Track market-moving stories before they get noisy

Multicoin Capital has now sold roughly another 10% of its HYPE position, according to blockchain intelligence platform Arkham.

The latest sale leaves the investment firm with approximately $90.5 million worth of HYPE.

This is its largest on-chain holding despite continued sales. 

HOT Stories

Multicoin accumulated roughly 4 million HYPE during February and March, when its position reached a peak. Its current holdings stand at slightly more than one-quarter of that amount. The firm has now sold nearly 75% of its peak position.

In July, Multicoin also made a decision to make a direct investment into the Hyperliquid ecosystem. 

On July 16, Multicoin invested $1.75 million in Trasia Labs, an Asia-focused perpetual futures platform built on Hyperliquid. 

Multicoin was the sole investor in the seed round. This makes the deal notable given the firm’s large HYPE position.

card

And in February, co-founder Kyle Samani stepped back from Multicoin after nearly a decade. He remained chairman of Forward Industries.

HYPE's continued momentum HYPE recently made a debut within Hashdex’s Nasdaq CME Crypto Index ETF (NCIQ). HYPE was added with a roughly 3.4% weighting. 

This is the fund’s fifth-largest holding behind Bitcoin, Ethereum, XRP and Solana. This is the first reported inclusion of HYPE in a U.S.-listed crypto index ETF.

HYPE is now also more accessible to U.S. investors. Coinbase currently lists Hyperliquid for trading and offers HYPE-related derivatives, including cash-settled futures. 

There are also some important developments on the institutional side.  Grayscale’s Hyperliquid Staking ETF, HYPG, continues to make the case for HYPE around the token’s economics and Hyperliquid’s growth. 

EntropyIO, a new perpetual futures deployer built on Hyperliquid’s HIP-3 infrastructure, launched with ambitions to let traders speculate on private companies before they go public. The platform registered a contract for OpenAI under the ticker io:OAI, but the market was delisted without recording a single trade.

The actual story is both more interesting and more complicated than a simple OpenAI listing. EntropyIO’s real flagship products are an Anthropic pre-IPO perpetual contract (io:ANTH) at 3x max leverage and a SanDisk equity perp (io:SNDK) at 10x leverage, both of which went live when the platform launched on August 24, 2026.

What EntropyIO actually built The platform operates as a HIP-3 market deployer on Hyperliquid, a designation that lets it create and manage perpetual futures markets on the decentralized exchange.

EntropyIO raised $14 million in a funding round led by Ribbit Capital. On top of that, roughly $40 million in HYPE tokens were reserved for staking to support the deployer’s operations.

The team draws from traditional finance heavyweights like Citadel Securities, Optiver, and Millennium.

Pre-IPO perps work differently from typical crypto perpetuals. The pricing model tracks implied company valuations rather than a spot price, since these companies don’t have publicly traded shares. A $1 price unit on the Anthropic contract translates to a $1 billion implied valuation. After launch, Anthropic’s implied market cap briefly touched around $2 trillion.

The OpenAI contract that wasn’t EntropyIO did register an OpenAI perpetual contract under the io:OAI ticker. But the contract was subsequently delisted due to inactivity, meaning no one actually traded it before it was removed.

A prior HIP-3 operator called Ventuals had previously run markets for both OpenAI and Anthropic pre-IPO perps on Hyperliquid. Ventuals shut down and delisted those offerings in June 2026, roughly two months before EntropyIO’s launch.

How the pricing and risk systems work EntropyIO uses custom oracles combined with liquidity-weighted designs to generate price feeds. Settlement mechanics rely on either on-chain consensus or Time-Weighted Average Price calculations, which help smooth out price swings that thin order books tend to produce.

These bespoke oracle systems exist to prevent transactional manipulation that naturally follows when trading volumes are low.

It’s worth noting what these contracts don’t provide: any form of equity ownership, voting rights, or dividends. Traders are purely speculating on implied valuations. The contracts are synthetic instruments with no claim on the underlying company whatsoever.

What this means for on-chain derivatives The HIP-3 framework allows third-party deployers to create markets on Hyperliquid’s infrastructure, effectively turning the exchange into a platform rather than just a trading venue.

The OpenAI delisting serves as a useful reality check. Just because you can create a perpetual market for something doesn’t mean anyone will show up to trade it. Anthropic, by contrast, appears to have attracted enough trading interest to justify its continued listing.

The $2 trillion implied valuation for Anthropic that appeared shortly after launch suggests that early price action in these markets may reflect speculative froth rather than genuine price discovery. Anthropic’s last private funding rounds valued the company at a fraction of that figure.

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

TradeXYZ recorded $202.36 billion in trading volume during the second quarter of 2026, an increase of 79.2% from the previous quarter, according to a Sept. 1 report from the Hyperliquid Research Collective.

Summary

TradeXYZ’s quarterly trading volume rose 79.2% to $202.36 billion, according to the independent research report. Equity perpetual volume increased 377% quarter-on-quarter, reaching $58.9 billion across 55 markets during Q2 2026. TradeXYZ’s HIP-3 volume share increased from 84.5% to 95.1% during the second quarter of 2026. Quarter-end open interest reached $2.96 billion, representing a 64.6% increase from the previous quarter’s level. Felix, Ventuals and Dreamcash stopped operating between June 19 and July 2, reducing HIP-3 competition. The platform’s estimated share of trading across Hyperliquid’s HIP-3 markets rose from 84.5% to 95.1% during the quarter. Its fastest-growing segment was equity perpetuals, where volume increased 377% quarter-on-quarter to $58.9 billion across 55 markets.

The figures come from an external research report prepared by GLC Research, Four Pillars, Arrakis and GRZ Research. They should not be treated as audited financial results or figures confirmed through a TradeXYZ regulatory filing.

2026 Trade[XYZ] Q2 Report

Today, we're excited to release Trade[XYZ]'s 2026 Q2 Report.

While three of its HIP-3 rivals, Felix, Ventuals, and Dreamcash, shut down entirely this quarter, Trade[XYZ] pulled further ahead. Its share of HIP-3 volume climbed from 84.5% to 95.1%.… pic.twitter.com/F2irNgYE2r

— Hyperliquid Research Collective (HRC) (@HyperliquidR) September 1, 2026 The report also calculated $7.59 million in quarterly revenue, up 32.9%, while open interest reached $2.96 billion at the end of June. Open interest increased 64.6% from the previous quarter.

TradeXYZ captures 95.1% of HIP-3 trading volume TradeXYZ’s quarterly volume rose by approximately $89.43 billion from the estimated Q1 level of $112.93 billion. Growth in trading activity outpaced revenue, which increased by 32.9% over the same period.

That difference can reflect changes in product mix, fee rates, trader tiers and the proportion of volume generated by markets with lower effective fees. The report did not provide enough audited information to identify a single cause.

TradeXYZ’s HIP-3 market share increased by 10.6 percentage points during Q2. The research group estimated that its share had reached approximately 99.5% on a trailing 30-day basis by the time the report was prepared.

HIP-3 allows third parties to deploy perpetual futures markets on Hyperliquid while using the network’s trading infrastructure. Deployers can choose market parameters and list assets that are not available through Hyperliquid’s original validator-operated markets.

Hyperliquid’s current fee documentation says HIP-3 deployers may retain up to 50% of the trading fees generated by their markets. That creates a direct revenue model for platforms that can attract traders and maintain liquid order books.

The structure also separates TradeXYZ from a conventional centralized exchange. Users trade through Hyperliquid’s on-chain infrastructure, while TradeXYZ acts as the deployer responsible for its market selection and related parameters.

Equity perpetuals drive the fastest growth Equity perpetual volume reached $58.9 billion during Q2, representing about 29.1% of TradeXYZ’s total reported volume. The segment covered 55 equity-linked markets by the end of the quarter.

A perpetual contract gives traders price exposure to an underlying asset without a fixed expiration date. Equity perpetuals can therefore track the market value of a company’s shares while trading outside the normal operating hours of traditional stock exchanges.

These contracts do not necessarily provide the same rights as owning the underlying shares. Perpetual holders generally do not receive voting rights, legal ownership or direct claims on company assets. Funding payments and liquidation rules also create risks that do not apply to ordinary unleveraged share ownership.

TradeXYZ introduced its pre-IPO perpetual product, known as IPOP, on May 1. The first market tracked Cerebras, followed by contracts linked to SpaceX and Quantinuum, according to the report.

The research group said those contracts continued through the companies’ public listings and then converted into standard equity perpetuals. It also claimed that the pre-IPO markets provided prices close to the companies’ opening public trades.

Those conclusions come from the report’s analysis. TradeXYZ has not filed audited evidence showing that pre-IPO perpetual prices consistently predict opening prices, and three completed examples would not establish long-term reliability.

The growth forms part of a wider convergence between cryptocurrency infrastructure and equity markets. For example, Wintermute registered as a U.S. broker-dealer while preparing to expand into equities and tokenized securities, as covered in the report on its regulated U.S. securities entry.

Rival closures increase market concentration TradeXYZ’s rising share also reflects the departure of competing HIP-3 deployers. Felix, Ventuals and Dreamcash stopped operating between June 19 and July 2, according to the research report.

Their closures removed alternative venues during and shortly after the quarter. This means TradeXYZ’s 95.1% share resulted from both its own volume growth and reduced competition.

The report did not provide detailed reasons for each closure. It also did not disclose whether customers experienced losses, whether open positions were transferred or how much volume each departing platform handled before stopping operations.

A market share approaching 100% gives TradeXYZ a strong position among HIP-3 deployers, but it also concentrates activity and operational dependence in one platform. Future market share could change if new deployers enter, existing teams relaunch or Hyperliquid modifies the HIP-3 framework.

The concentration is specific to HIP-3 markets and should not be confused with TradeXYZ controlling all Hyperliquid trading. Hyperliquid also hosts its original perpetual markets, spot assets and other infrastructure outside TradeXYZ’s deployed products.

CFTC action does not directly approve TradeXYZ The report described the U.S. Commodity Futures Trading Commission’s May action on perpetual futures as regulatory validation for the broader product category.

On May 29, the CFTC issued a policy statement explaining its position on listing perpetual contracts. The agency released the statement alongside an order allowing a designated contract market to list a bitcoin-linked perpetual futures contract.

That action covered a U.S.-regulated contract offered by a registered market operator. It did not approve TradeXYZ, Hyperliquid’s offshore markets or TradeXYZ’s equity perpetual products.

TradeXYZ users should therefore not interpret the CFTC decision as granting U.S. regulatory authorization to the platform. The legal treatment of equity-linked perpetuals can involve derivatives and securities rules that differ from those governing a bitcoin contract.

Regulators in other jurisdictions have followed separate approaches. One Trading received a Dutch license to offer regulated perpetual futures in the European Union, according to coverage of its European derivatives authorization.

The comparison shows that regulatory approval normally applies to a specific operator, legal entity and product structure. Broader acceptance of perpetual futures does not automatically authorize every on-chain market using a similar contract design.

Q3 data will test whether TradeXYZ retains its lead The next relevant update will be TradeXYZ’s third-quarter volume, revenue and open-interest data. Those figures should show whether Q2 growth continued after three competing HIP-3 deployers closed.

Equity perpetual activity will be another key measure. The segment must maintain liquidity across its expanded list of markets for the 377% quarterly increase to represent more than a short-term surge around major listings.

