Kain Warwick ze Synthetix označil 50% podíl Hyperliquidu z poplatků pro externí tvůrce trhu za neudržitelný. Upozornil, že klesající tržby i buybacky HYPE ukazují, proč se to podle něj změní.
On Uneasy Money, the Infinex and Synthetix founder called Hyperliquid’s decision to hand outside market builders half of all trading fees “a bit crazy,” and argued that falling revenue and shrinking HYPE buybacks show why it will have to change.
Original Image Credits: ddRender / Shutterstock.com
Posted August 13, 2026 at 6:46 pm EST.
Hyperliquid lets outsiders spin up their own trading markets and keep half the fees they generate. On the August 12 episode of Unchained’s Uneasy Money, Kain Warwick, the founder of Infinex and Synthetix, argued that the arrangement cannot hold, and that the exchange will be forced to claw back the cut it now shares with those builders.
Hyperliquid’s HIP-3 system lets anyone stake 500,000 HYPE, worth about $28 million at current prices, to deploy a permissionless perpetual-futures market and keep up to half of the trading fees it generates. Those builder-run markets, most of them tokenized real-world assets such as stocks and commodities, have grown from roughly 2% of Hyperliquid’s volume at the start of 2026 to about half today, DefiLlama data shows.
A fee split Warwick calls ‘a bit crazy’ Warwick said he had watched the same fight play out at Synthetix, where market makers pushing to run the order books “always wanted it to be like 80/20,” and never got there. At Synthetix, “the highest it ever got to was like 30%,” he said on the show, adding that outside parties asking for a bigger share always arrive with a sob story about how expensive and difficult the work is. Against that history, Hyperliquid’s terms struck him as an outlier. “The fact that Hyperliquid has landed on 50% of the fees is a bit crazy,” he said on the podcast. “I can’t see how that’s sustainable.”
His reasoning was that Hyperliquid holds the pricing power. Builders can take their markets elsewhere, but “there is no competitor to Hyperliquid” itself, Warwick said on the show — the “mothership,” as he put it — so the exchange can lower the builder cut over time without losing the underlying venue. “I think 50% was an opening offer that probably is gonna change,” he said on the podcast.
Revenue and buybacks are falling as usage climbs The numbers behind the segment show why the split matters to HYPE holders. Hyperliquid routes nearly all of its own share of trading fees, about 99% excluding the builders’ cut, into an Assistance Fund that buys back the token, so a smaller protocol take means a smaller buyback. Gross revenue has fallen for four straight quarters even as trading volumes held up, sliding from roughly $357 million in the third quarter of 2025 to about $202 million in the second quarter of 2026, a 43% drop, DefiLlama data shows. Quarterly buybacks fell over the same span, from nearly $290 million to about $149 million.
Volume is barely down, Warwick noted, so the gap is a matter of who collects the fees rather than fewer fees being paid. The fees are “just going to different people,” he said on the show.
One builder holds most of the risk The open interest is heavily concentrated. A single builder, trade.xyz, accounts for more than 90% of all HIP-3 open interest, and tokenized real-world-asset perpetuals hit a record $3.6 billion in open interest in July, surpassing bitcoin’s open interest on the platform, DefiLlama data shows. Warwick’s concern cut both ways: the platform depends heavily on one counterparty, and that counterparty depends entirely on a protocol it does not control. “You never wanna be fully reliant on one platform,” he said on the show, noting that Hyperliquid could cut a builder’s fees, or absorb its markets, at any time.
HYPE recently traded around $57.66, DefiLlama data shows, below its June record of $76.67, with the protocol still burning tokens from daily fees.
Related Listen: Claude Found a 4-Year Zcash Bug. Now It Won’t Audit DeFi: Uneasy Money
AI-assisted content: This article was produced with the assistance of AI tools and was reviewed, edited, and fact-checked by a member of the Unchained editorial team before publication.
Hyperion DeFi vykázala ve 2. čtvrtletí rekordní čistý zisk 31 milionů USD, více než trojnásobek oproti 8,8 milionu USD v 1. čtvrtletí 2026. Hodnota jejích 2,04 milionu HYPE vzrostla na zhruba 133 milionů USD z 71 milionů USD.
Hyperion DeFi (Nasdaq: HYPD), the Nasdaq-listed DeFi company focused on the Hyperliquid ecosystem, reported record second-quarter net income of $31 million, more than triple the $8.8 million it earned in Q1 2026. The results, released on August 12, mark the second consecutive quarter in which Hyperion has set a new profit record.
HYPE Treasury Nearly Doubles in ValueThe company held 2.04 million HYPE tokens as of June 30, with gross holdings valued at approximately $133 million, up from $71 million at the end of Q1. The sharp rise reflects both additional token accumulation and a higher HYPE price during the quarter. Adjusted EBITDA came in at $53.7 million, up from $19.5 million in the prior period, driven primarily by $54.8 million in treasury gains. Staking yield contributed $527,000 for the quarter, a 69% increase, while yield-enhancement activities added a further $334,000, up 58%.
Hyperion describes its approach as a "Triple-Dip" strategy, combining a growing HYPE treasury, scalable DeFi businesses, and embedded economic upside in early-stage Hyperliquid builders. From Q3 2025 to Q2 2026, the company's adjusted gross profit grew 162%, while operating expenses excluding stock-based compensation fell 46%.
New Staking Partnerships Extend Ecosystem ReachAlongside the earnings release, Hyperion announced a HYPE Asset Use Service (HAUS) agreement with Entropy, an upcoming HIP-3 deployer, committing 500,000 staked HYPE tokens to the partnership. The company also confirmed a separate 500,000 HYPE commitment to Skew Technologies, which is building institutional perpetual futures markets and outcome-based products using Hyperliquid's HIP-3 and HIP-4 infrastructure. Under the Skew agreement, Hyperion receives equity in the company as well as a share of listing-service revenues. Skew's private beta had already attracted more than 40,000 unique sign-ups as of August 10.
The dual partnerships give Hyperion exposure to both HYPE price appreciation and on-chain network activity, consistent with its stated goal of building multiple revenue streams within the Hyperliquid ecosystem. The company reiterated full-year 2026 adjusted gross profit guidance of $5 million to $7 million, roughly five times 2025 levels, and said it expects operating cash flow to turn positive before year-end.
Hyperliquid otevřel přístup ke své Foundation provozované nízkolatenční datové infrastruktuře kvalifikovaným třetím stranám za standardizovanou cenu pod 1 000 USD měsíčně. Dříve přímý přístup vyžadoval staking 10 000 HYPE a status Tier 1 v maker rebates.
Hyperliquid opened access to its Foundation operated low latency data infrastructure to qualified third party infrastructure providers on Aug. 12, creating a cheaper route for trading firms and developers that previously faced demanding direct access requirements.
Summary
Hyperliquid opened Foundation low-latency node access to qualified infrastructure providers under a standardized pricing model. Provider pricing is currently indicated below $1,000 monthly, covering computing resources and outbound network traffic. Qualified providers need one year operating history, 100 customers, five networks, and 99.9% availability levels. Direct Foundation access previously required staking 10,000 HYPE and Tier 1 maker rebate qualification status. Providers may not offer faster dedicated lines to individual market makers under Foundation access rules. The new provider model uses a current reference price below $1,000 per month for access, covering compute and outbound traffic.
The change applies specifically to connectivity with the Hyper Foundation’s non validating node. Running an independent non validating node has always been permissionless, according to Hyperliquid’s documentation. Direct peer access to the Foundation node, however, previously required staking 10,000 HYPE and reaching Tier 1 in maker rebates, defined as more than 0.5% of 14 day weighted maker volume.
Hyperliquid Opens Low-Latency Data Nodes to Infrastructure Providers at Under $1,000 a Month
Hyperliquid Foundation has opened its low-latency on-chain data nodes to qualified infrastructure providers, allowing them to offer access at standardized pricing, currently indicated at… pic.twitter.com/LfSJuid2ZS
— Wu Blockchain (@WuBlockchain) August 13, 2026 Hyperliquid opens Foundation node access beyond major makers Qualified providers must have operated for at least one year, serve at least 100 customers and support five or more networks or protocols. They also need 99.9% node availability and cannot have been terminated by another network or foundation for a breach during the previous three months.
The commercial rules are designed to limit information advantages between customers. Providers must offer open access and nondiscriminatory pricing, scale automatically as access nodes increase and cannot provide faster dedicated connections to selected market makers. Reports of verified preferential treatment may qualify for a Hyper Foundation bug bounty.
The reference price is intended to cover computing resources and outbound traffic. The Foundation describes the figure as a current benchmark, meaning the sub-$1,000 level should not be treated as a permanently fixed price. Providers are also barred from turning Foundation peering into preferential infrastructure for an individual trading firm.
The change targets latency-sensitive trading infrastructure Hyperliquid’s Foundation non validating node is designed to provide reliable, low latency blockchain data. A non validating node follows network activity without taking part in consensus. Hyperliquid also maintains open source node software in its repository, allowing users to operate their own nodes.
The access change follows earlier adjustments to Hyperliquid’s public WebSocket feeds. In June, the network directed automated traders needing more order book levels or real time update streams toward non validating nodes. The new provider route gives smaller teams another path without independently satisfying the Foundation’s former staking and maker volume requirements.
The shift also comes as professional trading infrastructure around Hyperliquid expands. Gold-i said this week that MatrixNET had integrated direct non validating node connectivity, providing institutional clients fuller order book depth and faster, more granular market data than the standard API. Gold-i has not been identified as a participant in the newly opened Foundation provider program.
As previously reported, Hyperliquid controls an estimated 70% of onchain perpetuals volume, making data quality increasingly relevant for firms competing in its order books. Separately, the Foundation controlled share of staked HYPE fell to about 49.3% this year as the validator base expanded.
What happens next for providers and HYPE Infrastructure firms that meet the published requirements can compete to provide Foundation connected data access under the new service conditions. Hyperliquid has not announced a named list of approved providers or a fixed rollout schedule in the materials reviewed. The next test will be whether multiple providers emerge while maintaining the required availability and equal access standards.
Hyperliquid (HYPE) price chart, source: crypto.news The broader change is narrower than opening Hyperliquid’s validator set or matching engine. It lowers the barrier to a specific low latency data path while leaving independent non validating nodes permissionless. For smaller market makers and trading developers, access is therefore less dependent on holding a large HYPE stake or already commanding substantial maker volume.
Bitwise CIO Matt Hougan říká, že krypto vstupuje do éry, kdy se hodnota projektů víc posuzuje podle tržeb a jejich návratu držitelům tokenů. Hyperliquid, Uniswap i Aave už propojují poplatky s buybacky a burny.
TLDR: Hyperliquid generated over $800M in annual revenue, with about 99% of certain fees used to buy HYPE. Uniswap’s UNIfication activated protocol fees and included a one-time treasury burn of 100M UNI tokens. Aave spent about $42M buying over 205,000 AAVE in 10 months, equal to roughly 1.28% of total supply. Aave’s January 2026 revenue fell to $7.95M from $13.5M, prompting a proposal to cut annual buybacks to $30M. Crypto markets are increasingly being judged by a metric familiar to traditional businesses: how much revenue they generate and return to asset holders. Bitwise CIO Matt Hougan said in an Aug. 12 memo that this shift is weakening a long-running criticism of digital assets.
Historically, many networks could attract users, generate fees, and process billions in activity without creating direct economic benefits for native token holders. That model is changing as major protocols adopt buybacks, burns, and other mechanisms linking platform revenue with token economics.
Hougan’s argument does not equate crypto tokens with stocks. Instead, it highlights a clearer connection between protocol activity and token demand.
Hyperliquid and Uniswap Turn Protocol Fees Into Token Demand Hyperliquid provides the clearest example of the revenue model highlighted by Matt Hougan. Bitwise said the decentralized trading network generated more than $800 million in revenue last year.
The protocol directs roughly 99% of certain fee revenue toward purchasing HYPE, creating recurring token demand from trading activity. DefiLlama currently estimates Hyperliquid’s trailing-year revenue rate near $750 million, while monthly perpetual-futures volume recently reached about $190 billion.
The mechanism creates a measurable relationship between usage, fees, and token purchases. Instead of growth remaining separate from token economics, platform activity directly funds demand for HYPE through market purchases.
Uniswap has also strengthened that connection through its “UNIfication” overhaul. The governance proposal activated protocol fees and created a structure allowing collected fees to fund UNI burns.
It also included a one-time 100 million UNI treasury burn. That adjustment was significant as Uniswap had processed roughly $4 trillion in cumulative volume before the proposal was introduced. Previously, that activity did not produce a comparable direct value-accrual mechanism for UNI holders.
Aave Shows Why Revenue Alone Cannot Guarantee Token Value Meanwhile, Aave demonstrates the appeal and limits of revenue-based token analysis. The Aave DAO launched its buyback program in April 2025 and spent about $42 million purchasing more than 205,000 AAVE.
Those purchases represented approximately 1.28% of total token supply during the program’s first 10 months. However, a later proposal sought to reduce the annual buyback budget from $50 million to $30 million.
The proposal followed a drop in January 2026 revenue to $7.95 million from $13.5 million one year earlier. Aave then paused buybacks on April 19 after the rsETH incident to preserve treasury flexibility.
That decision showed why investors cannot treat protocol revenue as guaranteed token-holder cash flow. Governance decisions, security events, operating expenses, and treasury needs affect how much economic value reaches holders.
Regulatory conditions are also changing alongside these token models. SEC Chairman Paul Atkins, who took office in April 2025, has prioritized clearer rules covering crypto issuance, custody, and trading.
Still, revenue-generating tokens do not automatically give holders the legal rights associated with company shares. The shift is therefore centered on measurable value transfer rather than fees alone.
As Bitwise CIO Matt Hougan argues, revenue becomes more meaningful when token holders can clearly capture part of the economic activity a network creates.
Hyperliquid jedná s CFTC a SEC o tom, aby regulované firmy mohly nabízet perpetual futures na jeho blockchainu. Platforma loni vykázala čistý zisk přes 900 milionů USD.
Hyperliquid is reportedly lobbying U.S. regulators to open a pathway for regulated firms to offer perpetual futures on its blockchain, according to a report by The Information on Wednesday.
The news comes as market commentators point to improving fundamentals and institutional accumulation around the HYPE token.
Will HYPE Grab the Perps Market?Hyperliquid is engaging with the CFTC and SEC to allow U.S.-regulated companies to offer perpetual futures that trade and settle on its public blockchain, The Information reported.
The decentralized trading platform currently restricts U.S. users from accessing its services but is reportedly seeking no-action letters or new regulatory guidance that could allow its infrastructure to play a larger role in regulated U.S. markets.
The push comes as Hyperliquid’s underlying business continues to gain traction. The platform reportedly generated more than $900 million in profit last year.
In late July, VanEck’s Matthew Sigel highlighted Hyperliquid as an early leader and an example of crypto-native infrastructure expanding beyond digital assets.
He predicts HYPE to generate $800 million in annualized revenue.
Traders Debate if HYPE Is a BuyCrypto trader Michael van de Poppe highlighted HYPE as an asset worth watching during market weakness, arguing investors should focus on buying dips in assets that are gaining traction and have a strong narrative.
"HYPE has been one of those assets for almost a year," he said.
Arkham Intelligence data points to continued demand from Bitwise clients.
Bitwise-linked ETF clients have purchased more than $5 million worth of HYPE over the past week. The wallets tracked by Arkham have not sold any HYPE since last month and have only accumulated the token during August.
Trader Crypto McKenna sees an improving technical setup, noting that HYPE appears to be establishing a higher low following a deviation below its range low.
He also highlighted the upcoming AQAv2 launch at the end of August and increased fee flexibility for HIP-3 deployers as potential fundamental catalysts.
Altcoin Sherpa is also looking for accumulation opportunities but would prefer a deeper correction. He hopes to build a larger spot position if HYPE falls into the $40s. Currently, the setup does not offer attractive trading opportunities.
He added that the token does not currently offer an especially attractive active trading setup.
Price Action: Hyperliquid Strategies Inc (NASDAQ:PURR) is up 1.5% on the day, the 21shares Hyperliquid ETF (NASDAQ:THYP) is up 2.5%.
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Crypto.com spustila Tokenized Stocks, deriváty sledující cenu zhruba 1 500 amerických akcií a ETF pro uživatele mimo USA. Obchodování běží nonstop a startuje od 1 USD.
Summary Crypto.com launched tokenized derivatives tracking roughly 1,500 US stocks and ETFs for users outside America. The product relies on a MiFID license secured through the acquisition of Foris Capital and custody with Alpaca. Kraken, Binance, Robinhood, OKX and Hyperliquid already run competing tokenized equity products with different structures. Regulators shut down a similar Binance and FTX attempt in 2021 within three months of launch. Crypto.com opened access on Wednesday to a new product line called Tokenized Stocks, a set of derivatives that mirror the price of about 1,500 US-listed equities and exchange-traded funds. The rollout targets users in the European Economic Area and other approved jurisdictions outside the United States, letting them buy fractional exposure to names like Apple, Nvidia and Tesla, as well as commodity funds such as SPDR Gold Shares, starting from $1. The exchange built the offering on a Markets in Financial Instruments Directive license it picked up through its acquisition of Foris Capital, and it settles trades instantly on-chain rather than through the traditional two-day clearing window.
A $1 Token Buys Price Exposure, Not a Share Certificate The product does not hand buyers real shares. Each token is a derivative contract that tracks price movement without transferring legal or beneficial ownership, voting rights or any say in corporate governance. Holders can still receive dividend-equivalent payments that mirror the underlying company’s cash distributions, even though they hold no equity stake. Collateral backing the tokens sits with Alpaca, a US self-clearing broker-dealer that already underpins more than 90% of the tokenized US stock market industry-wide. Depending on where a user is based, the legal issuer is either Foris Capital CY Limited in Cyprus or Foris Capital MU Ltd, and the Cyprus arm operates under supervision from the Cyprus Securities and Exchange Commission.
Trading runs continuously, including weekends, and the promotional fee structure currently sets commissions at zero, though the exchange notes that other platform charges may still apply. CEO Kris Marszalek tied the launch to a $400 million investment from Citadel Securities that valued Crypto.com at $20 billion, framing the funding as proof that markets “shouldn’t have to sleep.”
Crypto.com Tracks Prices, Some Rivals Put the Real Share on Chain Crypto.com’s approach sits on one side of a structural split that now defines the tokenized equity market. Synthetic or derivative models, which Crypto.com and Kraken both use, map the price of a stock without putting the actual security on-chain. Issuer-sponsored models instead aim to register real common shares as blockchain assets, giving holders an actual claim on the company. If an issuer like Crypto.com or Kraken runs into financial trouble, a synthetic-token holder has a claim on collateral held by a custodian like Alpaca, not a direct claim on the underlying shares the way a real shareholder would.
Synthetic · MiFID
Crypto.com
~1,500
stocks and ETFs covered
Collateral held in custody with Alpaca
Token Wrapper
Kraken · xStocks
100+
stocks and ETFs, SPL on Solana
Proprietary Chain
Binance · bStocks
$500M+
market cap
Over 90% of volume trades outside Wall Street hours
Proprietary Wrapper
Robinhood
Arbitrum
EU retail focus
Built for a traditional-broker style interface
Liquidity Integration
OKX
40+
tokenized stocks
Secondary liquidity venue, not the issuer
Synthetic Perps
Hyperliquid · HIP-3
$633B
Q1 2026 trading volume
Hosted synthetic SpaceX trading ahead of its 2026 IPO
BaFin Shut This Down Once Already, in Three Months Flat This is not the industry’s first run at putting Wall Street on-chain. Binance and FTX both launched fractional stock tokens in April 2021, covering names like Tesla, Apple and Coinbase, through partnerships with European firms CM-Equity and Digital Assets AG. Neither exchange filed the securities prospectuses regulators expected, and Germany’s BaFin along with the UK’s Financial Conduct Authority moved quickly. Binance pulled the product just three months after it went live.
The current wave looks different on paper. Crypto.com built its launch around an actual MiFID license and regulated custody, and Kraken’s perpetuals run under similar regulatory cover. BaFin’s 2021 objection centered on the absence of a prospectus, not the token mechanism itself; Crypto.com’s MiFID license and Kraken’s regulated derivatives venue are built to satisfy that specific requirement.
