MoonPay nasadil MoonPay Trade do MiracleTrade a automatizoval funding v ekosystému Hyperliquid. Obchodníci teď mohou vkládat prostředky přímo pomocí $BTC, $SOL nebo $ETH bez ručního přemosťování.
Direct Funding Replaces Manual Bridging@MoonPay has deployed its MoonPay Trade execution layer to @MiracleTrade, automating capital flows across the @Hyperliquid ecosystem and removing a friction point that has long slowed traders entering the platform.
Until now, funding a Hyperliquid trading account required a manual, multi-step process: buying $USDC on an external exchange, bridging it through @Arbitrum, and then depositing it into the DEX. Previous workarounds required users to buy USDC on another chain, bridge it to Arbitrum (Hyperliquid's settlement layer), and then deposit it into the DEX, with each step taking time, costing gas fees, and introducing opportunities for mistakes. The MoonPay Trade integration collapses that workflow into a single action, allowing traders to fund their wallets directly using $BTC, $SOL, or $ETH.
How MoonPay Trade WorksThe system relies on deterministic routing to execute cross-chain swaps in the background, keeping the process non-custodial while consolidating fragmented liquidity. Unlike standard bridge or DEX aggregators, MoonPay Trade handles cross-chain routing and settlement automatically. Cross-chain trades are routed and settled automatically, meaning users do not need to manually manage bridges, wrapped assets, or gas on the destination chain.
MoonPay Trade is powered by the technology and team from Decent.xyz, the Y Combinator-backed cross-chain routing company MoonPay acquired. Decent developed proprietary bridge infrastructure, routing algorithms, and an aggregation layer that delivers optimized execution across 200-plus chains and millions of assets.
MoonPay Trade is designed to reduce that burden by combining transaction execution, settlement, conversion, and payment support for more than 120 fiat currencies on one platform. Where MoonPay once handled the entry and exit points, MoonPay Trade now powers everything in between: cross-chain execution, collateral movement, tokenized fund subscriptions, and onchain settlement, all backed by institutional-grade compliance infrastructure.
The Miracle integration extends those capabilities directly to Hyperliquid traders, giving the platform's users a faster path to capital deployment without leaving a non-custodial environment.
Hyperliquid Perps za posledních 24 hodin vygeneroval asi 2,6 milionu USD na poplatcích za protokol a překonal Uniswap V3 s 2,5 milionu USD. HYPE zároveň za den klesl o 2,01 % na zhruba 53,77 USD.
Hyperliquid, a decentralized trading platform, has seen its native token HYPE undergo a notable market correction as traders monitor a significant support level for potential accumulation. The platform has recently surpassed Uniswap V3 in daily protocol fees, indicating a rise in adoption and reinforcing its growing influence in the decentralized finance sector.
HYPE price correction draws trader interestAt present, HYPE trades near $53.77, with a 24-hour trading volume of $370.43 million and a total market capitalization of $13.58 billion. The token dropped by 2.01% in the past day, continuing a decline from its recent high around $77. Nevertheless, both its structural price trend and increasing network activity have led some analysts to suggest a bullish reversal may be forming.
Analyst Crypto Patel noted that HYPE entered a sharp correction after climbing above $70, a range he had previously identified as risky for new buyers. With the latest decline, market participants are now watching the $53 price level and considering whether it could provide a foundation for longer-term growth.
Technical analysis currently highlights the 0.5-0.618 Fibonacci zone, with support between $40 and $34, as a likely area for accumulation. If HYPE maintains its price above this zone, the upward trend could continue, with the potential to revisit its all-time high and possibly move toward the $100 to $150 range.
Technical analysts point to the $40–$34 range as a strategic support zone, suggesting that sustained buying pressure here could pave the way for HYPE to challenge previous highs and explore new price territories.
Protocol fees surge as adoption growsHyperliquid has expanded its presence within decentralized finance, supported by data from MSB Intel. Over the past 24 hours, Hyperliquid Perps generated approximately $2.6 million in protocol fees, outpacing Uniswap V3, which recorded $2.5 million in the same period.
This milestone highlights the shifting landscape in decentralized trading, with an increasing number of users opting for platforms that offer high liquidity and active trading features. The achievement is regarded by some industry observers as an indication of Hyperliquid’s strengthening market position compared to longstanding competitors.
Mini dictionary: Hyperliquid, founded as a decentralized derivatives exchange, specializes in perpetual futures contracts, enabling users to trade with leverage and high liquidity across various crypto assets while maintaining full custody of their funds.
Platform24h Protocol FeesHyperliquid Perps$2.6 millionUniswap V3$2.5 millionOutlook for HYPE price and network momentumAlthough HYPE’s price trajectory remains downward, the broader cryptocurrency market is showing signs of improvement. A recovery in HYPE may depend on its ability to maintain current support levels, combined with continued protocol income and heightened user adoption.
If positive market trends persist, HYPE could aim to regain its previous peak and possibly advance further. The pattern of rising protocol fees and growing interest from traders suggests the platform is well positioned to expand its footprint in the sector.
Momentum in protocol revenue and increased user activity are seen as key contributors to future price appreciation, should market conditions remain stable.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Hyperliquid od dubna získal z prioritních poplatků 5,07 mil. USD a annualizované výnosy dosáhly 33,5 mil. USD. Zároveň institucionální peněženky posílaly HYPE na burzy, což zvyšuje krátkodobý prodejní tlak.
Hyperliquid [HYPE] is changing how crypto exchanges generate revenue by placing a value on execution speed rather than trading activity alone.
Meanwhile, as competition for swift order placement increases, traders are paying priority fees to improve queue positions and secure earlier execution. This new revenue stream does not alter their existing fee structure. Therefore, it provides the best option for highly liquid markets.
The approach is already gaining momentum. Since April, priority fees have generated $5.07 million, including $2.75 million during the past thirty days, while annualized revenue has reached $33.5 million.
Source: Blockworks on X Over the same period, Hyperliquid processed $196.3 billion in perpetual trading volume, producing $53.77 million in fees and $37.46 million in protocol revenue, according to DeFiLlama data.
As execution demand grows, the exchange is expanding its revenue streams, extending beyond traditional maker-taker fees, strengthening its long-term business model.
Institutional selling pressure persists Despite Hyperliquid expanding its revenue base, institutional wallets continue to increase near-term supply on exchanges.
Recent on-chain transfers show Multicoin Capital depositing 137,100 HYPE worth $7.51 million into Coinbase Prime. Similarly, Bitwise moved another 22,463 HYPE, valued at $1.23 million, to Coinbase.
Source: LookOnChain on X Together, those transfers exceeded $8.7 million, extending a broader pattern of exchange inflows from institutional holders. Although deposits do not guarantee immediate selling, repeated transfers from the same entities often signal preparation to distribute holdings rather than keep them in long-term storage.
As more HYPE tokens move to exchange wallets, selling pressure may rise in the short term. As a result, this would create temporary price headwinds despite Hyperliquid’s improving revenue fundamentals.
HYPE revenue growth faces a market test Institutional selling has shifted the market’s attention from Hyperliquid’s earnings to its available token supply. That explains why stronger protocol performance has not yet translated into stronger price action.
Those figures indicate healthy trading volumes and increasing revenue potential for the Hyperliquid protocol. However, despite these milestones, at press time, HYPE traded around $54.02, roughly 30% below its June peak of $76.70 and down about 18% over the past month.
That divergence suggests investors remain cautious because exchange inflows have increased the amount of HYPE available for sale.
Until buyers absorb that additional supply, stronger earnings alone may struggle to drive a sustained recovery. Once selling pressure eases, however, the protocol’s growing revenue base is likely to play a larger role in shaping valuation.
Final Summary Hyperliquid is expanding its revenue model through priority fees, strengthening protocol earnings beyond traditional trading fees. HYPEnow depends on organic demand absorbing institutional selling before stronger protocol earnings can support a sustained recovery.
Multicoin Capital a Bitwise během 15 hodin poslaly na Coinbase Prime další HYPE za zhruba 8,74 milionu USD. On-chain data to dál čtou jako tlak na prodej.
On-chain data flagged by Lookonchain shows two prominent institutional players moving significant amounts of Hyperliquid's native $HYPE token to Coinbase Prime within a 15-hour window, adding to a growing pattern of large exchange deposits from major holders.
Multicoin Capital deposited another 137,100 HYPE, worth approximately $7.51 million, into Coinbase Prime. Bitwise followed with a transfer of 22,463 HYPE, valued at roughly $1.23 million. The moves are the latest in a series of institutional transfers that have kept $HYPE under selling pressure in recent weeks.
A Pattern of Institutional OutflowsThe latest transfers are not isolated. Multicoin Capital unstaked a large HYPE position on July 22, 2026, with on-chain analysts tracking approximately 1.96 million HYPE worth $120 million leaving staking across three wallets associated with the firm. One labeled wallet sent 395,570 HYPE to Coinbase Prime as part of that earlier wave.
Bitwise has also been an active mover. Bitwise's BHYP Hyperliquid ETF transferred 39.31K HYPE tokens valued at roughly $2.13 million to Coinbase in one recent move, bringing cumulative outflows to 280.69K HYPE over recent weeks.
The optics are complicated by Multicoin's own published research. On June 25, barely a month before these deposits began, Multicoin published a valuation report projecting a base-case price of $319 for HYPE by 2028, implying over 400% upside from trading levels at the time.
Selling Signal or Portfolio Management?Large deposits to a centralized exchange are widely read as a precursor to selling, but analysts urge caution. The Coinbase Prime deposit is a stronger selling signal than unstaking alone, but it still falls short of proof. Coinbase markets Prime as a platform combining trading, financing, and qualified custody, meaning an institutional deposit can support execution or custody without revealing which function the client intends to use.
Large wallet movements to exchanges often precede sell-offs, but on-chain analysts have cautioned that a Coinbase deposit and an unstaking request alone are not definitive proof of an actual sale. The tokens could be moved for purposes such as collateral management, custody changes, or liquidity provisioning.
Despite the pressure, some firms remain constructive on $HYPE. Grayscale said that HYPE is undervalued at a 15x to 18x valuation multiple compared to Circle and Coinbase stocks, and that the token still looks cheap compared to fintech equities despite its gains this year.
