours a day, seven days a week. This always-on structure proved especially relevant during the U.S.-Israeli-Iranian conflict, when high-impact market events developed outside traditional trading hours.

Open Interest Growth: From $790 Million to $3.2 Billion The growth trajectory has been steep. Open interest on HIP-3 markets stood at roughly $790 million in January 2026, crossed $1.43 billion by late March, surpassed $2 billion in April, and reached $3.2 billion in early June, according to a Grayscale research note. 

Since launch, HIP-3 markets have processed over $200 billion in cumulative trading volume. TradeXYZ, a perpetuals platform built by the Hyperunit team, dominates the vertical, accounting for more than 90% of total HIP-3 open interest. 

The platform offers exposure to U.S. equities such as NVDA, TSLA, GOOGL, and AMZN, a synthetic Nasdaq-style index called XYZ100, and commodities, including gold and silver, benchmarked to COMEX front-month futures. Non-crypto assets achieved 60% trader retention in late March 2026, indicating sustained engagement rather than speculative activity.

Analysis: The retention figure is significant. In most DeFi product launches, initial activity spikes and then decays within weeks. A 60% retention rate suggests that HIP-3 is solving a structural problem, 24/7 market access, rather than offering a novelty.

The fact that seven of Hyperliquid‘s top ten markets by volume are now non-crypto assets represents a category shift from a DeFi derivatives protocol toward a global macro trading venue.

Revenue, HYPE Buybacks, and the SpaceX Catalyst Hyperliquid generated $2.3 million in daily fees at peak HIP-3 activity, funding $11 million in HYPE token buybacks. The HYPE token outperformed Bitcoin and Ethereum by over 70% in Q1 2026, according to 99Bitcoins reporting.

The SpaceX initial public offering in June 2026 provided another catalyst. TradeXYZ launched a SpaceX pre-IPO perpetuals market on May 18, 2026, which surpassed $50 million in open interest before SpaceX officially filed its S-1 two days later. 

Moon Rock Capital co-founder Simon Dedic stated in a post on X that the access issues retail traders faced around the SpaceX Nasdaq debut “make the case for trading exposure to high-profile private companies via onchain perpetual futures on Hyperliquid.”

In March 2026, the first S&P 500 perpetual futures product launched on Hyperliquid after S&P Dow Jones Indices licensed the index to a HIP-3 deployer, according to Grayscale.

Regulatory Implications HIP-3 markets offering tokenized equity derivatives operate without KYC requirements, creating a direct conflict with securities regulations in most jurisdictions. The SEC has not issued specific guidance on permissionless perpetual futures tied to U.S. equities. As HIP-3 open interest approaches levels that attract institutional market-making firms, regulatory scrutiny is likely to intensify.

What’s Next for HIP-3? Grayscale’s research note positioned $5 billion in open interest as the inflection point at which HIP-3 markets attract professional market-making firms from CME and CBOE. The launch of HIP-4, which introduces outcome-based prediction market contracts on Hyperliquid, adds a new dimension.

Pending U.S. crypto market structure legislation could either validate or constrain the model. Participants should monitor regulatory developments and the platform’s approach to compliance.

FAQs What is Hyperliquid HIP-3?
HIP-3 is a Hyperliquid network upgrade from October 2025 that lets builders deploy permissionless perpetual futures markets by staking 500,000 HYPE tokens.

How much does it cost to deploy a HIP-3 market?
Deployers must stake 500,000 HYPE tokens, worth approximately $25 million at current prices, to launch a perpetual futures market on HyperCore.

What is open interest on HIP-3?
HIP-3 open interest peaked at $3.2 billion in June 2026, growing from roughly $790 million in January, according to Grayscale research data.

What assets can be traded on HIP-3?
HIP-3 supports tokenized equities like NVDA and TSLA, commodities including gold and oil, indices such asthe  S&P 500, and pre-IPO stocks.

What is TradeXYZ?
TradeXYZ is the leading HIP-3 deployer built by the Hyperunit team, accounting for more than 90% of total HIP-3 open interest across all markets.

How do HIP-3 fees work?
HIP-3 markets charge roughly double native Hyperliquid rates, with half going to the deployer. Growth Mode can reduce these fees by 90%.

What is HIP-4?
HIP-4 is Hyperliquid’s outcome-trading upgrade, launched in May 2026, introducing fully collateralized prediction-market contracts that settle at 0 or 1.