Weekend Token Prices Called 92% of Monday’s Gaps Binance’s own research points to something specific: more than 90% of on-chain bStocks trading volume happens while US markets are shut. The exchange’s data found that weekend token pricing correctly anticipated 92% of the Monday morning gaps that later showed up on Wall Street. On-chain volume peaked between 20:00 and 24:00 ET, the start of the Asian trading day, while activity on Binance itself clustered around the US pre-market open. They are running continuous price discovery on assets that traditional exchanges only reopen five days a week, and traders elsewhere are watching those weekend moves for signals.
Hyperliquid pushes the same idea further. Its Layer-1 chain processes roughly 200,000 actions per second and lets external developers list perpetual contracts on equity indices, commodities and even pre-IPO companies through tools like trade.xyz. Synthetic trading for SpaceX tracked closely with the eventual valuation the company reached at its June 2026 listing, giving retail traders a way to price a private company months before it reached a public exchange. Hyperliquid cleared more than $633 billion in trading volume in the first quarter of 2026 alone and now competes with Binance for the position of the world’s second-largest perpetuals venue by open interest.
A $2.49 Billion Market Now Splits Five Ways Between Rivals The tokenized equity market has grown roughly sixfold over the past year to reach a $2.49 billion valuation, and Citigroup expects the broader tokenized securities category to reach $5.5 trillion by 2030, with $2.6 trillion of that coming from tokenized equities specifically. Crypto.com now competes directly with Kraken, Binance, Robinhood and OKX for retail flow in this category, and each platform is betting on a different structure to win users. Investors comparing these products need to look past headline asset counts and check whether they are buying a synthetic price tracker or something closer to real ownership, since the two carry different risk profiles if a platform runs into trouble. Regulatory scrutiny is also likely to intensify as volumes rise, given how quickly authorities acted the last time exchanges tried this without a full licensing framework behind them.
Hyperliquid míří na americký trh, ale jeho rozhraní zůstává pro uživatele v USA uzavřené. Podle zprávy za 2. čtvrtletí HYPE ve 2. čtvrtletí vzrostl o 79,2 %.
Hyperliquid is turning its attention toward the U.S. market, according to a recent report by The Information.
The push comes at an important moment for the crypto industry. Hyperliquid has grown into one of the largest venues for crypto perpetual futures.
U.S. regulators are simultaneously trying to determine how derivatives, decentralized exchanges and other on-chain financial products should fit into a regulatory system largely designed around centralized intermediaries.
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The question, therefore, is not simply whether Hyperliquid wants to enter the United States. It is whether the existing regulatory framework gives a decentralized protocol a workable way to do so.
U.S. prohibition?In practical terms, Hyperliquid's current trading interface is closed to U.S. users. The Hyperliquid blockchain itself has been declared illegal in the United States.
Hyperliquid is a permissionless blockchain. Its network and smart contracts are distinct from the website interface through which many users access the protocol.
Hyperliquid's terms of use identify people and entities located in or resident in the United States as "Restricted Persons" and prohibit them from using the interface.
Perpetual futures are its most important product. In the U.S., derivatives markets are subject to an extensive regulatory framework that has been developed by the CFTC.
The Hyperliquid Policy Center has made precisely this issue the centerpiece of its Washington strategy. The organization says it is seeking a "clear, regulated path" for Americans to access onchain markets.
The Policy Center was launched in Washington in February 2026 and is led by crypto lawyer Jake Chervinsky.
Hyperliquid's remarkable growth Hyperliquid has plenty of economic reasons to pursue the U.S. after it recorded remarkable growth.
According to the Q2 report cited in the recent report on Hyperliquid, HYPE rose 79.2% during the second quarter.
This is the second consecutive quarter in which HYPE substantially outperformed the broader crypto market.
The platform has become large enough that Washington can no longer simply ignore it.
At the same time, American users remain largely excluded from direct access to the derivatives upstart.
Hyperliquid usiluje o vstup na americký trh, přestože čelí regulačním překážkám. Kvůli souladu s předpisy zatím blokuje uživatele z USA na svém front-endu.
Hyperliquid, a decentralized perpetual futures exchange, is reportedly aiming to expand its operations into the United States despite ongoing regulatory challenges. The exchange, which currently blocks U.S. users from its front-end due to compliance issues, is seeking a path to offer on-chain derivatives within the U.S. market. This development comes amid pressure from established exchanges like CME Group and Intercontinental Exchange (ICE), which have urged U.S. regulators to impose tighter controls on Hyperliquid. The exchange’s policy arm has engaged in discussions with U.S. regulators, including a recent meeting with the SEC’s Crypto Task Force, indicating its intent to navigate the complex regulatory landscape.
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Key Takeaways Hyperliquid’s exploration of a U.S. expansion suggests a strategic initiative to tap into the American market despite existing regulatory barriers. The involvement of regulatory bodies like the SEC indicates that the exchange is actively seeking a compliant path for its services in the U.S. Market pricing suggests a cautious outlook, with the current odds of Hyperliquid reaching $100 by the end of 2026 standing at 13.5% YES. What to Watch Observers will be keen to see how U.S. regulators respond to Hyperliquid’s proposed expansion plans and whether they will require the exchange to adopt new compliance measures. Key developments to watch include any announcements from Hyperliquid regarding partnerships or regulatory approvals that could impact their market trajectory. Changes in the odds for Hyperliquid’s price targets, particularly any significant shifts, may indicate evolving market sentiment in response to these regulatory discussions.
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Term Structure
Contract Odds Δ since publish Volume 24h December 31 13.5% — — View market → January 1 2027 4.1% — — View market → January 1 2027 3.1% — — View market → January 1 2027 27.5% — — View market → January 1 2027 8.9% — — View market → January 1 2027 3.4% — — View market →
HYPE po návratu nad klíčový support a po nákupu velryby za 7,29 mil. USD drží kolem 55,39 USD. Na Hyperliquid zároveň debutovala platforma xStocks s tokenizovanými akciemi a ETF.
Key Highlights HYPE currently trades at $55.39 following a successful reclaim of critical moving-average support, positioning for a potential $57 breakout Technical analyst BATMAN reports HYPE bounced from its three-day MA and successfully recaptured a key support zone that was previously lost Major whale activity detected with $7.29 million HYPE purchase on Coinbase, indicating strong institutional confidence xStocks platform debuts on Hyperliquid, bringing tokenized stocks and ETFs with round-the-clock trading capabilities Platform destroyed $1.07 million in HYPE over 24 hours; cumulative burn reaches 47.62 million tokens, representing 4.76% of maximum supply The HYPE token from Hyperliquid is demonstrating fresh momentum following a technical recovery from its three-day moving average support. Currently, HYPE is valued at $55.39, registering a 1.5% gain over the last 24 hours, supported by a market capitalization of $13.96 billion and daily trading volume reaching $252.9 million.
Hyperliquid (HYPE) Price Technical analyst BATMAN highlighted on X that HYPE has successfully recaptured a support level that was previously breached, following its bounce from moving-average support. The token is currently retesting this reclaimed area, which traders view as critical for validating the sustainability of the current recovery.
Should buyers successfully maintain support at this critical juncture, technical projections suggest a potential advance toward $57. Market observers are awaiting confirmation signals before declaring a sustained upward breakout.
Significant whale activity has reinforced the bullish sentiment. Analyst Ted Pillows reported on X that a single large-scale buyer acquired $7.29 million worth of HYPE through Coinbase in a single transaction. Ted Pillows characterized the move as clear “Accumulation,” suggesting heightened conviction among major market participants.
xStocks Platform Introduces Tokenized Stock Trading on Hyperliquid The xStocks platform has officially launched on Hyperliquid, introducing tokenized equities and exchange-traded funds through HyperCore infrastructure. The initial rollout features five tokenized assets, selected based on their highest open interest within HIP-3 perpetual futures markets.
xStocks is now live on @HyperliquidX.
Our first deployment on HyperCore starts with a total of 5 tokenized equities and ETFs, including the leaders in open interest across HIP-3 perps.
24/7 liquidity. Meeting traders where they already are. With more assets to come. pic.twitter.com/c70lqRGOtB
— xStocks (@xStocksFi) August 10, 2026
This integration enables cryptocurrency traders to gain exposure to traditional financial markets continuously, eliminating restrictions imposed by conventional trading hours. The platform seamlessly connects tokenized equity products with Hyperliquid’s established derivatives infrastructure.
Sustained Token Burning Activity Continues From a fundamental perspective, Hyperliquid eliminated approximately $1.07 million in HYPE tokens within a 24-hour timeframe, as reported by Onchain Lens. During this same period, the platform generated approximately $1.45 million in fee revenue.
Total tokens burned have now reached 47.62 million HYPE, valued at approximately $2.63 billion based on current market prices. This burn volume accounts for 4.76% of the one billion token maximum supply.
The sustained burn rate demonstrates ongoing platform activity and utilization. When combined with the xStocks platform launch and increasing whale accumulation patterns, these metrics indicate a thriving and expanding ecosystem.
HYPE’s immediate price trajectory hinges on whether buyers can maintain control of the recently reclaimed support level and generate enough momentum to break above current resistance toward the $57 target zone.
Hyperliquid přidává do HIP-1 funkci scaleWei, která umožní deployerovi jedním atomickým krokem proporcionálně upravit zůstatky všech držitelů tokenu. Současně se automaticky přepočítají i otevřené objednávky.
Hyperliquid just gave its native token standard a feature that traditional finance has had for decades but crypto has largely lacked: the ability to cleanly split, redenominate, and proportionally adjust token balances without breaking everything in the process.
The upgrade introduces a deployer-controlled scaleWei function to the HIP-1 token standard, allowing atomic proportional balance transfers across all holders of a given token. Think of it as the on-chain equivalent of a stock split, except it also handles airdrops, dividends, repricing, and reverse splits, all executed in a single atomic operation on Hyperliquid’s Layer-1 blockchain.
What scaleWei actually does The scaleWei function sidesteps the traditional migration mess entirely. When a deployer triggers it, every balance of the referenced HIP-1 token gets scaled proportionally in a single atomic transaction. No migration contracts, no user action required, no liquidity fragmentation.
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Critically, open orders on Hyperliquid’s exchange are also automatically adjusted when the scaling action references the same token. That means a limit order sitting on the book doesn’t suddenly become nonsensical after a 2-for-1 split. The order’s size and price parameters get recalibrated to reflect the new denomination.
Who controls the lever Access to the scaleWei function is restricted to two categories: system addresses and signed vaults. In practical terms, this means only the original deployer of a HIP-1 token, or an authorized vault structure, can trigger a balance scaling event.
The function builds on HIP-1’s existing parameter set, which already includes weiDecimals, szDecimals, maxSupply, and genesis distribution mechanics. HIP-1 itself remains a capped-supply fungible token standard native to Hyperliquid’s L1, meaning these tokens aren’t ERC-20s living on Ethereum. They’re first-class citizens of Hyperliquid’s own chain, with the exchange’s order book integrated at the protocol level.
The RWA play becomes more obvious Recent equity-related spot listings on the platform have already signaled the direction of Hyperliquid’s positioning toward tokenized real-world assets. With scaleWei, a deployer managing a tokenized equity on Hyperliquid can now execute a proportional distribution, like a dividend paid in the same token, by simply scaling all balances upward. A reverse split works the same way in the opposite direction. The atomic nature of the operation means there’s no window where some holders have been adjusted and others haven’t.
Where this fits in the broader upgrade timeline The scaleWei addition is part of a broader sequence of protocol enhancements. The platform’s upgrade path has included HIP-1 through HIP-4, each addressing different aspects of the protocol’s functionality. HIP-1 established the foundational capped-supply fungible token standard, while subsequent proposals have layered on additional features including liquidity bootstrapping, permissionless perpetual market creation, and prediction markets.
The initial market response has been muted, with no significant price movement on the back of the announcement.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Klienti Bitwise za poslední týden nakoupili HYPE za více než 5 milionů USD a od konce července nic neprodali. I přes 14% pokles ceny za posledních 30 dní zůstává HYPE od začátku roku o 118 % výše.
Bitwise’s ETF clients spent more than $5 million on Hyperliquid’s HYPE token in the past week and have not sold any holdings since July. Despite a 14% decline in HYPE’s price over the last 30 days, the token remains up 118% since the start of the year.
Ongoing accumulation and market signalsBlockchain analytics platform Arkham reported that Bitwise ranks among the largest HYPE ETF issuers and has not sold a single HYPE token since the end of July. All August transactions conducted by the firm and its associated investors were purchases, according to Arkham Explorer. This data represents on-chain activity and is not an official statement from Bitwise.
While the recent investment amount is relatively minor compared to the broader crypto sector, Arkham pointed out that the accumulation trend is significant. Consistent buying by a major player often signals increasing confidence in the token’s underlying fundamentals.
Arkham highlighted that a firm consistently acquiring tokens sends a markedly different message than one balancing outflows against inflows.
As traders watch the market’s shifting dynamics, timely access to live data and multi-functional tools becomes essential. In a market where a single Fed decision or a sudden altcoin listing can change everything in seconds, jumping between different apps for charts, news, and portfolio tracking is costing investors money. Smart traders are now utilizing privacy-first tools like CryptoAppsy to consolidate everything. Without even the hassle of creating an account, you get real-time charts, smart price alerts, coin-specific news, and critical macro data all on one screen.
Bitwise launches Hyperliquid ETF on NYSEBitwise debuted its Hyperliquid ETF (BHYP) on the New York Stock Exchange in May 2026. Trading began a day after its May 14 launch. The company stated that this was among the first spot Hyperliquid products available in the United States and featured a unique staking capability managed through Bitwise Onchain Solutions.
As of April 1, 2026, Bitwise reported $11 billion in assets under management. The company set a sponsor fee of 0.34% for the ETF but waived all fees for the first month on investments up to $500 million.
Matt Hougan, Chief Investment Officer at Bitwise, described Hyperliquid as “one of the most compelling investment opportunities in crypto today,” crediting the platform’s underlying architecture for channeling trading activity directly to token holders.
European expansion and product featuresBitwise also expanded the HYPE product to Europe with the listing of the Bitwise Hyperliquid Staking ETP (BHYP) on Deutsche Börse Xetra on April 9, 2026. Bradley Duke, Head of Europe at Bitwise, described the listing as a timely addition to the firm’s European offerings and said it is the company’s seventh such product.
The European ETP tracks the Kaiko HYPE Reference Rate LDNLF index and carries an annual expense ratio of 0.85%. It targets a 1.00% net staking reward, with a third of staking rewards kept by Bitwise to cover operational costs. Staking revenue is collected daily and compounded, increasing each investor’s overall crypto holdings over time.
Token mechanics and trading impactCoinbase Institutional characterized HYPE as a token that behaves more like a claim on exchange revenue rather than a purely DeFi asset. In a March 5, 2026 note, Coinbase researchers detailed that the Hyperliquid protocol channels its fees into an Assistance Fund, which converts 97% of this revenue into buybacks of the HYPE token, effectively reducing the circulating supply. Coinbase estimated annualized protocol fees at approximately $1 billion.
Demand and transaction flows are key for HYPE’s ongoing price movement. Hyperliquid recorded $2.9 trillion in trading volume in 2025, representing a year-over-year increase exceeding 400%, and currently accounts for about 60% of global on-chain derivative open interest, according to Bitwise. With a market value above $11 billion, HYPE ranks as the tenth-largest cryptocurrency by market capitalization.
Whether Bitwise continues accumulating HYPE through August is expected to be reflected first in Arkham’s blockchain data.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
xStocks Goes Live on Hyperliquid's Core Exchange Layer@xStocksFi has launched on @HyperliquidX's core exchange layer, starting with five tokenized equities and ETFs. The initial assets are already leading open interest across Hyperliquid's stock perpetuals, with the project indicating that more assets are planned.
The tokens provide economic exposure to the underlying equities rather than direct ownership, a structure common across the tokenized-equity sector. The instruments are designed to provide price exposure only, not direct ownership of shares, and are not available to US persons.
Companies like Backed Finance (xStocks) and Ondo Finance create tokenized stocks backed 1:1 by real shares held in regulated custody. KYC is required at the issuer level for primary mints but not for secondary trading, which is why Backed cannot serve US persons.
A Crowded But Growing Venue for Tokenized StocksxStocks is not the first tokenized-equity provider to arrive on Hyperliquid. Ondo tokenized stocks can be transferred from BNB Chain and Ethereum to Hyperliquid's HyperEVM via the Ondo Bridge, powered by LayerZero, bringing tokenized stocks and ETFs such as SPYon, NVDAon, and TSLAon to the platform. Holders of Ondo tokenized stocks and ETFs can pair long tokenized spot exposure with perpetual positions on applicable markets, unlocking strategies such as basis trades, funding arbitrage, and delta-neutral positioning. Dinari's dShares have also been available on Hyperliquid.
The xStocks launch adds another distribution point for a product that has scaled quickly since it first appeared on Solana and centralised exchanges. The platform has recorded more than $3.5 billion in on-chain activity from over 80,000 unique on-chain holders. xStocks hold 8 of the top 11 positions for tokenized equities by unique holders, accounting for 68% of the top 25 tokenized stocks by unique holders as of February 2026.
The broader tokenized-equity market has expanded rapidly in parallel. CoinGecko's RWA Report 2026 shows total RWA perps volume reached $524.8 billion in Q1 2026 alone, more than the $313.0 billion recorded for all of 2025. Platforms including Hyperliquid, via HIP-3, and Binance offer up to 20x leverage on these instruments.
The Hyperliquid listing extends xStocks' multi-venue strategy. Leading crypto platforms including Bybit, Gate.io, and others have already integrated xStocks, bringing tokenized US equities to retail investors, professional traders, and institutional clients worldwide.
Sources:
Markets Media: Ondo Brings Tokenized Stocks to Hyperliquid
Kraken Blog: xStocks Surpass $25 Billion in Total Transaction Volume
CoinGecko: What Are Tokenized Stocks
Hyperliquid nově podporuje tokenizované americké akcie přes Chainlink CCIP a na spotu přidává alespoň 10 xStocks. Mezi registrovanými tickery jsou i AAPLx a NVDAx.
Hyperliquid, the Layer 1 blockchain that has quietly built one of the most active decentralized exchanges in crypto, now supports tokenized US equities through an integration with Chainlink’s Cross-Chain Interoperability Protocol (CCIP). The move brings xStocks, which are 1:1 backed tokenized versions of US stocks and ETFs, onto Hyperliquid’s spot trading infrastructure.
How the plumbing works Chainlink’s CCIP serves as the connective tissue between Hyperliquid and the broader multi-chain ecosystem. The protocol handles cross-chain token transfers through a burn-and-mint mechanism, meaning tokens aren’t just copied across chains. They’re destroyed on one side and recreated on the other, keeping supply in check.
Hyperliquid runs two layers: HyperCore, a custom-built order-book engine, and HyperEVM, an Ethereum Virtual Machine compatible environment. CCIP bridges the gap between HyperCore’s native tokens and ERC-20 tokens on HyperEVM, allowing assets from other chains to plug into Hyperliquid’s trading system.
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The cross-chain infrastructure also leverages xBridge, which initially focused on Ethereum-to-Solana transfers before expanding to support Hyperliquid. Together, CCIP and xBridge create a pipeline for tokenized assets to move across chains and land on Hyperliquid’s spot markets.
At least 10 xStocks tickers have registered for spot trading on the platform following auction processes, according to community reports. Tickers like AAPLx and NVDAx give users direct exposure to the underlying equities without leaving the DeFi ecosystem.
What xStocks actually are xStocks are tokenized representations of US equities and ETFs developed by Backed Finance, which is part of the Kraken Group. Each token is backed 1:1 by the corresponding underlying asset, meaning one AAPLx token represents one share of Apple stock held in reserve.
Until now, Hyperliquid was primarily known for perpetual futures trading, where it has carved out a dominant position among decentralized exchanges. Adding tokenized equities to its spot markets represents a meaningful expansion of its product surface area.