Sources:
Memeburn: Multicoin Capital Unstakes $120M HYPE
Crypto Briefing: Institutions Sell HYPE as Multicoin Capital Deposits $8M into Coinbase Prime
AMBCrypto: Why Grayscale Thinks Hyperliquid's HYPE Is Still Cheap Despite Institutional Sell-Off
Grayscale tvrdí, že HYPE je při valuaci 15x až 18x stále podhodnocený vůči akciím Circle a Coinbase. Institucionální prodejní tlak ale stlačil cenu pod 55 USD.
Hyperliquid’s HYPE slipped below $55 amid intense institutional selling pressure, but asset manager Grayscale thinks the altcoin is still grossly undervalued.
Drawing from traditional valuation metrics, earnings per share (EPS), Grayscale’s Head of Research Zach Pandl said a similar model, earnings per token (EPT), can apply to HYPE.
According to him, Hyperliquid could make $1B in revenue by the end of 2027. With a projected total HYPE circulation of 270-310 million, that would translate to $3.25-$3.75 or a valuation multiple of 15x to 18x, Pandl added,
At the current HYPE price of $54, a forward ‘earnings multiple’ for HYPE of roughly 15 to 18x, suggesting the token may be undervalued compared to fintech equities.
Source: Grayscale The aforementioned table showed that stocks tied to Circle, Coinbase, Robinhood, and others were trading at higher multiples relative to their generated revenue.
Assuming HYPE can eventually trade at 35x or 40x valuation multiples like Coinbase’s COIN or Robinhood’s HOOD would imply a price target of $113 to $150. Grayscale’s Pandl concluded that,
Despite the gains in Hyperliquid’s HYPE token this year, it still looks cheap compared to fintech equities.
But he noted that the projection could be invalidated if revenue falls below their expectations or token supply exceeds their forecast.
Hyperliquid: Will HYPE hold on to 2026 gains? HYPE nearly quadrupled in H1 2026, running from $20 to about $80 amid U.S Spot ETF demand and institutional FOMO. But it has given back some gains amid an institutional sell-off and FUD.
Notably, crypto VC firms Multicoin Capital and Selini Capital are booking their HYPE profits.
In particular, Multicoin Capital unstaked over 1M HYPE valued at $59M and deposited $4.78M on Coinbase Prime. Last week, the firm unstaked another $120M, further spooking the market with pending selling pressure.
Source: Arkham Selini Capital also deposited $26.8M HYPE on the OKX exchange on the 29th of July.
The U.S. spot HYPE ETFs have also bled $4.5M in July, marking the first negative month since their debut in May. Interestingly, despite the outflows, the HYPE ETFs’ performance was relatively stronger compared to other spot crypto ETFs.
That said, if Hyperliquid [HYPE] loses $55, the next potential floor price could be $48 and $45 (the 200-day moving average).
Source: HYPE/USDT, TradingView Separately, TradeXYZ, one of Hyperliquid’s dominant HIP-3 deployers, said it will compensate affected SK Hynix (SKHYNIX) traders after a price anomaly liquidated $57.4M in long positions.
The firm noted that the liquidations stemmed from an oracle price anomaly. For analysts, the move to compensate victims could reinforce trust in the deployer and Hyperliquid, too.
Final Summary Grayscale said that HYPE is undervalued at a 15x-18x valuation multiple compared to Circle and Coinbase stocks that are valued at above 30x. Institutional sell-off led by Multicoin Capital and U.S. spot ETFs continues to cut HYPE’s 2026 gains.
Hyperliquid poprvé za jeden týden zaznamenal, že objem RWA překonal objem kryptoměn: činil 25,1 miliardy USD z celkových 48,2 miliardy USD. Na RWA se podílely hlavně akcie, které tvořily 61 % objemu.
Hyperliquid, a decentralized perpetuals exchange, has reported a significant shift in its dynamics, with real-world assets (RWAs) surpassing crypto transactions for the first time in a single week. According to a tweet by @laurashin, individual stocks accounted for 61% of the RWA volume. This transition is largely attributed to the platform’s HIP-3 mechanism, which governs tokenized stock-style markets. During the week of July 13 to 19, 2026, Hyperliquid’s RWA activity generated $25.1 billion out of a total $48.2 billion in weekly volume. This development reflects a broader trend in decentralized exchanges, where Hyperliquid captured a significant portion of the market.
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Key Takeaways Hyperliquid’s shift towards RWAs appears consistent with increased interest in non-crypto assets, suggesting potential for growth in this sector. Market pricing for Hyperliquid’s price prediction for 2026 currently reflects a 19.5% probability of reaching $100 by the end of the year, suggesting some optimism despite recent declines. The exchange’s emphasis on individual stocks within its RWA offerings indicates strong participant interest in these assets, supportive of a diversified environment. What to Watch Observers should monitor Hyperliquid’s future announcements and partnerships, which could further influence market dynamics and pricing. Key developments, such as potential partnerships with Fortune 500 companies or increased institutional participation, may indicate support for a higher valuation. Conversely, any security breaches or regulatory challenges could negatively affect market sentiment. The coming months will likely provide further clarity on Hyperliquid’s strategic direction and its impact on the broader decentralized exchange landscape.
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Term Structure
Contract Odds Δ since publish Volume 24h December 31 19.5% — — View market → January 1 2027 6.2% — — View market → January 1 2027 2.9% — — View market → January 1 2027 41% — — View market → January 1 2027 8.8% — — View market → January 1 2027 3.1% — — View market →
Perp kontrakt Hyperliquidu na SK Hynix krátce spadl o 17,9 % 28. července po neobvyklém předobchodním obchodu v Jižní Koreji, který se propsal do cenotvorby oraclem. Incident vyšetřuje Trade.xyz.
Hyperliquid’s SK Hynix perpetual contract briefly fell about 17.9% on July 28 after an unusually low pre-market trade in South Korea fed into the contract’s oracle pricing.
Summary
17.9% intraday decline followed one anomalous NXT trade involving only a single SK Hynix share. Trade.xyz operates the SKHX market and is investigating the oracle-driven move, Hyperliquid representatives said publicly. HIP-3 deployers control oracle inputs, leverage settings and settlements for markets they independently create themselves. The market, officially listed as xyz:SKHX, tracks the U.S. dollar value of one common SK Hynix share traded in South Korea. Hyperliquid’s interface displays the contract as SKHYNIX-USDC and permits leverage of up to 10 times.
A Hyperliquid representative said the market was deployed and operated by Trade.xyz under the HIP-3 framework. Trade.xyz is investigating and plans to publish an update after reaching a conclusion, according to a statement reported by ChainThink.
Hyperliquid Community Addresses SK Hynix Perp Anomaly: Deployed by XYZ and Under Investigation
Hyperliquid’s xyz:SKHYNIX perpetual contract briefly fell 17.9% after an anomalous pre-market trade in South Korea’s NXT market priced one SK Hynix share at KRW 1.272 million,… pic.twitter.com/7dpHsi5Ks0
— Wu Blockchain (@WuBlockchain) July 28, 2026 One SK Hynix share triggered the initial price anomaly
The disruption began shortly after South Korea’s alternative exchange, NextTrade, opened its pre-market session. One SK Hynix share changed hands at 1.272 million won, 29.96% below the previous close of 1.816 million won.
The trade briefly placed the stock at its daily lower price limit. Korean reports attributed the print to a possible order error combined with limited liquidity during the early session. The underlying price later moved back above that isolated trade.
On-chain tracker HyperInsight said SKHX dropped from about $1,128.20 to $927 as the external price change moved through the oracle and mark-price system. The contract later recovered above $1,100.
The event occurred during a broader decline in South Korean semiconductor shares. SK Hynix closed the regular Seoul session at 1.55 million won, down 14.65%, although that closing move was less severe than the initial one-share print.Trade.xyz documentation states that the SKHX oracle tracks one SK Hynix common share and converts its Korean won price into U.S. dollars using the prevailing exchange rate.
That design allowed the unusual NXT transaction to affect the on-chain contract even though it involved only one share. Leveraged positions linked to the mark price could then face liquidations or automatic deleveraging as the contract moved lower.
DefiLlama’s later snapshot showed SKHX at approximately $1,067, down 13.7% over 24 hours. Open interest stood near $406 million after falling about 20%, while daily volume exceeded $1 billion. These figures can continue changing as positions are opened and closed.
There is no verified evidence that Hyperliquid’s blockchain or smart contracts were compromised. The available information points to an external market print passing through Trade.xyz’s pricing methodology.
HIP-3 makes Trade.xyz responsible for market operation HIP-3 allows independent teams to launch perpetual markets on Hyperliquid while using the network’s order books, margin system and liquidation engine. The deployer defines the contract, selects its oracle and controls leverage limits and settlement.
Hyperliquid’s API documentation says deployers supply oracle prices, external perpetual prices and as many as two additional mark-price inputs. The protocol combines those values with a local price based on the best bid, best offer and latest trade. Deployers are expected to consider unusual market conditions when designing price feeds. They must stake 500,000 HYPE and can face slashing for misconduct involving their markets.
As previously reported, Hyperliquid’s HIP-3 framework places oracle selection and market controls with outside deployers. That structure expands the number of tradable assets but makes each deployer’s price methodology central to risk management.
Trade.xyz has not published its conclusion Trade.xyz had not issued a final incident report when checked. Key unanswered questions include which NXT price inputs entered the oracle, whether filters operated as designed and whether any safeguards will change.
The market remained active after the disruption. Hyperliquid’s documentation allows deployers to halt trading, adjust open-interest limits or settle a contract, but no permanent SKHX suspension had been announced.
Notably, other decentralised exchanges have also introduced perpetual contracts for Korean stocks, increasing the links between thin local trading sessions and continuously operating crypto derivatives.
The next verified update is expected from Trade.xyz. Any final assessment should clarify whether the contract behaved according to its published rules or whether its oracle methodology requires changes.
Hyperliquid se stává backendem pro DeFi perps: stovky vývojářů včetně MetaMask, Phantom a VALR na něm staví aplikace a builder codes už vynesly asi 90 milionů USD.
Hyperliquid, as its name suggests, has become the decentralized exchange of choice for many traders, particularly those who want to trade perpetual futures or “perps,” blockchain-based derivatives contracts that allow users to speculate on the price of an asset with leverage and no expiration date.
Created by Harvard classmates Jeff Yan and a pseudonymous developer known as iliensinc, Hyperliquid, which went live at the start of 2023, is capitalizing on its volume and depth of order book by offering firms something akin to composibility: the concept from decentralized finance (DeFi), whereby permissionless smart contracts can slot together like money LEGOs, the building blocks of new tokenized financial products.