Future pre-IPO conversions will also provide more evidence about how TradeXYZ handles corporate listings, reference prices and contract transitions. The report did not announce a fixed schedule for additional IPOP markets.

TradeXYZ’s U.S. availability remains a separate regulatory question. Neither the research report nor the CFTC statement announced approval for the platform to offer equity perpetuals directly to U.S. customers.

13 minutes ago

US-listed HYPE sector treasury firm Hyperliquid Strategies Inc (PURR) has amended its ChEF purchase agreement with Chardan Capital Markets, lifting the total commitment for newly issued common stock from $1 billion to $2.5 billion. The newly issued shares have a par value of $0.01; while the financing scale has expanded significantly, the issuance remains subject to clear price and quantity constraints. This amendment introduces a trading platform cap mechanism: once cumulative sales exceed $1 billion, additional issuances priced below $12.02 per share will be restricted, with a cap of 42,641,847 shares, equivalent to 19.99% of the outstanding shares prior to the amendment. Any additional issuance beyond this threshold will require shareholder approval in line with Nasdaq rules. This design not only greatly boosts financing capacity but also provides existing shareholders with protection against excessive dilution. According to market data from BIT (bit.com), PURR closed down 7.31%.

Scan the QR code

Download APP

Zug, Switzerland, September 1st, 2026, Chainwire

Through Silhouette’s RFQ, every supported xStock gets an execution venue from day one, even those without their own order books.

Silhouette, the universal block trading layer for Hyperliquid, today announced that its RFQ system is live on mainnet, launching with tokenized equities from xStocks – Payward’s tokenized equity framework – opening new opportunities for the asset class through its demand layer.

Now, traders request a quote on any supported xStock, receive competing quotes from onboarded market makers, and settle the winning trade onchain, at any hour and at size.

“Tokenized stocks keep arriving onchain, and most of them have nowhere to trade. Silhouette’s RFQ is the demand layer: market makers compete for every trade, settlement is onchain, and the assets that prove real flow graduate to their own HyperCore markets. Launching with xStocks means starting with the issuer that brought this asset class to Hyperliquid,” said Chandler De Kock, Founder of Silhouette.

An order book is how an asset with proven demand trades. When launched before that proof exists, books sit thin and risk becoming dead markets, and the promised growth of the asset class stalls with them.

Demand for a traditional asset at a broker does not automatically carry over to its tokenized version onchain; converting it takes tooling and a cost structure trading firms recognise. Silhouette’s RFQ does that conversion cheaply, asset by asset.

The launch comes as tokenized equities accelerate across the industry, with issuers converging on the most active onchain markets. On Hyperliquid, the two layers now work as one pipeline: Silhouette discovers demand, and HyperCore’s order books host the assets that prove it.

“Access to real markets shouldn’t stop when a broker’s desk closes for the night. Every tokenized equity we’ve brought onchain has been waiting for a venue that treats it like a real asset, not an experiment. Silhouette’s RFQ is that venue, and it’s the clearest signal yet that this asset class is ready to trade the way the rest of finance already does.” said Val Gui, General Manager at xStocks.

About Silhouette

Silhouette is the universal block trading layer for Hyperliquid. It separates trader identity, size and direction from execution to ensure traders can avoid the common problems of front-running, fading or copying public transactions. By adding this layer, Silhouette enables institutions to trade without moving the book. The result is better pricing and cleaner execution for the users and teams that move markets. Backed by Polychain Capital and RockawayX. silhouette.exchange

About xStocks

xStocks is the industry benchmark for tokenized real world assets, bringing publicly listed equities and other assets onchain through fully collateralized, 1:1-backed tokens. Powered by Payward’s digital asset infrastructure, xStocks places traditional assets on blockchain rails, expanding access to global capital markets with extended availability, global reach, and digital-native settlement. Starting with tokenized US equities, xStocks now spans markets across the US, Europe and Asia.

Designed for interoperability, xStocks move seamlessly between centralized exchanges, self-custodied wallets, and onchain applications, unlocking new utility across trading, collateralization, and decentralized finance. Since launching in June 2025, xStocks has grown to power billions of dollars in transaction volume across multiple blockchain ecosystems, anchoring a rapidly expanding global network shaping the future of tokenized markets.

For more information, visit https://xstocks.fi.

Hyperliquid has faced a potential 10-to-12-month regulatory process to enter the U.S. market even if federal agencies move quickly, according to former SEC senior counsel Ashley Ebersole, after President Donald Trump said regulators were working on a compliant route for the perpetual futures platform.

Summary

Ebersole told crypto.news that bringing Hyperliquid to the U.S. would require more than a single CFTC registration or approval. The CFTC would likely oversee most crypto perpetuals, while securities-linked contracts could fall under SEC jurisdiction. Ebersole estimates that building a regulatory pathway could take 10 to 12 months even if both agencies actively pursue it. Existing law could offer a faster route, but Ebersole said congressional legislation would provide more legal certainty. Any U.S. framework created for Hyperliquid could also give Coinbase, Kraken, and other registered platforms a route to offer similar products. Ashley Ebersole, co-founder and chief legal officer at tx and a former senior counsel at the U.S. Securities and Exchange Commission, told crypto.news that the main obstacle is not simply securing permission for Hyperliquid to operate in the country. U.S. regulators would first have to establish how offshore-style crypto perpetual futures fit within existing securities and derivatives laws.

President Donald Trump brought the issue into focus on Aug. 19 during a White House meeting with crypto and financial industry executives. Trump said Commodity Futures Trading Commission Chair Michael Selig was working to bring Hyperliquid into the United States in a “fully compliant and legal fashion.” Contemporary reports did not identify an approval, regulatory structure, or timetable for such a move.

The comments came as the administration pressed Congress to advance the Digital Asset Market Clarity Act. As previously covered by crypto.news, Trump used the same Aug. 19 meeting to urge lawmakers to pass the legislation, which would establish clearer boundaries between SEC and CFTC oversight of digital assets.

Hyperliquid would need more than CFTC approval Ebersole said U.S. law does not currently provide a straightforward route for offering crypto perpetual futures to American retail customers in the same form commonly available on offshore platforms.

The CFTC would probably have primary jurisdiction over perpetual contracts tied to commodities, including crypto assets that are not securities, according to Ebersole. Contracts based on securities, however, could fall under the SEC’s authority as security-based swaps or other securities-linked products.

“The threshold issue is that U.S. law does not currently provide a straightforward regulatory pathway for offering crypto perpetual futures to U.S. retail customers in the form in which they trade offshore,” Ebersole said.

For Hyperliquid, a compliant structure could involve registration requirements covering the trading venue, clearing, and intermediaries. Ebersole said designated contract market, or DCM, and derivatives clearing organization, or DCO, infrastructure could form part of the process, with separate SEC requirements applying where securities are involved.

Registration would address only part of the problem. According to Ebersole, federal agencies would first need to determine whether Congress has already given them sufficient authority over the products and then establish rules under which perpetuals could legally be offered.

“The harder problem is not simply obtaining a registration; it is that the existing U.S. regulatory architecture was not designed around offshore-style perpetuals, so a lot of regulatory ‘building’ would be needed.”

Regulators could use formal rulemaking, exemptive relief, or a combination of both to create such a pathway, Ebersole added.

Some of that regulatory debate is already underway. In July, the Hyperliquid Policy Center and Phantom asked the CFTC to develop rules tailored to onchain markets instead of applying requirements designed for traditional intermediaries. The groups argued that decentralized software developers and non-custodial wallet providers should not automatically face the same registration obligations as conventional financial firms.

SEC and CFTC jurisdiction would follow the underlying asset Dividing responsibility between the two federal agencies would create another layer of work.

Ebersole compared the issue with the framework established after the Dodd-Frank Act, which divided federal oversight between swaps regulated by the CFTC and security-based swaps overseen by the SEC. In his view, crypto perpetuals could follow a similar principle, with jurisdiction determined by the economic exposure of each contract.

A perpetual based on a security or group of securities would generally involve the SEC, while one tied to a commodity would normally fall under the CFTC’s derivatives authority, he said.

More complicated questions could arise when spot assets and derivatives interact inside the same trading ecosystem. According to Ebersole, such arrangements could create edge cases requiring coordination between both regulators, much as the agencies had to develop detailed jurisdictional boundaries following Dodd-Frank.

The issue has become particularly relevant for equity-linked perpetuals. On Aug. 24, the Hyperliquid Policy Center proposed treating qualifying equity perpetuals as security futures under an existing structure jointly overseen by the SEC and CFTC. The organization said HIP-3 markets had processed more than $480 billion in cumulative notional volume during their first 10 months.

Several days earlier, the Policy Center and trade[XYZ] had also submitted five proposed pillars to the SEC for regulating pre-IPO perpetual contracts. The SEC had published the submission but had not endorsed or approved the proposed products.

A Hyperliquid US pathway could take 10 to 12 months Even with political support, Ebersole expects the administrative process to take considerably longer than the technical work needed to offer the products.

His 10-to-12-month estimate assumes the SEC and CFTC actively decide to establish a route for perpetuals. Regulators would first have to identify their statutory authority, develop a framework, and prepare any required rules or exemptions.

A formal rulemaking process could then require agencies to publish proposals, collect public comments, review those submissions, adopt final measures, and implement the resulting framework.

“The 10-to-12-month estimate assumes a lengthy procedure phase that’s principally about administrative process rather than technological implementation,” Ebersole said.

A faster process is possible if regulators rely substantially on powers and exemptions already available to them.

“Could that happen in six months? Potentially, particularly if the agencies rely heavily on existing authorities or exemptive mechanisms.”

Ebersole cautioned that the longer estimate already assumes regulators want the process to succeed. Litigation, disagreements between the SEC and CFTC, changing political priorities, or a conclusion that Congress must first pass legislation could push any U.S. launch further out.

U.S. traders already have limited exposure to perpetual products under regulated structures. In June, Kalshi filed with the CFTC to list perpetual futures linked to HYPE after rolling out Bitcoin and Ethereum perpetual contracts for U.S. customers.

Access to Hyperliquid itself remains more restricted. Coinbase added more than 290 Hyperliquid-powered perpetual markets to its Base App on Aug. 19, with leverage reaching as high as 50x on supported contracts, but U.S. users were excluded along with users in the United Kingdom and Canada.

Existing law could provide a faster but less certain route Rather than waiting for Congress, the SEC and CFTC could conclude that their existing statutory powers are sufficient to establish a regulated framework, according to Ebersole. Such an approach could shorten the process, particularly if agencies use exemptions alongside existing derivatives and securities rules.

A legal constraint remains after the U.S. Supreme Court’s 2024 decision in Loper Bright Enterprises v. Raimondo, which ended the Chevron doctrine that had directed courts to defer to reasonable agency interpretations of ambiguous federal statutes.

“An agency cannot create statutory jurisdiction simply by interpreting an ambiguity in its favor,” Ebersole said.

If an SEC or CFTC interpretation were challenged, he said, a court would independently determine whether Congress had actually granted the agency authority over the product. Agency reasoning could still carry persuasive weight, but it would not receive Chevron-style deference simply because the underlying statute was ambiguous.

Congressional action would therefore provide a cleaner legal route, according to Ebersole, because lawmakers could expressly authorize perpetual products, divide responsibility between the SEC and CFTC, and establish the limits of each regulator’s authority.

Legislation carries its own timing problem. Ebersole said the congressional route could take considerably longer and may not result in a law at all.