Why this convergence matters The CCIP integration on Hyperliquid has been live since July 2025, giving the infrastructure several months to stabilize before the xStocks rollout gained traction.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Hyperliquid rozšiřuje nabídku trhů a většinu poplatků směruje do zpětných odkupů HYPE, což může zvyšovat poptávku po tokenu. Platforma nově přidala spotové a predikční trhy.
Hyperliquid, a decentralized perpetuals exchange and Layer 1 blockchain, is reportedly expanding its market offerings, which may drive demand for its native token, HYPE. According to a tweet from Delphi Digital, new market launches on Hyperliquid increase demand for HYPE as the platform channels most of its fees into HYPE buybacks. This development aligns with Hyperliquid’s latest expansion into spot and outcome prediction markets, adding more fee-generating venues. The platform’s buyback mechanism, which routes up to 99% of protocol fees to HYPE purchases, plays a significant role in this process.
The expansion of Hyperliquid’s markets and the associated fee mechanism appear to support the potential for increased demand for HYPE. Market pricing reflects a cautious optimism about Hyperliquid’s price prospects, with current predictions for reaching $100 by the end of 2026 priced at 11% YES. The market has seen fluctuations, with the YES percentage slipping from 18% a week ago to 11% now, suggesting some uncertainty among participants.
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Hyperliquid’s growth strategy includes the implementation of HIP-3 and HIP-4 initiatives, encouraging builders to deploy new markets by staking significant amounts of HYPE. This strategy aims to broaden the platform’s appeal and revenue streams, potentially affecting market sentiments and price predictions for HYPE.
Key Takeaways Hyperliquid’s market expansion appears to increase demand for HYPE by directing most fees into buybacks. Market pricing suggests cautious optimism for HYPE reaching $100 by December 31, 2026, currently at 11% YES. The introduction of HIP-3 and HIP-4 initiatives could indicate further growth and demand for HYPE. What to Watch Watch for Hyperliquid’s future announcements regarding partnerships or new market launches, as these could influence price predictions. Regulatory developments or security issues could impact sentiment and pricing. Observing changes in sub-market odds and volume could provide further insights into market confidence regarding Hyperliquid’s price trajectory toward the $100 mark by the end of 2026.
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Term Structure
Contract Odds Δ since publish Volume 24h December 31 11% — — View market → January 1 2027 4.1% — — View market → January 1 2027 2.9% — — View market → January 1 2027 29.5% — — View market → January 1 2027 9.7% — — View market → January 1 2027 3.4% — — View market →
HYPE čelí silnějšímu prodejnímu tlaku po vkladu velryby 37,39 tis. HYPE za zhruba 2,03 milionu USD na KuCoin. Spot Netflow dosáhl přibližně 1,24 milionu USD, což zvyšuje nabídku na burzách.
Hyperliquid [HYPE] faced intensifying selling pressure following a $2.03 million KuCoin whale deposit, as positive netflows strengthened exchange-side supply concerns.
The exchange-bound transfer increased available supply while HYPE attempted to stabilize following its broader decline. The whale deposited 37.39K HYPE, worth approximately $2.03 million, to KuCoin six hours earlier.
The same wallet also transferred 290.75K USDC, worth roughly $290.65K, to Kraken one hour earlier. However, the HYPE transaction carried greater significance because it directly increased exchange-bound token supply.
Exchange deposits often expand immediately tradable supply, although they do not confirm completed sales. Therefore, the transaction strengthened distribution concerns rather than proving the whale had already sold. More importantly, broader spot flows supported the same direction, giving the transfer stronger bearish context.
Spot inflows strengthen the selling case Exchange flows had already shifted toward the supply side as the whale moved HYPE onto KuCoin.
Spot Netflow reached approximately $1.24 million at press time, confirming inflows exceeded outflows during the latest recorded period. Previously, HYPE had registered substantial negative netflows, including several pronounced outflow spikes around late July.
Those readings reflected tokens leaving exchanges and reduced the immediately available exchange supply. However, the latest positive reading marked a change from that withdrawal-heavy activity.
The whale’s $2.03 million deposit reinforced the shift because both metrics pointed toward increased exchange availability. Although one positive session could not erase previous outflows, current conditions clearly favored incoming supply.
Thus, the latest exchange activity gave sellers a stronger near-term position. Continued positive netflows would increase pressure on buyers to absorb additional HYPE supply.
Source: CoinGlass Whales stay active as retail participation cools Large traders had maintained their presence while broader market participation weakened across HYPE’s spot market.
The Spot Average Order Size registered Big Whale Orders, highlighting continued activity from larger market participants.
Meanwhile, the Spot Volume Bubble Map was cooling, pointing toward weaker participation across the wider spot market. This divergence gave whales greater influence over HYPE’s immediate market direction.
Notably, exchange activity provided a bearish direction to their growing influence. Positive spot netflows reached $793.92K, while one whale deposited $2.03 million in HYPE to KuCoin.
Therefore, whale activity increasingly favored the supply side as broader participation cooled. Retail demand appeared less capable of counterbalancing incoming exchange supply under those conditions.
Unless broader participation strengthens, whale-driven exchange inflows could keep sellers dominant and restrict HYPE’s recovery.
Source: CryptoQuant Improving MACD gives HYPE a recovery chance Despite stronger supply pressure, HYPE defended $53.67 and preserved an opportunity for another recovery attempt.
Price reached approximately $54.65 after rebounding from the lower area of its descending structure. Yet, the descending trendline continued restricting upside progress below the $57.10 resistance.
MACD had improved during the rebound, adding some technical support for buyers. At press time, its line reached -1.93, above the -2.23 signal line, while the histogram climbed to 0.30. Both MACD lines remained below zero, however, leaving the broader recovery unfinished.
RSI had reached 43.42, above its 39.57 average, but remained below the neutral 50 threshold. A sustained recovery could challenge $57.10 and potentially expose $62.48 afterward. Failure around resistance would keep $53.67 vulnerable, while a breakdown could reopen $51.09.
Source: TradingView Final Summary HYPE exchange inflows and whale activity currently give sellers the stronger near-term position. Holding $53.67 keeps recovery alive, but $57.10 remains the crucial upside hurdle.
Nově vytvořená peněženka vložila na Hyperliquid 3,56 milionu USDC a otevřela 4x long na 36 000 XMR v hodnotě asi 14,33 milionu USD. Cíl zisku je mezi 475 a 516 USD.
Someone really likes Monero right now. A newly created wallet dropped 3.56 million USDC onto Hyperliquid, the decentralized perpetual exchange, and immediately opened a leveraged long position on 36,000 XMR tokens. At entry prices hovering between $395 and $400, the notional value of the trade clocks in at roughly $14.33 million.
The trader then set a take-profit ladder between $475 and $516, suggesting they’re expecting XMR to rally another 20% to 30% from current levels.
Breaking down the trade The position uses approximately 4x leverage, meaning the trader’s $3.56 million in deposited collateral is controlling a position worth more than four times that amount.
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On-chain analytics from Lookonchain first flagged the whale activity on August 10, 2026. The wallet in question appears to have been created specifically for this trade, which is a common pattern among large traders looking to keep their broader portfolio activity under wraps.
XMR has gained nearly 10% over the past week, trading in a range between $393 and $402 after breaking through a descending trendline that had been capping price action.
Hyperliquid is a decentralized exchange specializing in perpetual futures that operates on its own Layer-1 blockchain to facilitate on-chain order books and leveraged trading. Perpetual futures allow traders to bet on price movements without actually buying the underlying asset — you’re trading a synthetic contract that tracks XMR’s price, settled in stablecoins, with leverage available to amplify exposure.
This distinction matters for Monero in particular. XMR has been delisted from several major centralized exchanges over the years due to regulatory concerns around its privacy features, making it harder to trade in traditional spot markets. Perpetual futures on platforms like Hyperliquid offer an alternative route for traders who want exposure without navigating the shrinking list of venues that still support direct XMR trading.
A pattern of whale interest This isn’t the first time a large trader has taken a sizable XMR position on Hyperliquid. Earlier in 2026, a similar whale trade surfaced involving a $2.27 million USDC deposit used to open a 2x leveraged long on Monero. The current trade is significantly larger in both collateral and leverage.
The take-profit range of $475 to $516 would represent a roughly 19% to 29% move from the entry zone. At 4x leverage, a 25% adverse move would wipe out the collateral entirely without intervention.
With spot market access becoming increasingly restricted, decentralized perpetual exchanges are absorbing a growing share of XMR volume. That means XMR’s price discovery is happening less on order books where actual coins change hands and more on synthetic markets where stablecoins serve as the medium of exchange. Hyperliquid, which operates without traditional KYC requirements for most users, is a natural landing spot for that flow.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Robinhood rozšířil britskou aplikaci o více než 50 kryptoměn včetně Bitcoin, Ethereum, XRP a Hyperliquid. Současně spustil AI nástroj Cortex Digests for Crypto pro vysvětlování pohybů trhu.
Robinhood has expanded its UK investing app into crypto, giving eligible customers access to more than 50 digital assets while adding an AI-powered tool to explain market moves.
UK customers can now buy and sell more than 50 cryptocurrencies, including Bitcoin, Ethereum, XRP and Hyperliquid, through Robinhood’s main app. The service operates through Bitstamp UK, the crypto exchange Robinhood acquired for $200 million last year.
The company said there are no trading, custody or account maintenance fees. Customers will instead pay a 0.1% foreign exchange fee when converting currencies, while some weekend conversions carry a 0.3% fee.
The rollout follows Robinhood’s registration with the Financial Conduct Authority (FCA) on July 31. Bitstamp UK is also FCA-registered. Crypto assets held through the service are not covered by the Financial Services Compensation Scheme or the Financial Ombudsman Service.
Cortex brings AI into crypto tradingAlongside the trading launch, Robinhood is introducing Cortex Digests for Crypto. The generative AI feature reviews breaking news, market data, technical indicators and Robinhood’s own insights to explain what may be driving price movements.
The vision is to give users a simple market summary without making them dig through multiple sources.
Robinhood expands its crypto ecosystemThe company is also pushing its blockchain business through Robinhood Chain, a Layer 2 network built using Arbitrum technology. Robinhood said the network has recorded more than $18 billion in decentralized exchange trading volume and over $840 million in total value locked since its July 1 launch.
Developers, including those in the UK, can build applications on the network.
UK rules will tighten furtherRobinhood’s launch comes before the UK’s new crypto authorization regime. Applications are expected to open in September 2026, with the new framework scheduled to take effect in October 2027. Robinhood’s current FCA registration will not replace the authorization required under that future system.
The UK expansion also comes as Robinhood’s crypto transaction revenue fell 38% year over year to $100 million in Q2 2026. Still, total revenue rose 32% to $1.31 billion, while prediction-market revenue reached $156 million.
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Hyperliquid má open interest na nových maximech, ale příjmy podporující token HYPE klesají už čtyři čtvrtletí kvůli sdílení poplatků s externími vývojáři. RWA perpetuals sice táhnou aktivitu, část výnosů ale odtéká mimo protokol.
The numbers don’t line up the way they used to. Hyperliquid’s open interest has climbed to fresh highs, but the revenue that backs its HYPE token has dropped for four consecutive quarters. The culprit is a deliberate strategic choice: a fee-sharing program that shunts half the platform’s volume—and the fees that come with it—to outside builders. It is a tradeoff that worked for growth but is now thinning the direct income stream that market participants once took for granted.
According to the original report, the gap between surging activity and shrinking revenue traces back to a program that incentivizes third-party developers to route volume through the exchange. This approach has undoubtedly helped Hyperliquid lock in market share, especially in the increasingly crowded market for crypto perpetuals. But it has introduced a direct friction between volume metrics and the bottom line. The exchange’s own earnings—and by extension the value accrual mechanism for HYPE—are getting diluted at the very moment the platform looks busiest.
The rise of real-world asset perpetuals on Hyperliquid adds another layer. Traders have flocked to the synthetic exposure RWA perps offer, pushing open interest to records. But much of that volume now migrates through external integrations that claim their share of fees before any revenue touches the protocol’s treasury. The fee-sharing split is designed to be generous enough that builders prefer Hyperliquid over competing venues, but it means the platform’s own cut shrinks in real time. At a time when real-world asset tokenization is booming and attracting institutional capital, that tradeoff is especially visible.
Hyperliquid’s model is not an isolated case. Derivatives exchanges across DeFi have been wrestling with how to balance volume incentives against revenue that can be returned to token holders or used for protocol buybacks. Many platforms have chosen short-term volume sops that eventually force a reckoning. Hyperliquid is simply hitting that tension earlier than expected. The fee split doesn’t just lower current earnings; it also introduces uncertainty about what a normalized revenue level might look like if and when the incentives are dialed back. Market participants who value HYPE based on platform income are now trying to price that unknown.
A Structural Gap, Not a Cyclical One The decline in revenue isn’t a product of falling trading interest. It’s a direct consequence of the protocol’s architecture for attracting order flow. More volume doesn’t automatically translate into more protocol-level value when half of it is never captured in the first place. The open interest figures can create a misleading picture of platform health if they are read in isolation.
Revenue that once fed token burns, staking rewards, or buybacks is now being siphoned into an ecosystem of external developers. That ecosystem may strengthen the broader Hyperliquid network, but it doesn’t strengthen the token’s direct cash-flow story in the same way. This is similar to the kind of tension that has appeared on other fee-sharing exchanges, where the market eventually demands clarity on whether volume incentives are a temporary growth hack or a permanent feature.
What HYPE Holders Are Missing The expectation that platform revenue accrues to the token is a powerful narrative in DeFi, and it has been central to HYPE’s value proposition. When that link weakens, the fundamental story shifts. Traders and token holders who bought into HYPE partly on the thesis that rising volumes would boost its real yield now face a more complicated reality. The volume is there; the yield is not.
In decentralized perps markets, liquidity and composability often attract an initial wave of users, but sustained token demand depends on more than just headline metrics. If the fee-sharing program remains the default, HYPE’s economic model may need to be rethought. It’s not just about a few quarters of declining revenue—it’s about whether the current growth path can ever restore a direct line from user activity to token value without disrupting the developer incentives that got it there in the first place. As the uncertain regulatory outlook for decentralized derivatives platforms continues to complicate long-term planning, the margin to recalibrate economic models becomes narrower.
The RWA Perpetuals Wildcard Hyperliquid’s RWA perpetuals market is still nascent, but its speed of adoption has outpaced the platform’s ability to capture value from it. The flood of new users trading tokenized commodity and equity exposure has been a gift for growth, yet the beneficiary has been the broader funnel of builders rather than the protocol treasury. That could change if the fee-sharing terms are eventually adjusted, but any adjustment would need to be calibrated carefully to avoid pushing volume toward competitors who are ready to offer equally attractive splits.
What’s left is a question of market structure. Can a venue reliant on external developers to drive order flow ever capture enough native revenue to satisfy token holders who demand both growth and value capture? Hyperliquid’s four-quarter revenue slide suggests that the market isn’t sure. The coming quarters will test whether the protocol can shift its economic levers without losing the volume that made it a contender. For now, the gap between open interest and income is the one number that truly matters.
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Hyperliquid has never traded more contracts, and it has never kept a smaller share of the money those contracts earn
Open interest, the total value of leveraged positions traders hold at one time, climbed to just above $11 billion on July 13, the platform's highest in 2026. Hyperliquid’s perpetual futures volume over the past 30 days ran to nearly $178 billion. Hyperliquid now settles roughly 9% of all open perp positions worldwide, centralized exchanges included, up from under 7% in late May.
But the platform’s revenue has gone the other way. Gross protocol revenue peaked at roughly $357 million in the third quarter of 2025 and has fallen every quarter since, to nearly $295 million, then roughly $217 million, then about $202 million in the second quarter of 2026, DefiLlama data shows. That is a 43% drop from the top, booked while the trade count climbed.
Hyperliquid Improvement Proposal (HIP-3) helps explain why Hyperliquid is keeping less of the activity it attracts. Since October 2025, anyone who stakes 500,000 HYPE, worth about $28 million at current prices, can deploy their own perpetual futures market on Hyperliquid's order books and keep up to half the trading fees.
At the start of 2026 these builder-deployed markets were about 2% of Hyperliquid's perp volume. They are now roughly half of it.
The pass-through shows up in the accounts. Cost of revenue, the portion of fees Hyperliquid hands straight back to builders, market makers and its own liquidity vault, was under 6% of gross revenue in the second quarter of 2025. A year later it was 18%.
Builder code fees, which front-ends like Phantom charge on top for routing an order, arrived at roughly $16 million of revenue in the second quarter and left as roughly $16 million of cost in the same quarter. Every dollar of it passes through.
Traders keep showing up because of what those builder markets list. Real-world asset perps, contracts on things like crude oil, gold, Nvidia, Tesla, a Nasdaq-100 tracker and pre-IPO names like SpaceX, hit a record $3.6 billion in open interest this month and overtook bitcoin as the platform's largest market by that measure.
Between July 13 and July 19, tokenized stocks and commodities did $25 billion in volume, 52% of the weekly total, outpacing crypto perps for the first time. The contracts settle in stablecoins, never expire, and trade through the weekend when the New York Stock Exchange is shut. A product such as leveraged Nvidia exposure, at 2 a.m. on a Sunday, has few other homes.
That growth sits largely on one set of shoulders. Trade.xyz accounts for more than 90% of all HIP-3 open interest, which means Hyperliquid's record numbers depend on a single deployer's oracle choices, margin settings and risk management.
The risk in that arrangement showed earlier this week on Monday, when a single trade on a thin Korean pre-market venue dropped Trade.xyz's SK Hynix contract 19% and triggered liquidations the firm has since agreed to reimburse.
Hyperliquid routes about 97% of trading fees into its Assistance Fund, which buys the token on the open market and retires it, taking roughly 44.5 million HYPE out of the total supply so far. The buyback is a fixed share of earnings, so it contracts when earnings contract. The fund bought nearly $290 million of HYPE in the third quarter of 2025. In the second quarter of 2026 it bought roughly $149 million, close to half as much.
HYPE traded near $55 on Friday, down 5% on the week and roughly 28% below the June 16 record near $77, CoinDesk data show. Annualized earnings of about $785 million put the token at roughly 16 times its circulating market value and about 70 times fully diluted.
Institutional holders including Multicoin Capital and Bitwise have moved sizeable amounts of HYPE to exchanges over the past month.
The ecosystem around it is thinner than a top-15 ranking suggests. Of the 48 tokens CoinGecko tracks in the Hyperliquid category, HYPE accounts for almost all of the value. The next two, Ethena's USDe at about $4.5 billion and USDT0 at roughly $4 billion, are stablecoins issued elsewhere and bridged in. The largest natively built token is PURR at about $53 million, under half a percent of HYPE. The market still values HYPE largely on Hyperliquid’s exchange economics rather than a broad base of native applications.
Supply and regulators press from the other side. Nearly 10 million HYPE unlocked to core contributors on Aug. 6, about $550 million at current prices, one of a monthly series running through 2027 against a circulating supply of only 222 million.
Spot HYPE ETFs posted their first weekly outflow in the week to July 17, roughly $7 million, ending a nine-week inflow run. Singapore's MAS added the platform to its investor alert list in late June, following earlier U.K. warnings, and CME and ICE executives have pushed the CFTC to review its commodity perps.
Meanwhile, competition has arrived from an unexpected direction. Robinhood Chain, the brokerage's month-old network, has been clearing more than $600 million in daily decentralized-exchange volume on memecoin trading, and by some measures now draws more daily speculative activity than Hyperliquid does.
None of which is the same as saying the business is failing. ARK research put Hyperliquid and Pump.fun together at 67% of all crypto application revenue as of July 31, and Grayscale has compared the platform to Amazon Web Services, a place where outside developers build the products while the operator takes a cut of everything traded.
That comparison contains the problem. Hyperliquid booked roughly $45 million in gross revenue through the first four weeks of the third quarter. Hold that pace and the quarter lands near $150 million, a fourth straight decline, and the bid under HYPE thins with it.
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Building the Zcash Machine: Tachyon and Quantum Readiness
Building the Zcash Machine: Tachyon and Quantum Readiness
Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.
Jun 30, 2026
Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.
Why it matters:
Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.