Hyperliquid’s Ethereum-compatible HyperEVM connects directly to its super-fast homegrown HyperCore blockchain, allowing other applications to compose atop the platform’s shared liquidity rather than fragmenting it. In other words, applications like wallets or even other exchanges can piggyback on Hyperliquid, using it as a backend to offer perps trading and other services.
As more builders deploy on and integrate Hyperliquid, liquidity deepens, the variety of assets expands, and network effects compound. There are now hundreds of developers — including big names like MetaMask, Phantom wallet and South African exchange VALR — using Hyperliquid’s system of “builder codes.” Builders have generated some $90 million in revenue so far, according to Flowscan.
A growing army of acolytes can’t praise the platform enough.
“Hyperliquid is not just a perpetuals exchange, it’s more like the AWS for finance,” said Hansu Jian, CEO of Hyperion DeFi, the first U.S.-listed treasury company focused on Hyperliquid’s native token HYPE.
“The perps part is great, but this is really a layer-one blockchain infrastructure. The service on offer is actually liquidity, and having all these markets work well, and allowing anyone to build things on top of them,” Jian said in an interview.
Similar to AWS for cloud infrastructure, builders own their users and fully control the user interface, while Hyperliquid provides the underlying liquidity and execution. Builder code integrators charge fees on the notional size of their users’ trades without developing the backend or maintaining liquidity.
“Builder codes let integrators focus on what they do best, delivering a great user experience, while Hyperliquid serves as the backend for liquidity and execution,” said Sterling Barnett, business development lead at Hyperliquid Labs, via email. “Integrators can offer their users best-in-class onchain liquidity and institutional-grade infrastructure, and earn fees on every trade.”
For an app like MetaMask, the Ethereum-based wallet that reports over 100 million users worldwide, it makes perfect sense to fuse with Hyperliquid’s EVM module. MetaMask has given its users self-custodial access to perps directly from the wallet since October of 2025.
Being a wallet has the advantage that there’s no decentralized app (dApp) to connect to, while fund transfers are streamlined to the point where users can trade directly with the tokens they already hold, said Matthieu Saint Olive, Staff Product Manager at MetaMask. It plugs into MetaMask’s money account, social login, and follow trading and leaves Hyperliquid to handle matching, the oracle, and the margin engine, he said.
“Matching orders is genuinely hard, and Hyperliquid is excellent at it, so we don’t try to rebuild it,” said Saint Olive via email. “By routing orders straight to the Hyperliquid order book, MetaMask Perps offers some of the best liquidity and execution quality available anywhere. ”
MetaMask said it’s seeing growth beyond crypto towards things like commodities and equities, according to Saint Olive. “Real-world-asset markets have gone from a small slice of perp volume at the start of 2026 to roughly a quarter of it today,” he said.
When it comes to fees, MetaMask charges a flat 0.1% builder fee, disclosed up front, with no hidden spread and nothing buried in execution, so a trader can verify exactly what they paid. “We think that transparency is the real advantage, and we’re actively exploring more innovative pricing models, because we want the economics to be a reason people choose MetaMask, not a source of friction,” Saint Olive added.
It’s more surprising to find a large centralized exchange handing over liquidity requirements to Hyperliquid’s perps order book. But taking the Hyperliquid route has proved a good option for South Africa-based exchange VALR, ranked among the largest exchanges in Africa with close to two million retail customers and about 2,000 corporate institutional customers, according to the exchange’s CEO and co-founder, Farzam Ehsani.
Having started out offering customers spot market, spot margin, and then perpetuals, the team at VALR built all the infrastructure in-house, including risk and liquidation engines, Ehsani said. Despite all the hard work that went into launching perpetual futures, Ehsani said candidly that it was difficult to get volume and liquidity.
“So perpetual futures on our own books didn't take off as we had hoped they would, predominantly because of the liquidity and volume,” Ehsani said in an interview. “Our volume is our volume; we are truthful and transparent and don’t do any wash trading or anything like that. We saw Hyperliquid bringing a huge amount of volume and market participants from all over the world together and thought, ‘Why don't we plug into that?’”
Looking ahead, when the likes of Robinhood, Coinbase, Intercontinental Exchange and others go full throttle into offering perps, there will be opportunities for cross-venue arbitrage, according to Jian of Hyperion.
“Say you are maintaining one position on Robinhood, for example, and the other side of the position on Hyperliquid,” Jian said. “Then, because you have a lot of what's called non-toxic flow, which is when more retail users are just purely entering and exiting the market, you'll be able to see more organic mechanisms for funding rates.”
Hyperliquid údajně testuje KYC a allowlist pro regulované obchodování tokenizovaných aktiv, podobně jako Uniswap. Podle analytiků to může otevřít cestu pro U.S. trhy.
Hyperliquid is reportedly testing a KYC (Know Your Customer) feature with an allowlist, raising questions about the decentralized exchange’s (DEX) plans.
According to analyst Rajiv Patel, the platform pushed a new feature, dubbed Stars, that allows deployers to make a HIP-3 (commodity futures) allowlist for trading. The allowlist can have up to 10K addresses; those not included can only fund their accounts but not trade. Sounds like a centralized exchange (CEX), right?
Most analysts speculated that the move could be a push to activate a front-end for U.S. users, calling it a ‘Hyperliquid U.S.’ In fact, crypto investor McKenna also shared a similar stance and added,
Clearly the conversation with Hyperliquid Labs, HPC and TradeXYZ with the SEC/CFTC have been productive. Building the infrastructure to onboard into the United States.
Another analyst added that the move was likely to segment U.S. users and market makers (MMs) to separate orderbooks (liquidity pools) from Hyperliquid’s massive offshore segment.
Source: X Is Hyperliquid following Uniswap’s steps? AMBCrypto shares a similar outlook, but the trend is not unique to Hyperliquid. Last week, Uniswap unveiled its first ‘permissioned pools’ with the same allowlist feature. According to Uniswap CEO Hayden Adams, the move was aimed at ensuring trading of “regulated tokens and tokenized assets.”
Now that Hyperliquid is the second DEX exploring a similar KYC feature, the move is likely designed to ensure tokenized assets trading meets U.S. compliance checks.
Worth pointing out that Hyperliquid became the first DEX to start screening and blocking addresses linked to the sanctioned HTX exchange (formerly Huobi Global, owned by Justin Sun).
The move comes amid increased engagement with the U.S. regulators on how the U.S. markets can access Hyperliquid in a regulated way.
Currently, the U.S. does not have any clear DeFi regulatory framework. But Hyperliquid Labs, Hyperliquid Policy Center, and TradeXYZ (top issuers of pre-IPO and commodity futures on the DEX) recently met with the U.S. SEC.
Part of the agenda was to explore viable ways of accessing on-chain trading within regulatory bounds. The KYC feature may be just one of the steps towards regulated trading in DeFi.
Some viewed the move as short-term bearish for the HYPE, Hyperliquid’s native token. Separately, HIP-3 daily volume has hit about 60% of the total Hyperliquid volume and is dominated by TradeXYZ (99%).
Source: ASXN Critics view this as a dominance risk for the DEX, especially if TradeXYZ is hacked or decides to build its own platform.
However, TradeXYZ’s CEO Collins Belton downplayed the fears. He noted that ‘there is no reason to leave,’ citing Hyperliquid’s connected ecosystem, including crypto, commodities, options, and prediction markets.
Meanwhile, HYPE traded at $55, extending July losses to 25% from the monthly peak of $73.
Final Summary Like Uniswap, Hyperliquid is reportedly exploring a KYC-based front-end for regulated tokenized asset trading. TradeXYZ dismissed plans of leaving the Hyperliquid ecosystem amid rising dominance risk.
Hyperliquid, a decentralized perpetual futures exchange operating on its own Layer-1 blockchain, is reportedly preparing for a significant shift in its volume towards real-world assets (RWAs). According to a recent statement on social media, there is a strong possibility that by 2027, 75% of Hyperliquid’s activity could be dominated by RWAs, including commodities, indices, and single stocks. This comes as the platform has already seen RWAs account for 52% of its volume during the week of July 13-19, 2026. The transition indicates a growing focus on diversifying asset classes beyond traditional cryptocurrencies.
The current market odds for Hyperliquid’s price trajectory reflect a cautious yet optimistic outlook. For instance, the market question “Will Hyperliquid reach $100 by December 31, 2026?” shows a 20.5% probability of a YES outcome. This figure has seen a slight decline from 29% a week ago, suggesting tempered enthusiasm among market participants despite the exchange’s evolving focus. Additionally, Hyperliquid’s expansion into RWAs has been accompanied by a notable increase in open interest, hitting record highs this year and strengthening its market presence.
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Market observers appear to be weighing the potential impact of this strategic pivot on Hyperliquid’s price forecasts. The platform’s growing emphasis on RWAs could enhance its market perception and volume, possibly influencing future price movements.
Key Takeaways The shift towards RWAs on Hyperliquid appears to be gaining momentum, with projections indicating a possible 75% volume share within a year. Market pricing suggests a cautious outlook for Hyperliquid’s price reaching $100 by the end of 2026, currently at 20.5% YES probability. The expansion into RWAs is consistent with increased open interest and diversification, potentially impacting Hyperliquid’s market valuation. What to Watch Market participants will be closely monitoring Hyperliquid’s ability to sustain and grow its RWA segment, which could influence its price outlook into 2027. Key developments such as partnerships with major financial institutions or technological innovations could align with scenarios where Hyperliquid reaches higher price targets. Conversely, any setbacks like regulatory challenges or security issues could affect its competitive position. As the year progresses, the interplay between these factors will be critical in shaping market expectations.
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Term Structure
Contract Odds Δ since publish Volume 24h December 31 20.5% — — View market → January 1 2027 6.4% — — View market → January 1 2027 2.8% — — View market → January 1 2027 42.5% — — View market → January 1 2027 8.8% — — View market → January 1 2027 4% — — View market →
Hyperliquid Policy Center a Multicoin Capital podpořily návrh CFTC na jasná federální pravidla pro prediction markets. Chtějí, aby se kontrakty posuzovaly podle vypořádání a aby úřad zveřejňoval důvody schválení i zamítnutí.