The question is particularly relevant while the CLARITY Act remains unresolved in Washington. The legislation seeks to establish federal boundaries between digital commodities and securities, with the CFTC receiving additional authority over qualifying digital commodity markets while the SEC retains jurisdiction over securities.

A US perpetuals framework would not be limited to Hyperliquid Any regulatory route created for Hyperliquid would also have consequences for competing U.S. trading platforms, Ebersole said.

Federal regulators could not realistically establish a lawful framework that applied only to one company. Once the SEC and CFTC set requirements for offering crypto perpetuals, other firms meeting the same regulatory standards would have grounds to seek permission to offer comparable products.

“Whatever pathway regulators create for Hyperliquid cannot realistically be Hyperliquid-specific,” Ebersole said.

Coinbase, Kraken, and other appropriately registered platforms would therefore have a strong basis to pursue similar products if regulators establish a workable U.S. framework, according to Ebersole.

“The larger significance of onshoring Hyperliquid is not simply whether one offshore platform can enter the United States. It is whether regulators are prepared to welcome a major product category that has largely developed outside the U.S. to regulated domestic competition.”

Pump.fun, the Solana-based memecoin launchpad, surpassed Hyperliquid in monthly protocol revenue on August 9, 2026, the first time it has held that title since April 2025.

According to DeFiLlama data, Pump.fun generated $33.73 million in revenue over the preceding 30 days, nudging past Hyperliquid’s $32.73 million.

The numbers behind the milestone Pump.fun collected $84.35 million in total fees during the same 30-day window, compared to Hyperliquid’s $47.14 million.

Hyperliquid’s net revenue retention margin sits at 73%, versus Pump.fun’s 41%.

Hyperliquid holds over $6 billion in total value locked. Pump.fun sits at roughly $251 million.

By late August 2026, Pump.fun’s cumulative lifetime revenue had climbed into the $1.23 to $1.26 billion range, putting it past Hyperliquid’s lifetime total of approximately $1.19 billion. That makes Pump.fun the first Solana application to surpass $1 billion in lifetime revenue.

Mid-August also saw Pump.fun’s weekly protocol fees clear $10 million for the first time.

What is driving Pump.fun’s resurgence Pump.fun’s model is straightforward. Tokens launch on a bonding curve, meaning price rises automatically as buyers pile in. Once a token hits a certain market cap threshold, liquidity migrates to a decentralized exchange. The platform collects fees at each stage, and a meaningful portion of those fees flows into buybacks and burns of the $PUMP token.

The $PUMP token climbed roughly 12% to approximately $0.0027 following the announcement, pushing its market cap to around $1.055 billion.

Pump.fun’s April 2025 lead was short-lived the first time around, and Hyperliquid reclaimed its position quickly.

What this means for Solana and the broader DeFi landscape A 73% net revenue margin on $32.73 million is a different quality of income than a 41% margin on $33.73 million. Investors in protocol tokens need to weigh gross revenue against what actually accrues to the protocol and, ultimately, to token holders.

Pump.fun’s aggressive buyback-and-burn strategy is designed to close that value-accrual gap by reducing $PUMP supply over time.

The two platforms represent a useful proxy for a broader debate in DeFi: high-volume, low-margin consumer activity versus lower-volume, high-margin institutional-adjacent activity. Both models are generating real revenue.

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

Hyperliquid (HYPE) price is trading around $80.00 on Monday, maintaining a constructive bias with steady institutional inflows of over $50 million last week. On-chain data show elevated trading volume and revenue over the last two weeks, while retail speculation eases as HYPE futures Open Interest declines. The technical outlook is mixed as bullish momentum wanes. 

Retail sentiment shifts as institutional, network demand holds steadyHyperliquid is gaining institutional interest amid elevated network demand. SoSoValue data shows that the HYPE Exchange Traded Funds (ETFs) recorded five consecutive days of inflows, totaling $56.86 million last week and $66.33 million so far this month. 

HYPE ETFs data. Source: SosovalueOn the platform side, Hyperliquid Analytics recorded $61.93 billion in total volume last week, with $16.45 million in revenue, down from the previous week’s $88.68 billion in volume and $21.27 million in revenue. Though the data shows an easing in Hyperliquid metrics, the long-term trend reflects elevated network activity. 

Hyperliquid total revenue data. Source: Hyperscreener.On the retail side, HYPE futures Open Interest (OI) is down 5% over the last 24 hours to $3.27 billion, indicating reduced notional value of active contracts or positional wipeout. Total liquidation of $3.98 million in the same period, led by long liquidation of $3.43 million, reaffirms the contraction in active long positions. The OI-weighted funding rate of 0.0085% indicates a persistent bullish bias among traders, willing to buy high-risk long positions at a premium. 

HYPE derivatives data. Source: CoinGlassTechnical outlook: Will HYPE price extend gains above $80?Hyperliquid trades at $80.14 at press time on Monday, holding steady after a 4% drop the previous day. HYPE sustains a bullish near-term bias as price holds well above the major Exponential Moving Averages (EMAs). The 50-day EMA at $66.94, the 100-day EMA at $61.93, and the 200-day EMA at $54.61 all trail the advance, hinting at a firmly supported uptrend.

From a technical perspective, HYPE remains capped below the 127.2% Fibonacci extension level of the downswing from $76.93 to $51.20 at $83.93. A confirmed breakout above this level could extend the rally toward the 161.8% Fibonacci extension at $92.83.

Momentum eases but remains constructive on the daily chart, with the Relative Strength Index (RSI) easing from the overbought zone to 64, while the Moving Average Convergence Divergence (MACD) is sloping toward the signal line as the bullish histogram profile wanes, suggesting reduced upside pressure.

HYPE/USD daily price chart.On the downside, initial support emerges around the prior Fibonacci cycle high at $76.93, ahead of a dense retracement cluster between the 78.60% level at $71.42 and the 50-day EMA at $66.94.

(The technical analysis of this story was written with the help of an AI tool. Know more.)

Key Takeaways Table of Contents

HYPE currently trades at approximately $82.92, registering a 3.98% gain over 24 hours, with total market capitalization reaching $20.87 billion Market analyst Crypto Patel cautions that inability to surpass $87 may drive HYPE down to $60 or potentially $50 The release of 14.18 million tokens valued at roughly $1.2 billion caused downward pressure from the $86.71 peak The platform dominated with $249.2 billion in notional trading activity, significantly outpacing its closest rival’s $106 billion Growing institutional interest evident through Hyperliquid Strategies’ 29.3 million HYPE holdings and Bitwise’s new spot ETF The HYPE token from Hyperliquid is currently positioned at $82.92 as of this writing, following its peak performance of $86.71 reached on August 27, 2026. This milestone occurred simultaneously with the protocol’s most substantial scheduled token distribution since its initial deployment.

Hyperliquid (HYPE) Price Current 24-hour trading activity totals $863.67 million, while the total market valuation sits at $20.87 billion. HYPE continues maintaining its position among the top 10 cryptocurrency assets ranked by market capitalization.

The pullback stems from the introduction of 14.18 million HYPE tokens into active circulation — representing approximately 1.4% of the complete 1 billion token maximum supply. Based on present valuations, this release equates to roughly $1.2 billion in value.

Approximately half of these distributed tokens were designated for insiders and initial backers. An equivalent portion targets the community segment, while the Hyper Foundation receives a smaller allocation.

Critical $87 Threshold Remains the Focal Point Cryptocurrency market analyst Crypto Patel identified the $87 mark as a significant resistance barrier. HYPE attempted to reclaim that territory before experiencing a sharp reversal that brought prices down to approximately $78.50.

Patel observed that the $82 level, previously functioning as support, could now serve as resistance. A move toward the $84–$85 zone might present another exit opportunity should the price face rejection.

While HYPE remains below the $87 threshold, Patel projects potential downside objectives at $60 and $50.

According to analyst Ted Pillows on X, a major holder acquired $20,500,000 worth of HYPE within a single trading day, characterizing this as “smart money accumulating quality alts.” Such substantial accumulation from significant players indicates underlying conviction despite current market headwinds.

Corporate Acquisition and Token Burns Create Buying Pressure From the institutional perspective, Nasdaq-traded Hyperliquid Strategies has accumulated a reserve of 29.3 million HYPE tokens following successful equity fundraising rounds totaling hundreds of millions. Additionally, Bitwise’s Hyperliquid ETF has been actively staking a substantial HYPE allocation, as indicated by recent disclosures.

LATEST: 📈 Hyperliquid Strategies more than doubled its HYPE treasury to 29.3M coins in the past fiscal year while raising $647M in equity. pic.twitter.com/FcTwAZZw7a

— CoinMarketCap (@CoinMarketCap) August 28, 2026

The protocol has implemented its AQAv2 mechanism, which channels returns from billions in USDC holdings into systematic HYPE token repurchases and permanent burns. The initial execution phase is scheduled for early October.

Protocol-generated fees are already being directed to an Assistance Fund designed to permanently eliminate tokens from circulating supply.

Platform Leads Decentralized Perpetuals Trading Landscape From a volume perspective, Hyperliquid processed $249.2 billion in notional trading activity, substantially exceeding its nearest competitor’s $106 billion. This disparity highlights the platform’s commanding position within the decentralized perpetuals sector.

President Trump referenced CFTC Chair Michael Selig’s efforts to establish a regulatory framework for Hyperliquid within U.S. markets, statements that contributed to the token breaking through earlier resistance zones.

Currently, no U.S. retail access has received regulatory clearance.

Short-term price trajectory will probably hinge on whether the recently unlocked tokens face market selling pressure or get absorbed through staking mechanisms, ETF purchases, and corporate treasury acquisitions.

TLDR: Zcash price trades near $790 after a rally toward $880. Support sits around $755 to $770, with resistance at $815 to $825. Santiment reports average ZEC social dominance 183% above its earlier baseline. That exceeds gains for Bitcoin, Ethereum and Hyperliquid. ZEC futures open interest totals roughly $1.57 billion. Daily derivatives turnover exceeds reported spot activity by over ten times. ZCSH expands brokerage access through NYSE Arca. The Zcash Foundation schedules its NU7 advisory poll to close on September 14. Zcash price holds near $790 as Santiment reports a 183% increase in average social dominance during the August rally. The privacy coin retreated after gaining almost 80% from roughly $490 to $880 earlier this month. Its share of online discussion expanded much faster than those of Bitcoin and Ethereum.

The Zcash price rally now faces technical resistance near $825, following several lower highs. ZEC futures open interest totals roughly $1.57 billion, adding substantial derivatives exposure around the current trading range. Meanwhile, a new exchange listing expands brokerage access, and an advisory vote addresses unresolved questions about the next network upgrade.

Zcash Price Rally Draws Attention Beyond Bitcoin and Ethereum According to Santiment, Hyperliquid averaged 44% above its earlier social dominance baseline during the same comparison period. Bitcoin recorded about 12% growth, while Ethereum posted approximately 8%. These percentages describe changes in discussion share, not token returns or market capitalization.

Source: Santiment The metric compares coin mentions with discussion of the 100 largest crypto assets. A 183% increase represents 2.83 times the baseline, rather than a 183% share of discussion.

Attention also peaked on different dates. Ethereum reached its social dominance high on August 11, followed by Zcash on August 22. Bitcoin and Hyperliquid peaked on August 26, pointing to successive waves of attention across the four assets.