Hyperliquid překročil 263 419 aktivních obchodníků s perpetual futures a nyní tvoří až 69 % všech denních on-chain uživatelů perpetualů. Open interest se drží mezi 8,97 mld. a 10,55 mld. USD.
Hyperliquid has crossed 263,419 active perpetual futures traders, a number that would have been unthinkable for a decentralized exchange just two years ago. The platform now accounts for up to 69% of all on-chain perpetual daily active users.
Perpetual futures are the single most traded instrument in crypto. They let traders bet on price movements with leverage and no expiration date.
The numbers behind the dominance Open interest on Hyperliquid sits between $8.97B and $10.55B. Monthly active traders have topped 274,000 in recent snapshots, suggesting the 263,419 figure represents a consistent baseline rather than a spike.
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The platform offers more than 300 perpetual and spot markets spanning crypto, commodities, and indices. Traders can access synthetic exposure to traditional assets around the clock, something legacy markets still can’t offer without significant infrastructure.
Hyperliquid runs on its own Layer-1 blockchain, using a custom consensus mechanism called HyperBFT. Everything happens on-chain and non-custodially, which means traders hold their own keys throughout the process.
From quant desk to crypto infrastructure The platform was founded in 2023 by Jeff Yan, who previously worked as a quantitative trader at Hudson River Trading, one of Wall Street’s most prominent high-frequency trading firms. That pedigree shows up in Hyperliquid’s design philosophy: capital efficiency, low latency, and the kind of order book mechanics that institutional traders expect.
The HYPE token launched through a community airdrop in 2024, a distribution method that avoided the typical venture capital unlock schedule that tends to create persistent sell pressure. The token powers governance, staking, and fee mechanisms across the ecosystem.
Why perpetual futures keep eating crypto Hyperliquid’s rise has coincided with increased regulatory scrutiny of offshore centralized platforms. As governments tighten rules around entities like Binance and OKX, traders who want fewer counterparty risks and more transparent execution have gravitated toward decentralized alternatives.
Traders can get exposure to commodities or equity indices at 3 AM on a Sunday through Hyperliquid’s support for tokenized or synthetic perpetuals on traditional assets. This 24/7 availability, combined with high leverage options, makes Hyperliquid particularly attractive to active traders.
Hyperliquid’s decision to build a dedicated Layer-1 rather than deploy on an existing chain has given it performance advantages that application-layer protocols struggle to match. Protocols like dYdX and GMX continue to iterate on their own perpetual products against this backdrop.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
A memecoin factory just out-earned one of crypto’s most hyped derivatives exchanges. Pump.fun, the Solana-based token launchpad that lets anyone spin up a memecoin in seconds, posted $33.73 million in 30-day revenue, according to DeFiLlama data, surpassing Hyperliquid’s $32.73 million over the same period.
The $PUMP token responded accordingly, climbing roughly 12% to trade near $0.0027 with a market capitalization of approximately $1.055 billion.
The numbers behind the flip Pump.fun’s total fees over the 30-day window reached $84.35 million, while Hyperliquid collected $47.14 million in fees during the same stretch. The gap between fees and revenue for each protocol reflects their different economic models. Pump.fun converts a larger share of its fee intake into protocol revenue, while Hyperliquid distributes more of its fees back to liquidity providers and stakers.
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The TVL comparison tells a different story entirely. Hyperliquid sits on $6.041 billion in total value locked across its Layer 1 and Arbitrum deployments. Pump.fun holds $251.4 million, almost entirely on Solana. That means Pump.fun is generating more revenue per dollar locked by a factor of roughly 24x.
Historical data shows multiple instances where Pump.fun has outpaced Hyperliquid on daily and weekly revenue metrics. The monthly flip just makes the pattern harder to dismiss as noise.
How Pump.fun built its revenue engine Pump.fun launched in early 2024 and quickly became the go-to platform for memecoin creation on Solana. Its bonding-curve mechanism lets anyone deploy a token with built-in liquidity, no coding required. The platform’s cumulative lifetime revenue has reached $1.231 billion.
For comparison, Hyperliquid’s cumulative lifetime revenue sits at $1.188 billion. The memecoin launchpad has now surpassed the derivatives exchange on both trailing 30-day and all-time revenue metrics.
What this means for the competitive landscape The contrasting fee structures deserve attention from anyone allocating capital between these ecosystems. Pump.fun’s higher fee-to-revenue conversion rate means more value accrues directly to the protocol and, by extension, to token holders. Hyperliquid’s model redistributes more value to participants, which makes it stickier for power users but less immediately profitable as a protocol investment.
A protocol generating over $33 million in monthly revenue against a $1 billion market cap gives $PUMP a price-to-revenue multiple that looks attractive compared to many DeFi tokens trading at far higher valuations on thinner revenue streams.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
As the crypto market continues to show mixed price actions, Hyperliquid's development team, Hyperlabs, stirred reactions across the crypto market following a recent unlocking of HYPE tokens.
According to recent data shared by crypto analytics platform Lookonchain, Hyperlabs has unlocked a total of 433,025 HYPE tokens and has been dumping them on major crypto exchanges.
Is Hyperlabs selling?Following HYPE's current trading price, the total amount of tokens unlocked by the team is worth over $23 million, drawing attention from market watchers.
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Although the massive unlocking of the tokens does not reflect a bearish signal, the move became concerning after the team began to deposit portions of the unlocked tokens to exchanges like OKX and Flowdesk.
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While deposits to exchanges potentially indicate an intention to sell, the move has sparked speculation across the crypto community, although the team has yet to give further details about the purpose of its move.
With the move perceived as being bearish for HYPE's potential price move, it appears that momentum is cooling after the rapid price surge seen earlier this week.
HYPE supply pumpsBy unlocking some of the Hyperliquid tokens into circulation, the team has added to the supply of HYPE available in the market and could create additional selling pressure amid the ongoing market volatility.
Nonetheless, there are suggestions that the team may not have sold the tokens it unlocked, as exchange deposits do not solely confirm that Hyperlabs has sold the assets.
Market analysts predict that there is a good chance the team may have deposited the tokens for liquidity management or other operational purposes.
Hyperliquid za posledních 24 hodin spálil HYPE za 1,28 milionu USD po příjmech z poplatků ve výši 1,65 milionu USD. Nabídka se dál utahuje, i když HYPE pokračuje ve dvoudenní korekci.
Hyperliquid’s [HYPE] deflationary model is gathering pace despite HYPE extending its two-day correction.
According to the recent reports, the protocol burned $1.28 million worth of HYPE over the past 24 hours after generating $1.65 million in fees.
Lifetime token burns have now reached 47.53 million HYPE, equivalent to $2.68 billion, highlighting stronger long-term holding and fewer tokens changing hands.
The combination points to a steadily tightening supply backdrop , which could in turn translate into bullish signals in the long run.
Has the burn rate affected the network supply? The impact on the burned tokens is already visible on the market. According to the recent data, Hyperliquid’s circulating turnover has fallen to a weekly average of 2.9%.
The latest burn is turning out to be revenue-driven, meaning higher protocol activity continues removing HYPE from circulation.
At the same time, the sharp decline in circulating turnover suggests holders are keeping their positions instead of rotating supply back into the market.
Source: Token Terminal Reduced token availability has historically supported bullish trends when demand remains stable. The same turn of events could be developing for HYPE. Moreover, given that the derivatives and supply metrics remain supportive despite the recent price weakness.
On contrary, the token trading volume have flattened at around $230 million after a week of steady gains. This could be the result of many traders playing averse as they wait for a potential rejection at around $54 before they chip in to join the trend.
Source: Santiment Can bulls reverse the correction? On the daily chart, the token’s bollinger bands have widened indicating the current increased market volatility.
However, the token is still trading below the key 20 SMA and its Stochastic RSI is currently at an overbought region at $86.21, increasing the likelihood of further short-term bearish run.
Since retesting the 20 SMA at around $56.65 yesterday, the token has recorded consecutive days of bearish run.
Source: TradingView However, with the overall long-term structure still leaning bullish and the token supply reducing, the token could be on a short correction to clear the liquidity cluster worth over $1.53 million at $54.22 before resuming its long-term bullish structure.
Notably, the price level lies within the market gap between $52 and $55 on the daily chart, a zone that the token price action is likely to retest to collect unfilled orders before resuming it long-term bullish trend.
If HYPE bulls defend the demand zone, a continuation of the bullish rally back to $60 will be more than likely to materialize.
Hyperliquid Policy Center vyzývá CFTC, aby zvážila perpetual futures jako zajišťovací nástroj i pro komoditní firmy. Tvrdí, že by mohly doplnit tradiční futures a lépe sedět na průběžnou expozici.
7 August 2026 | 18:20 Hyperliquid’s policy arm is pushing regulators to consider whether perpetual futures, best known for crypto trading, could also work as hedging tools for businesses exposed to commodity prices.
Key Takeaways Its proposal centers on giving businesses additional hedging options alongside traditional futures contracts. Agricultural markets provide a demanding test because farmers and merchants use derivatives to manage real operating risks. Public blockchains could streamline collateral and settlement, but liquidity and market protections would still determine whether the products are useful. In an August 7 submission connected to the Commodity Futures Trading Commission’s July 29 Agricultural Advisory Committee meeting, the Hyperliquid Policy Center focused on product choice, the CFTC’s gradual approach to perpetual futures and the potential role of public blockchains in derivatives markets.
The committee represents agricultural producers, merchants and other businesses that use derivatives to manage costs and revenues tied to their operations. Its July meeting examined risk-management tools for agricultural users alongside 24-hour trading and newer derivatives products.
Bringing perpetual futures into that discussion puts the structure in front of businesses with very different needs from crypto traders. The question for regulators is whether it can offer a useful hedging alternative in markets where derivatives protect operating margins.
Hyperliquid Policy Center CFTC submission letter. Why Would a Farmer Need a Perpetual Future? Traditional futures contracts expire. A farmer, commodity merchant or food producer that wants to remain protected against price changes beyond the life of a contract has to close or roll the position into another maturity.
A perpetual future removes the fixed expiry date. The position can remain open while a funding mechanism helps keep its price aligned with the underlying market.
That could suit companies with continuous exposure to commodities. A business that regularly buys energy, grain or another input may want to maintain protection for an extended period without repeatedly moving into a new contract.
Traditional futures remain useful when their expiration dates align with a harvest, shipment or scheduled purchase. A December contract, for example, may suit an exposure that also ends in December.
Perpetuals would give businesses another option when the risk they are managing does not fit neatly into a fixed maturity.
24-Hour Trading Is Useful Only If Liquidity Follows The CFTC is also examining longer trading schedules. In his remarks to the Agricultural Advisory Committee, CFTC Chairman Michael Selig focused on giving farmers and producers efficient tools for managing price uncertainty.
Commodity prices can move while US exchanges are closed. Weather events, geopolitical developments, energy shocks and overseas trading can all affect markets outside normal domestic sessions.
Longer trading hours could allow companies to adjust hedges sooner when those events occur.
Liquidity remains the complication. Thin overnight trading can mean fewer counterparties, wider spreads and larger price moves from relatively small orders. Under those conditions, a 24-hour perpetual contract could offer worse execution than a traditional future during its most active trading hours.
Keeping a market open around the clock only helps if enough participants are there to trade. Commercial users, market makers and other counterparties still need to provide sufficient depth.
Public Blockchains Could Change the Market Infrastructure Derivatives markets require collateral transfers, position reconciliation and settlement of gains and losses between participants. Public blockchains could handle some of those processes on infrastructure that operates continuously and can be independently verified.
Faster collateral movement and systems that remain available outside traditional banking hours could be useful to commercial participants. This may be especially relevant for perpetual contracts, where positions stay open and collateral requirements can change as prices move.
The Hyperliquid Policy Center has also argued that regulators should distinguish public blockchain infrastructure from financial businesses that take custody of customer assets or intermediate transactions.
Agricultural derivatives offer a practical setting for that argument to be tested. Any advantage would need to appear in areas businesses already care about, including collateral efficiency, settlement speed and access during volatile market periods.
The Policy Push Also Serves Hyperliquid’s Broader Strategy Hyperliquid has its own stake in how regulators treat perpetual futures and onchain derivatives.
Hyperliquid Policy Center describes itself as an independent research and advocacy organisation focused on creating a regulated US path for onchain finance. When it launched, the Hyper Foundation committed 1 million HYPE tokens to support its work, according to the organisation’s official launch announcement.
A regulatory framework that accommodates perpetual futures and public blockchain infrastructure could give platforms built around those markets more opportunities to compete with established derivatives venues.
The campaign also comes as Hyperliquid faces growing competitive pressure. JPMorgan has recently argued that regulated US perpetual products could narrow the platform’s advantage, while HYPE ETF demand has weakened. Our earlier analysis explains why JPMorgan sees growing competition as a test for Hyperliquid and HYPE.
That gives the policy effort a broader strategic importance. Expanding the regulatory role of perpetual futures could increase the number of markets where onchain derivatives platforms are able to compete.
The Real Test Is Whether Businesses Actually Use Them Perpetual futures already have a long trading history in crypto. What remains uncertain is whether companies managing commodity and other commercial exposures would find the same structure worthwhile.
Farmers, merchants and producers will judge these products on hedging costs, liquidity, collateral requirements and their ability to respond when markets move.
If perpetual futures improve those areas, they could earn a place alongside established derivatives products.
If they do not, regulatory approval may expand where the contracts can trade without creating much demand from the businesses the CFTC’s agricultural committee represents.
Methodology: This article uses the Hyperliquid Policy Center’s August 7 submission relating to the CFTC Agricultural Advisory Committee’s July 29 meeting, official CFTC meeting materials and Hyperliquid Policy Center disclosures. The analysis focuses on the practical implications of perpetual futures, continuous markets and public blockchain infrastructure. Disclaimer: The article is provided for informational and educational purposes only and does not constitute financial, legal or investment advice. Regulatory policy and derivatives-market rules may change as the CFTC considers new products and public comments. Author
Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
Hyperliquid čelil obávanému unlocku 6. srpna 9,92 milionu HYPE, ale tým si nárokoval jen asi 22,65 milionu USD, nikoli 620 milionů USD. HYPE se po události držel kolem 55,83 USD k 7. srpnu 2026.
Three weeks ago we wrote that a date was hanging over this token. August 6. Roughly 9.92 million HYPE unlocking for core contributors, something like $620 million at the time, and every nervous holder selling first and asking later. The date came. The tokens released. And then the thing nobody was pricing: the team’s committed claim came to about $22.65 million. Not $620 million. Twenty-two.
HYPE trades at $55.83 as of August 7, 2026, up 0.7% over 24 hours, per CoinGecko. Market cap sits near $12.3 billion. The token is about 27% below its June 16 all-time high of $76.67, and it is still sitting in the top handful of most-viewed coins on the board, which is what happens when a market spends a month waiting for a specific Thursday.
The shadow was bigger than the monster Here is what actually matters about yesterday, and it has almost nothing to do with the price.
An unlock releases tokens. It does not sell them. We hammered that distinction in July when Arbitrum’s release went to a DAO treasury and landed with a thud instead of a crash, and the same principle just got its second demonstration in three weeks. Per Tokenomist’s tracking, the August 6 tranche was structurally modest in practice: the committed claim represented a small fraction of a percent of unlocked supply, well under what the full whitepaper schedule would have permitted.
Translation for anyone who sold in July out of unlock fear: you sold into a shadow. The monster arrived, blinked, and went back to bed.
That is not a victory lap for HYPE holders, and it should not read as one. Two things stayed true through all of it. The token is down 27% from June. And an unlock that lands softly today does not unlock softly forever; the vesting calendar keeps running, monthly, and each release adds to a float that has to be absorbed by something. Soft landings are a pattern, not a promise.
The number nobody quotes Everyone quotes the market cap. Almost nobody divides it by anything.
Hyperliquid generated roughly $1.86 million in fees in the last 24 hours, with about $1.39 million of that landing as protocol revenue. Annualize the revenue line and you get somewhere near $500 million a year. Put the $12.3 billion market cap over it and HYPE trades at roughly 24 times annualized revenue.
Sit with that for a second, because it is the whole argument in one ratio.
If you told a traditional equity investor about a business growing fast, dominant in its category, trading at 24 times revenue, they would call it expensive but not insane. Now consider the peer group. The overwhelming majority of tokens in the top hundred have no revenue at all to divide by, and the ones that do rarely route it anywhere near holders. HYPE’s entire premium exists because the exchange makes money and the token has a mechanical claim on it. That is rare enough that it explains both the valuation and the volatility: you are holding something with an actual multiple, which means the multiple can compress.
That is the honest bear case, stated in the bulls’ own language. Twenty-four times revenue is not cheap. It is a price that assumes the volumes keep coming.
Where the levels stand We named $56 as support on July 17 and $60 as the reclaim that would end the concern. HYPE is at $55.83. The first number broke, barely, and has spent weeks being fought over rather than abandoned. Call it what it is: a floor that leaks.
Above, $60 is unchanged as the line that would put the token back in an uptrend rather than a grind. Below, the round $50 is the level nobody wants to discuss and everybody watches. In between is where this has lived since the June top, and the unlock everyone thought would break the range did not break it.
What is actually different now Two things landed in the last few weeks that were not true in July, and both cut in the same direction.
A Tokyo-listed company, Eole Inc., disclosed a HYPE position, becoming the first Japanese public company to hold the token. Corporate treasury buyers are slow money; they do not trade the unlock calendar. Against that, JPMorgan noted that inflows into HYPE-linked exchange-traded products have stalled as competition mounts, which takes some air out of the institutional-drip story we highlighted in July when the streak was running.
So the picture is not “institutions are coming” and it is not “institutions left.” It is both, at once, in different rooms of the same building. One buyer type is arriving with a multi-year horizon while another has slowed to a crawl. Anyone telling you which one wins has better information than the tape does.
Bottom Line The date that scared this market for three weeks came and went, the team claimed a small fraction of what the headline number implied, and HYPE closed the week roughly where it started. The lesson is the one this site keeps repeating and the market keeps relearning: read the label on an unlock, not the size of it. The rest of the picture is unchanged and unsentimental. A dominant exchange, real revenue, a 24 times multiple that leaves no room for a bad quarter, a leaky floor at $56, and a calendar that brings another release next month. The monster was smaller than its shadow this time. Next time is a separate question, and it deserves its own answer.
This article is for information only and is not investment advice. Crypto assets are extremely volatile and you can lose your entire stake. Always do your own research.
Frequently Asked Questions What is the Hyperliquid price today? HYPE trades at $55.83 as of August 7, 2026, up 0.7% over 24 hours, with a market cap near $12.3 billion and roughly 27% below its June all-time high of $76.67.
What happened with the August 6 HYPE unlock? Roughly 9.92 million HYPE unlocked for core contributors. Per Tokenomist tracking, the committed claim was far smaller than the full schedule allowed, around $22.65 million, so the actual supply hitting the market was a fraction of the feared headline.
Did the unlock crash the HYPE price? No. HYPE was up 0.7% the day after and roughly flat across the week. Unlocks release tokens rather than sell them, and much of this tranche was not claimed.
Is HYPE expensive at these levels? By revenue multiple, HYPE trades at roughly 24 times annualized protocol revenue based on about $1.39 million in daily revenue. That is a real multiple in a sector where most tokens have none, and it prices in continued volume growth.
What are the key HYPE levels now? $56 is the contested support, $60 the reclaim that would restore an uptrend, and the round $50 the level below. The token has traded inside this band since the June top.
When is the next Hyperliquid unlock? Hyperliquid runs monthly releases under its vesting schedule. Check the official documentation and a tracker such as Tokenomist for the next date and allocation before assuming another soft landing.
Hyperliquid Policy Center požádal CFTC o rámec, který by v USA povolil obchodování s on-chain perpetual deriváty pro občany USA. CFTC podle šéfa Mikea Seligy připravuje cílený rámec pro takové platformy.
The @HyperliquidX Policy Center has formally petitioned the U.S. Commodity Futures Trading Commission (CFTC) to establish a regulatory framework that would allow on-chain perpetual derivatives trading for U.S. citizens, marking one of the most direct regulatory pushes yet from a decentralized platform seeking access to American markets.