The Hyperliquid Policy Center and Multicoin Capital have filed a joint comment supporting the Commodity Futures Trading Commission’s proposed prediction-market framework.
Summary
Hyperliquid Policy Center and Multicoin support clear federal standards for regulated prediction market contract reviews. They want settlement terms to determine whether contracts involve gaming, war, assassination, or restricted activities. The groups seek published reasoning whenever the CFTC approves or rejects reviewed event contracts publicly. The groups said written federal standards would help operators design event contracts and reduce policy swings between administrations.
The filing arrived on July 27, the proposal’s comment deadline. The rule would explain how the CFTC reviews contracts tied to gaming, war, terrorism, assassination and conduct that violates federal or state law.
Joint filing supports the CFTC proposal The CFTC proposed amendments to Regulation 40.11 in June after an earlier consultation. Its three-step test would ask whether a product is an event contract, whether it involves a listed activity and whether trading would conflict with the public interest.
The plan does not ban every contract connected to those subjects. The CFTC would review products case by case during a process lasting up to 90 days. Chairman Michael Selig called it a “durable, transparent framework,” although the Commission may change the text before adopting a final rule.
Prediction markets topped $50 billion in trading volume last month, and the biggest names in traditional finance are moving in.
Today, with @multicoin, we filed a joint comment supporting the @CFTC 's proposed prediction markets framework.
These markets have grown up. The… https://t.co/pYG4mevmbT
— Hyperliquid Policy Center (@HyperliquidPC) July 27, 2026 Hyperliquid Policy Center and Multicoin said “clear rules beat guesswork.” They argued that standards written into regulations would offer more certainty than policies based mainly on staff interpretation. Their filing presents an industry position and does not resolve current legal disputes.
Groups seek one federal regulator The joint comment argues that the CFTC should remain the single federal regulator for exchange-traded prediction contracts. It distinguished those products from bookmaker wagers. Exchange participants trade with one another at market prices, while the venue matches orders and charges fees.
Several states have challenged prediction-market operators under gambling laws. Platforms and the CFTC argue that the Commodity Exchange Act gives federal authorities exclusive control over contracts listed on registered derivatives exchanges. Courts have not produced one final nationwide answer.
As crypto.news previously reported, North Carolina approved access for CFTC-regulated prediction markets in July, while disputes continued elsewhere. Separate coverage described lawsuits involving Kentucky, Kalshi and Polymarket. Those cases test whether federal derivatives rules override state gaming requirements.
Filing seeks settlement-based tests and public reasons The comment recommends that the CFTC decide whether a contract “involves” a restricted activity by examining the event that controls settlement. A passing link to war or gaming would not automatically trigger review. The payout condition would determine whether the contract enters a listed category.
The CFTC proposal follows a similar reading. It focuses on the underlying settlement event rather than treating trading itself as gaming. The agency also gives examples separating a contract on an unlawful act from one that settles on a lawful court decision.
The groups asked the Commission to publish more examples for difficult cases. They also want it to explain every completed review, including approvals. The proposal requires reasoning when the CFTC blocks a product, but approval decisions could guide later filings.
That request comes as the regulator demands more product-specific detail. On July 24, the CFTC issued its second 2026 warning against broad, template-style self-certifications. It said venues must provide contract terms, settlement methods, data sources and compliance analysis for each proposed variation.
Hyperliquid’s markets shape its policy interest Hyperliquid introduced HIP-4 outcome contracts on mainnet in May. The fully collateralised products settle at zero or one and do not use leverage or liquidations. Validators approve and settle canonical markets using defined information sources within Hyperliquid’s network.
As crypto.news reported, Hyperliquid’s first offchain market covered the U.S. consumer price index. The platform later expanded its outcome-market system as part of a move beyond perpetual futures. The Policy Center has also asked regulators to account for non-custodial blockchain markets.
The group said Hyperliquid’s products support its case for technology-neutral rules. However, the onchain venue does not currently operate as a CFTC-registered U.S. exchange. A final event-contract rule would not alone create a legal route for decentralized platforms or U.S. users.
The filing also cited fast market growth. Hyperliquid Policy Center said major venues passed $50 billion in June volume. A crypto.news analysis placed combined June volume for Polymarket and Kalshi at $44.8 billion, showing that totals vary by platform and product coverage.
The CFTC will review the comments before deciding whether to revise or adopt the proposal. The process may clarify how registered venues list event contracts, while questions about decentralized access, state authority and registration remain open. National regulators, courts and lawmakers may still shape which firms can serve U.S. customers and which contracts may legally reach them in practice.
Hyperliquid má nyní 27 validátorů a nadace drží asi 49,3 % stakovaného HYPE, takže síť je decentralizovanější než dřív, ale stále silně koncentrovaná. Zdrojový kód node software zůstává uzavřený.
A venue clearing more than $200 billion a month, holding roughly 70% of on-chain perpetuals volume, is secured by 27 validators. Its foundation ran every one of them at launch. Both the critics and the defenders are working from stale numbers, so here is the audit: what the set looks like now, which powers actually exist, and where the honest gap remains.
Summary
Hyperliquid’s validator set has grown from 4 at launch to 16, then 21, 24, and 27 as of June, with registration permissionless and the largest stakes forming the active set. The decisive number moved this year: foundation-run validators now hold about 49.3% of staked HYPE, with the remaining 50.7% spread across 22 other operators, down from a reported 81% concentration in early 2025. The loudest criticism, that the foundation can jail validators at will, does not match the documentation, which describes jailing as peer-triggered for latency and reliability failures, with no automatic slashing anywhere in the system. The genuine gap is scale, not malice: 27 validators against roughly 1,800 on Solana and hundreds of thousands on Ethereum, securing a venue whose monthly volume exceeds $200 billion, with node software still closed and a delegation program that applies identity checks to participants. Singapore’s regulator added Hyperliquid to its Investor Alert List in June, which converts the decentralization argument from a philosophical debate into a question with legal consequences. The most valuable thing about a decentralization argument is usually the data it forces into the open, and the Hyperliquid version has been running on stale data for eighteen months. In January 2025 a node operator published a letter noting that five foundation validators controlled more than 81% of staked HYPE across a set of sixteen, and that number entered the discourse and never left it. In June 2026, a prominent investor declared the network not permissionless at all, citing validators concentrated in a single building, node software that remains closed, and a foundation that can jail operators and force upgrades on them. Both interventions were treated as verdicts. Neither reflected the current state of the network, which had by then expanded to 27 validators with foundation-run nodes holding slightly less than half the stake, and neither engaged with what the protocol’s own documentation says about the powers in dispute. Meanwhile the thing being argued over kept growing: a venue processing more than $200 billion a month, holding roughly 70% of decentralized perpetuals volume, generating on the order of a billion dollars a year in fees, with an order book, a matching engine, and a liquidation system all running on those 27 machines. This piece is the audit both sides have been arguing without: the set as it stands, the powers as documented, the precedent where those powers actually fired, and the gap that survives every correction.
The set, counted Start with the trajectory, because the direction is the part the standing critique omits.
Hyperliquid launched with a handful of validators, all run by the foundation, in what amounted to a permissioned network wearing a public ticker. The set expanded to 16 in January 2025, the moment that produced the original decentralization letter and the 81% concentration figure. In April 2025 the foundation restructured registration itself: the set moved to 21 nodes, with registration open to anyone and the 21 largest by stake forming the active set, which converted validator status from an appointment into an auction. Growth continued through 24 to 27 as of June 2026, with a stake threshold to enter that has run above a million HYPE, a number that itself functions as the network’s real admission price.
The concentration figure moved with it. Following a round of redelegations from foundation validators in June, foundation-run nodes hold approximately 49.3% of staked HYPE, with about 50.7% distributed across 22 independent operators. The foundation runs five validators of the 27. That is a materially different network from the one described by the 81% figure still circulating in criticism, and any honest audit has to lead with the improvement before cataloguing what remains.
The mechanics underneath are worth stating precisely, because they define who can participate. Consensus is delegated proof of stake: validators require a minimum self-delegation of 10,000 HYPE locked for a year, delegators face a one-day lock and a seven-day unstaking queue, and rewards accrue continuously with automatic recompounding. There is no automatic slashing anywhere in the system, which is unusual and cuts both ways: no operator loses stake for a mistake, and no operator loses stake for misbehavior either, leaving the unstaking queue and social consequences as the enforcement layer. Governance runs on delegated stake weight, with validators declaring positions and outcomes determined by the tokens behind them, not by validator headcount, which means the concentration number is the governance number, not a trivium.
The three powers, examined Now the specific allegations, taken one at a time against the documentation, because two of the three survive and one does not.
Jailing. The claim that has traveled furthest is that the foundation can jail a validator for any reason and remove it from the active set. The protocol documentation describes something different: validators can be jailed through peer voting for latency and reliability failures, and a jailed validator stops producing rewards for its delegators until unjailed, with no slashing attached. Peer-triggered removal for performance is standard practice across proof-of-stake networks and is not foundation discretion. The residual concern is real but narrower than the accusation: when foundation-affiliated nodes hold close to half the stake, peer voting weighted by that stake is not fully independent of the foundation, so the mechanism is only as neutral as the distribution underneath it. That is an argument about concentration, which is the argument this piece keeps returning to, and not an argument about arbitrary power.
Forced upgrades. The claim that validators must adopt protocol upgrades is essentially accurate and largely unremarkable. Every chain running a single client implementation faces the same reality: nodes that decline an upgrade fall out of consensus, which is a coordination fact, not a governance power. What makes it sharper here is the single-binary architecture. Hyperliquid runs one implementation, which the foundation has defended by pointing out that Solana operated the same way for years. The defense is honest and incomplete: single-client networks concentrate the risk that a bug or a decision in one codebase becomes the whole network’s bug or decision, which is precisely why Ethereum’s client diversity is treated as a security property instead of an inefficiency.
Closed source. This one stands, and it is the most consequential of the three. The node software has remained closed, with the foundation’s position since early 2025 being that the code will open when it is stable, citing development speed and security. Eighteen months and considerable growth later, the promise is still outstanding, and it is the crux of the June criticism: a validator running a binary it cannot read is trusting the author in a way that no amount of stake distribution fixes. Users can verify state on-chain, but nobody outside the team can independently verify what the software does before it produces that state. For a venue clearing $200 billion a month, that is the single widest gap between what the network claims and what an outsider can check.