Bitcoin social volume grew about 9% in the August comparison with July. Its price gained roughly 26%. Santiment interprets that gap as evidence that broad rallies can outpace growth in overall discussion. For Zcash price analysis, greater social dominance does not establish fresh buying or identify bullish sentiment.

Investment access has also changed during the Zcash price advance. Grayscale launched ZCSH on NYSE Arca on August 25, converting its existing trust into an exchange traded product. Assets of roughly $316 million include inherited holdings and should not be confused with fresh inflows.

Separately, the Zcash Foundation opened its Community Advisory Panel poll on unresolved NU7 proposals. Questions cover issuance policy and shorter block times, with voting closing September 14 at 19:00 UTC. The advisory process does not itself activate network changes.

The faster block proposal would shorten target intervals from 75 seconds to 25 seconds. Issuance options address future mining rewards without changing the total supply cap, the Foundation says.

ZEC Futures Exposure and Chart Levels Shape the Next Test CoinGlass figures shows ZEC futures open interest near $1.57 billion at 06:10 UTC on August 28. Futures turnover totaled approximately $3.54 billion over 24 hours, compared with reported spot volume of $345 million. That puts derivatives turnover at about 10.3 times the reported spot total.

Source: Coinglass Liquidations reached roughly $5.4 million, equivalent to about 0.34% of outstanding open interest. Open interest measures unsettled contracts and includes both long and short exposure. It cannot establish whether traders favor a higher Zcash price.

Nor does ZEC futures turnover measure new money entering the market. Repeated trading can increase volume without creating an equivalent increase in outstanding positions. Funding rates, collateral, and spot demand provide additional context that these totals alone cannot supply.

On the chart, buyers previously cleared $512 and $550 before the move accelerated. Sellers then established lower highs, leaving descending resistance around $815 to $825. A sustained Zcash price break above that band would put $840 to $850 in focus before the $880 peak.

Support lies around $765, with recent intraday lows widening the relevant area to $755 through $770. A loss of that zone would bring the next support area around $720 to $740 into view. Meanwhile, the daily Relative Strength Index has eased from above 80 to about 69.7.

Hyperliquid Policy Center has asked the SEC and CFTC to let qualifying equity perpetual contracts enter the U.S. as security futures after HIP-3 markets processed more than $480 billion in notional trading volume over their first 10 months.

Summary

Hyperliquid Policy Center has asked the SEC and CFTC to recognize qualifying equity perpetual contracts as security futures. The proposal would place eligible equity perpetuals under an existing framework jointly overseen by the SEC and CFTC. HIP 3 markets have processed more than $480 billion in cumulative notional volume during their first 10 months. HPC wants regulators to keep perpetual contract classification consistent across asset types while preserving exchange listing flexibility. Hyperliquid Policy Center said in an Aug. 24 comment letter that cash-settled equity perpetuals carrying the established characteristics of futures contracts should be eligible for classification as security futures, a category jointly overseen by the two U.S. regulators.

For a product trading hundreds of billions in volume, perpetual contracts still don't have a settled answer to the most basic question under U.S. law: are they futures, or are they swaps?

One federal judge described the exercise as deciding "whether tetrahedrons belong in… https://t.co/YjpwaV4fwh pic.twitter.com/dOcZtu1Ujq

— Hyperliquid Research Collective (HRC) (@HyperliquidR) August 24, 2026 The filing responds to a joint request for comment from the Securities and Exchange Commission and Commodity Futures Trading Commission on how U.S. law should define swaps, security-based swaps and products that may fall outside those categories. HPC described the issue as a basic classification question that has remained unsettled even as perpetual contracts have expanded outside the United States.

Under HPC’s proposal, regulators would first look at the structure of a derivative and how it trades to decide whether it is a future or a swap. The asset referenced by the contract would then determine how regulatory authority is divided between the SEC and CFTC.

A perpetual contract on Bitcoin, crude oil or an individual stock should therefore receive the same initial product classification when each instrument has the same futures-like characteristics, the group argued. A contract tied to a single stock that qualifies as a future would fall into the security futures category and come under both agencies.

Hyperliquid group says equity perpetuals can qualify as security futures At the center of HPC’s position is the structure of a perpetual contract, which has no predetermined expiration date but uses recurring funding payments to keep its price close to the asset it tracks.

When a contract trades above its reference price, long-position holders pay shorts. If the contract falls below the reference price, shorts pay longs. HPC said the mechanism creates a continuous incentive for the perpetual price to converge toward the underlying market, performing a function that expiration and final settlement serve in traditional dated futures.

HPC also cited features that courts and regulators have historically used when examining futures contracts, including standardized terms, fungibility, fixed unit quantities and the ability to close a position through an offsetting trade.

On Hyperliquid’s HIP-3 markets, positions open and close through a central limit order book, margin is maintained continuously, and contract prices are publicly available. Equity perpetual holders receive price exposure but do not obtain ownership, voting rights, or other claims attached to the referenced shares.

The lack of an expiry date does not automatically prevent futures classification, according to the filing. HPC cited federal court decisions finding that a specified future delivery or settlement date is not always required and that contracts of indefinite duration can still carry the futurity associated with a futures contract.

U.S. regulators have already applied that reasoning to crypto perpetuals. In May, crypto.news previously reported that the CFTC approved Kalshi’s Bitcoin perp as the first federally regulated Bitcoin perpetual futures contract in the United States. The May 29 approval classified BTCPERP as a futures contract even though it has no fixed expiration date.

Kalshi began offering the contract in June and subsequently expanded its regulated perpetual lineup to other cryptocurrencies. The CFTC said additional products would remain subject to review, leaving the treatment of contracts referencing other asset classes open to further regulatory analysis.

SEC and CFTC have yet to settle the classification question Past enforcement cases have not produced a uniform answer for perpetual contracts.

HPC said earlier CFTC actions treated some perpetual products as swaps after examining parts of the Commodity Exchange Act’s swap definition without determining whether the instruments qualified for the statutory exclusion covering futures contracts. Other cases treated perpetual-style products as leveraged or margined retail commodity transactions subject to trading requirements similar to those applied to futures.

The SEC also used the term “perpetual futures” in its case related to the Mango Markets exploit while disputing that the products were futures contracts offered under regulated futures rules. According to HPC, neither an enforcement action nor a court had resolved the threshold question of whether the instruments themselves qualify as futures or security futures excluded from the swap definition.

The CFTC took a different approach with Kalshi in May, approving BTCPERP as a “contract for sale of a commodity for future delivery.” Its accompanying policy statement said perpetual contracts on other asset classes should undergo review and specifically identified equity-based products as an area where the CFTC and SEC should both be involved.

Disagreement over that interpretation has already reached federal court. CME Group later filed a legal challenge over perps, arguing that products such as Kalshi’s contract should fall under the swaps framework instead of being treated as ordinary futures. CME’s position contests the legal basis the CFTC used when approving the contracts.

Around the same period, the SEC and CFTC opened the definitions review that prompted HPC’s latest submission. The agencies sought public input on swaps, security-based swaps, exclusions from those definitions and emerging derivatives, including products that raise questions about the boundary between their jurisdictions.

HIP-3 volume puts $480 billion behind the regulatory debate HPC tied its request to trading activity already taking place through Hyperliquid’s HIP-3 framework, where independent market operators known as deployers can create their own perpetual markets.

The protocol handles execution, price-time order matching, enforcement of margin requirements, funding transfers, clearing and settlement. Deployers control elements including the assets listed, contract specifications, oracle sources, leverage limits and open-interest caps.

HIP-3 markets now cover several traditional asset classes for users outside the United States, including crude oil, gold and other precious metals, foreign exchange, equity indexes, individual equities and exchange-traded funds.

Over the 10 months following HIP-3’s launch, those markets accumulated more than $480 billion in notional trading volume and maintained roughly $4 billion in open interest, according to the filing. Across Hyperliquid as a whole, markets processed nearly $3 trillion in notional volume during 2025 and more than $1.5 trillion during 2026 through Aug. 23.

Stock-linked products have become part of that expansion. A July examination of Hyperliquid equity perps detailed how the platform has hosted perpetual contracts tracking equities while giving traders synthetic price exposure without ownership of the underlying shares.

HPC said U.S. users currently cannot access Hyperliquid, meaning the liquidity and infrastructure described in its filing developed outside the country while regulated domestic access to perpetual contracts remained limited.

Security futures would put equity perps under both regulators HPC proposed using the existing security futures framework for equity perpetuals that meet futures characteristics because the category already assigns oversight to both agencies.

Under the framework, a designated contract market regulated by the CFTC can list security futures after notice-registering with the SEC. A national securities exchange can cross in the other direction by notice-registering with the CFTC, while intermediaries have parallel registration routes.

Security futures have seen limited commercial activity since OneChicago closed in 2020, but the filing noted renewed interest this year. CME Group announced in June that it would launch single-stock futures beginning July 27, returning U.S. exchange activity to a product category that had been largely dormant.

HPC asked the agencies to confirm that cash-settled equity perpetuals carrying established futures characteristics may be listed as security futures, while allowing exchanges to retain flexibility when deciding how individual products should be classified.

The group also requested a consistent taxonomy between the two regulators and asked them to update the security futures framework so existing listing standards can accommodate new contract structures. HPC said classification should remain flexible enough for a bilateral, individually negotiated perpetual-style product to be treated as a swap or security-based swap when it lacks the fungibility, offset rights and multilateral execution associated with futures.

According to the filing, the SEC and CFTC could issue interpretive guidance, policy statements or staff-level guidance without waiting for a formal rulemaking. The agencies also have joint authority to modify security futures listing standards, which they previously used for American Depositary Receipts, ETFs, closed-end fund shares and debt securities.

TL;DR Entropy is live on Hyperliquid via HIP-3, with the first liquid market for Anthropic’s pre-IPO alongside equity perpetuals. RedStone is the data layer these markets run on: integrating custom sources, pushing the data onchain through a 4-of-6 multisig config, and delivering the reference prices they price against. RWA and Pre-IPO perps trade 24/7 while their home markets keep hours, so RedStone Live continues to price them through the close, sourcing live venues with low latency. Entropy liquidity-weighted methodology blends the order book with RedStone’s external reference, weighting each by executable depth so the mark rests on the sounder source. RedStone secures the large majority of oracle-protected value on HyperEVM and built HyperStone, the first oracle dedicated to HIP-3. Entropy Launches HIP-3 Equity Perps Market Entropy, a perpetuals exchange offering 24/7 trading for real-world assets and pre-IPO equity, is now live on Hyperliquid. Built via the HIP-3 standard, Entropy’s opening markets feature Anthropic’s pre-IPO stock, the first way to trade the stock at scale on Hyperliquid, along with SNDK.

RedStone is the official data layer powering Entropy’s markets, integrating custom sources for assets that have no clean feed of their own and implementing the liquidity-weighted methodology behind their pricing. The data reaches the exchange through RedStone Live, a low-latency service built for RWAs trading onchain.

A weak key setup is a direct attack surface, the kind that cost DeFi over $600M in 2026. RedStone pushes prices to Entropy’s markets through a 4-of-6 multisig, meaning four of six independent signers have to agree before any update goes onchain. No single compromised key can move the price, making any oracle-related attack vector highly unlikely.