References What is Hyperliquid’s HIP-3? How it works and use cases, OAK Research, June 2026 Hyperliquid’s HIP-3 & HIP-4: Tokenized Stocks and Prediction Markets, CoinGecko, May 2026 Hyperliquid Emerges As Superior Alternative After SpaceX IPO Lockup Chaos, Stocktwits, June 2026 Hyperliquid Fees Explained: Perps, Spot & HIP-3, Datawallet, May 2026

The Solana wallet is bringing on the three-person team behind a pre-IPO perpetuals platform, deepening its push into derivatives.

Phantom, the largest Solana wallet by market share, said the team behind Ventuals is joining the company this week, weeks after the Hyperliquid-based perpetuals venue shut down.

The hires are Ventuals co-founders Alvin Hsia and Emily Hsia, along with engineer Aris Samad, Phantom said in an announcement on its X account and a company blog post. The deal is not a purchase of the company or its product.

Ventuals wound down its onchain pre-IPO trading platform in mid-June, reporting more than $650 million in lifetime trading volume and over 500,000 HYPE raised across its run.

The move folds talent from one of Hyperliquid's earliest pre-IPO perpetuals builders into a consumer wallet that has been expanding aggressively into derivatives. Phantom added in-wallet perpetual futures, powered by Hyperliquid, in July 2025, and has since extended into equity and pre-IPO-style markets. Hiring the Ventuals founders gives Phantom people who built and operated their own markets on Hyperliquid.

HYPE, the token underpinning Hyperliquid, traded around $65, down about 2% over 24 hours, roughly in line with Bitcoin's 2.8% slide over the same period, and up about 6% over the past week, according to CoinGecko.

Phantom has not said what the Ventuals founders will build at the company or whether the hire signals a deeper move into pre-IPO or equity perpetuals.

A Team With Hyperliquid PedigreeVentuals described itself as the first onchain derivatives protocol for private, pre-IPO company valuations, with each market tracking a synthetic price rather than a claim on shares. Alvin Hsia was the company's chief executive and Emily Hsia its chief technology officer; both previously worked at Goldfinch and Airbnb, and earlier co-founded a project called Shadow.

The team built its markets through Hyperliquid's HIP-3 framework, which lets outside developers deploy and run their own perpetual-futures markets backed by a HYPE stake. Ventuals' flagship contracts let traders take leveraged positions on the valuations of OpenAI and Anthropic, neither of which is publicly traded. In the wind-down, those markets were frozen at their trailing 24-hour average prices and settled, and the team confirmed there would be no Ventuals token.

Phantom's Derivatives PushPhantom is the dominant wallet in the Solana ecosystem, with roughly 39% of Solana wallet market share and 15 million to 20 million monthly active users, and a $3 billion valuation set in a January 2025 Series C led by Sequoia Capital and Paradigm. The wallet has moved well beyond storage, adding swaps, staking, a prediction-market feature and, since mid-2025, perpetuals.

Phantom's perps product runs on Hyperliquid and surpassed $10 billion in cumulative trading volume within months of its July 2025 launch, the company has said. It has since added equity perpetuals deployed through HIP-3. The Ventuals founders' background in deploying and running such markets maps directly onto that roadmap, though Phantom did not detail the team's specific roles.

TradingView, the charting platform used by millions of traders worldwide, has added native support for Hyperliquid trading pairs. Symbols like HYPEUSD now appear directly in TradingView’s interface, ready for technical analysis alongside data from Coinbase, Binance, and every other major venue.

Here’s the thing: TradingView categorized Hyperliquid as a centralized exchange. The platform that built its entire identity on being decentralized and non-custodial is now sitting in the same bucket as Binance and Kraken in TradingView’s taxonomy.

A DEX wearing a CEX label Hyperliquid operates as a Layer-1 blockchain purpose-built for trading. It runs a fully on-chain central limit order book with gasless orders and sub-second transaction finality. Users never surrender custody of their assets.

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Alongside Hyperliquid’s own data, TradingView also sources pricing from oracles like Pyth, giving traders multiple reference points for the same assets.

Hyperliquid’s numbers tell the story Open interest on the platform hit $8.9 billion in May 2025. That figure represents roughly 8.3% of aggregate perpetual open interest across the entire crypto derivatives market.

The platform now offers over 300 markets spanning cryptocurrencies, equities, commodities, and indices with leverage options reaching 40-50x.

The HYPE token, which powers governance and fee distribution within the ecosystem, carries a market capitalization of approximately $16.6 billion with prices around $65.