The precedent: when the powers fired Governance arguments stay abstract until an incident makes them concrete, and Hyperliquid’s arrived in March 2025 with a memecoin called JELLY.
A trader opened a large position and manipulated the thin spot market underneath it, engineering losses that landed on the protocol’s liquidity vault, the pool that absorbs liquidated positions on behalf of depositors. With the vault facing an eight-figure hit, validators voted to delist the market and settle it at a price favorable to the protocol, and the loss was contained. The intervention worked, users were protected, and the affair was over within hours.
JUST IN: CZ calls Hyperliquid’s invention awesome for filling a Binance gap. He highlights their no-KYC model while questioning decentralization claims pic.twitter.com/WYQdYOM2H7
— crypto.news (@cryptodotnews) June 18, 2026 It also answered the governance question empirically. A market that traded on a network can be closed by a stake-weighted vote when the network’s own capital is at risk, and the vote at that time ran through a validator set in which the foundation held a decisive share, which is why the episode was described in the trade press as a validator put: an implicit guarantee that the house will intervene when the house is losing. Two readings follow, and both are defensible. The generous one is that any exchange, decentralized or otherwise, must be able to halt manipulation, and a venue that let a vault be drained by an obvious attack would deserve the criticism it received instead. The unforgiving one is that decentralization is only tested at the moment intervention becomes attractive, and Hyperliquid intervened. What the incident settles is not whether the network is good or bad but what it is: a venue with a functioning emergency brake and a small number of hands on it. Traders should price that accordingly, in both directions, since the same brake that protected vault depositors in March 2025 is the brake that could close a market a trader is winning in.
The comparison that survives every correction Strip out the stale numbers and the overstated claims, and one gap remains that no redelegation fixes: the set is very small relative to what it secures.
Twenty-seven validators sits against roughly 1,800 on Solana, several hundred on Cosmos Hub, and hundreds of thousands on Ethereum. The technical counterargument is legitimate and worth stating properly: Byzantine fault tolerant consensus does not require thousands of participants for safety, it requires an honest supermajority within whatever set exists, and a small high-performance set is exactly how the network achieves the sub-second finality that makes an on-chain order book viable at all. Hyperliquid’s entire product advantage, matching and finality fast enough to compete with centralized venues, is purchased with validator-set size. That is a deliberate trade, not an oversight.
The question is whether the price is right at this scale, and the arithmetic is uncomfortable. A set of 27 secures a venue processing over $200 billion monthly, with open interest, vault deposits, and now equity-linked and other builder-deployed markets on top. The attack surface that matters is not cryptographic but social and regulatory: 27 operators are 27 phone calls, 27 jurisdictions to subpoena, 27 relationships to pressure, and the foundation’s near-half stake means a much smaller number of conversations would decide most outcomes. The delegation program that expands the set applies identity checks to participants, which improves accountability and simultaneously means the expansion is curated, not open, in practice. Each of those facts is defensible on its own terms. Together they describe a network whose decentralization is best characterized as a managed trajectory: real, measurable, improving, and still a long way from the property its marketing language implies.
The regulator arrives Which is where the argument stopped being philosophical. On June 26, Singapore’s Monetary Authority added Hyperliquid to its Investor Alert List, the register of entities that consumers might wrongly believe are licensed. The listing is not a ban, not an enforcement action, and not a finding of wrongdoing, and Hyperliquid’s response was accurate on every point: it has never claimed authorization from the regulator, nothing about the network changed, users retain self-custody, and settlement remains on-chain. Bybit had joined the same list nine days earlier, KuCoin in February, Binance since 2021, which places Hyperliquid in familiar company and suggests a regulator working through a list instead of singling out a protocol.
The significance is what the listing does to the vocabulary. Permissionless has been a technical description inside crypto and is becoming a legal position outside it, because a protocol claiming to be infrastructure rather than an operator is making an argument about who, if anyone, is responsible for the venue. The critique that landed the same day, that a network with closed-source software, a curated validator set, and foundation-weighted governance does not meet the description, is therefore not merely a purity argument. It is a claim that the legal position rests on facts the network has not fully proven, and regulators reading the same debate will reach their own conclusions about which entity, if any, is running the exchange. That is the real stake of the governance question in 2026, and it is why the numbers in this piece matter beyond ideology: the distance between 49.3% and something much smaller, and between closed source and open, is also the distance between a plausible infrastructure claim and a contestable one.
The listing power, and the money behind it One dimension of the governance question sits outside the validator debate entirely, and for traders it may be the more consequential one: who decides what trades here.
The network’s newer listing machinery, the builder-deployed markets that opened perpetuals creation beyond the core team and produced the equity-linked contracts this publication audited separately, is gated by stake rather than by approval. Deploying a perpetual market requires staking a large HYPE position for a minimum period, and builder deployments on the EVM side run through a periodic auction for slots. Read one way, that is the most genuinely permissionless part of the system: no committee decides which markets exist, only capital does, which is why the venue could list synthetic equity exposure faster than any regulated exchange could convene a meeting about it. Read another way, it replaces gatekeeping with a wealth qualification, and it means the venue’s expanding product surface, including markets that touch regulated asset classes, is determined by whoever can post the stake.
The economics tie the two halves of the governance question together. Trading fees flow into the token’s buyback machinery, which this publication has covered as crypto’s clearest example of a network routing real revenue to its asset, and staked HYPE is simultaneously the security bond, the governance weight, and the listing key. That triple duty is elegant design and a concentration mechanism at once: the same token that secures the chain decides its rules and controls what it lists, so any accumulation of HYPE is an accumulation of all three powers together. On a chain where roughly half the stake already sits with one affiliated group, and where an entry ticket to the validator set runs above a million tokens, the practical question is not whether the system is permissionless in principle but how much capital it takes to matter, and the answer has been rising with the token.
That is the frame worth carrying out of this audit. Hyperliquid’s governance is not a story about a foundation refusing to let go; the trajectory shows the opposite, steadily and measurably. It is a story about a design in which influence tracks capital with unusual directness, on a venue whose scale now exceeds most regulated exchanges, with the software still unreadable from outside. Whether that is acceptable is a judgment each user makes. What it is, precisely, is now on the record.
What to watch The stake distribution, not the validator count. Headcount is the easy number to grow and the least informative. Whether foundation-run stake continues falling below 49.3%, and whether any single independent operator accumulates a blocking position, is the measure that determines who actually decides outcomes.
The open-source commitment. The promise to publish node software has been outstanding since early 2025 and is the single change that would most alter the audit. Its continued absence is itself information, and the longer it runs, the weaker the stability rationale becomes.
The next intervention. JELLY showed that the network will act to protect its vault. The next comparable event, and whether the decision runs through a stake distribution that no longer has a foundation majority behind it, is the test of whether governance changed or only its arithmetic did.
Regulatory follow-through. The Singapore listing has no operational effect today. Whether other jurisdictions follow, and whether any of them treats the foundation as the operator of an unlicensed exchange, is the scenario in which every fact in this audit stops being a debating point and becomes evidence.
Disclaimer: This article is for information and educational purposes only and does not constitute financial or investment advice. Validator counts, stake distributions, and protocol parameters change continuously, and figures reflect data reported at the time of writing. Nothing here is a recommendation to buy, sell, hold, or trade any asset or on any venue. Always do your own research. Information is accurate as of July 26, 2026.
Frequently Asked Questions How many validators does Hyperliquid have? Twenty-seven as of June 2026, up from four or five at launch, then 16 at the start of 2025, 21 in April 2025, and 24 later that year. Registration is open to anyone, with the largest stakes forming the active set, and entry has required a stake above roughly one million HYPE. Validators must self-delegate a minimum of 10,000 HYPE locked for one year.
Who controls the stake? Foundation-run validators hold approximately 49.3% of staked HYPE following redelegations in June, with about 50.7% spread across 22 independent operators. The foundation operates five of the 27 validators. This is a substantial change from early 2025, when a widely cited analysis put foundation-controlled stake above 81% across a set of 16.
Can the foundation remove validators at will? Not according to the documentation. Jailing is described as peer-triggered for latency and reliability failures, with a jailed validator ceasing to earn rewards until unjailed, and there is no automatic slashing in the system. The legitimate concern is indirect: because peer voting is weighted by stake and foundation-affiliated nodes hold close to half of it, the mechanism’s independence is limited by the same concentration issue that affects governance generally.
Is Hyperliquid’s code open source? The node software has remained closed, with the foundation stating since early 2025 that it will open the code once development is stable, citing security and shipping speed. That commitment is still outstanding, and it is the most substantive of the standing criticisms: validators run a binary they cannot audit, and no distribution of stake compensates for that.
What was the JELLY incident? In March 2025 a trader manipulated a thinly traded memecoin market to push losses onto the protocol’s liquidity vault. Validators voted to delist the market and settle it at a price that protected the vault, containing an eight-figure loss. The intervention worked and was also read as evidence of a validator put, meaning the network will act when its own capital is at risk, through a stake distribution the foundation then dominated.
How does the validator count compare to other chains? It is far smaller: roughly 1,800 validators on Solana, several hundred on Cosmos Hub, and hundreds of thousands on Ethereum, against 27 on Hyperliquid. Byzantine fault tolerant consensus does not require large sets for safety, and the small set is what delivers the sub-second finality an on-chain order book needs, but it concentrates social, regulatory, and coordination risk for a venue processing over $200 billion a month.
What did the Singapore listing mean? The Monetary Authority of Singapore added Hyperliquid to its Investor Alert List on June 26, a register of entities consumers may wrongly believe are licensed. It is not a ban or an enforcement action, and Bybit, KuCoin, and Binance appear on the same list. Its importance is that it moves the permissionless question from a technical debate into a legal one, since the claim to be infrastructure rather than an operator depends on the governance facts being what the protocol says they are.
What should traders take from this? That the network has a functioning emergency brake with a small number of hands on it, and that this is a property to price, not a scandal to condemn. Decentralization here is a managed trajectory: measurably improving on stake distribution, unresolved on source code, and small relative to the value at risk. Position sizing on any venue should reflect the governance reality, not the marketing vocabulary. This is educational analysis, not investment advice.
Hyperliquid spustil perpetual futures na akcie a jeho SPCX kontrakt na SpaceX se stal hlavním příkladem. Trh běží 24/7, umožňuje vysokou páku i short bez půjčení akcií.