A First-of-Its-Kind Regulatory Push The move is notable for its directness. The Hyperliquid Policy Center is an independent research and advocacy organization dedicated to advancing a clear, regulated path for Americans to access onchain markets. Rather than sidestepping U.S. jurisdiction, as many decentralized platforms have done for years, the Center is asking regulators to build a framework that accommodates non-custodial, on-chain trading of $HYPE and other assets.
The Hyperliquid Policy Center was established in early 2026 with the explicit goal of advocating for regulatory clarity around onchain markets. Its petition to the CFTC is part of a broader effort that has also included a joint comment letter filed with Phantom Technologies. The two organizations urged the agency to update rules that currently keep American users walled off from onchain derivatives markets.
At the core of the proposal is a challenge to how legacy financial rules treat decentralized software. HPC and Phantom argue that simply building onchain trading software should not trigger registration requirements as an exchange or clearinghouse, and that non-custodial front-end providers like Phantom do not have to register as introducing brokers. The initiative also calls for decentralized clearinghouse protocols to be formally integrated into the U.S. derivatives ecosystem, enabling transparent, non-custodial trading without the intermediary structures that traditional regulations assume.
A Regulator Signaling Openness The CFTC, for its part, appears receptive to rethinking its approach. CFTC Chair Mike Selig has said the agency is crafting a tailored regulatory framework for on-chain perpetual derivatives platforms like Hyperliquid, noting that 1930s-era exchange rules are ill-suited to DeFi. Under the Trump administration, the CFTC has taken a more accommodating approach to regulating the crypto industry, most notably approving the first U.S.-regulated bitcoin perpetual futures contract in May and opening the door to bringing more perps onshore.
That regulatory opening has not been without controversy. The proposal lands while the CFTC faces legal action from CME Group, which sued the regulator in June after it approved perpetual futures products from platforms including Kalshi. CME argues that perpetual contracts should be classified as swaps rather than futures under the Dodd-Frank framework and claims the regulator bypassed the required legal process.
The Hyperliquid Policy Center's petition reflects a broader shift in how decentralized platforms are engaging with regulators. Rather than operating in legal grey areas, projects are increasingly seeking defined rules. As the regulatory conversation matures, the CFTC's response could set a precedent for how on-chain derivatives platforms gain, or are denied, access to U.S. liquidity.
Sources:
The Block: Hyperliquid Policy Center, Phantom urge CFTC to stop treating onchain protocols like traditional brokers
Crypto.news: Hyperliquid Policy Center and Phantom call for DeFi-specific CFTC regulations
CryptoRank: CFTC Chair signals regulatory path for on-chain perpetual platforms like Hyperliquid
HYPE se odrazil nad 56,80 USD po silných výsledcích za 2. čtvrtletí a zpětných odkupech za 141 milionů USD. Hyperliquid vykázal výnosy 169 milionů USD.
HYPE price climbed above $56.80 as strong quarterly revenue, token buybacks, and rising RWA trading activity helped it rebound from the $51 support area.
Summary
HYPE price gained 2.5% in 24 hours and traded about 3.7% higher over the past week. Hyperliquid generated $169 million in Q2 revenue, allocating $141 million to HYPE buybacks. The daily chart shows a potential breakout from a descending channel, but momentum is nearing overbought levels. Liquidation clusters at $57.20 and $55 could determine HYPE’s next short-term move. HYPE price rebounds from $51 support According to data from crypto.news, Hyperliquid (HYPE) price traded near $56.80 on Aug. 7, gaining about 2.5% over 24 hours after recovering from an early-August low around $51.20. The token reached an intraday high near $57.04 before buyers and sellers began competing around the $57 level.
The rebound has lifted HYPE roughly 11% from its weekly low, although its net seven-day gain remained closer to 3.7%. Trading volume stood near $250 million over the previous 24 hours.
The 4-hour chart shows HYPE establishing a sequence of higher lows after defending the $51–$52 region. Price has also moved above the Supertrend indicator, which currently provides dynamic support near $54.44.
Hyperliquid price 4-hour chart — Aug. 7 | Source: crypto.news The 4-hour relative strength index stood at 60.08, slightly above its signal average of 59.49. This reading points to improving buying pressure without placing HYPE in overbought territory on the shorter timeframe.
However, the token remains about 26% below its June record near $76.70. The broader chart therefore shows a recovery within a larger correction rather than a confirmed return to its previous uptrend.
Hyperliquid buybacks support the recovery The latest move followed the release of Hyperliquid’s second-quarter performance figures. The protocol reported $169 million in quarterly revenue and said $141 million was directed toward HYPE buybacks.
Hyperliquid also passed $1 billion in cumulative protocol revenue during the quarter. HIP-3 real-world asset perpetual contracts generated $213 billion in trading volume and represented 32.2% of activity in the category covered by the report.
RWA trading contributed 6.6% of total quarterly revenue, according to the Q2 figures. The data strengthened the view that Hyperliquid is expanding beyond crypto perpetual futures into tokenized commodities, equities and other traditional-market products.
Buybacks can support HYPE by creating recurring demand using protocol revenue. Still, their effect depends on whether platform trading activity and fee generation remain high enough to offset token sales and future supply growth.
HYPE’s fully diluted valuation stood near $54 billion, compared with a circulating market capitalization of approximately $12.6 billion. That gap remains a longer-term risk because only part of the maximum token supply currently circulates.
HYPE price faces $57.30 liquidation wall The daily chart shows HYPE attempting to move above the upper boundary of a descending channel that has guided price lower since early July. A sustained daily close above $57 would strengthen the breakout case.
Hyperliquid price daily chart — Aug. 7 | Source: crypto.news The Awesome Oscillator remained negative at -5.39, showing that the broader momentum structure has not fully turned bullish. Its histogram bars have nevertheless shifted higher, indicating that bearish momentum is weakening.
The Stochastic RSI presents a more immediate warning. Its two lines stood at 95.80 and 88.35, placing the indicator deep in overbought territory. That setup does not guarantee a decline, but it raises the chance of consolidation or a short pullback before another advance.
CoinGlass’ 24-hour liquidation heatmap shows the largest nearby liquidity concentration above the market at approximately $57.20–$57.35. A move through that zone could force leveraged short positions to close and push HYPE toward $58 and $60.
Hyperliquid liquidation chart | Source: CoinGlass Below the current price, another major liquidation cluster sits around $54.90–$55. Losing that area could accelerate a decline toward the 4-hour Supertrend support at $54.44. The next lower zones are $52 and the recent low near $51.
Analysts Split Over HYPE’s Next Target Crypto trader Altcoin Sherpa said HYPE may be building a bottom near its current range, although he expected the outcome to depend on wider market conditions.
“The level to watch is still $50; lose that and I think we see low/mid $40s in a slow fashion,” he wrote in an Aug. 6 post.
The analyst added that he remained constructive on HYPE over the longer term. His chart placed a broader demand zone across the low-to-mid-$40 region if the $50 floor fails.
HypeDojo offered a more bullish scenario, comparing the latest $51.50 bottom with the token’s earlier rebound from $52.50 to its June record. The trader projected a possible move toward $80 by the end of August.
Can we expect a $HYPE ATH in August??
In early and mid-June, we saw two $HYPE ATHs, and although there was a profile of an ATH in July, it ended with a Monthly High with the BTC Market Crash.
In early August, that means we are currently in a Bottom. After the first ATH in June,… pic.twitter.com/5bnrCMiibP
— HypeDojo (@HypeDojo) August 7, 2026 That target would require HYPE to clear several resistance areas, including $60, $64, $68 and the previous record around $76.70. The overbought daily Stochastic RSI also suggests that such a move may not develop in a straight line.
US competition adds risk to HYPE outlook JPMorgan analysts have warned that momentum in HYPE-linked investment products weakened after strong inflows during May and June. A reported 12-session outflow streak reached approximately $29.8 million through Aug. 3.
The bank also pointed to competition from regulated derivatives and prediction-market platforms, according to Blockhead. That risk is particularly relevant in the United States, where regulated venues are expanding access to perpetual-style contracts.
For now, the HYPE price outlook depends on whether buyers can convert the rebound into a confirmed daily channel breakout. A close above $57.30 would open a path toward $60, while rejection and a break below $54.40 would bring $52 and $50 back into focus.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
Eole Inc. se stala první veřejně obchodovanou japonskou firmou, která koupila HYPE za zhruba 66 000 USD. Firma chce navýšit držbu až na 100 milionů JPY.
Hyperliquid‘s native token, HYPE, is trading at $56.16 as the market eyes a crucial technical level, following the end of its long-term uptrend. Market observers are tracking the token’s push to reclaim its previous support, now turned resistance, with attention focused on whether HYPE can overcome this hurdle or face a deeper correction.
Technical indicators signal key test for HYPECrypto analyst Umair Orakzai stated that after breaking a persistent ascending trendline—which supported HYPE in its move from nearly $20 to $80 over six months—the token’s bullish market structure has been disrupted. According to Orakzai and other analysts, this breakdown suggests that selling pressure is beginning to outweigh recent buying momentum.
HYPE is now testing a former support level, which has emerged as resistance. The price’s latest rebound is coupled with falling volume, a sign that fresh buyers may be hesitant as sellers exert influence. Analysts suggest that if HYPE fails to exceed the $60 resistance, prices could slip further. However, a decisive move above $60 with robust trading volume could re-establish a bullish outlook.
Analysts point to the $60 resistance level as a critical point for a trend reversal or continuation, noting the relevance of trading volume in confirming any breakout.
Eole Inc. pioneers institutional HYPE investmentInstitutional interest in HYPE received a boost as Eole Inc., a company listed on the Tokyo Stock Exchange Growth Market, disclosed a significant entry into the asset. Eole acquired approximately 1,078 HYPE tokens for ¥10.1 million, or about $66,000, at the end of July. The company revealed intentions to expand its HYPE holdings to ¥100 million, equivalent to about $611,000.
InstitutionCurrent HYPE InvestmentPlanned HYPE InvestmentNative MarketEole Inc.¥10.1 million ($66,000)¥100 million ($611,000)Tokyo Stock Exchange Growth MarketEole Inc. describes itself as a Japanese technology and finance firm focused on leveraging new digital tools for long-term value. With this purchase, Eole became the first publicly listed company in Japan to acquire HYPE, highlighting growing institutional confidence in blockchain-based assets.
The company stated that its HYPE investment is part of its developing “Neo Crypto Bank” concept, an initiative aimed at applying blockchain and AI technologies to future financial services. Eole is exploring Hyperliquid’s high-speed network to facilitate automated trading, transactions, and autonomous finance, building on its existing exposure to Bitcoin.
Mini dictionary: Hyperliquid is a decentralized perpetual futures exchange with a focus on high-speed, low-latency trading infrastructure. Its native coin, HYPE, powers protocol functions including governance and transaction fees.
With a plan to raise its HYPE position to ¥100 million, Eole signals institutional commitment and broader adoption of digital assets within traditional financial markets in Japan.
Institutional momentum and HYPE’s outlookEole’s series of buy-ins is being closely watched by both traders and analysts, as consistent institutional participation can reinforce price support for HYPE and draw additional interest from other investors.
Observers note that while the current technical recovery is fragile due to thin volume, any fresh surge in institutional allocation—such as Eole’s planned purchases—could influence market confidence and direction.
HYPE’s price remains near $56, with traders awaiting a catalyst to define its next significant move.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
JPMorgan uvedl, že příliv do ETF na Hyperliquid v červenci a začátkem srpna téměř ustal po silném růstu v květnu a červnu. Za zpomalením vidí rostoucí konkurenci regulovaných krypto derivátových platforem a predikčních trhů.
JPMorgan says Hyperliquid ETF inflows have stalled as competition mounts. (Pixabay)Summary
JPMorgan said inflows into Hyperliquid ETFs have largely stalled in July and August after a surge earlier this summer.The bank attributed the slowdown to rising competition from regulated crypto derivatives platforms and crowded prediction markets.Despite the recent pause, Hyperliquid’s HYPE remains one of the fastest-growing crypto assets, ranking fourth in corporate crypto treasury holdings.Inflows into Hyperliquid (HYPE) exchange-traded funds (ETFs) have largely ground to a halt after surging in May and June, reflecting growing concerns over the protocol's competitive outlook, according to Wall Street bank JPMorgan (JPM).
The bank said Hyperliquid ETFs led non-bitcoin crypto funds in inflows relative to assets under management in May and June, though that momentum faded in July and early August.
“We see significant challenges to the market share of decentralized platforms such as Hyperliquid,” analysts led by Nikolaos Panigirtzoglou said in a Thursday report.
Hyperliquid has been one of crypto's biggest breakout stories this year, with its HYPE token surging as traders flocked to the protocol's decentralized perpetual futures exchange.
The rapid growth has turned Hyperliquid into one of the largest crypto ecosystems outside bitcoin and ether, attracting institutional capital, corporate treasury buyers and ETF issuers.
According to JPMorgan analysts, the cooling demand comes as decentralized derivatives platforms face mounting competition from regulated centralized exchanges.
The report said the rollout of U.S.-regulated crypto perpetual futures products could shift trading activity away from offshore decentralized venues such as Hyperliquid, which remain exposed to concerns around licensing, compliance and investor protections.
The analysts also pointed to intensifying competition in prediction markets, an area Hyperliquid is expanding into as it looks to diversify beyond perpetual futures trading, where transaction fees underpin much of the token's value.
The bank cautioned that while Hyperliquid has been one of crypto's standout performers this year, becoming the fourth-largest asset held in corporate crypto treasuries behind bitcoin BTC$64,391.36, ether ETH$1,905.33 and solana (SOL), whether it can continue gaining market share against larger rivals such as Solana and XRP remains uncertain.
Bitcoin and ether continue to dominate the crypto exchange-traded fund market with roughly $77 billion and $10 billion in assets under management, respectively, while ETFs tied to other cryptocurrencies, including Solana, XRP and Hyperliquid, collectively account for just $2 billion to $3 billion, the report added.
HYPE was trading more than 3% lower over the last 24 hours, around $55.30.
Read more: JPMorgan says fading Clarity Act odds weigh on crypto outlook
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
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The Evolution of the Crypto CEX Landscape: A Case Study on Binance
The Evolution of the Crypto CEX Landscape: A Case Study on Binance
Binance remains crypto’s leading exchange, expanding from spot and derivatives into RWAs, payments, savings, yield, and broader financial services.
Jun 29, 2026
Binance remains crypto’s leading exchange, expanding from spot and derivatives into RWAs, payments, savings, yield, and broader financial services.
Why it matters:
Binance remains crypto’s leading exchange, expanding from spot and derivatives into RWAs, payments, savings, yield, and broader financial services.
Tokenized real-world asset (RWA) trading now accounts for more than 33% of the trading activity on decentralized exchange Hyperliquid.
HIP-3 RWA perpetual contracts saw their share of trading volume increase to 32.2% during the second quarter of 2026, up from 20.7% in Q1 and 1.8% in Q4 of 2025. RWA trading volume reached $213 billion during Q2 on Hyperliquid, according to its quarterly report published on Wednesday.
Hyperliquid said that RWA trading generated 6.6% of the protocol’s quarterly revenue of $169 million. Of that $169 million, the platform said it returned $141 million to token holders through Hyperliquid (HYPE) token buybacks. Hyperliquid reported over $1 billion in cumulative protocol revenue.
RWAs became Hyperliquid’s largest trading category for the first time last month, when RWAs accounted for 52% of Hyperliquid’s total weekly trading volume between July 13 and July 19, reflecting growing demand for tokenized assets on the decentralized exchange.
At the end of July, RWA perpetual futures reached 99.2% of Bitcoin (BTC) perpetuals volume on Hyperliquid.
RWA holders increased 56% to 1.6 million investors over the past month, while the total value of onchain tokenized assets rose 3.3% to $37.8 billion, according to data provider RWA.xyz.
Magazine: How Hong Kong is turning tokenized bonds into real market infrastructure
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
Americké bankovní skupiny tlačí na FDIC, aby povinnosti proti praní peněz pro emitenty stablecoinů pokračovaly i po vydání tokenu. Kryptofirmy varují, že by to mohlo vytlačit regulované stablecoiny z DeFi.
Two of the most influential U.S. banking trade groups are pressing the Federal Deposit Insurance Corporation to extend anti-money laundering obligations for stablecoin issuers well beyond the point of token issuance, setting up a direct clash with crypto industry groups over how far compliance duties should reach.
Banks Push for Broader Compliance Perimeter The Bank Policy Institute (@bankpolicy) and The Clearing House Association (@TCHtweets) filed a joint comment letter on the FDIC's proposed rule to implement Bank Secrecy Act and sanctions compliance standards for FDIC-supervised permitted payment stablecoin issuers. Their submission arrived as the agency's comment window closed on Tuesday.
The banking groups' position is clear: AML obligations should not stop at issuance. BPI and The Clearing House emphasized the meaningful gaps in AML/CFT obligations in the secondary market for payment stablecoins, arguing that most illicit activity occurs there and that current requirements fail to impose sufficient AML obligations on secondary-market actors such as DeFi firms, certain digital asset custodians, and exchanges.
Crypto Side Warns of DeFi Consequences Crypto investment firm Paradigm (@paradigm) and the Hyperliquid Policy Center (@HyperliquidPC) warned U.S. regulators that proposed stablecoin AML rules could push regulated dollar tokens away from permissionless DeFi if issuers are made responsible for secondary-market activity.
In their letter, the two groups argued that the proposal could expose stablecoin issuers to liability for secondary-market transactions they cannot directly control, with their core concern being that issuers may be held responsible for activity taking place through public blockchain smart contracts, even when those issuers do not know the users involved and cannot stop the transaction in real time.
The two groups argued that regulators should separate primary issuance, where issuers have direct customer relationships, from secondary-market activity, where stablecoins move through wallets, decentralized finance apps, and validators outside an issuer's direct control. A wallet address "that simply holds or transfers" a stablecoin should not be treated as an issuer customer, they argued, and developers, protocol operators, and validators should be protected from issuer-style obligations when they have "no direct relationship with the issuer."
According to the two groups, extending strict issuer liability to the secondary market through smart contracts would create "impossible obligations," forcing issuers to launch stablecoins only on permissioned networks and effectively pulling regulated dollar stablecoins out of DeFi, creating a vacuum quickly filled by unregulated offshore alternatives. Unclear rules are described as "especially serious" for validators, as they could be read to cover infrastructure operators on networks such as Ethereum, Solana, and Hyperliquid, potentially pushing U.S.-based staking and infrastructure building offshore.
The FDIC now proceeds to draft a final rule with both camps firmly on record. The outcome will have broad consequences for how dollar-pegged tokens are deployed across open blockchain networks.
Sources:
Bank Policy Institute: BPI and The Clearing House Comment on FDIC's BSA and Sanctions Proposal for Stablecoin Issuers
Decrypt: Paradigm, Hyperliquid Policy Center Push Back on GENIUS Act Stablecoin AML Rule
FinanceFeeds: Hyperliquid Policy Center and Paradigm Push Treasury on AML Rule
Hyperliquid ve 2. čtvrtletí zvýšil objem obchodů i počet traderů, ale nižší poplatkové trhy stlačily výnosy protokolu o 6,6 % na 169,37 milionu USD. HYPE se zároveň odrazil k rezistenci 57–58 USD.
5 August 2026 | 14:18 Hyperliquid processed more volume and attracted more traders in Q2, but lower-fee markets took a larger share of activity, leaving protocol and holder revenue below the previous quarter.
Key Takeaways HYPE now faces stacked resistance near $57-$58. HIP-3 captured 32.2% of matched quarterly volume. June delivered Hyperliquid’s strongest revenue since November. Assistance Fund holdings reached 45.56 million HYPE. Team claimed only 4.3% of quarterly entitlement. Outcome markets generated volume but almost no fees. HYPE Tests a Stacked Resistance Zone When the chart was captured on August 5, HYPE traded near $57, up approximately 3.9% during the session. The rebound brought the price into two technical barriers at once: the 0.5 Fibonacci retracement and the 100-day simple moving average near $58.
The overlap makes the $57–$58 area a decision point rather than a confirmed breakout. Both levels previously acted as barriers, increasing the risk that buyers lose momentum before establishing support above them.