RedStone Live: 24/7 Pricing Data For RWAs Entropy’s perps are live 24/7. The market where its underlying asset trades is not. SanDisk trades on Nasdaq during US hours, and goes quiet overnight and over the weekend.

RedStone Live closes the gap between traditional markets and onchain venues. During market hours it sources pricing from licensed institutional providers. When those markets close, it switches to the CEX derivatives and other venues where the asset keeps trading on its own order flow. This method ensures that feeds keep tracking live prices through the night instead of freezing on the last print.

Price feeds are built per asset and aggregated from multiple sources rather than a single venue, which keeps the price stable when any one source thins out or drops. RedStone Live delivers data at low latency, and every input is cryptographically signed at each step.

Liquidity-weighted Methodology Standard perp markets can usually lean on an external price since the asset trades openly. Entropy’s markets are different. Stocks have strict trading hours and a pre-IPO stock like Anthropic has no public price at all. That means that a lot of time, pricing is pulled from Entropy’s own order book. Oftentimes, the mark that drives funding and liquidations has to be built from an order book whose liquidity shifts from one moment to the next. 

RedStone implements a liquidity-weighted methodology, designed by Entropy, that reads the executable depth behind a price. The book and RedStone’s external reference for the same asset are blended into one mark, and the depth decides the mix. When there is real, fillable size resting in the book, the mark leans on the book. As that depth thins, it shifts weight onto RedStone’s reference, so the price always rests on whichever source is sounder at that moment.

The two launch markets show it working at both extremes. Anthropic has no official market price, only informal reference points, so its mark leans hardest on the book itself. The equity perps carry uneven depth through the day, and the methodology prices them on what is fillable at each point.

RedStone on HyperLiquid HIP-3 has democratized perp markets, lowering the entry barrier for teams building onchain trading venues. But once a market is launched, choosing a reliable data provider becomes one of the decisions the whole market rests on. 

RedStone is the oldest oracle on HyperEVM, securing the large majority of oracle-protected value on the network. We have also built the first oracle dedicated to HIP-3, which has powered more than $3.4B in volume across 15 HIP-3 markets since going live with Felix.

About RedStone RedStone is the data layer for institutional DeFi, delivering secure, low-latency price feeds for digital assets, RWAs, stablecoins, LSTs, LRTs, and Bitcoin LSTs across 110+ chains. Trusted by 200+ clients, including Securitize, Morpho, Pendle, Spark, Ether.fi, Ethena, Lombard, Venus, and Compound, RedStone powers lending, stablecoins, perpetuals, and tokenized asset markets with custom pricing infrastructure built for complex onchain systems. RedStone provides data for tokenized products including BlackRock’s BUIDL, Apollo ACRED, and Hamilton Lane SCOPE. Zero mispricing events. 100% uptime. Learn more at redstone.finance.

About Entropy Entropy is a new perpetuals DEX on Hyperliquid via HIP-3, backed by a $14M seed round and a $40M HYPE stake required for deployment.

The goal of Entropy is to have the highest quality perps on real-world assets and indices, and Entropy achieves that by treating market design as a research problem. Their team brings deep market microstructure expertise, with backgrounds spanning Citadel Securities and Polymarket. This experience is focused on rigorous oracle design and robust mark price construction, which will allow us to list novel pre-IPO equity perps, rates, and index products, along with more liquid and efficient global equity perps.

Abraxas Capital, a London-based digital assets firm managing over $4 billion, has assembled a staggering short position portfolio on Hyperliquid while simultaneously withdrawing $173.17 million in Ethereum from Binance over four days. The dual-pronged strategy paints a picture of a firm betting aggressively on price declines across major tokens while keeping a hefty spot cushion to manage risk.

The numbers are eye-catching. Across two wallets on Hyperliquid’s decentralized perpetual futures platform, Abraxas holds roughly $598 million in predominantly short positions. That includes $193.9 million short on ETH, $175.4 million short on Bitcoin, $141.6 million short on Hyperliquid’s native HYPE token, and $65.8 million short on Solana.

A whale that keeps adding weight Abraxas isn’t just sitting on these positions. The firm has been actively increasing exposure, adding approximately $19.5 million in gross shorts within a two-hour window recently.

Advertisement

Since mid-2025, the firm has consistently maintained short exposure ranging from $500 million to over $900 million on Hyperliquid, frequently ranking as the platform’s largest single whale. At its peak, the short book reportedly exceeded $900 million.

Right now, the trade isn’t exactly printing money. Abraxas is carrying an unrealized loss of $80.8 million across its positions.

The $173 million in ETH withdrawals from Binance supports that read, as the spot purchases serve as a natural hedge against the short perpetual exposure.

Funding rate arbitrage, not a doomsday bet The firm has realized profits exceeding $300 million, primarily through funding-rate arbitrage rather than pure directional trading. The strategy works like this: when perpetual futures trade at a premium to spot prices, shorts collect periodic funding payments from longs. By pairing short perp positions with nearly equal spot purchases of the underlying asset, Abraxas can harvest those funding payments while staying roughly market-neutral.

This approach has been particularly visible in how Abraxas handles its HYPE exposure. The firm has paired its $141.6 million HYPE short with spot purchases of the token, creating a hedged position that profits from the funding rate differential rather than from HYPE’s price falling.

The ETH withdrawals from Binance fit the same pattern. Pulling $173.17 million in ETH to cold storage or self-custody wallets while holding $193.9 million in ETH shorts creates a nearly balanced book.

What this signals for the broader market Abraxas has demonstrated flexibility before. The firm reduced its short exposure from $760 million in November 2025 down to approximately $270 million, showing it’s willing to cut and re-enter rather than ride positions into oblivion. The current buildup back toward $600 million suggests the firm sees favorable funding-rate conditions worth capturing at scale.

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

Fintech

23 August 2026 | 15:11 Pump’s full platform collected more fees than Hyperliquid in the latest snapshot, yet Hyperliquid sent more revenue into a HYPE buy-and-burn loop that directly shapes its token economics.

Key Takeaways Pump’s full stack generated $4.82M daily fees. Hyperliquid produced $2.37M in daily revenue. Eligible fees automatically purchase and burn HYPE. Both platforms monetise trading through distinct mechanics. Pump’s reported PUMP buybacks reached $941,387. Gross Fees Make a Misleading Headline The headline numbers suggest Pump is pulling far ahead of Hyperliquid, but raw fee totals mask a clear shift in actual protocol revenue.

DefiLlama’s Pump dashboard showed $4.82 million in 24-hour fees across its full platform, combining Pump.fun, PumpSwap, and Terminal. Over the same rolling window, Hyperliquid generated $2.94 million. On gross fees alone, Pump wins by roughly 64%.

Revenue flips the script. Hyperliquid’s dashboard listed $2.37 million in daily revenue, beating Pump’s $1.84 million by $530,000 (roughly 29%).

Revenue is the cleaner metric here. Pump’s gross fee total counts funds passed directly to liquidity providers and token creators. Meanwhile, Hyperliquid’s gross fees include builder fees that bypass its Assistance Fund. Neither headline fee figure reflects what the protocol retains or routes back to token holders.

Scope also distorts the conversation. Isolating the Pump.fun launchpad alone yields just $1.50 million in fees and $1.15 million in revenue, making Hyperliquid look much larger by comparison. Looking at the full platform vs. individual product streams keeps the playing field fair.

Protocol Fee & Revenue Comparison Matrix

Hyperliquid vs. Pump ecosystem metrics

Metric / Focus Hyperliquid Pump (Full Stack / Ecosystem) Gross Daily Fees $2.94 million $4.82 million (Full platform) / $1.50M (Launchpad alone) Daily Net Revenue $2.37 million $1.84 million (Full) / $1.15M (Launchpad alone) Token Buyback / Burn Mechanism Automatic daily purchase and permanent burn of HYPE via Assistance Fund (~$2.37M daily flow). PUMP buybacks executed from on-chain burns totaling $941,387. Core Engine & Model Perpetual derivatives, spot trading, and expanded builder markets (HIP-3). Token launches, bonding curves, and post-migration PumpSwap trading. ■ Protocol Revenue vs Fee Breakdown

 How Hyperliquid Converts Fees to HYPE Demand HYPE hit an all-time high of $82.43 on August 22 before settling near $79.22. Its tokenomics design is central to that price action.

Hyperliquid’s documentation details how its Assistance Fund automatically converts trading fees into HYPE as part of L1 execution. That acquired HYPE is then permanently burned, taking it out of total circulation.

DefiLlama routes 99% of qualifying perpetual fees (minus builder fees) and 99% of eligible spot fees into this fund. Its 24-hour revenue and holders-revenue readings sit aligned at $2.37 million, providing a direct live metric for the value entering the HYPE buy-and-burn mechanism.

At $79.22 per HYPE, that daily flow equals roughly 30,000 HYPE. While actual purchases fluctuate with live execution prices, the core mechanic remains fixed: qualifying trading revenue creates steady buying pressure, permanently locking those tokens out of circulation.

Separately, HYPE paid in successful HIP-1 token auctions is also burned. Because this is an episodic deployment cost rather than recurring trading revenue, it isn’t included in the daily $2.37 million run rate.

Spot Tokens vs. Perpetual Risk Pump is far more than a launchpad. Traders buy and sell tokens on its bonding curves from second one, continuing on PumpSwap post-migration. Its bonding-curve specs outline a 1.25% trading fee split between the protocol and token creators before liquidity transfers out.

Hyperliquid handles spot trading too, but perpetual derivatives are its real engine. Traders take leveraged long or short positions, settle funding, and manage liquidations without touching the underlying asset. Through HIP-3, third-party builders can deploy perp markets for equities, indices, ETFs, and commodities, running as USDC-margined contracts on Hyperliquid infrastructure via TradeXYZ.

Holding an Nvidia or gold perp on Hyperliquid isn’t equity ownership, it’s cash-settled price exposure backed by builder oracle rules. Pump users swap actual spot crypto tokens. This creates two entirely different business models: Pump monetizes token launches and spot volatility, while Hyperliquid extracts value from traders continuously repositioning leverage across broad markets.

Pump’s Own Buyback Machine Hyperliquid isn’t alone in supporting its token. DefiLlama tracks $941,387 in 24-hour holders revenue for Pump, reflecting PUMP buybacks executed from on-chain burns across its products.

The mechanics differ significantly. Pump’s reported buybacks combine multiple product activities and don’t sum directly with its $1.84 million revenue figure. Hyperliquid’s holders-revenue figure mirrors daily revenue directly because tracking models assign the full qualifying Assistance Fund flow straight to HYPE holders.

The reality? Both protocols actively buy back their tokens. Hyperliquid simply routes about 2.5 times as much value into its holder mechanism ($2.37 million vs $941,387) and burns the acquired HYPE automatically.

A Sustainable Trend, Not a Liquidation Spike Hyperliquid logged $6.84 billion in perpetual volume over the last snapshot, just 3% above its 30-day daily average of $6.65 billion ($199.5 billion total).

Liquidation data tells a similar story. Daily liquidations hit $55.06 million, comfortably below the protocol’s 30-day average of $78.5 million daily ($2.36 billion monthly total).

This proves the latest buy-and-burn volume wasn’t driven by a single liquidation cascade. Generating $39.74 million in revenue over the past month shows Hyperliquid’s buyback engine is backed by steady daily trading activity rather than short-lived volatility.