When SpaceX went public, the only place most of the world could short it was Hyperliquid, where a perpetual future tracked the IPO of the decade tick for tick, and a whale ran a $14 million leveraged short no brokerage would have offered. Equity perps are the first crypto product Wall Street cannot ignore, and regulators cannot place, and this is the audit of what they actually are.
Summary
Hyperliquid, the dominant on-chain derivatives venue with roughly 70% of decentralized perpetuals volume and around $1.3 billion in annualized fees, now lists perpetual futures on stocks, with its SpaceX contract as the breakout case. The SPCX perp traded the IPO of the decade before, during, and after the listing, ran to a $228.74 high alongside the stock’s $225.64 peak, tracked its 48% collapse, and hosted positions like a 10x-leveraged $14 million short paired with a 40x $60 million Bitcoin short, structures no retail brokerage offers. Equity perps deliver what the equity market rations: 24/7 trading, high leverage, short exposure without locates or borrow fees, and access for the global majority locked out of US brokerage accounts, all against an oracle price and a funding rate instead of shares. The product’s honesty requires its limits: holders own no equity, no dividend, no claim, only a synthetic exposure whose integrity depends on oracle quality and venue solvency, on platforms mostly outside US jurisdiction. The regulatory placement is unresolved by design: synthetic equity exposure with no share changing hands sits between the SEC’s securities world and the CFTC’s derivatives world, on infrastructure neither reaches, and the CLARITY-era jurisdiction map does not cover it. The most interesting trade of June was not in a stock. When SpaceX completed the largest IPO in history and its shares began their 48% descent, an anonymous trader on Hyperliquid, the blockchain derivatives venue, was running a combined position no prime broker would have blessed and no retail app could have executed: a $60 million Bitcoin short at 40x leverage paired with a $14 million short on SPCX at 10x, a pure bet on the deflation of the year’s twin euphorias, placed on rails that never close, require no borrow, and asked no questions.
The instrument making it possible, the equity perpetual future, is the crypto industry’s quiet invasion of the stock market: a synthetic contract that tracks a share price via oracle, settles in stablecoins, charges longs or shorts a funding rate to keep the peg, and trades around the clock at leverage American brokerages reserve for institutions, on venues most of the world can reach with a wallet.
Hyperliquid’s SPCX contract, born before the IPO priced and still trading through the stock’s every convulsion, is the product’s proof of concept and its perfect case study, and this piece uses it as one: what equity perps actually are, what they genuinely fix, what they quietly are not, and why the regulatory map, freshly redrawn for crypto by the CLARITY era, has no square for them at all.
The machine: how a stock trades without shares An equity perpetual is three mechanisms in a trench coat, and each deserves one honest paragraph.
The first is the oracle. No share of SpaceX exists anywhere in the system; the contract’s reference is a price feed, assembled from the listed market’s data during exchange hours and from the perp’s own supply and demand when Nasdaq sleeps. This is the design’s power and its softest point in one: the feed makes the synthetic possible, and every question about the product’s integrity is ultimately a question about the feed, its sources, its manipulation resistance, its behavior when the underlying halts, gaps, or, as with SPCX in its lockup-shadowed churn, moves violently on thin news.
Perp venues have run oracle machinery for crypto assets for years at scale; equities add wrinkles crypto never had, official closes, halts, corporate actions, and the young history of equity perps includes the learning curve those wrinkles imply.
The second is the funding rate, the elegant trick that replaces ownership. Because nothing forces a perp’s price toward the stock’s, the contract pays a periodic transfer between longs and shorts; whichever side is heavier pays the other, so deviation from the reference price becomes expensive and arbitrage pulls the peg tight.
The funding rate is also the product’s honest price tag: holding a leveraged equity view costs whatever the crowd on your side must pay, which in euphoric stretches, SPCX’s first week, say, made long exposure meaningfully expensive, a cost structure entirely unlike owning shares and closer to a rolling options position. Traders who read funding as information, crowding, sentiment, squeeze risk, get a signal equity markets deliver only obliquely.
The third is the venue itself. On Hyperliquid, order book, matching, and liquidations run on-chain, collateral is stablecoin, and the exchange’s economics, roughly $1.3 billion in annualized fees at about 70% of the on-chain perps market, fund the token model this publication has covered as crypto’s clearest value-accrual machine. Equity perps arrived through the venue’s expansion of builder-deployed markets, the mechanism opening listings beyond crypto pairs, and the roster now reaches into stocks, indices, and commodities.
The plumbing matters because it defines the counterparty question: an equity perp holder’s real exposures are the oracle, the liquidation engine, and the venue’s solvency, not any transfer agent or clearinghouse, and those exposures live, for most such venues, offshore and on-chain, exactly where the traditional system’s guarantees do not.
What it fixes, honestly The bull case for equity perps is not hype; it is a list of the equity market’s genuine rationing decisions, each of which the perp un-rations.
Time: stocks trade 32.5 hours a week; the news that moves them does not. The SPCX perp priced Starship’s failed test, the Cursor-acquisition backlash, and every lockup rumor in real time, weekends included, while shareholders waited for Monday.
For an asset class whose defining events, launches, in this case, literally happen at all hours, continuous price discovery is not a gimmick, and the perp’s around-the-clock tape has already become, for SpaceX watchers, the leading indicator the listed market opens to.
Access: a US brokerage account requires US residency, documentation, and, for anything beyond cash equities, suitability gates; the global majority is structurally excluded from the market that prices the world’s most important companies. A perp venue asks for a wallet.
Whatever one thinks of the compliance implications, and they are the final section’s subject, the distributional fact is real: equity perps are the first instrument through which a trader in Lagos or Karachi shorts an American IPO on the same terms as a fund in Connecticut.
Shorting: the equity market’s short path, locate the borrow, pay the fee, face the recall, buy-in risk, and, for a fresh IPO like SPCX with its 911.5 million share lockup, borrow scarcity that makes shorting practically institutional-only, is friction by design. The perp deletes all of it: shorting is symmetric with longing, no locate, no borrow, no recall, which is why the instrument’s clearest use case so far is exactly the whale trade this piece opened with, and why fresh IPOs, where the listed short is hardest, and opinion is hottest, are where equity perps found product-market fit first.
Our own coverage of SPCX’s descent noted the perp and the tokenized versions tracking the collapse in lockstep with the stock, a three-venue price war in which the crypto rails, not the exchange, offered the only practical retail short.
Leverage and capital efficiency complete the list; 10x on a stock position with stablecoin collateral is a different capital regime than Reg-T margin, and together the four fixes explain the product’s trajectory better than any narrative: equity perps grow wherever the traditional market’s rationing binds hardest.
What it is not, and where it cannot be placed The audit’s other half is shorter and sharper, because the perp’s limits are as structural as its fixes.
It is not equity. No dividend, no vote, no claim in bankruptcy, no share: the holder owns a cash-settled bet on a number, and the number’s connection to the company runs entirely through the oracle.
In calm markets the distinction is pedantic; in the scenarios that define instruments, a halt, a delisting, a corporate action, an oracle failure, a venue insolvency, it is everything, and the young product’s stress record is thin precisely where equities generate their worst stresses.
The tokenized-equity reckoning this publication audited after the SpaceX IPO, products scrapped, buyers refunded, late vintages underwater, is the adjacent cautionary tale: synthetic exposure to private and newly public equity is exactly where the gap between marketing and mechanism has already cost real money.
And it is not placeable, yet, on any regulatory map. A perpetual future on a security, offered without the security, settles into a jurisdictional void the American system has spent two years mapping everything except: the SEC governs securities and the platforms that touch them; the CFTC governs derivatives on commodities; the CLARITY framework, whose implementation this publication has covered in detail, allocates digital assets between them, and a synthetic stock position on an offshore chain answers to neither cleanly.
US platforms do not offer equity perps for precisely this reason; offshore and on-chain venues offer them to everyone else, and the enforcement perimeter, as with every offshore derivatives wave before, reaches the marketing, the fiat ramps, and the US-person access, not the protocol.
The honest forecast is the one the product’s own growth writes: volumes concentrating offshore, a widening data gap between the priced world and the regulated one, and eventually, once the instrument prices something systemic, a jurisdictional fight that will make the prediction-market war look tidy, because at least an event contract admits what it is. An equity perp is a security’s price without the security, the purest regulatory-arbitrage instrument crypto has produced, and the system it arbitrages has not yet noticed the size of the hole.
The venue underneath: why this happened on Hyperliquid The product’s story is inseparable from its venue, because equity perps did not emerge on a neutral substrate; they emerged on the one platform whose economics and architecture made them almost inevitable, and the causation teaches something about where crypto’s product frontier actually lives.
Hyperliquid’s qualifications are three. Liquidity first: at roughly 70% of on-chain perpetuals volume, with open interest and depth that dwarf its decentralized rivals, it is the only venue where a $14 million single-position equity short meets a book that can absorb it, and derivatives listings live or die on day-one depth.
Machinery second: a fully on-chain order book, matching engine, and liquidation system, hardened by years of crypto perps at scale, generalizes to any oracle-priced underlying, which is precisely what the builder-deployed markets mechanism formalized, opening the listing function beyond the core team and letting the equity roster grow at ecosystem speed rather than committee speed.
And incentives third: the venue’s fee engine, the roughly $1.3 billion annualized flow whose token mechanics this publication has covered as crypto’s most direct value-accrual machine, means every new asset class listed compounds the platform’s core loop, giving the ecosystem a structural hunger for exactly the kind of frontier products that traditional venues must clear through legal departments first. Where a regulated exchange asks whether it may list synthetic SpaceX, a permissionless listing mechanism asks only whether anyone will trade it, and the answer, June showed, was emphatic.
The concentration cuts both ways, and the audit owes the caveat. A product category living overwhelmingly on one venue inherits that venue’s specific risks: its oracle choices become the category’s oracle standard, its solvency becomes the category’s systemic question, and its governance, including the validator-set concentration questions that have followed the platform since launch, becomes the category’s political exposure.
Traditional equity infrastructure disperses these risks across exchanges, clearinghouses, and transfer agents by regulatory design; the equity-perp stack concentrates them by architectural choice, trading resilience for velocity. That trade has run in crypto’s favor for two years of calm-to-volatile markets. The scenario that would reprice it, a venue-level failure during an equity stress event, with synthetic positions on halted underlyings and no clearinghouse behind the book, is the category’s true tail, unpriced precisely because it is unprecedented, and anyone sizing positions in these instruments should price the venue before pricing the view.