HYPE rebounded into the $57–$58 resistance zone, where the 0.5 Fibonacci retracement and 100-day SMA converge. Chart: TradingView, August 5, 2026. A daily close above the zone followed by a successful retest would improve the structure. The next major resistance sits around $62–$63, where the 50-day SMA was positioned near $62.5. Above that, the broader resistance area near $65 would return to focus.
Until the breakout is confirmed, a rejection remains possible. The first important support sits around $52, where buyers stopped the latest decline. Losing that area would expose the lower support near $47.
The daily RSI had recovered to approximately 47.5, showing improved momentum during the rebound but no decisive move into bullish territory above 50.
The technical setup now sits against a mixed fundamental backdrop. Hyperliquid entered Q3 with stronger trading activity, but lower quarterly revenue and a growing reliance on lower-fee markets.
The Hyperliquid 2Q2026 Quarterly Report is not a conventional company-issued financial statement. HRC, GLC Research and Four Pillars reconstructed the figures from public ledger records, independent data providers and protocol disclosures.
The report shows a clear gap between activity and monetisation. Protocol revenue declined 6.6% to $169.37 million and the report’s holder revenue measure fell 4.7% to $142.88 million, even as overall protocol TVL increased 16.8% to $5.72 billion.
More Trading Activity Produced Less Revenue Traders paid $197.67 million in gross fees during Q2, down 5.9% from $210.04 million in the previous quarter. Of that total, approximately $28.31 million accrued to builders, deployers and other ecosystem participants rather than becoming protocol revenue.
Several operating indicators still moved higher:
Matched volume rose 2.7% to $662.4 billion. Average open interest increased 25.4% to $8.68 billion. Quarter-end open interest climbed 28.6% to $9.31 billion. Average daily perpetual traders increased 19.8% to 54,294. Spot volume improved 5.3% to $16.2 billion. Revenue fell because more activity shifted from Hyperliquid’s higher-fee native perpetual markets into lower-priced builder-deployed markets.
The quarter also ended more strongly than it began. Protocol revenue fell to $46.19 million in April, recovered to $53.14 million in May and reached $70.03 million in June, its strongest monthly result since November 2025.
Hyperliquid monthly protocol and holder revenue chart. HIP-3 Became Hyperliquid’s Main Growth Engine Native perpetual volume declined for a third consecutive quarter, falling 12.7% to $432.9 billion. Growth instead came from HIP-3 builder-deployed perpetual markets.
HIP-3 volume increased 59.6% to $213.3 billion and represented 32.2% of all matched volume, up from 20.7% in Q1. HIP-3 open interest ended the quarter at $3.09 billion, a further 47.2% increase.
Under HIP-3, independent builders can deploy perpetual markets on Hyperliquid’s infrastructure rather than waiting for the protocol’s main listing process. Deployers choose important market parameters, provide their own front ends and can receive a share of the fees generated by their markets.
This expands the range of markets available on Hyperliquid, but HIP-3 volume generates less protocol revenue than activity on the native perpetual venue. Hyperliquid’s Growth Mode fee structure reduces protocol fees, rebates, volume contributions and certain rate-limit contributions by 90% for eligible markets, helping them attract traders without immediately replacing the revenue lost from declining native activity.
One Deployer Captured Almost All HIP-3 Volume The listing layer also became more concentrated. Trade[XYZ] accounted for approximately 81% of HIP-3 volume in February and 93% in April. By July, after the quarter ended, its share had approached 100% as other deployers wound down or migrated their markets.
Shared liquidity means that fewer deployers do not necessarily translate into less underlying market liquidity, as multiple interfaces can route users into the same order book. The concentration still matters at the deployment layer: Trade[XYZ] may benefit from stronger liquidity and easier market discovery, but users now have fewer meaningful alternatives.
Buybacks Continued, but the HYPE Price Changed the Math The Assistance Fund purchased 2.77 million HYPE for $140.66 million during Q2, giving the quarter an average execution price of approximately $50.80.
The dollar amount was only moderately below the $147.72 million deployed in Q1, but the number of tokens purchased fell 43.9% from 4.94 million HYPE because the token traded at substantially higher prices. The fund remained a source of market demand, although each dollar acquired fewer tokens.
Assistance Fund holdings ended the quarter at 45.56 million HYPE, an increase of 6.4% from Q1 and 78.6% from the same period a year earlier. The report found no discretionary sales during the quarter.
Low Team Claims Reduced Immediate Supply Pressure Approximately 29.8 million HYPE became available to the team under its scheduled Q2 entitlement, but only 1.289 million tokens were claimed. That represents a 4.3% claim rate, down from 5.1% in Q1 and the third consecutive quarterly decline.
Monthly team token claims versus entitlement chart. At the report’s calculated average prices, the team claimed around $69 million from an entitlement valued at approximately $1.53 billion. Another 64.9 million vested but unclaimed tokens remained outstanding, worth roughly $4.3 billion at HYPE’s quarter-end price.
The low claim rate limited the quantity becoming immediately available for transfer or sale, but the tokens have not disappeared from supply. They remain claimable, and the monthly entitlement of approximately 9.92 million HYPE continues. A change in team behaviour could alter supply expectations quickly.
New Products Expanded Reach but Added Little Revenue HIP-4 Volume Was Concentrated Around the World Cup HIP-4 outcome markets generated $211.3 million of single-sided volume across 59 trading days and attracted 13,046 new traders during the quarter.
Volume doubled from $70.6 million in May to $140.7 million in June, with the strongest day reaching $12.1 million on June 27. Average daily traders also increased from 1,343 in May to 1,506 in June.
Most of that growth came from one event. World Cup markets accounted for 83.8% of tracked market-group volume, while recurring bitcoin markets declined from millions of dollars during their launch week to roughly $100,000 per day by mid-July.
Total HIP-4 fees remained below $3,000 for the quarter. The product attracted traders around major events, but demand across ordinary market cycles remains unproven.
The USDC Migration Opens a New Revenue Question Hyperliquid also completed its transition away from USDH toward USDC as the main quote asset. The process took approximately 11 weeks from announcement to substantial completion and involved more than $90 million of USDH supply.
According to the report, the migration was completed without a depeg, a stuck bridge or a public dispute. The Hyper Foundation allocated approximately $10 million in grants to affected deployers and HyperEVM applications, with support based partly on auction costs and affected TVL.
Consolidating markets around USDC reduces liquidity fragmentation and could create a new source of reserve-based income through Aligned Quote Asset version 2, or AQAv2. The report estimates potential annual revenue of $135 million to $200 million, but treats that range as unconfirmed.
The estimate depends on the eligible reserve base, interest rates, Coinbase and Circle arrangements and the final share allocated to Hyperliquid. The first reserve-yield payment expected on October 3 would provide the first direct evidence of whether the projected economics are realistic.
HyperEVM Stablecoin Growth Outpaced DeFi Activity Stablecoins held on HyperEVM increased 313% during the quarter, rising from $1.35 billion to $5.58 billion. HyperEVM TVL moved in the opposite direction, falling 14.8% to $1.44 billion.
The two figures are not directly contradictory: stablecoin balances measure assets held on the network, while TVL tracks capital deployed across applications. Their divergence shows that bringing more dollar-denominated assets onto HyperEVM did not produce equal growth in lending, liquidity pools and other protocols.
Lending-category TVL ended the quarter at $744 million, down 11.7% from Q1 and 38% below its Q3 2025 peak. HyperLend became the largest venue with $407 million in TVL and $252 million in active loans, overtaking Morpho after Morpho’s deposits fell to approximately $248 million.
Four Tests for Hyperliquid’s Next Quarter Native perpetual volume: Whether activity stabilises before the platform becomes more dependent on lower-fee HIP-3 markets. AQAv2 revenue: Whether the first reserve-yield payment supports the report’s projected economics. HIP-4 retention: Whether outcome-market activity continues outside major global events. Team claims: Whether the low claim rate continues as more vested HYPE becomes available. Methodology: This article is based primarily on the Hyperliquid 2Q2026 Quarterly Report prepared by HRC, GLC Research and Four Pillars. The report reconstructs Hyperliquid’s activity, revenue, token and ecosystem figures using public ledger records, independent data providers and protocol disclosures rather than company-issued financial statements. The HYPE price analysis uses the daily chart captured on August 5, 2026, including price action, Fibonacci retracement levels, simple moving averages, support and resistance zones, and the Relative Strength Index. Disclaimer: This article is provided for informational and educational purposes only and does not constitute financial, investment, legal, tax or trading advice. HYPE and other crypto assets are volatile and may lose some or all of their value. Technical levels are not guarantees, and market conditions may change after publication. Readers should verify the underlying data, conduct their own research and assess whether any investment or trading decision is appropriate for their circumstances. Author
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
Hyperliquid od listopadu 2024 spálil 46 milionů HYPE v hodnotě 1,27 miliardy USD díky zpětným odkupům z poplatků. AQAv2 má navíc směrovat asi 90 % výnosu z rezerv USDC do Assistance Fund.
A fresh supply has entered the Hyperliquid [HYPE] market and challenges the protocol’s ability to absorb additional liquidity.
Recently, Hyperion unstaked a total of 519,480 HYPE worth about $28.56 million and increased the float of the token while trading at about 28% below peak levels.
Despite this, newly liquid tokens have not attracted significant inflows to exchanges. This suggests distribution has not yet materialized. That distinction matters because the Assistance Fund continues generating structural demand.
Source: X Since November 2024, 99% of fees have funded buybacks, retiring 462 million HYPE worth $1.27 billion. Monthly purchases have eased from $111 million to $37.1 million recently, but they still offset part of the growing supply.
The market now hinges on whether those unstaked tokens remain in self-custody or begin feeding exchange liquidity.
AQAv2 broadens HYPE’s demand base The market now faces a broader question than whether unstaked HYPE reaches exchanges. It is whether Hyperliquid can generate enough new demand to absorb any additional liquid supply.
That becomes more pressing as AQAv2 is gearing up to direct roughly 90% of reserve yield from USD Coin [USDC] balances into the Assistance Fund.
Source: Hyperliquid guide Unlike the current buyback model, which relies mainly on trading fees, upgrades introduce another recurring revenue stream.
Meanwhile, permissionless prediction markets require participants to stake HYPE before launching markets and add another source of locked supply and fees as well. Together, these upgrades broaden demand beyond trading activity and strengthen utility economically for HYPE.
Token economics reinforce HYPE demand Ultimately whether Hyperliquid upgrades going forward can offset the recent increase in supply will depend on the protocol’s ability to generate value consistently. That process is already evident through its token economics.
Fees continue mostly flowing into buybacks of HYPE tokens, and cumulative burns are roughly 46 million tokens, or about 4.6% of the maximum supply.
Daily repurchases recently range from $1.1 million to $1.7 million. Furthermore, annualized protocol revenue is roughly between $600 million and $950 million, according to DeFiLlama data.
Rather than relying on isolated events, demand grows alongside trading activity. That becomes more important after unstaking from Hyperion because stronger revenue from the protocol can absorb part of extra float that comes in.
All this together, the balance now depends less on temporary supply changes and more on whether ecosystem activity continues expanding.
Final Summary Hyperliquid faces fresh supply pressure, but buybacks and token burns continue supporting long-term demand. HYPE expands its demand base through AQAv2 and new utility, reinforcing its long-term value proposition.
Hyperliquid chystá ticker-level fee controls na trzích HIP-3, což by podle odhadů mohlo zdvojnásobit roční příjem ze 70 milionů USD na 140 milionů USD. Klíčové bude, zda objemy zůstanou stabilní po snížení slevy z poplatků z 90 % na 80 %.
Hyperliquid plans to implement ticker-level fee controls on its HIP-3 markets, potentially doubling the annualized revenue from $70 million to $140 million, according to estimates by Ryan Watkins. This move involves reducing the current fee discount from 90% to 80%. The success of this strategy hinges on the stability of volumes, as a reduction in the discount could lead to higher fee revenue if the volume remains consistent. The planned changes reflect a strategic revenue enhancement initiative by Hyperliquid, a decentralized perpetuals exchange, which allows market deployers to set fee structures within specified limits.
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Market participants appear to view this potential revenue increase as a positive indicator for Hyperliquid’s price trajectory. The current pricing in prediction markets suggests consistent support for the potential price increase scenarios. As of now, the odds of Hyperliquid reaching $100 by the end of 2026 are priced at 18% YES, unchanged from the previous day but down from 22% a week ago.
Key Takeaways Markets suggest that Hyperliquid’s plan to reduce fee discounts may indicate a strategic move to enhance revenue. The potential doubling of HIP-3 revenue is consistent with support for price increase scenarios if volume holds steady. Current market pricing reflects a stable view of Hyperliquid’s potential to hit its price targets by the end of 2026. What to Watch Monitoring the impact of fee structure changes on volumes will be crucial to assess the success of Hyperliquid’s revenue strategy. Any significant shifts in volume could affect the projected revenue outcomes. Additionally, market participants will be observing any reactions from major players and stakeholders within the exchange. Developments in volume and market sentiment will be key indicators to watch, as they could influence the pricing in prediction markets related to Hyperliquid’s future price targets.
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Term Structure
Contract Odds Δ since publish Volume 24h December 31 18% — — View market → January 1 2027 4.8% — — View market → January 1 2027 2.9% — — View market → January 1 2027 33.5% — — View market → January 1 2027 11.3% — — View market → January 1 2027 2.8% — — View market →
Hyperliquid closed the second quarter of 2026 with one of the strongest performances in the digital asset industry, according to its recent report.
Its native HYPE token surged 79.2% to a new all-time high despite a broad downturn across the crypto market.
According to the protocol's newly released Q2 report, HYPE reached a record price of $76.90 on June 16. In the meantime, Bitcoin declined 14.1% during the same period.
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Hyperliquid described the divergence as its second straight quarter of significant outperformance, arguing that the market is beginning to value HYPE as a cash-generating protocol rather than simply another high-beta crypto asset.
The report states that HYPE gained 93% relative performance over Bitcoin in Q2.
Recovering revenue April marked the weakest month under its current fee structure before activity rebounded sharply. By June, monthly revenue had climbed 52% above April's trough, putting the protocol on an annualized revenue run rate of approximately $840 million.
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The recovery was largely driven by higher trading volumes. Hyperliquid also revealed that cumulative holder revenue surpassed $1 billion by the end of the quarter.
Overhauled stablecoin infrastructureOn May 14, the protocol retired USDH and selected Coinbase-developed USDC as its primary quote asset. The transition was completed after validators approved governance proposal QAQv2 on June 12, with 69.1% of staked HYPE voting in favor.
The report estimates that adopting USDC could generate approximately $135 million to $200 million in annualized holder yield under prevailing interest rates. Accrued interest from platform USDC will flow into the Assistant Fund every 30 days.
US spot ETFs Hyperliquid also took note of the successful launch of the first three U.S. spot HYPE ETFs within an eight-week period. These included 21Shares THYP on May 12, Bitwise BHYP on May 15, and Grayscale HYPG on June 3.
Together, the ETFs accumulated $309 million in net inflows by the end of the quarter.
The report also noted that Hyperliquid Strategies generated $152.5 million in fiscal-quarter net income and increased its treasury holdings to 29.3 million HYPE.
Hyperliquid v červenci 2026 vykázal tržby 43 mil. USD, což je meziročně o více než 50 % méně než 92 mil. USD. Růst HYPE byl podle analýzy poháněn hlavně nákupy treasury, ne fundamenty.
The Hyperliquid (HYPE) token trades at around $55, up roughly +5% in 24 hours, a bounce that still leaves it well off the highs that once made it one of crypto’s standout performers. The uncomfortable truth is that the rally was never built on earnings power, and the market is now seemingly pricing that in.
HYPE’s price surge was engineered by concentrated treasury buying, not by accelerating DeFi revenue or expanding protocol fundamentals, and once that bid stopped, unwinding was inevitable.
This drawback has left investors wondering whether HYPE really is the future of decentralized finance or if it will become the latest casualty in this brutal bear market, which has seen many utility-backed projects fall more than 90% from their all-time highs.
Hyperliquid is about to unlock a whole new wave of American hedge funds.
Lazersays explains how Perp platforms have mostly been fighting over the same crypto-native whales.
And how Hyperliquid is bringing regulated perpetuals onshore to the US—especially with the rise of Real… https://t.co/8ch0QQS23l pic.twitter.com/RVWskdi3lh
— 👽 (@AlienW3b) August 4, 2026
How the Hyperliquid Treasury Bid Drove the Rally Shaunda Devens, an analyst at Blockworks Research, identified Hyperliquid Strategies (PURR) as the main driver behind a significant increase in HYPE token prices.
PURR accumulated 11.12 million HYPE tokens, exceeding $100 million weekly, and holding nearly 10% of HYPE’s circulating supply, making it the largest digital-asset treasury position in crypto by percentage of float.
Devens highlighted that the rally was influenced by PURR’s buying campaign and the AQAv2 upgrade, which directs stablecoin reserve-yield revenue to fund HYPE buybacks.
This created artificial scarcity and price momentum, decoupling HYPE’s price from its underlying business performance. As the accumulation was not fundamentally driven, she cautioned that traders would likely take profits once buying slowed.
(SOURCE: Yahoo Finance)
The Revenue Gap the Price Is Now Reflecting The fundamental picture backing that skepticism is direct: Hyperliquid’s July 2026 revenue came in at $43M, compared to $92 million in July 2025, a year-over-year decline of more than 50%, according to Devens’ analysis. For a token whose valuation was partly premised on dominant market share in on-chain perpetuals trading, that revenue halving is a material reset.
The core business remains heavily tied to crypto market activity. When volumes compress across the broader derivatives landscape, Hyperliquid’s fee generation compresses with it, and the protocol’s DeFi revenue trajectory becomes the primary justification for where HYPE trades. At $52, Devens argued, valuation has returned to a more realistic level, though she stopped short of calling it a definitive floor.
Spot exchange flow data from CoinGlass shows approximately $22.34M in net HYPE outflows from exchanges over the past 30 days. Coins leaving exchanges typically indicate holders moving assets to self-custody rather than preparing to sell – a pattern consistent with accumulation. The signal is narrow, however, and falls short of the sustained outflow magnitude needed to confirm a price floor is forming.
What Comes Next for HYPE Price My plan for $HYPE in long-term
You can call me crazy if you want but remember I was shorted it at $74 and making 40%
A project having a good product doesn't mean its price will be good too.
I've been investing in crypto for over 7 years and have seen many projects with good… pic.twitter.com/Fd6ob1RoJN
— Ryker 🇯🇵 (@Ryker_Crypto) August 2, 2026
Technical analysis identifies $52 as the immediate support level, with a retest of $56 resistance the likely next move if that support holds. A break below $50 opens the path toward $48, with price direction closely correlated with Bitcoin’s near-term trajectory.
On August 4, HYPE’s 3.57% bounce to $54.07, outpacing Bitcoin’s 1% gain on the day, suggested some rotation capital was returning to the altcoin.
Bull case: HYPE holds $52 support, closes a daily candle above $56 on elevated volume, and reignites momentum toward $60 as altcoin rotation broadens.
Base case: Price consolidates in the $52–$56 range while the market waits on evidence that core perps revenue can recover from the July trough.
Bear case: A break below $50 triggers the next leg down toward $48, with $41–$43 cited as a secondary target by technical analysts if that level fails.
Institutional interest in HYPE remains, as Japan-listed Eole Inc. has established a corporate treasury position, indicating some buyers view current prices as an entry point.
Devens believes Hyperliquid can recover its crypto perpetuals business and monetize new products, though she notes short-term predictions are challenging. The market’s key questions focus on whether Hyperliquid’s core perp’s business can regain lost ground and if AQAv2-driven buybacks can compensate for the absence of PURR treasury support.
Until monthly revenue shows improvement from July’s $43M, the bullish narrative remains unproven. Analysts like Bitwise CIO Matt Hougan advocate for HYPE’s long-term potential, but immediate price support depends on fundamental performance.
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Objem perpetual futures na Trust Wallet přes Hyperliquid překročil 3 miliardy USD. Integrace zpřístupnila více než 200 trhů 220 milionům+ uživatelů přímo v aplikaci.