Pump took home more gross fees across its Solana ecosystem, but Hyperliquid generated more net revenue and directed a bigger slice straight into automated HYPE burns. While token burns aren’t the sole driver behind HYPE’s run to $82, the continuous, data-backed demand provides strong fundamental support.

Methodology: Figures were captured from DefiLlama’s live Hyperliquid, Pump and Pump.fun dashboards on August 23, 2026, at 12:00 UTC. Fee, revenue, volume and holders-revenue metrics are rolling measures and change continuously. The article is provided for informational purposes only and does not constitute investment 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.

https://www.blocmates.com/articles/a-complete-guide-to-hyperliquid

Hyperliquid, a decentralized perpetual futures exchange, reported significant growth in fee revenue for August, marking a 31% increase compared to the previous year. This surge is attributed to higher volume, an increase in active users, and an expanded market share. The exchange’s native asset, HYPE, has seen a notable upward movement, reflecting positive market sentiment and increased on-chain activity. The latest data suggests that HYPE’s price hovers around $73.53.

Advertisement

In the prediction market, the odds for Hyperliquid reaching $100 by the end of 2026 have increased, suggesting a more optimistic outlook from market participants. The current pricing shows a 42.5% chance of Hyperliquid reaching the $100 mark by December 31, up from 16% a week ago. This change is supported by the recent financial results, which appear consistent with the scenario where Hyperliquid continues its upward trajectory.

Key Takeaways Market activity suggests that participants view Hyperliquid’s recent performance as supportive of a YES outcome for reaching $100 by year-end. The 31% year-over-year increase in fee revenue appears consistent with positive sentiment towards Hyperliquid’s growth prospects. HYPE’s price increase and market dynamics may indicate strengthened confidence among participants in the decentralized perpetuals sector. What to Watch Watch for upcoming developments, such as potential announcements of partnerships or new integrations that could further influence Hyperliquid’s competitive position. Additionally, any shifts in market share or changes in user engagement metrics could impact the prediction market’s current outlook. The evolving sentiment around Hyperliquid’s performance will be crucial in determining future price movements and market expectations.

Get live prediction-market analysis, powered by Vera. Sign up for Vera.

Term Structure

Contract Odds Δ since publish Volume 24h December 31 42.5% — — View market → January 1 2027 3.6% — — View market → January 1 2027 2.9% — — View market → January 1 2027 82% — — View market → January 1 2027 5.7% — — View market → January 1 2027 3.1% — — View market → January 1 2027 54.5% — — View market →

Bitcoin is surging again. The cryptocurrency climbed above $78,200 on Friday for the first time since May. But it wasn’t the only crypto asset posting big gains. Hyperliquid, the decentralized perpetual futures exchange, reached a record $75, leaving its HYPE token up over 195% so far this year, according to CoinGecko.

Hyperliquid’s gains have drawn market share that might otherwise have flowed into Bitcoin, according to Ish Asad, a research analyst at crypto index fund manager Bitwise Investments.

“If Hyperliquid and perpetual futures weren’t so popular, people would just be buying spot Bitcoin,” Asad told Fortune.

Hyperliquid, which lets users trade through self-custody wallets rather than a traditional centralized exchange, has emerged as a major force in crypto derivatives trading over the past year. During the first quarter of 2026, the platform processed more than $633 billion in combined spot and perpetual futures volume, over six times its total during the second quarter of 2024, according to investment manager VanEck.

Its growing success has “sucked away volume” from direct purchases of smaller crypto tokens. Perpetual futures let traders speculate on a cryptocurrency’s price, often with leverage, without buying or holding the token itself, making the platform attractive to active traders.

“All the crypto trading happens on Hyperliquid now, so most of the other crypto assets are getting less buying pressure,” Asad added. 

Hyperliquid’s most recent price jump came two days after President Donald Trump said his administration was working to bring the platform to the U.S.

“I understand that [Commodity Futures Trading Commission Chair] Mike [Selig] is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion, working very hard on that,” Trump said at a White House event. 

Behind the rally Despite Hyperliquid drawing some capital away from direct Bitcoin purchases, the cryptocurrency still gained nearly 25% over the past week. Macro factors, including the Treasury Department’s recent bond-buyback announcement, helped set the rally in motion, but Asad said liquidations drove Bitcoin’s most recent surge.

On Tuesday, as Bitcoin traded around $64,000, traders liquidated $1.3 billion in short positions in a single day. Another $1 billion in Bitcoin shorts were liquidated over the following 48 hours, bringing the week’s total to $4.5 billion, according to Bitwise.

Political developments also helped support the rally. At a meeting with crypto industry leaders this week, Trump urged Congress to pass the Clarity Act, a bill that would establish a long-awaited market structure framework for digital assets. On Thursday, Selig said he had directed the CFTC to begin developing clearer crypto rules if Congress does not pass the legislation before the end of the year.

In the meantime, worries over U.S. debt surpassing $40 trillion and a weakening U.S. dollar have renewed investor interest in alternative assets such as gold and Bitcoin.

Binance co-founder Changpeng Zhao (CZ) has argued that any regulatory framework adopted to accommodate Hyperliquid would, by extension, benefit the entire decentralized trading sector, not just one platform.

"Policy cannot be applied to only one company/project," CZ said. "What's good for one is good for the rest of the industry."

A Rising Tide for Perp DEXsCZ's comments point to an opportunity that extends well beyond Hyperliquid. If US regulators carve out a clear pathway for decentralized perpetual futures platforms, more perp DEXs and on-chain services could become accessible to American users for the first time. Hyperliquid, the largest decentralized perpetual futures exchange by volume, is actively working to find a legally compliant way to serve US traders, though the platform currently geo-blocks American users.

The push comes after the Commodity Futures Trading Commission (CFTC) took a significant step in late May 2026, That decision is widely seen as a potential turning point for the broader on-chain derivatives market.

CZ's Broader View on Decentralized TradingThe remarks reflect CZ's long-held view that decentralized venues will play an increasingly significant role in crypto markets. Zhao has previously predicted that perp DEXs will rival centralized exchange volumes within one market cycle. At the same time, he has been candid about the compliance risks that come with operating without KYC checks, drawing on his own experience navigating regulatory scrutiny at Binance.

CZ's public backing adds weight to that case, signaling that how Washington treats platforms like Hyperliquid has implications for the entire decentralized trading industry.

Sources
CoinDesk: Hyperliquid starts DeFi lobbying group with $29 million token backing
Proskauer: The CFTC approves US-listed perpetual futures
CoinMarketCap: Hyperliquid launches $29M DeFi Policy Center in Washington

Coinbase has added more than 290 perpetual contract markets to the Base App through Hyperliquid, giving eligible users access to leverage of up to 50 times.

Summary

More than 290 perpetual markets are available through the Base App. Hyperliquid executes the trades while users remain inside their existing wallets. Leverage reaches 50x on supported markets, raising the risk of liquidation. Users in the United States, United Kingdom, and Canada cannot access the product. According to an Aug. 19 report, Coinbase said that the integration covers Bitcoin, Ethereum, and contracts tied to stocks and commodities, although the leverage limit varies by market.

Coinbase brings Hyperliquid trading into Base App Rather than operating a separate derivatives venue inside the Base App, Coinbase is routing perpetual contract orders to Hyperliquid for execution. Users can open and manage positions without leaving their existing wallets, according to the company.

Coinbase Head of Engineering Chintan Turakhia described Hyperliquid as one of the highest-performance on-chain perpetual trading protocols, pointing to its liquidity and execution speed as reasons for the integration.

“Because we support multiple chains and ecosystems, this integration lets our users tap into its deep liquidity and speed without ever leaving their existing wallet,” Turakhia said in a statement.

The arrangement keeps the trading interface inside the Base App while relying on Hyperliquid’s infrastructure to process orders. Coinbase did not disclose whether it receives a share of trading fees, pays Hyperliquid for order execution, or applies additional charges to trades placed through the app.

Perpetual contracts let traders take long or short positions on an asset without buying the underlying instrument. Unlike dated futures, the contracts have no fixed expiry, while funding payments between long and short traders help keep their prices close to the referenced market.

Alongside Bitcoin and Ethereum, the available markets include contracts linked to equities and commodities. Coinbase did not provide a complete list of the supported markets in its announcement, and leverage can fall below the advertised 50x maximum depending on the asset.

The stock-linked products provide price exposure through derivatives rather than ownership of company shares. Traders therefore do not receive voting rights, dividends or other rights normally attached to the underlying stock.

A June report on pre-IPO perpetuals examined Coinbase’s contracts tied to private companies, including SpaceX, OpenAI, and Anthropic. Such products rely on constructed reference prices because privately held companies do not have continuously traded public shares.

Up to 50x leverage raises liquidation risk Using 50x leverage allows a trader to control a position worth 50 times the capital committed as margin. The same structure can amplify losses, with relatively small price changes capable of exhausting the funds supporting a position.

Coinbase said positions may be liquidated when losses pass the applicable maintenance threshold. Hyperliquid’s execution system can close a position if the trader no longer has enough collateral to keep it open, although the precise liquidation level depends on the market, position size, and leverage selected.

Turakhia said perpetual contracts account for about 75% of current cryptocurrency trading volume, describing the product as the most requested addition among frequent Base App users.

“Perps are where the volume is—roughly 75% of all crypto trading today is perps, not spot,” he said.

Coinbase did not identify the dataset or measurement period behind the 75% figure. Trading-volume estimates can differ depending on whether a calculation includes centralized exchanges, decentralized protocols, dated futures, options, and exchanges that do not publish independently verified figures.

Hyperliquid has developed into one of the largest on-chain venues for perpetual contracts. A May review of the protocol cited industry trackers showing that it processed more monthly perpetual volume than several competing decentralized platforms combined.

For Base App users, the integration removes the need to open a separate Hyperliquid interface before entering a position. Coinbase, however, has not said whether the Base App will offer every Hyperliquid order type or provide the same trading controls available through Hyperliquid’s native platform.

US users remain blocked from Base App perpetuals Coinbase said the new perpetual product is unavailable in the United States, the United Kingdom, Canada, and other jurisdictions that restrict leveraged cryptocurrency derivatives.

American customers therefore cannot use the Base App integration to trade Hyperliquid perpetuals. Coinbase offers separate futures products in the United States through Coinbase Financial Markets, a futures commission merchant registered with the Commodity Futures Trading Commission and a member of the National Futures Association.

According to Coinbase’s risk disclosures, its regulated U.S. futures service can liquidate positions if a customer’s margin ratio reaches 100%. The company also warns that leveraged futures may produce losses exceeding the amount initially deposited.

Funds placed in a U.S. Coinbase Financial Markets futures account fall under CFTC customer-protection rules, including segregation requirements. Coinbase states that ordinary spot balances held by Coinbase Inc. do not receive the same protection.

Hyperliquid perpetuals inside the Base App are separate from the regulated U.S. futures service. Coinbase has not announced a timetable for seeking American access to the new integration or identified a U.S.-regulated entity that would offer the contracts.

The geographic limits also exclude UK users from the product, even though Coinbase has recently expanded other services in the country. In August, the exchange began rolling out access to almost 4,000 U.S. stocks for eligible UK customers, with trading available 24 hours a day on weekdays.

Base App has returned its focus to financial products The Hyperliquid integration follows a change in Base App’s product priorities after its earlier focus on social feeds, creators, and creator tokens failed to produce the user growth its developers expected.