What to watch The roster’s growth. Which equities get perps next, and how fast listings follow retail heat. The pattern so far, fresh IPOs and locked-up names where shorting is hardest, is the tell for where the product’s edge actually lies, and the first perp on a halted or delisted name will write the stress-test chapter early.
Funding rates as the new sentiment tape. SPCX perp funding, and its successors’, is becoming the cleanest continuous read on positioning in names the options market covers only during business hours. Expect equity desks to start quoting it, quietly, the way they came to watch crypto funding.
The basis triangle. Perp versus listed stock versus tokenized versions: three prices for one exposure, on three legal architectures. Divergences in stress are where the instruments’ true differences surface, and the first sustained break will teach the market which venue leads and which merely follows.
The first US regulatory contact. An enforcement action, a no-action letter, or a CLARITY-era rulemaking that names synthetic equity exposure would end the placement void. Until then, the product grows in the gap, and the gap is the story.
One historical rhyme completes the audit, because the market has seen this movie’s structure before. Contracts for difference, CFDs, ran the same play against the equity market two decades ago: synthetic exposure, high leverage, no ownership, offered offshore to retail the regulated market rationed out, and they grew into a permanent, regulated, and repeatedly scandal-scarred fixture of European and Asian trading, banned outright for US retail to this day.
Equity perps are CFDs rebuilt on crypto rails, with three genuine upgrades: transparent on-chain positioning instead of dealer books, funding rates set by market balance instead of broker discretion, and self-custodied collateral instead of client-money accounts, and one genuine downgrade: the absence of any regulatory perimeter at all, even the imperfect one CFDs eventually accepted.
The CFD precedent predicts the arc: rapid offshore growth, a defining blowup that forces structure, then bifurcation into regulated products where allowed and gray markets where not. It also predicts the endgame nobody in crypto says aloud: the traditional exchanges, watching a parallel equity market price their listings around the clock, will eventually either extend their own hours, list their own perpetual-style products, or buy the venues, because that is what incumbents do to successful arbitrage.
The instrument’s deepest significance may be exactly that pressure: equity perps are the market’s demonstration that the 32.5-hour trading week is a policy choice, not a law of nature, and demonstrations of that kind have a way of ending with the incumbents adopting what they could not suppress.
Frequently Asked Questions What is an equity perpetual future? A derivative that tracks a stock’s price without any share existing in the system: an oracle feeds the reference price, traders post stablecoin collateral for leveraged long or short exposure, and a periodic funding-rate payment between longs and shorts keeps the contract’s price pegged to the stock’s. It trades continuously, including when the underlying market is closed, and settles in cash, never in shares.
Why did SpaceX’s perp become the breakout example? Because it offered what the listed market could not. The SPCX contract traded through the IPO of the decade around the clock, tracked the stock from its $225.64 peak through its 48% collapse, and enabled short exposure, including a documented 10x, $14 million short paired with a 40x Bitcoin short, at a moment when the fresh IPO’s lockup made traditional borrowing scarce and practical shorting nearly impossible for retail.
What do equity perps genuinely improve on? Four rationing decisions of the equity market: hours, with 24/7 trading against a 32.5-hour week; access, with a wallet replacing residency-gated brokerage accounts for the global majority; shorting, with no locates, borrow fees, or recall risk; and capital efficiency, with high leverage on stablecoin collateral. The product grows wherever these constraints bind hardest, which is why new IPOs led adoption.
What does a holder of an equity perp actually own? A cash-settled position on a number, nothing more: no dividend, no vote, no bankruptcy claim, no share. The exposure’s integrity depends on the oracle’s accuracy, the venue’s liquidation engine, and the platform’s solvency, typically on offshore, on-chain infrastructure outside traditional investor protections. In halts, delistings, corporate actions, or oracle failures, the differences from equity ownership become decisive.
Who offers these products, and can US users trade them? On-chain derivatives venues, with Hyperliquid, at roughly 70% of decentralized perpetuals volume and about $1.3 billion in annualized fees, as the category leader through its builder-deployed markets. US platforms do not list equity perps because of their unresolved legal status, and offshore venues restrict US persons formally; practical access, as with every offshore derivatives generation, varies with enforcement of the perimeter.
How do funding rates work, and why do traders watch them? Whichever side of the contract is more crowded pays a periodic fee to the other, making deviation from the reference price costly and pulling the peg tight. The rate doubles as a sentiment gauge: expensive long funding signals crowded bullishness and squeeze risk, and because it prints continuously, it offers positioning information about a stock even while the listed market sleeps.
Where do equity perps sit legally? In a void. They are synthetic exposure to securities offered without securities, on infrastructure the SEC does not reach, in a derivative form the CFTC’s commodity jurisdiction does not clearly cover, and the CLARITY-era framework allocating digital assets between the agencies does not address them. That placement question, unresolved and growing with the product’s volumes, is the category’s defining regulatory story.
Should traders use them? That is an individual decision this article does not make. The honest framing: equity perps are powerful instruments whose advantages, hours, access, symmetric shorting, and leverage are real, and whose risks, oracle dependence, venue solvency, funding costs, legal ambiguity, and the absence of every traditional investor protection, are equally real and mostly unpriced until stress arrives. Position sizes that assume the venue is a brokerage misunderstand the instrument. This is educational analysis, not investment advice.
Disclaimer: This article is for information and educational purposes only and does not constitute financial or investment advice. Derivatives trading with leverage carries substantial risk of loss; products described may be unavailable or restricted in your jurisdiction, and figures reflect data available at the time of writing. Nothing here is a recommendation to trade any instrument. Always do your own research. Information is accurate as of July 24, 2026.
RWAs se poprvé staly největší obchodní třídou na Hyperliquidu, když za týden od 13. do 19. července dosáhly objemu 25,1 miliardy USD, tedy 52 % celkového týdenního objemu.
Perpetual decentralized exchange (DEX) Hyperliquid’s weekly trading volume in tokenized real-world assets (RWAs) exceeded that of all other asset categories combined for the first time.
RWAs generated $25.1 billion in trading volume from July 13 to July 19, accounting for 52% of Hyperliquid’s total weekly volume of $48.2 billion, according to Blockworks data.
“Hyperliquid’s RWA market alone was larger than the combined crypto perpetual volume of every other DEX,” wrote ARK Invest’s research director for digital assets, Lorenzo Valente, in a Thursday X post.
The milestone reflects growing demand for tokenized assets on Hyperliquid. Over the past month, RWA holders grew by 32% to 1.25 million users, while the total value of tokenized RWAs rose by 3.5% to $36.7 billion, according to data aggregator RWA.xyz.
Hyperliquid generated $7.6 million in revenue over the past week, according to DefiLlama. The perp DEX ranked third among crypto applications by weekly revenue, behind stablecoin issuers Tether and Circle, which generated $112 million and $45 million, respectively.
Major “structural shift” for crypto markets: Circle co-founderCrypto-native firms and traditional financial institutions have expanded tokenized asset offerings as they bring more financial assets onto blockchain networks. In March, the NYSE partnered with tokenization platform Securitize to develop blockchain-based stock trading infrastructure with 24/7 trading and settlement.
Circle co-founder and CEO Jeremy Allaire said growing RWA trading on Hyperliquid marks a “major structural shift” in crypto markets, moving “away from speculating on endogenous digital commodities,” in a Friday X post.
Earlier in July, Pantera Capital said perpetual futures could become a dominant trading instrument beyond crypto, as perps offer structural advantages over traditional derivatives, including 24/7 trading, no contract expiries, simpler position management and continuous price discovery.
Hyperliquid’s growth has drawn attention from Wall Street institutions, including NYSE parent Intercontinental Exchange (ICE), whose CEO, Jeffrey Sprecher, urged regulators to create a “level playing field” for launching 24/7 onchain perpetual futures contracts.
Magazine: How Hong Kong is turning tokenized bonds into real market infrastructure
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Hyperliquid (HYPE) čelí vlně výběrů za zhruba 150 mil. USD od Multicoin Capital, Selini Capital a Galaxy Digital. Token po zprávě klesl o 8 % a krátce se propadl na 57,39 USD, než se stabilizoval na 59,19 USD.
Key Takeaways Major institutional players including Multicoin Capital, Selini Capital, and Galaxy Digital have initiated withdrawals totaling approximately $150M in HYPE tokens The token experienced an 8% decline, touching $58 before finding support at $59.19 Pending withdrawals represent nearly 2x the token’s daily spot trading volume of $72.8M Selini Capital’s withdrawal appears connected to the termination of a HIP-3 perpetuals market operated by DreamCash Multicoin’s managing partner Tushar Jain publicly stated the unstaked tokens aren’t intended for immediate sale; withdrawal completion scheduled for July 28 The HYPE token from Hyperliquid experienced a sharp 8% correction from its recent peak this Wednesday following news that three prominent cryptocurrency investment funds have initiated withdrawal processes for approximately $150 million worth of tokens.
Hyperliquid (HYPE) Price The breakdown shows Multicoin Capital controlling $138.78 million in staked HYPE tokens, with approximately $116 million currently pending withdrawal from the staking protocol. Meanwhile, Selini Capital has queued $4.4 million and Galaxy Digital has initiated a $29.4 million HYPE withdrawal request.
On-chain tracking also revealed that a cryptocurrency wallet associated with Multicoin transferred approximately 167,000 HYPE tokens—valued around $11.2 million—to the Coinbase exchange. HYPE’s price momentarily dipped to $57.39 before stabilizing at $59.19, per CoinGecko data. The 24-hour trading activity exceeded $415 million.
Multicoin-linked wallet moves 490K $HYPE (~$29.48M) in 2 days
A wallet likely belonging to Multicoin Capital just moved 93K $HYPE (~$5.48M) to fresh wallets.
New addresses:
• 0xFA2173AD69De51769d75934AcBCF5C2382B1B7F1
• 0x257F1352204A01f59abC5bc60384Bf4c1e5f8B70
This follows… pic.twitter.com/InfWQIXYFF
— Onchain Lens (@OnchainLens) July 23, 2026
Massive Withdrawal Queue Creates Market Imbalance The sheer magnitude of the $150 million withdrawal request represents almost twice the daily spot market activity for HYPE. Data from Block Liquidity indicates that spot market volume reached only $72.8 million during approximately 28 hours preceding Wednesday’s movements. Market participants included 1,463 distinct buyers versus 982 sellers. Wintermute emerged as the dominant net buyer with purchases exceeding $9 million, while the top net seller disposed of $5.2 million worth of tokens.