@Hyperliquidx perpetual futures volume on @TrustWallet has crossed the $3 billion mark, a milestone that underscores the rapid mainstream adoption of on-chain derivatives trading through mobile platforms.
Mobile Distribution Unlocks a New Retail Wave The integration, which went live in late April 2026, gave Trust Wallet's 220 million-plus users access to Hyperliquid's high-performance decentralized blockchain, which has executed over $4 trillion in total trading volume, delivering deeper liquidity, more markets, and faster execution without leaving the app.
The move gives those users access to over 200 perpetual futures markets covering cryptocurrencies and real-world assets like oil and gold, without connecting external applications. Hyperliquid launched in Trust Wallet with 0% markup on fees for the first three months, a clear effort to accelerate user onboarding and build trading habit on mobile.
Perp trading has long been dominated by desktop-first platforms, making the Trust Wallet integration a meaningful structural shift. Routing institutional-grade perpetuals through a self-custody mobile wallet removes one of the last friction points for retail participation in on-chain derivatives.
Hyperliquid Cements Its Lead in On-Chain Perps The $3 billion volume figure on Trust Wallet alone reflects broader momentum for the protocol. Hyperliquid processed $633 billion in trading volume during Q1 2026 alone, with daily volume running between $3 billion and $10 billion depending on market conditions. Its share of on-chain perpetual futures volume climbed to 44% by mid-2026, even as new competitors entered the space.
The protocol's edge is largely architectural. Hyperliquid's order book clears trades with sub-second finality at 100,000 orders per second, a throughput level that allows it to offer execution quality typically associated with centralised venues while remaining fully non-custodial.
The Trust Wallet channel adds a distribution layer that competitors have struggled to replicate. By embedding directly into a wallet with a nine-figure user base, @Hyperliquidx gains access to retail capital that would otherwise flow to centralised exchanges, without requiring users to bridge assets or navigate separate applications.
Sources:
Trust Wallet brings the perp DEX war to mobile with Hyperliquid integration (Crypto Briefing)
Trust Wallet Adds Hyperliquid Perps with 0% Fees for 3 Months (Crypto Times)
Hyperliquid captures 80% of decentralized perpetual trading volume (Crypto Briefing)
Hyperliquid spustila bezpovolené nasazení HIP-4 na testnetu a chce ho dostat na mainnet před midterms. Cílem je rozšířit outcome markets i mimo sportovní události.
HIP-4 permissionless deployments are live on testnet. Hyperliquid should make sure they get to mainnet by the midterms.
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Hyperliquid's HIP-4 markets have had their largest success stem from the World Cup.
I didn’t expect this. When HIP-4 launched, I argued that Hyperliquid was not really coming for Polymarket or Kalshi. That outcome markets rather looked more like an extension of its trading stack: daily crypto binaries for hedging perps, options-like exposure, and another way to keep every leg of a position inside Hyperliquid.
Breaking Down Hyperliquid’s Prediction Play on Bankless
The HIP-4 upgrade brings “outcome markets” to the much-hyped exchange, adding binary trading alongside perps.
BanklessDavid Christopher
Instead, Hyperliquid launched markets for the NBA Finals, individual World Cup matches, and the tournament winner. Those three categories, though overwhelmingly the latter two, have accounted for roughly 48% of HIP-4 volume to date.
Since the height of the tournament, open interest is down more than 90%. To be clear though, HIP-4 has not failed. It’s simply run out of things to trade for the time being.
The system is still permissioned, so validators currently deploy every market. What remains is a thin book of price-related questions pulling trivial amounts of volume compared to that spurred by sports.
That constraint is what Hyperliquid is now trying to remove. On July 31st, permissionless HIP-4 deployments went live on testnet, paving the way for teams to create and operate outcome markets on their own, while showing what it will take to do so.
How Permissionless HIP-4 WorksNote that permissionless deployments will not mean unlimited deployments.
Under the preliminary mainnet design, validators first approve market templates, i.e. reusable structures that define how a market can be created and settled. A deployer then uses an approved template to launch a specific market, supplying details like the question, possible outcomes, expiration, and resolution criteria.
Take politics for example — you’ll see why in a minute — where an approved binary-event template could potentially support a market on whether a candidate wins an election. But Hyperliquid hasn't disclosed how broad each template will be, so it is unclear whether one could cover Senate, House, and governor races, or whether different structures would be needed for party-control, seat-count, or multi-candidate questions.
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What is clear is that deployers will launch markets by instantiating templates validators have already approved, rather than seeking approval for each individual market.
As in HIP-3, deployers are responsible for defining and settling markets correctly, and validators can slash their stake if they get it wrong.
That proposed stake is 500,000 HYPE (same as HIP-3), locked for six months and withdrawable only when no outstanding markets exist. Each deployer will initially receive capacity for 100 outcomes, reusable once markets settle, with an auction for additional capacity planned later. Deployers will eventually be able to receive up to 50% of the trading fees from their markets.
What’s Next After the World Cup?The most obvious target is the U.S. midterms.
Prediction markets first broke into the mainstream through politics, and both Kalshi and Polymarket already run broad election dashboards covering congressional control, individual races, and seat totals. HIP-4 currently offers none.
Whether outside deployers can go ahead and fill that gap depends on how quickly permissionless HIP-4 moves to mainnet. HIP-3 took 164 days from its first permissionless testnet MVP to mainnet, though only 18 days from publishing its initial mainnet specification and making HIP-3 eligible for mainnet-level bug bounties.
HIP-4 sits somewhere between those points. Its preliminary mainnet structure is public and deployer actions are live on testnet, but there are no mainnet-level bug bounties. We’re in limbo for now.
If this system arrives in time, a deployer could use the midterms to build an entire election venue rather than launch isolated questions, so long as validators also approve templates supporting elections.
If permissionless deployment misses that window, validators could still list midterm markets themselves. HIP-4 could recover activity either way. What it would lose is its first major opportunity to prove that outside deployers can keep it supplied with timely markets.
The World Cup proved Hyperliquid users will trade major real-world events. It also proved that, when these events end, there’s not much else to go on. The intensity of this midterms cycle would be a strong opportunity for HIP-4 to act on, helping it simultaneously stay relevant and jumpstart permissionless deployments. Keep an eye on this in the weeks ahead.
Open interest na Hyperliquidu dosáhl rekordu 5,25 miliardy USD a překonal Bybit. Za posledních 24 hodin protokol spálil HYPE za zhruba 643 140 USD a vykázal tržby 513 800 USD. Hyperliquid zpracoval za posledních 24 hodin 3,48 miliardy USD v perpetual objemu.
Hyperliquid’s Open Interest climbed to a record $5.25 billion, overtaking Bybit’s $5.07 billion. The milestone extends earlier gains over HTX, Bitfinex, Kraken, and Coinbase. Those rankings reflect sustained growth across the perpetual Futures market.
Trading activity also remained elevated throughout the latest reporting period. Hyperliquid [HYPE] processed $3.48 billion in perpetual volume over the past 24 hours. Monthly perpetual volume also reached $196 billion, reinforcing steady trader participation.
According to DeFiLlama data, over the last 24 hours, Hyperliquid traded approximately $13 billion in perpetual trading volume. Additionally, monthly perpetual trading volume stood at $196 billion, continuing to demonstrate increased participation among traders.
Source: Onchain Lens Those figures suggest traders continue opening and holding positions rather than exiting quickly. That pattern supports the continued rise in outstanding contracts across the platform.
Nevertheless, it should be noted that record Open Interest alone cannot distinguish fresh participation from heavier leverage. Instead, strong volume along with rising Open Interest shows that conviction remains healthy even as leverage is growing.
Maintaining deep liquidity, orderly liquidations, and consistent participation will determine if Hyperliquid can retain leadership in derivatives against competitors.
Protocol revenue continues expanding Hyperliquid continues leveraging its strong derivatives activity and converting higher trading demand into real value capture. Over the last 24 hours, Hyperliquid burned approximately $643,140 worth of HYPE tokens, reflecting fees generated as usage on the platform continues.
That activity also transferred $513,800 of protocol revenue to both the Assistance Fund and token holders and links the growth of the network directly to incentives within the ecosystem.
Source: X Meanwhile, cumulative burns reached 46.18 million HYPE, worth roughly $2.43 billion, or 4.62% of the token’s maximum supply. Rather than relying solely on a deflationary mechanism, Hyperliquid continues pairing token burns with recurring protocol revenue.
Previously, AMBCrypto reported that Hyperliquid revenue generation has strengthened as usage of the protocol has grown along with this trend.
Recently, priority fees have emerged as another meaningful contributor and have generated $5.07 million since April, with $2.75 million in the last month alone.
Those proceeds complement trading fees by adding another recurring revenue stream. Meanwhile, buybacks through the Assistance Fund and priority-fee burns continue to reinforce value capture, provided elevated trading volume and Open Interest remain sustained.
All in all, if trading activity stays high, that combination could enhance long-term value capture by reducing supply at the same time, rewarding participants through sustained cash flows generated by the network.
According to data from Onchain Lens, Hyperliquid burned approximately $760,210 worth of HYPE tokens in the past 24 hours. The data shows that in the latest reporting period, Hyperliquid generated around $777,200 in revenue, which was allocated to the Assistance Fund and HYPE holders. To date, Hyperliquid’s cumulative HYPE token burn has reached 46.19 million units, valued at roughly $2.5 billion at current prices, accounting for 4.62% of HYPE’s maximum total supply of 1 billion units.
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RWAs tvořily v týdnu 13.–19. července 52 % objemu Hyperliquid, poprvé překonaly krypto a zůstaly nad 50 % i další týden. Celkem šlo o 25,1 miliardy USD z 48,2 miliardy USD.
Perpetual futures tied to stocks, indexes and commodities out-traded crypto pairs on the largest perps DEX for the first time, less than a year after builder-deployed markets went live.
Real-world asset markets accounted for more than half of Hyperliquid's trading volume for two consecutive weeks in July, the first time perps tied to stocks, commodities and indexes out-traded crypto on the platform.
RWA perps did $25.1 billion in the week of July 13–19, or 52% of Hyperliquid's $48.2 billion total, according to Blockworks data. The share held above 50% the following week.
"We are entering a new era for DeFi," Lorenzo Valente, director of digital asset research at ARK Invest, said in a July 23 post on X.. "For the first time ever, @HyperliquidX generated more volume from RWAs than crypto in a single week."
Single stocks made up 61% of RWA volume, overtaking indexes and commodities, he said, adding that Hyperliquid's RWA market alone was larger than the combined crypto perp volume of every other DEX.
Circle CEO Jeremy Allaire called it a "major structural shift" in crypto markets, moving "away from speculating on endogenous digital commodities."
Nine months after Hyperliquid opened permissionless market deployment, its growth comes from traditional assets rather than crypto pairs — and that growth is masking a shrinking crypto perps business.
From 2% to HalfThe RWA markets run on HIP-3, Hyperliquid's framework for builder-deployed perps that went live in October 2025 and requires deployers to stake 500,000 HYPE. HIP-3's share of Hyperliquid perp volume climbed from roughly 2% at the start of the year to around 50% by mid-July.
Dominant deployer trade.xyz, with more than 90% of HIP-3 volume, lists single stocks like Nvidia and Tesla, the XYZ100 Nasdaq tracker, and commodities including gold; Ventuals runs pre-IPO perps on OpenAI and SpaceX.
The category is propping up the topline. Hyperliquid's quarterly volume has fallen by roughly half from its ~$1 trillion Q3 2025 peak to about $550 billion in Q2 2026, per Token Terminal data, with RWA growth offsetting the decline in crypto pairs.
Hyperliquid rozšířil TWAP objednávky o trigger price, dynamické intervaly a dobu až sedm dní. Minimální velikost objednávky klesla na 100 USD notional, přičemž jednotlivé subobjednávky vyžadují jen 10 USD notional.
Hyperliquid just made it significantly harder for centralized exchanges to claim they offer superior order tooling. The Layer 1 blockchain built for decentralized trading rolled out a sweeping upgrade to its Time-Weighted Average Price (TWAP) order system, adding trigger prices, min/max price boundaries, durations up to seven days, and dynamic suborder intervals.
What changed, and why traders should care Previously, Hyperliquid’s TWAP implementation was functional but rigid. Traders were stuck with fixed 30-second suborder intervals, a maximum slippage cap of 3% per suborder, and relatively high minimum order sizes.
Trigger prices now allow TWAP orders to activate only when the mark price reaches a specified level. You can set a TWAP to start executing only if Bitcoin hits $65K, rather than having it fire immediately upon submission.
Max and min price boundaries add another layer of protection. If you’re running a buy order and the price spikes above your maximum threshold, the order terminates automatically. Same logic applies in reverse for sells.
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Duration has been extended to seven days. This went into effect on August 1, 2026, at 09:00 UTC.
Dynamic suborder intervals allow the system to calculate intervals based on the total order size and duration. The minimum interval remains 30 seconds for new orders, but the spacing can stretch longer depending on how the order is configured.
Minimum order size dropped to $100 notional, with individual suborders requiring just $10 notional.
The institutional angle Hyperliquid now supports over 300 perpetual and spot markets with sub-second finality, alongside advanced order types including both TWAP and Chase orders. The fully onchain nature of these orders means the execution logic lives on the blockchain itself, replacing trust with transparency rather than relying on a centralized exchange’s matching engine.
What this means for the competitive landscape The trigger price feature is a good example of Hyperliquid moving beyond standard CEX functionality. Many centralized exchanges offer basic TWAP functionality, but conditional activation based on mark price is less common. Pairing that with onchain transparency and self-custody creates a value proposition that’s genuinely difficult for centralized platforms to replicate.
The $100 minimum order size lowers the barrier to entry for TWAP orders beyond institutional participants. A retail trader running a seven-day TWAP on a $500 position, multiplied across thousands of users, produces a meaningful liquidity impact.
The risk, as always with onchain systems, is smart contract vulnerability. More complex order logic means more potential attack surface. That said, Hyperliquid’s track record of operating at scale with sub-second finality across hundreds of markets provides some reassurance that the infrastructure is battle-tested.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Již 18. měsíc v řadě odtékaly z jihokorejských burz stablecoiny do zahraničí; v červnu šlo o čistý odliv 560,3 miliardy wonů. Od ledna 2025 dosáhly kumulativní čisté převody asi 14,9 bilionu wonů.
TLDR: South Korea posted a 560.3 billion won net stablecoin outflow in June, extending the trend to 18 months. Cumulative net stablecoin transfers since January 2025 reached about 14.9 trillion won, according to data. June outflows equaled 77.6% of Korean retail investors’ net purchases of foreign shares during the month. Offshore platforms attract Korean traders with derivatives, DeFi, staking, and tokenized asset products. South Korea recorded an 18th straight month of net stablecoin transfers to overseas exchanges in June, underscoring sustained demand for offshore crypto products. The five largest won-based exchanges sent 2.7625 trillion won abroad and received 2.2022 trillion won, producing a 560.3 billion won net outflow.
Although June’s total remained below several 2025 peaks, the uninterrupted direction of transfers carried greater significance than the monthly size alone. Reported figures showed monthly net outflows ranging from 459.3 billion won in July 2025 to 1.2049 trillion won in February 2025.
South Korean Stablecoins Post 18 Straight Months of Net Outflows to Overseas Exchanges
According to Yonhap News Agency, South Korea’s five major won-based crypto exchanges sent 2.7625 trillion won in stablecoins to overseas platforms in June 2026, while receiving 2.2022 trillion… pic.twitter.com/sDFsaBmDKN
— Wu Blockchain (@WuBlockchain) August 2, 2026
Across the full period beginning in January 2025, cumulative net transfers reached about 14.9 trillion won, based on the disclosed monthly totals.
Stablecoin Transfers Rival South Korea’s Overseas Stock Flows The June outflow equaled 77.6% of the 722 billion won Korean retail investors spent buying foreign shares on a net basis. During the second quarter, the contrast widened as stablecoins recorded 1.6872 trillion won in net outbound transfers.
Over the same period, Korean investors became net sellers of overseas equities, reducing their foreign stock holdings by 1.6185 trillion won. The comparison places dollar-linked tokens alongside traditional overseas investing as an important channel for moving capital beyond domestic platforms.
However, the figures measure exchange transfers rather than permanent capital flight, since tokens can later return, remain in wallets, or enter decentralized applications. Notably, access remains the central driver behind the movement, as local exchanges continue concentrating mainly on spot trading.
By contrast, offshore platforms provide perpetual futures, staking, decentralized finance, tokenized real-world assets, and leveraged products linked to Korean companies. Those products have included exposure tied to Samsung Electronics, SK Hynix, and Hyundai Motor, expanding the range of markets available abroad.
A separate study found about 47 trillion won in crypto moved abroad or into personal wallets during the first half of 2026. Tiger Research and Chainalysis also reviewed 4.5 million wallets and estimated cumulative transfers of 687.6 trillion won since 2021.
The same research estimated that overseas trading activity generated approximately 1.4 trillion won in fees.
Offshore Leverage Raises Regulatory and Investor Risks Among the main destinations, Hyperliquid offered Korean-linked perpetual contracts with leverage of up to 50 times. Moreover, SK Hynix-linked trading reportedly reached about $4 billion after the contract launched in February.
That activity shows stablecoins operating as collateral and settlement assets within global on-chain markets, rather than only as digital savings instruments. The expansion also increases exposure to liquidation losses, security breaches, and platform failures outside South Korea’s domestic regulatory system.
As a result, Bank of Korea officials have warned that wider token use could complicate capital-flow management and foreign-exchange oversight. Governor Rhee Chang-yong previously said won-backed tokens might make conversion into dollar-linked assets easier instead of reducing demand for dollars.
Meanwhile, the Financial Services Commission said in January that central provisions of second-stage digital-asset legislation remained unfinished.Those unresolved issues included the ownership structure permitted for stablecoin issuers operating under the planned framework.
Lawmaker Lee Jong-wook urged regulators to review oversight and investor safeguards as offshore transfers continue. For now, the 18-month pattern shows that investors are consistently using dollar-linked tokens to reach products unavailable on domestic exchanges.
Ondo Finance po spuštění perps DEX překročila kumulativní objem 5,996 miliardy USD a denní objem vystoupal nad 300 milionů USD. Otevřený zájem dosáhl nového maxima 74,77 milionu USD.
Ondo Finance officially launched its perps DEX trading platform less than a month ago. However, it is slowly cementing its place as a top perps DEX platform, even though its price is lagging.
Because of these factors, the native token, ONDO, commands a market cap of $1.87 billion even in a bearish market. Its daily perps DEX volume has been growing alongside its Open Interest (OI), suggesting it could soon compete with established platforms.
What’s fueling Ondo’s Perps volume and OI growth? Ondo’s perps volume has doubled from the launch volume recorded on July 7. The volume rose from $128 million to over $300 million, which is equivalent to more than a 2x increase.
As a result, the cumulative Ondo perps volume hit a new high of $5.996 billion three weeks after its launch.
On July 31, it was fourth among all perp DEXs in terms of the volume of tokenized equities traded, ahead of Lighter [LIT] and AsterDEX [ASTER].
Additionally, its OI hit a new peak level of $74.77 million. This was an indication that Ondo perps DEX was becoming traders’ preferred platform.
Source: DeFiLlama Tokenized equities, indices, and commodities fueled the sharp increase in perps volume. They included instruments like Nvidia, Tesla, oil, gold, and the S&P 500 with up to 20x leverage traded 24/7.
For instance, trading of tokenized US oil on Ondo increased by 59.3% over the past 30 days. More assets, like the iShares Systematic Bond ETF, were slowly being added on to the platform.
Source: Ondo Finance As a result, these additions may help the price of ONDO stabilize and move higher. Worth noting, its price remains in a bear market structure, just like the rest of crypto.
All of Ondo’s growth was happening on the backdrop of declining perps and DEX volume for the broader crypto market.
The month of July closed as another red month for on-chain activity. As per DefiLlama, both DEX volume and Perps volume hit new yearly lows, down over 60% from their peaks in October.
In October, most of the popular perps DEXs, like Aster and Lighter, joined Hyperliquid, which was already established.