As crypto.news reported in July, Base creator Jesse Pollak said the network had fallen behind in prediction markets and perpetual futures while concentrating on social products.

Pollak wrote that demand for the social features had “disintegrated completely” and called the creator-led approach the “wrong bet.” He subsequently stepped back from leading the Base App to concentrate on the development of the Base blockchain, while Coinbase resumed control of the application.

Trading, payments, stablecoins, and AI agents have since taken a more prominent role in the app’s development. Coinbase has also pursued an “Everything Exchange” model that combines crypto markets with stocks, derivatives, prediction markets, and other financial products.

In July, coverage of prediction markets showed that Coinbase had described the category as one of its fastest-growing products. The company’s first-quarter 2026 shareholder materials said retail derivatives had passed $200 million in annualized revenue, while derivatives volume over the previous 12 months had risen 169% year over year.

Base already offered perpetual trading through Avantis and prediction markets through Limitless, but Pollak acknowledged in July that both products trailed larger competitors. Dune Analytics data cited at the time showed that Limitless accounted for about 0.5% of monthly prediction-market notional volume.

CANADA - 2025/09/28: In this photo illustration, the Hyperliquid (Hyper Liquid) logo is seen displayed on a smartphone screen. (Photo Illustration by Thomas Fuller/SOPA Images/LightRocket via Getty Images)

SOPA Images/LightRocket via Getty Images

"Supply cliffs get packaged as sentiment, but the actual selling is largely mechanical," said Dat Ngo, a certified public accountant at Vetted Prop Firms, in written comments. "In the typical construction the recipient has tax liability upon vesting (which is day + current day price), regardless of selling. That means a chunk will immediately get sold off just to pay a tax bill."

"HyperLabs unlocked another 433,025 $HYPE($23.46M) and has been gradually depositing the tokens into exchanges, including Flowdesk and OKX, likely to sell," the onchain research account @lookonchain posted on August 8.

"Around 433,000 $HYPE unlocked over the weekend. Great projects don't magically ignore supply and demand," the trader @MrStakamoto posted two days later. HYPE trades 22.7% below its June 16 record. The trackers project another 9.92 million for September 6, some $589 million at Monday's $59.39 and nine days before the Federal Reserve's September 15-16 meeting.

"Remove all discretionary supply, cut the 38% incentive and burn unclaimed airdrop tokens. Unscheduled vesting is arguably worse than fixed as you can't forecast it out," the trader @0xpostrich posted on August 13, under the heading "Hyperliquid float problem." The Hyper Foundation announces a claim amount around the 6th of each month, and it has landed far under the schedule's 9.92 million every time, at 173,217 HYPE in March.

"$HYPE buys back 1 of every 7 tokens on its unlock schedule," the token-unlock data service Tokenomist posted on August 14. "The vesting schedule unlocks 9.92M $HYPE a month to Core Contributors, 81.8M over nine months. The Assistance Fund bought back 11.9M of that on-chain, 14%, a 7:1 ratio in token counts." DefiLlama puts Hyperliquid's 30-day trading fees at $41.7 million, and the HYPE the fund buys is burned. Total supply is down to 955.3 million against a 1 billion cap.

'The Danger Is Margin'"Margin is what makes an already publicized calendar event a difficult event to navigate," said Ashley Akin, a certified public accountant at the broker TMGM, in written comments. "$581M to unlock is digestible by the market if it is not over-leveraged; the danger is margin placed on top." With two events stacked days apart, she said, "it seems reasonable to pare back size prior to the date, rather than trade through it."

That margin sits on the largest onchain perpetual futures venue, which challengers have attacked for two years.

"We're interested in Morpho markets, Aave markets. We're interested in like Hyperliquid perps," MacBrennan Peet, founder and chief executive of Project 0, said on the On The Margin podcast of the venues his DeFi prime brokerage cross-margins for clients. When one of them, Drift, was exploited, "as with any like traditional market prime broker, we isolated risk, we contained risk in that event to Drift specific lenders," he said.

"The only restriction being that, you know, you can't trade through some news events like nonfarm payrolls was this morning," James Sixsmith, founder and chief executive of Take Profit Trader, said on the On The Margin podcast. That rule is the one difference between his firm's simulated accounts and its live ones. Onchain perps carry no equivalent, including the trading Telegram put in front of a billion users.

"Liquidations down 71%. Volume down 50%. BTC unchanged. This isn't consolidation, it's abstention," the macro account @Richmanvn posted Sunday. "Everyone is flat into Wednesday's FOMC minutes." The minutes cover the July 28-29 meeting, where three officials dissented in favor of a hike from the 3.50% to 3.75% range. Jackson Hole follows August 27-29.

"That is leverage bleeding out slowly. I do not see $BTC sustaining above $65K before the September FOMC while open interest keeps unwinding," the market commentary account @CryptoChannel24 posted on August 15, as open interest and prices fell together.

Bitcoin sits at $63,840, 49% below its October 2025 record and 1.2% lower on the week, and prediction market bettors dumped their rate cut hopes in the spring.

"Seeing an event on the calendar doesn't help steady nerves; all it really does is increase the time we have available to craft a narrative for why this time it's different," said Sira Masetti, founder of consultancy Bias for Growth, in written comments.

On August 18, blockchain analytics platform Onchain Lens reported that Multicoin Capital transferred 172,710 HYPE tokens, valued at around $10.15 million, to Coinbase Prime, raising questions about potential selling activity from one of HYPE’s most prominent institutional holders.

Market impact of the transferHYPE, backed by the Hyperliquid decentralized exchange, has recently ranked among the top 10 crypto assets by market capitalization. With a market cap of approximately $13 billion and a current trading price near $58.59, as reported by DefiLlama, large-scale token transfers have the potential to influence market sentiment significantly.

While direct sales have not been confirmed, market observers often interpret substantial inflows to major exchanges as early signs of possible liquidation. Elevated awareness of such transfers has intensified as the token’s price remains well below its earlier June peak of $76.87.

Multicoin Capital’s position in HYPEDespite the recent transfer, Multicoin Capital, a crypto investment firm known for actively supporting emerging blockchain projects, continues to be a major HYPE holder. According to Onchain Lens, the firm still holds around 2.16 million HYPE, valued at nearly $126.63 million, making the latest movement a relatively modest trim instead of a substantial exit.

Coinbase Prime, the institutional platform operated by Coinbase, provides custody, trading, and financing solutions for large-scale clients. Transfers to platforms such as Coinbase Prime are often classified as either preparation for potential sales or custody management.

Onchain Lens described this transaction as “likely to sell,” prompting caution among traders due to the high profile of the institution involved.

Mini dictionary: Multicoin Capital is a prominent digital asset investment firm specializing in tokens, blockchain projects, and supporting new Web3 infrastructure initiatives.

Exchange inflows and liquidity concernsThe market reads major token inflows to exchanges as a sign of additional supply that could exert downward price pressure. Although HYPE’s open interest sits around $11.8 billion, its liquidity remains more limited than larger cryptocurrencies, amplifying the price impact from large holders’ transactions.

After a period in which Hyperliquid’s biggest holders have made visible token movements, further actions by Multicoin Capital continue to attract market scrutiny.

MetricValueHYPE current price$58.59June peak price$76.87Current market cap$13 billionOpen interest$11.8 billionMulticoin’s remaining HYPE2.16 million ($126.63 million)Latest transfer172,710 HYPE ($10.15 million)Multicoin Capital has continued to engage with speculation about its intentions, as large transfers to exchanges may spook investors, particularly when liquidity is limited and open interest remains high.

Previous statements and ongoing debateFollowing a previous $291 million combined HYPE unstaking executed by Multicoin Capital and Paradigm in July, which led to price volatility, Multicoin Capital’s co-founder Tushar Jain stated that the unstaking aimed to enhance privacy and rotate wallets rather than initiate sales. On-chain analysts at Markets Alpha backed this by showing the tokens were moved to custody providers rather than exchanges.

The latest transfer, however, marks a shift as tokens have entered Coinbase Prime, an institutionally focused exchange platform more directly linked with trading and settlement. This difference in transaction destination has drawn additional attention to the $10.15 million movement, though there is still no evidence indicating an active sale has taken place.

Multicoin Capital previously stated that wallet movements were for privacy and operational security, not immediate selling, underscoring the ongoing debate about investor intentions during large crypto transfers.

Fundamental outlook for HYPEDespite short-term selling pressure, Hyperliquid reported revenue of $873 million on approximately $2.9 trillion in trading volume for 2025, representing nearly 59% of open interest in the decentralized derivatives market. According to Multicoin Capital’s June valuation report, nearly all protocol revenue is allocated to HYPE buybacks and subsequent burning, underlining the token’s deflationary structure.

Multicoin’s analysts estimated in their forecast that HYPE could eventually reach approximately $319 by 2028, although actual outcomes may depend on market dynamics and investor behavior in the interim.

While the recent transfer has intensified short-term speculation, Multicoin Capital’s substantial remaining stake in HYPE ensures it will remain a focal point for traders monitoring large-scale token moves.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

Bitwise and Grayscale have emerged as leading buyers of HYPE, purchasing a combined $2.8 million worth of the token over the past week. Their activity follows a period of significant price recovery for Hyperliquid, after the asset experienced several days trading in negative territory.

ETF holdings and market resilienceArkham Intelligence reported that despite heightened market volatility and a stretch of lackluster price action, Hyperliquid ETF investors refrained from selling their HYPE holdings throughout the week. Instead, these funds either maintained or increased their positions, standing apart from other crypto funds that saw net outflows during the same period.

Analysts pointed to this unwavering demand from institutional investors as a key driver behind the recent recovery in HYPE’s price. From its weekend lows, Hyperliquid advanced by more than 16%, suggesting a robust rebound tied to ongoing ETF interest.

Data indicated that no sales of HYPE occurred from any Hyperliquid ETF over the week, while other crypto funds experienced noticeable outflows. The sustained holding or accumulation among institutional participants signals a strong confidence in the asset’s potential.

Institutional activity supports price actionBitwise and Grayscale’s involvement was particularly notable, as the two investment firms together acquired roughly $2.8 million in HYPE during this market recovery. Their purchases further reinforced the positive momentum, providing additional support to the price rebound.

According to market observers, renewed institutional interest has amplified demand for HYPE and contributed to its climb from depressed levels. Market participants are now monitoring whether this pattern will persist, with some analysts suggesting that continuous ETF buying could signal further upside potential for the token.

Analysts believe that sustained ETF demand, especially from major institutions, may indicate the beginning of a new upward trend for HYPE if current buying patterns continue.

Efficiency in a volatile environmentAs HYPE responds to institutional activity and market swings, investors increasingly seek streamlined tools to navigate crypto markets efficiently. In a landscape where a sudden Fed decision or an unanticipated altcoin listing can spark instant volatility, managing multiple apps for tracking data often leads to missed opportunities. Many traders now turn to privacy-first platforms such as CryptoAppsy, which consolidates real-time charts, trade alerts, coin-specific news, and macroeconomic data onto a single interface without requiring account creation.

HYPE continues to trade with bullish momentum as ETF interest remains high and institutional accumulation drives optimism for further gains.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

Duquesne Family Office has disclosed a $23 million position in Hyperliquid Strategies Inc., giving Stanley Druckenmiller’s investment office indirect exposure to HYPE through the Nasdaq-listed digital asset treasury company.