What this means for traders and the broader market Third-party automation tools already exist that connect TradingView alerts directly to Hyperliquid order execution. With native charting now available, the pipeline from analysis to trade becomes even more seamless. A trader can spot a setup on a TradingView chart and route the order to Hyperliquid without the friction of switching between platforms or manually replicating chart data.

The risk calculus isn’t gone. Hyperliquid’s on-chain architecture introduces smart contract risk and potential vulnerabilities that don’t exist on traditional centralized platforms. Its rapid growth also means the system hasn’t been stress-tested across every conceivable market condition. And the CEX label from TradingView, while flattering in terms of perceived quality, might create confusion among traders who assume centralized custodial protections apply when they don’t.

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

20h05 ▪ 5 min read ▪ by Evans S.

Summarize this article with:

Bitwise brutally strengthens its crypto bet on Hyperliquid. The asset manager transferred 1.775 million HYPE tokens to the protocol before staking them. The operation, estimated at around 114 million dollars, accompanies the rise of its Hyperliquid spot ETF launched in May.

In brief Bitwise placed 1.775 million HYPE in staking. The crypto operation amounts to about 114 million dollars. The BHYP ETF strengthens institutional demand around Hyperliquid. Bitwise deposited 1.775 million HYPE on Hyperliquid, then committed all the tokens to staking. This position confirms the interest already shown by the manager for an asset he recently judged undervalued on the market.

At the price taken during the transaction, the tokens represented roughly 114 million dollars. This is therefore no longer a simple institutional test. Bitwise is establishing massive exposure on one of the main decentralized crypto derivatives platforms.

Staking also reduces the amount of HYPE immediately available on the market. When large holders lock their tokens, the liquid supply can contract. This mechanism however does not guarantee an automatic price increase. The economic model of Hyperliquid plays a central role in this operation. Staking rewards are not only based on the issuance of new tokens. They are notably supported by the activity and revenue generated by the protocol.

Bitwise is thus exposed to two crypto variables. The first remains the price of HYPE. The second depends on Hyperliquid’s level of use, notably the volume handled on its decentralized markets. This structure makes the bet more strategic than a classic purchase. If the activity grows, the protocol’s revenues can reinforce staking interest. Conversely, a drop in volumes would reduce the position’s economic attractiveness.

Hyperliquid quickly established itself in derivatives trading. The platform now competes with several major centralized venues on certain indicators, while retaining a largely on-chain architecture.

The BHYP ETF fuels crypto accumulation The operation follows the launch of the Bitwise Hyperliquid ETF, listed under the symbol BHYP. This product gives investors exposure to HYPE without forcing them to directly manage a crypto portfolio or technical staking constraints.

The fund also seeks to capture rewards thanks to the tokens held. This design distinguishes BHYP from an ETF that would merely passively track the price of an asset. Bitwise wants to combine market exposure and on-chain yield.

The manager also dedicates part of its revenue to buying and staking HYPE. Fund growth can therefore feed new demand for the token. The more assets managed increase, the larger this mechanism can grow.

This dynamic explains why the Hyperliquid ETF now occupies an important place in Bitwise’s crypto strategy. The manager no longer only bets on Bitcoin or Ethereum. It also seeks to capture growth from younger infrastructures.

Hyperliquid attracts institutional finance Bitwise is not alone in this field. Other managers have also sought to launch products linked to HYPE. This competition shows Hyperliquid has exceeded its status as a platform reserved for specialized traders.

The arrival of regulated funds can create a new source of demand. A few tens of millions of dollars represent little at the scale of traditional finance, but a lot for a token whose liquid supply remains limited. This concentration carries risks though. If ETFs accumulate a large share of available HYPE, their purchases can support the price. But their sales could also amplify a correction during massive exits.

Staking adds another level of dependency. Bitwise must monitor the protocol’s operation, validators, technical risks, and the network’s rule evolution. Institutional exposure does not remove crypto’s inherent vulnerabilities.

The 114 million dollar investment thus remains a strong signal, but not a guarantee. It confirms that Hyperliquid is entering a new phase, driven by ETFs, staking, and institutional capital. The battle for exposure to HYPE is probably just beginning, while the token aims higher in the crypto hierarchy.

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Evans S.