Source: DeFiLlama As Ondo’s perps volume diverged from the trend in the broader crypto market, it posed a serious threat to Aster and Lighter if growth at this speed continues. Eventually, it could challenge Hyperliquid, which has Normalized Daily Volume of $10.74 billion.
Hyperliquid’s volume is almost 6x bigger than that of Aster and Lighter at $1.85 billion and $1.35 billion. Still, it calls for consistent trading on Ondo Finance’s perps product.
Final Summary Ondo’s daily perps volume exploded to $300 million per day, with cumulative volume reaching nearly $6 billion. Ondo’s perps volume was growing while the whole crypto market was declining, suggesting that Ondo was slowly dominating the perps DEX volumes.
Eole Inc. se stala první japonskou veřejně obchodovanou firmou, která drží HYPE, a plánuje pozici navýšit až na ¥100 milionů do konce srpna. První nákup činil 1,078.25469311 HYPE za zhruba ¥10,1 milionu.
Eole Inc., listed on the Tokyo Stock Exchange Growth Market under ticker 2334, has become the first Japanese public company to formally hold HYPE, the native token of the Hyperliquid DeFi protocol, disclosing the purchase through Japan’s TDnet (Tokyo Stock Exchange’s official corporate disclosure system) on July 28, 2026.
The initial buy of 1,078.25469311 HYPE at an average price of ¥9,352.77 per token cost ¥10,084,663 (~$66,000), with a stated target to scale the position to ¥100 million (~$611,000) by August 31, 2026.
🚨JAPAN LISTED FIRM BUYS $HYPE!
Tokyo-listed Eole has acquired Hyperliquid’s $HYPE token, the first Japanese publicly listed company to do so.
Bought ~¥10 million (~$61k / 1,078 HYPE) on July 28. Plans to scale total purchases to ¥100 million (~$610k) by end of August.
Part of… pic.twitter.com/Uwh0PR9rSM
— Crypto Banter (@crypto_banter) July 30, 2026
The move is not a one-off treasury bet. It was filed under Eole’s previously announced change in use of funds from July 16, 2026, which expanded the company’s digital asset mandate from Bitcoin only to a broader set of assets. HYPE is the first execution under that expanded mandate.
This news dropped as HYPE sits just under $55, up +3.5% over the past 24 hours following a seven-day move that has seen the asset drop -5%. Daily trading volume sits at $404M, up from $380M yesterday.
Hyperliquid News: What Eole Is Actually Buying Into $HYPE
HTF
Looks done for a while- would let price settle below sub 50 at the daily fvg before I look for longs. Best swing shorts at current monthly NPOC into 44$
Reversal and continuation setups attached pic.twitter.com/q2WjPnrDe1
— RektProof. (@RektProof) July 30, 2026
Hyperliquid is a leading decentralized futures trading platform and also runs HyperEVM, an Ethereum-compatible environment that allows programmable smart contracts to execute on top of the same high-speed infrastructure.
Eole’s Executive Director Kensuke Amo outlined three reasons the company chose HYPE specifically. First, Hyperliquid’s architecture is positioned as core infrastructure for what Amo calls Agentic Commerce, the emerging model where AI agents autonomously handle payments and contracts without human sign-off at each step.
Unlike people, AI agents cannot hold traditional bank accounts, so they require fast, programmable on-chain rails to operate. Second, strict US regulations around DeFi access have created demand for regulated, publicly listed HYPE exposure vehicles.
This is a model already running in the US via companies such as Hyperliquid Strategies and PURR, and Eole sees itself as the Japanese equivalent.
Third, the company plans to explore staking HYPE for yield once Hyperliquid’s AQAv2 USDC yield mechanism activates for stakers in August 2026, turning a passive treasury position into a revenue-generating one.
Check Out Hyperliquid Markets on Kalshi and Claim Your FREE $25
The Neo Crypto Bank Strategy and Why the Accounting Matters Everyone counted the funding rounds and nobody counted the funerals.
So I did both. 368 neobanks tracked. https://t.co/4bKokwoT9j
— Francesco Andreoli ᵍᵐ (@francescoswiss) July 27, 2026
Eole launched its Neo Crypto Bank initiative in October 2025 with Bitcoin as the initial treasury asset. The concept frames the company not as a passive crypto holder but as a builder of on-chain financial infrastructure, integrating digital assets into its own products and services rather than parking them as speculative reserves.
HYPE will be valued at fair value each quarter, with gains and losses flowing directly into the income statement. That accounting treatment – the same framework Eole applies to its Bitcoin position, and broadly similar to how MicroStrategy handles large BTC holdings in its public reporting.
This means the asset sits on the balance sheet with full shareholder and regulatory visibility. A Japanese listed company formally accounting for a DeFi protocol token at fair value in quarterly filings is still unusual by global corporate standards.
Eole also said it may hedge price exposure through traditional financial market instruments and eventually integrate HYPE into its own product suite, according to the TDnet disclosure and Amo’s public commentary.
Japan’s corporate crypto market has been expanding beyond Bitcoin, with Japanese companies broadening altcoin treasury allocations in recent quarters. Eole’s move adds a DeFi-native token to that picture for the first time.
The contrast with peer company Quantum Solutions, which sold 1,000 ETH on July 30 for approximately $1.9M to fund AI infrastructure spending, according to Quantum’s own filing, illustrates how differently Japanese corporates are positioning their digital asset strategies heading into late 2026.
Whether other Japanese listed companies use Eole’s TDnet disclosure as a precedent for their own HYPE allocations will be the institutional adoption signal worth watching over the coming months.
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Bob Diamond has a reputation for calling institutional shifts early. The former Barclays CEO and current head of Atlas Merchant Capital used a CNBC appearance on July 31, 2026, to make a pointed prediction: the CLARITY Act is coming, and Circle and Hyperliquid will be its biggest infrastructure beneficiaries.
That is not a casual observation from a casual observer. Diamond’s firm has existing investments in digital payment infrastructure, including exposure to Circle, the company behind the USDC stablecoin.
What the CLARITY Act actually does The bipartisan CLARITY Act, formally H.R. 3633, cleared the Senate Banking Committee with a 15-9 vote. Diamond put the odds of full passage by the end of 2026 at somewhere between 50% and 75%.
The act’s most consequential provision for markets is the regulatory framework it creates around stablecoin yields, telling issuers and platforms exactly what they can and cannot do with yield-bearing stablecoins.
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Circle’s stock on the NYSE, trading under the ticker CRCL, already gave investors a preview of what the market thinks about this dynamic. Shares surged nearly 20% in early May 2026 following the announcement of CLARITY Act rule compromises.
The Hyperliquid angle is more interesting than it looks On August 1, 2026, Hyperliquid announced a partnership with Coinbase to integrate USDC as its canonical stablecoin, replacing the platform’s former native USDH.
As part of that deal, Circle staked 500,000 HYPE tokens on the Hyperliquid network. HYPE is the platform’s native token, trading around $52 with a circulating supply of approximately 220 to 252 million tokens as of early August 2026.
Diamond’s explicit mention of Hyperliquid alongside Circle on a mainstream financial television platform is notable for another reason. Hyperliquid has largely been a crypto-native story until now, well known inside the ecosystem and largely invisible outside it. Having a former Barclays CEO name-check it on CNBC changes the audience that is paying attention.
What this means for investors watching the regulatory cycle Circle sits at the center of the compliant infrastructure tier almost by definition. USDC is already the dominant stablecoin in institutional and DeFi settings where compliance matters, and a formal regulatory framework around stablecoin yields would give Circle a product expansion path that is currently legally uncertain.
Hyperliquid’s bet is that best-in-class trading performance plus regulatory-grade stablecoin rails equals a platform that institutional desks can actually use. The Coinbase partnership provides USDC’s compliance credibility. The HYPE token stake from Circle creates alignment between the two companies at the network level.
The risk here is timeline. Diamond’s 50-75% passage estimate by end of 2026 implies a real chance this bill does not make it through. There is also a competitive risk for Hyperliquid specifically: the on-chain perpetuals and spot trading space is crowded and moving fast, and USDC integration and a Circle alliance do not create a permanent moat on their own.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Decentralized trading protocol TradeXYZ has begun repayments to victims of the $60M liquidation event tied to AI chipmaker SK Hynix (SKHYNIX) perpetual contracts.
The flash crash, which happened on Monday, the 27th of July, 2026 (around 23:01 UTC), was triggered by an oracle pricing mishap and partly by ongoing volatility in the South Korean market. The actual losses were estimated at $17.4M in realized losses affecting over 900 user accounts.
On Wednesday, the 29th of July, the Hyperliquid HIP-3 deployer announced a reimbursement program to rebuild trust and market integrity. Additionally, it vowed to improve its pricing systems to “handle tail events.”
How will TradeXYZ repay SKHYNIX victims? As part of the payout program, TradeXYZ said it had paid out victims with claims of less than $10K based on $1,115 per SKHYNIX. But wallets claiming larger amounts will require more review for final payout by the 15th of August.
Where it exceeds 10,000 USDC, an initial 9,999 USDC has been credited. We are required to conduct enhanced due diligence for amounts in excess of 10,000 USDC.
Source: SKHYNIX/USD, TradingView As of writing, SKHYNIX traded at $1,087 after briefly slipping to $900 earlier in the week. The repayment could help reinforce trust in TradeXYZ and the broader Hyperliquid ecosystem.
However, the TradeXYZ dominance risk discussion will likely resurface again.
TradeXYZ controls 99% of HIP-3 volumes HIP-3 or perpetuals tied to commodities and stocks (RWA/tokenized assets perps) have been the key driver of Hyperliquid volumes in 2026. This week, tokenized stocks account for 65% of the overall DEX volume.
Surprisingly, crypto perps, which Hyperliquid began with, now account for less than 1% of overall HIP-3 volume.
Source: ASXN However, the massive demand for HIP-3 is dominated by a single deployer, TradeXYZ. It controls over 95% of Hyperliquid’s HIP-3 volume and Open Interest (OI).
According to analysts, the current Hyperliquid design favors big HIP-3 deployers like TradeXYZ, as smaller players like Felix were forced to close shop. According to critics, TradeXYZ’s excessive dominance poses a ‘structural risk’ to the broader ecosystem in case it’s exploited or sanctioned.
Source: ASXN For a better ecosystem balance, they called for a level-playing field to ensure HIP-3 is more decentralized to reduce the potential risk of TradeXYZ dominance.
Whether the Hyperliquid project team will accept the feedback remains to be seen. That said, the project’s HIP-4 (prediction markets and Options trading) went live on mainnet on Friday.
Final Summary TradeXYZ has begun reimbursing affected SKHYNIX traders for claims below $10K Hyperliquid’s HIP-3 now accounts for 65% of total trading volume, with TradeXYZ dominance increasingly viewed as a risk.
Hyperliquid spustil testnet HIP-4, který umožňuje vývojářům nasazovat outcome markets přes schválené šablony po stake 100 HYPE. HYPE mezitím klesl pod 55 USD a testuje zónu podpory 52 až 54 USD.
TLDR Hyperliquid HIP-4 now lets testnet developers deploy standardized outcome markets after staking 100 HYPE, without auctions or gas charges. HYPE price slipped below $55 and tested the $52 to $54 support zone as lower highs, lower lows, and whale transfers increased selling concerns. Hyperliquid burned about 26,080 HYPE worth nearly $1.43 million in 24 hours while protocol fees reached approximately $1.47 million. The preliminary mainnet model still proposes a 500,000 HYPE stake, six-month lock, validator slashing, and approved templates for market creation. Hyperliquid HIP-4 has entered a new testnet phase, allowing developers to deploy outcome markets through approved templates. The rollout expands Hyperliquid’s prediction-market framework beyond validator-created contracts while keeping settlement rules standardized. Developers currently stake 100 HYPE to register as deployers and can launch markets without auctions or gas charges.
The update arrives as HYPE price trades near $53.50 after losing the $55 level. Large token transfers to institutional trading platforms have also raised supply concerns. Meanwhile, Hyperliquid burned about 26,080 HYPE during the past day. Protocol fees reached roughly $1.47 million, supporting its continuing buyback-and-burn mechanism during the reported period.
Hyperliquid Price (HYPE/USD) Hyperliquid HIP-4 Expands Permissionless Testnet Markets Hyperliquid HIP-4 lets registered builders select validator-approved templates, then define an underlying asset, target level, and expiry. Each template fixes important wording, side names, and keywords. That structure reduces duplicate markets carrying slightly different language or settlement conditions.
The current testnet limits each deployer to 10 active outcomes and 50 deployments daily. Hyperliquid plans to add configurable fees and additional templates after developers test market creation and settlement. Its updated documentation now exposes outcome metadata through a testnet-only application programming interface.
Hyperliquid first introduced HIP-4 outcome contracts as fully collateralized products that settle within a fixed range. They do not use leverage or liquidations. Initial contracts focused on recurring binary outcomes tied to HyperCore mark prices.
The wider permissionless design follows a preliminary framework announced on July 20. Hyperliquid proposed a 500,000 HYPE stake for mainnet deployers, a six-month lock, and validator-controlled slashing. Validators could penalize poorly defined markets, incorrect settlements, or contracts left unsettled beyond one week. Those mainnet terms remain preliminary and differ from the lower testnet requirement.
HIP-4 activity remains small after sports-related contracts lost demand following the World Cup. Market data placed open interest near $182,000 and notional volume around $881,000. Permissionless creation could broaden listings toward economic data, elections, crypto prices, and other measurable events.
HYPE Price Holds $52 to $54 as Whale Transfers Increase Meanwhile, the HYPE price has formed lower highs and lower lows after retreating from the $60 region. The token traded near $53.50, placing the $52 to $54 support band under pressure. That area also matches a June swing low.
A four-hour close below $52 would weaken the current structure. A failed recovery above that level could expose $48 to $50. Further selling could return attention to the earlier $44 to $46 demand zone. However, a rebound above $58 to $60, followed by a higher low, would reduce immediate downside pressure.
Large transfers have complicated the short-term HYPE price setup. Lookonchain previously recorded institutional unstaking and exchange-related movements during July, including deposits to Coinbase Prime. The tracker also reported 1.96 million HYPE unstaked across three Multicoin Capital wallets. Multicoin later said wallet rotation, rather than selling, motivated at least part of its activity.
Separate wallet movements included HYPE deposits to FalconX and Coinbase Prime. Transfers to brokerage or custody platforms can support over-the-counter execution, asset rotation, or sales. Blockchain movements alone cannot confirm a disposal.
Hyperliquid’s fee system continues removing tokens from the circulating supply. A tracker read the protocol’s assistance-fund address on July 27. It showed about 46.05 million HYPE at the burn address. That balance represented roughly 4.6% of the original one-billion-token maximum supply.
The latest reported daily burn added about 26,080 HYPE, valued near $1.43 million at the recorded price. Protocol fees reached about $1.47 million during the same period. The burn reduces supply, while whale transfers increase the amount potentially available for institutional execution. Mainnet still lacks a confirmed launch date, leaving broader developer participation dependent on future testnet results and validator feedback.
Hyperliquid na testnetu spustil permissionless nasazení HIP-4, které má vývojářům otevřít možnost vytvářet prediction markets. Mainnet má následovat brzy.
Decentralized exchange (DEX) Hyperliquid has rolled out HIP-4 permissionless deployments on the testnet, marking the first step toward enabling developers to deploy their prediction markets. This comes as the HYPE token continues to face significant selling pressure, falling below the psychological $55 level.
Hyperliquid’s HIP-4 Permissionless Deployment Goes Live On Testnet In their latest announcement, the Hyperliquid team revealed that the initial implementation of HIP-4 permissionless deployments is live on testnet. They also mentioned plans to roll out additional features, including configurable fees and more testnet templates.
This follows the initial announcement of plans to launch permissionless deployment for HIP-4 prediction markets last week. The feature is expected to launch on mainnet soon following the rollout on testnet.
The feature notably enables developers to launch their prediction and outcome markets on Hyperliquid, similar to how these developers can launch perpetuals for any asset on the HIP-3 market. The DEX had initially rolled out HIP-4 earlier this year, in a move to rival platforms such as Polymarket and Kalshi.
Blockworks data shows that the sports prediction markets have accounted for most of the open interest on Hyperliquid’s HIP-4 market. Interestingly, the open interest has been on a decline since the end of the 2026 FIFA World Cup earlier this month.
Source: Blockworks The HIP-4 market’s open interest currently stands at $182,000, according to Blockworks data. Meanwhile, the notional trading volume is $881,000.
HYPE Price Falls Below $55 The Hyperliquid price has fallen below the psychological $55 level amid the rollout of the HIP-4 permissionless deployment on testnet. The DEX token is currently trading at around $54.700, down almost 2% in the last 24 hours.
Source: TradingView The Hyperliquid price has fallen along with Bitcoin, which dropped below $64,000 as the U.S. and Israel discuss a land blockade on Iran, which could escalate the U.S.-Iran war. HYPE also faces significant selling pressure as whales continue to unstake and offload their coins.
Onchain analytics platform Lookonchain drew attention to a whale that bought HYPE at an average price of $18 months back and unstaked the tokens today and deposited them to FalconX and Coinbase Prime, likely in a move to sell them.
Whales keep selling $HYPE!
A whale that bought 1.02M $HYPE at an average price of $18 17 months ago unstaked the tokens today and deposited them into #FalconX and #CoinbasePrime 2 hours ago, likely to sell.https://t.co/sokAtSnie9 pic.twitter.com/fqgN3G5788
— Lookonchain (@lookonchain) July 31, 2026
For more on prediction markets, please check out our page on Best Crypto Prediction Markets In 2026
Velryba přesunula 1,02 milionu HYPE za 57,6 milionu USD na FalconX a Coinbase Prime. Dalších 1,89 milionu HYPE za 105,9 milionu USD zatím jen unstakovala.
Hyperliquid has traded within a descending channel since it faced rejection at $72 three weeks ago.
Over this period, all attempted rebounds have failed, reflecting sustained bearish pressure after every slight gain.
As of this writing, Hyperliquid traded around $54, up 0.65% on the daily chart. However, it remained down 7.3% weekly. The altcoin has continued to decline, largely driven by rising sell pressure from major investors.
Why are Hyperliquid whales selling? As Hyperliquid’s [HYPE] downtrend continued, some whales turned bearish and started selling.
According to Lookonchain, one whale returned to the market and unstaked its HYPE holdings. The whale unstaked 1.02 million HYPE, worth $57.6 million, and deposited it into FalconX and Coinbase Prime.
The investor purchased these tokens 17 months ago at an average price of $18.
Therefore, the position carried more than $39 million in unrealized profit before any confirmed sale.
Source: Arkham That was not all. The whale also unstaked 1.89 million HYPE, worth $105.9 million, from another wallet. The decision could reflect skepticism or asset reorganization. However, unstaking alone does not confirm an immediate sale.
The second tranche had not been deposited into any exchange at press time.
Even so, the whale activity captured the market’s attention and could spark fear among smaller traders.
Why are more investors unstaking? Notably, the whale was not an isolated case. Unstaking has become increasingly common among individual and institutional investors.
A week ago, AMBCrypto reported that 4.09 million HYPE, worth $241 million, was pending unstaking. Since then, that figure has more than doubled to 9.1 million HYPE, worth $496.6 million.
Source: Hyperscreener Additionally, Total Staked HYPE dropped from 438.7 million to 435.9 million. Rising pending unstakes and declining staked HYPE suggested that some long-term holders were reducing their exposure.
However, unstaking does not confirm that every holder intends to sell.
Could HYPE fall to $52? Investors were either selling unstaked HYPE or waiting after unstaking, adding uncertainty around future supply.
As a result, the Aroon Down line climbed to 92%, while the Aroon Up line declined to 28%. This setup indicated that HYPE formed lower lows more frequently than higher highs, reflecting strong downside pressure.
Source: TradingView The Relative Strength Index (RSI) also dropped deeper into bearish territory, reinforcing the weakness.
Together, both indicators suggested that the downtrend could continue. If selling pressure persists, Hyperliquid may drop toward the next support at $52.
Final Summary One whale deposited $57.6 million in HYPE into FalconX and Coinbase Prime. The same whale unstaked another $105.9 million, although those tokens had not reached exchanges.