Summary

Duquesne Family Office disclosed a new $23 million stake in Hyperliquid Strategies. The Nasdaq listed company holds millions of HYPE tokens as part of its digital asset treasury strategy. Duquesne’s former partner Kevin Warsh became Federal Reserve chairman in May 2026. Warsh disclosed more than $100 million in assets before his confirmation. The SEC filing for the second quarter of 2026 showed Duquesne held shares of Hyperliquid Strategies, which trades under the ticker PURR, as of June 30, with the position appearing in the family office’s portfolio for the first time.

The disclosure adds Duquesne to the institutional investors gaining exposure to Hyperliquid through publicly traded shares instead of purchasing the protocol’s HYPE token directly. Hyperliquid Strategies operates as a digital asset treasury company built around accumulating and managing HYPE.

Fintel data based on the filing also lists PURR as a new Duquesne position, accounting for roughly 0.44% of the investment manager’s reported portfolio.

Duquesne adds Hyperliquid Strategies to its portfolio Hyperliquid Strategies has built one of the largest corporate HYPE holdings since establishing its digital asset treasury business.

As crypto.news previously reported in February, the Nasdaq-listed company purchased another 5 million HYPE for about $129.5 million at an average price of $25.90 per token. The acquisition increased its holdings at the time to 17.6 million HYPE while leaving the company with about $125 million in cash.

Its holdings later increased substantially. Artemis data cited in a June treasury report showed Hyperliquid Strategies controlled about 23.7 million HYPE and was sitting on more than $1.1 billion in unrealized gains at the time.

The report found HYPE-focused treasury companies were among the few major digital asset treasury groups still carrying sizeable paper profits during the June market downturn. Bitcoin, Ether and Solana treasury companies, by comparison, were recording substantial unrealized losses as prices fell.

Duquesne’s $23 million PURR holding gives the family office exposure to that treasury structure through a regulated U.S. equity. The 13F does not show whether the firm bought the shares in a single transaction or accumulated them at different points during the quarter, since the filing only reports holdings as of June 30.

Form 13F reports are required from institutional investment managers that exercise investment discretion over at least $100 million in certain securities. The disclosures provide a quarterly snapshot of reportable holdings but do not show positions purchased or sold after the reporting date.

Hyperliquid Strategies has accumulated millions of HYPE Institutional interest in Hyperliquid Strategies came as HYPE recorded large price swings during the second quarter.

HYPE reached a record of about $73.7 on June 1 after gaining more than 70% over the preceding month. At the time, Hyperliquid Strategies was already one of the largest publicly identified corporate holders of the token.

Demand for HYPE had also expanded through regulated investment and derivatives products. In June, Kalshi launched CFTC-regulated HYPE perpetual futures for U.S. traders, after which HYPE futures open interest rose to $2.48 billion and briefly surpassed XRP open interest, according to a June 11 report.

Institutional exposure has not been limited to listed treasury companies. Bitwise Chief Investment Officer Matt Hougan said in May that HYPE had gained 77% since the start of 2026 while Hyperliquid processed about $170 billion in monthly trading volume.

Bitwise also said it would direct 10% of management fees collected from its BHYP Hyperliquid exchange-traded fund toward purchasing and holding HYPE on its own balance sheet, as detailed in May.

Hyperliquid’s token model sends a large share of protocol trading fees toward HYPE purchases through its Assistance Fund. The mechanism has provided another source of demand alongside corporate treasury purchases and investment products.

Fed Chair Kevin Warsh previously worked with Duquesne Duquesne’s newly disclosed PURR investment also comes with a connection to Federal Reserve Chairman Kevin Warsh, who worked with the family office before returning to the central bank.

The Federal Reserve’s official biography says Warsh served as a partner at Duquesne Family Office after leaving the Fed’s Board of Governors in 2011. Warsh had previously served as a governor from 2006 to 2011 and returned to the central bank as chairman on May 22, 2026.

Before his confirmation, financial disclosures filed as part of the nomination process provided more detail about his relationship with Stanley Druckenmiller’s investment office.

Warsh disclosed assets worth well over $100 million, according to his April financial disclosure, although government ethics forms report investments in ranges and do not always provide precise valuations.

Two positions in the Juggernaut Fund LP were each listed at more than $50 million. The disclosure did not identify the underlying investments because of pre-existing confidentiality agreements, while Warsh committed to divesting the positions if confirmed.

The same filing showed that Warsh had received $10.2 million in consulting fees from Druckenmiller’s investment office during the period covered by the disclosure. His overall consulting income exceeded $13 million across several financial firms.

Warsh also agreed to dispose of assets required under Federal Reserve ethics rules before assuming the chairmanship. Fed investment rules introduced in 2022 place restrictions on the securities that senior officials and their immediate families may hold, including crypto-related assets.

After completing the confirmation process, Warsh took office as Federal Reserve chairman on May 22 for a four-year term ending May 21, 2030. He also became chairman of the Federal Open Market Committee and holds a separate term as a member of the Board of Governors through January 31, 2040.

Real world assets (RWAs) are playing an increasingly influential role in decentralized finance, according to recent data from Hyperliquid and DeFiLlama Research. The integration of tokenized traditional assets into on-chain markets has contributed substantially to new-user adoption patterns during the first half of 2026.

Surge in RWA-First User AdoptionBetween January and June 2026, the Hyperliquid platform recorded 534,362 wallets making their first trades. Of this group, 169,514 wallets began their activity by trading RWAs, according to DeFiLlama’s analysis. This RWA-driven group represented 31.7% of all new-user onboardings during the period.

DeFiLlama Research noted that these new wallets did not simply diversify their portfolios but entered the DeFi ecosystem specifically for access to tokenized real world assets. This suggests that RWA markets are drawing in a unique user segment distinct from existing crypto participants.

Trading and Fee BreakdownRWA-First wallets contributed $111.6 billion in trading volume during the period, accounting for 31.5% of total new-user trading activity. However, these users largely limited their activity to RWA products, reinforcing the notion that tokenized traditional assets can attract dedicated market participants.

RWA-First wallets generated $34.1 million in fees, representing 8.3% of the $412.6 million in new user fees. Over 80% of fees were attributed to Other-First wallets, indicating that long-standing crypto users contribute more platform revenue compared to RWA-focused newcomers.

Other-First wallets, typically crypto-native users, accounted for a significant proportion of RWA market volume by progressively diversifying their activity into these products. Specifically, DeFiLlama’s analysis found that crypto-focused users contributed 40% of RWA market volumes, while RWA-First wallets remained primarily active in their initial product segment.

Wallet TypeNumber of New WalletsTrading Volume ($)Fees Generated ($)Share of RWA VolumeRWA-First169,514$111.6 billion$34.1 million60%Other-First364,848Data not specified$378.5 million40%Product Expansion and Market WavesThe surge in RWA onboarding follows the launch of Hyperliquid’s HIP-3 framework in October 2025. This permissionless listing system allows qualifying market builders to introduce new perpetual contracts by staking 500,000 HYPE. The initiative expanded access to multiple asset classes, including equities, commodities, indices, and foreign exchange.

DefiLlama observed significant spikes in user adoption correlating with new market launches. For example, the S&P 500 perpetual market attracted over 38,000 unique wallets within eight days of opening. Similarly, in June, the introduction of a SpaceX pre-IPO market drove another onboarding wave.

Mini dictionary: HIP-3: A Hyperliquid framework enabling any qualified participant to create and list new perpetual futures markets for various asset classes, provided they stake the required amount of the HYPE token. This system removes centralized control from market listings, supporting broader user-driven innovation.

Despite robust user engagement, economic returns from RWA-First onboarding appear mixed. The research highlights that user acquisition and trading activity are increasing, while monetization remains centered on more established, crypto-native users who are active across multiple markets.

Outlook for Hyperliquid and RWAsLooking ahead, Hyperliquid’s growth in the RWA segment will likely depend on whether users initially attracted by tokenized traditional assets expand their involvement into broader market offerings. Current data signals that RWA markets are successfully enlarging DeFi’s user base, but the platform’s economic value hinges on encouraging cross-market participation.

Hyperliquid is a decentralized trading platform known for supporting perpetual futures across digital and tokenized real-world assets.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

Ondo Perps Adds $HYPE to Its RWA Derivatives Platform@OndoPerps has listed $HYPE perpetual futures, opening leveraged exposure to the @HyperliquidX ecosystem for traders who hold institutional-grade real-world asset collateral. The listing allows traders to go long or short on the native token of the Hyperliquid L1 with up to 10x leverage, around the clock.

Hyperliquid is a Layer-1 blockchain with an integrated decentralized exchange, most known for perpetual futures trading. $HYPE is the native token of the Hyperliquid network, used for securing the L1 and governance voting. The addition of $HYPE to Ondo Perps gives traders a way to gain directional exposure to that ecosystem without leaving the RWA collateral framework that Ondo has built.

How the RWA Collateral Model WorksThe listing reflects a broader design philosophy that sets Ondo Perps apart from most on-chain derivatives venues. Ondo's main differentiator is its collateral structure, which lets traders post tokenized securities rather than only stablecoins. Existing RWA perpetual markets force traders into an inefficient model where they can only post stablecoins as collateral, even if they already hold the tokenized asset. This double-collateralization means capital is locked up twice for the same economic exposure, limiting position sizing and doubling the cost of capital.

Ondo Perps uses a prime-brokerage-style design that lets traders use the tokenized equities or US Treasury tokens they already hold directly as margin, without selling them. By listing $HYPE within that framework, traders can now back a leveraged position on Hyperliquid's native token while continuing to earn yield from tokenized equity exposure held as collateral.

The move comes as Ondo, already a major issuer of tokenized US Treasuries and equities, works to build broader trading infrastructure amid growing Wall Street interest in tokenization and 24/7 markets. In the week of July 13, perpetual futures on real-world assets generated $25.1 billion in volume on Hyperliquid, representing 52 percent of the platform's $48.2 billion total and marking the first time RWA markets out-traded every crypto category on the venue combined. The $HYPE listing positions Ondo Perps at the crossroads of that momentum, combining crypto-native token exposure with an RWA-backed collateral layer.

Sources:
Ondo Finance: Introducing Ondo Perps
CoinDesk: Ondo drops blockchain plans for private high-speed trading network
Cryptopolitan: Ondo Finance prepares RWA perpetual contracts platform

Tokenized US Stocks Go Live on HyperliquidChainlink has confirmed that tokenized exposure to US stocks and ETFs is now available on Hyperliquid, marking a notable step in the push to bring traditional equity markets onchain. The integration is powered by xStocks and Chainlink's Cross-Chain Interoperability Protocol (CCIP), which handles the movement of supported assets across chains and into Hyperliquid's trading environment.

that now sit on Hyperliquid's spot trading infrastructure.

How the Integration Works

The setup means spot holders and perpetual traders can operate within the same ecosystem, rather than across separate platforms.

Chainlink frames the opportunity in broad terms. The $150+ trillion global equity market is moving onchain, the protocol said, pointing to growing institutional and retail demand for always-on access to equity exposure. Chainlink's infrastructure plays a critical role, providing price feeds to track the asset, Proof of Reserve to confirm backing, and CCIP to enable secure cross-chain transfers.

Sources
Crypto Briefing: Hyperliquid integrates xStocks tokens via Chainlink CCIP
Crypto Adventure: Hyperliquid Adds xStocks Spot Markets
xStocks: Introducing the xBridge