Fascinated by Bitcoin since 2017, Evariste has continuously researched the subject. While his initial interest was in trading, he now actively seeks to understand all advances centered on cryptocurrencies. As an editor, he strives to consistently deliver high-quality work that reflects the state of the sector as a whole.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

TLDR: Table of Contents

TLDR:Hyper Foundation Unveils $10M USDH Migration Grant ProgramUSDH Holders Receive Migration Options as Ecosystem Shifts to USDC Hyper Foundation committed about $10 million to support USDH migration across affected ecosystem projects. Eligible builders must complete migration or orderly shutdown activities before the end of July deadline. USDH holders can swap tokens for USDC through supported HyperCore and HyperEVM migration pathways. Grant allocations depend on deployment costs or affected USDH total value locked across supported protocols. Hyper Foundation has introduced a grant program worth approximately $10 million to support projects affected by the USDH sunset. The initiative targets builders migrating away from the stablecoin or winding down USDH-dependent services before the end of July. 

Eligible teams have already been contacted as the network moves through an organized transition process. The funding aims to reduce migration costs while helping maintain continuity across the Hyper ecosystem.

Hyper Foundation said the grants will support builders whose products relied on USDH before its retirement. According to the foundation, eligible recipients include HIP-1 spot deployers, HIP-3 perpetual deployers, HyperEVM protocols, dedicated USDH: USDC bridge operators, and Native Markets.

The grants fall into two categories. Migration grants support teams replacing USDH with USDC, while wind-down grants assist projects ending USDH-related operations. The foundation noted that wind-down grants remain smaller than equivalent migration awards.

According to Hyper Foundation, every recipient has committed to completing migration or orderly shutdown activities before the end of July. The program seeks to minimize disruption while encouraging structured transitions across supported applications.

Grant calculations also differ between ecosystem participants. HIP-1 and HIP-3 recipients receive allocations based on auction deployment costs, while HyperEVM protocol grants depend on the amount of USDH total value locked affected by the sunset.

USDH Holders Receive Migration Options as Ecosystem Shifts to USDC Hyper Foundation also outlined the migration process for users holding USDH. The organization encouraged users to follow instructions directly from the protocols where their assets remain deployed.

Users can exchange USDH for USDC through the HyperCore spot order book. The foundation also confirmed that HyperEVM users can swap USDH for USDC at a one-to-one ratio through Across without paying transaction fees.

Hyper Foundation Allocates $10M in Grants to Support USDH Migration

Hyper Foundation announced approximately $10 million in grants to help builders affected by the USDH sunset, covering migration and wind-down costs. Grants will be distributed to eligible HIP-1 and HIP-3… pic.twitter.com/Hwy7ZNwswz

— Wu Blockchain (@WuBlockchain) June 28, 2026

Wu Blockchain highlighted the announcement shortly after the grant program became public. The report noted that the funding package covers both migration expenses and wind-down costs for affected ecosystem participants.

Hyper Foundation also acknowledged the contribution of builders, users, and Native Markets throughout the USDH rollout. The organization credited community participation and direct coordination with helping the migration process progress smoothly during the transition period.

Somewhere between a DEX and a full-blown financial exchange, Hyperliquid has built something that most DeFi protocols only claim to be: the dominant venue for trading perpetual futures on-chain. At its peak in 2025, the platform captured more than 80% of decentralized perpetual trading volume. Hyperliquid’s share of on-chain perpetual futures volume sat at 36.4% in January 2026, then climbed to 44% by mid-2026, even as new competitors entered the space.

The scale of what Hyperliquid has actually built Hyperliquid processed $633 billion in trading volume during Q1 2026 alone. Daily volume runs between $3 billion and $10 billion depending on market conditions. Cumulative lifetime volume crossed $4.726 trillion by June 2026.

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The platform runs on its own Layer-1 blockchain, built on a consensus mechanism called HyperBFT. Collateral on the platform settles in USDC. The protocol offers leverage up to 40x across more than 300 markets. Those markets now extend beyond crypto perpetuals into commodities, indices, prediction markets, and real-world assets, all made possible through the platform’s HIP-4 framework.

Revenue, the HYPE token, and what traders are actually paying for Hyperliquid generated over $800 million in revenue in 2025. Recent weekly revenue has averaged around $11 million, which annualizes to roughly $570 million at that pace.

The HYPE token launched on November 29, 2024, with approximately 31% of supply allocated to a user airdrop. It subsequently reached all-time highs near $77. The token has attracted ETF investment interest and serves a functional purpose: revenue generated by the protocol flows back to HYPE holders through distributions and token burns.

Total value locked on the platform has ranged between $1 billion and $6 billion depending on market conditions.

The 30-day trading volume reached $237 billion by mid-2026.

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