Over the trailing seven-day period, HYPE has declined approximately 11%, marking it as the weakest performer within the top 10 cryptocurrencies by market capitalization during this timeframe. ETF monitoring platform CoinGlass registered zero inflows on Wednesday, following Tuesday’s $0.7 million outflow. The token’s Futures Open Interest currently stands at $2.5 billion, reflecting a modest 0.5% decrease over 24 hours.
Technical analyst CryptosBatman highlighted on X that HYPE has breached its 50-day moving average following a six-month sustained rally above this threshold. The analyst identified a developing bearish continuation pattern and projected a subsequent price target of $55, derived from the 1.618 Fibonacci extension level—a price point that coincides with an important support zone.
After a 6-month rally above the 50-day MA, $HYPE has broken down from it.
Not just a usual breakdown, but a bearish continuation has formed as well.
The next target based on the 1.618 Fibonacci extension is $55, right at a support level. pic.twitter.com/mhDl4htYSo
— BATMAN ⚡ (@CryptosBatman) July 23, 2026
Understanding the Institutional Exit Strategy Selini Capital’s withdrawal decision appears directly linked to the closure of DreamCash’s HIP-3 CASH perpetuals market. The protocol architecture requires market operators to stake 500,000 HYPE tokens as collateral, which gets returned upon market termination. Market intelligence suggests Selini Capital may liquidate its HYPE holdings through over-the-counter trading desks.
The rationale behind Multicoin’s substantial unstaking remains more ambiguous. The venture firm recently spearheaded a $1.75 million seed funding round for Trasia, an Asian-focused trading infrastructure planning to introduce perpetual contracts for Asian equity markets on the Hyperliquid platform. Managing partner Tushar Jain clarified on X that the unstaked HYPE tokens weren’t earmarked for immediate liquidation.
The critical July 28 unlock deadline will provide definitive answers regarding the ultimate destination of these substantial token positions.
Currently, HYPE trades beneath its 50-day exponential moving average positioned at $62.52. For bullish momentum to return, the token must recapture the $60.72 level and cross back above the 50-day EMA to improve near-term technical sentiment. The Relative Strength Index hovers around 40 while the MACD indicator persists below the zero line, both technical signals suggesting ongoing bearish pressure.
The 200-day EMA at $50.77 continues to hold as a critical long-term support threshold.
Krypto velryba během 24 hodin stakovala 2,93 milionu HYPE v hodnotě asi 172 milionů USD, rozložených do 19 peněženek. Podle Lookonchain jde o stejný subjekt, který drží nerealizovaný zisk kolem 44,5 milionu USD.
A crypto whale has staked 2.93 million $HYPE tokens worth approximately $172 million in a single 24-hour window, according to on-chain analytics firm Lookonchain. The deposits were spread across 19 separate wallets, which analysts believe are controlled by the same holder.
The position was originally accumulated around nine months ago, leaving the whale sitting on an unrealized profit of roughly $44.5 million at current prices.
Why Staking $HYPE Matters The move is notable not just for its size but for what staking actually entails. Hyperliquid uses a delegated proof-of-stake consensus mechanism called HyperBFT, where validators must stake HYPE to participate in consensus and users can delegate their tokens to validators to earn staking rewards while helping secure the network. Stakers earn rewards following a dynamic formula inversely proportional to the square root of total HYPE staked, with rewards accruing every minute and distributed daily with automatic recompounding.
From a supply perspective, the decision to stake rather than sell carries a clear market signal. Staking removes tokens from liquid supply, tightening float, and ties validator economics to the token's price rather than fee revenue alone.
A Pattern of Large-Scale Accumulation This is not an isolated event. On-chain data has shown a consistent pattern of large holders locking up significant positions in recent months. Lookonchain data from June showed that three newly created wallets withdrew a combined 557,406 HYPE from Kraken and staked the tokens, a holding worth about $40.2 million at the time. Separately, Bitwise staked 1.775 million HYPE worth roughly $114 million on Hyperliquid, as reported by Lookonchain, through its Bitwise Hyperliquid ETF, which launched on NYSE Arca in May 2026.
The tokenomics reinforcing these decisions are also notable. Up to 97% of all trading fees generated on the platform are used to buy HYPE from the open market, creating persistent demand pressure that scales with trading volume. HYPE has a fixed maximum supply of 1 billion tokens, and the supply can only decrease over time through burns.
The whale's decision to stake rather than liquidate a position carrying tens of millions in unrealized gains suggests a longer-term conviction on the protocol's trajectory, even as other large holders, including Multicoin Capital, have recently moved to reduce their exposure.
Sources:
Bloomingbit: Hyperliquid Whale Buying Continues as $60 Million in Exchange Withdrawals Emerges
Hyperdash: HYPE Token Tokenomics, Staking and Buybacks
Bitcoin.com: Bitwise Stakes $114 Million in HYPE on Hyperliquid
Hyperliquid zvýšil open interest na 11,51 miliardy USD, což je nejvýše letos, zatímco širší krypto trh zůstává po říjnovém výprodeji výrazně slabší. RWA perpetuals se na platformě staly největším segmentem.
Bitcoin and the broader cryptocurrency market continue to feel the effects of the extensive liquidation cascade that occurred on October 10 last year. Market capitalization across the sector remains approximately 45% lower compared to the period leading up to that event. Amid this backdrop, decentralized derivatives platform Hyperliquid has seen its native token, HYPE, surge by about 34% during the same timeframe, exceeding the broader market’s performance. Hyperliquid’s total open interest recently reached $11.51 billion, marking its highest level this year since the October crash when Bitcoin was trading near $100,000.
Hyperliquid’s growth diverges from the marketAs Bitcoin trades around $65,000, new data from Coinglass indicates that aggregate open interest in crypto futures markets stands at $116.66 billion. This figure reflects a decrease of 47% from the October 10 benchmark. Despite the market’s ongoing recovery, Hyperliquid’s metrics show strong growth, suggesting the platform is carving out a larger role in a challenging environment for digital assets.
Hyperliquid operates as a decentralized perpetuals exchange, allowing users to trade derivative contracts without central intermediaries. Its recent performance contrasts with the more modest rebound observed among leading centralized exchanges (CEXs), highlighting a shift in trader activity toward decentralized alternatives.
Date/PeriodTotal Crypto Open InterestHyperliquid Open InterestBitcoin PriceOctober 2025 (pre-crash)$220.12 billion$15 billion~$100,000Current$116.66 billion$11.51 billion~$65,000RWA perpetuals surpass Bitcoin trading on HyperliquidReal-world asset (RWA) perpetual contracts have emerged as the primary driver of increasing open interest on Hyperliquid. Daily open interest in RWA perps currently stands at $3.61 billion, achieved through the HIP-3 protocol introduced on October 13, 2025. HIP-3 allows users to stake 500,000 HYPE and launch a new perpetual market without direct approval from Hyperliquid’s core team.
With $3.61 billion in open interest, RWA perpetuals now represent the largest segment on Hyperliquid, overtaking Bitcoin, HYPE, and major layer-1 token markets. Daily trading volumes on HIP-3 products now account for half of total perpetual trading volume on the platform, compared to just 3% at the beginning of the year when core perpetuals made up 97% of activity.
Mini dictionary: Real-world asset (RWA) perpetuals are derivative contracts that enable continuous trading of assets linked to real-world items such as equities, commodities, or bonds on blockchain-based platforms. The HIP-3 framework allows for decentralized market deployment without centralized oversight, expanding the variety and accessibility of RWA-based derivatives.
Daily HIP-3 volumes now hold a 50% share of Hyperliquid’s total perpetual trading, while core perpetuals have seen their dominance drop from 97% to 50% within a few months.
Hyperliquid’s share of global perpetual open interest among major exchanges has risen to 9.5%, a new peak according to Hypeflows data. This is an increase from 6.9% recorded in late May. Despite this, Hyperliquid’s own open interest remains about 23% below its October 2025 high of nearly $15 billion. Meanwhile, competitors such as Binance, Bybit, and Gate.io have seen more pronounced declines due to post-crash deleveraging. Analysts interpret Hyperliquid’s rising market share as a result of weathering the downturn more successfully than its peers, rather than drawing substantial trader migration from these platforms.
ExchangeOpen Interest, CurrentChange Since Oct 2025Hyperliquid$11.51 billion-23%Binance(not specified)Larger contractionBybit(not specified)Larger contractionGate.io(not specified)Larger contractionHyperliquid’s all-time high market share has been attributed to shrinking less sharply than major centralized exchanges during market turbulence.
Concentration of open interest and CEX competitionThe majority of HIP-3 open interest—over 90%—is concentrated in TradeXYZ, a protocol launched by Hyperunit, Hyperliquid’s tokenization arm. HIP-3 market operations are conducted outside Hyperliquid’s core liquidity pool, meaning responsibilities such as data oracles, margin rules, and liquidity are managed by the venue operator. This setup has resulted in a single venue supporting roughly a third of Hyperliquid’s overall open interest.
Centralized exchanges are monitoring the trend. Binance responded by launching pre-IPO perpetual contracts featuring a SpaceX market on May 21, followed by seven US equity and ETF perpetuals offering up to 25x leverage as of July 9. The availability of RWA-based products with CEX-scale liquidity marks a shift that may alter the competitive landscape for Hyperliquid and DeFi derivatives markets.
Mini dictionary: TradeXYZ is a DeFi protocol built by Hyperunit, the tokenization arm of Hyperliquid, specializing in deploying and managing on-chain perpetual derivatives markets. The project enables decentralized trading of novel assets and was responsible for most HIP-3 open interest following the rollout of RWA markets.
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.
Fasanara Capital drží na Hyperliquidu short na ETH za zhruba 67 milionů USD a pozice je nyní ve ztrátě. Celkový short na ETH s Abraxas Capital činí 108 milionů USD.
Fasanara Capital, an institutional asset manager overseeing roughly $5.7 billion in assets, is sitting on a sizable short position against Ethereum through the decentralized perpetuals platform Hyperliquid. The firm’s trading account, identified on-chain as BobbyBigSize, is part of a combined $108 million ETH short between Fasanara and fellow institutional player Abraxas Capital.
Both positions are currently underwater, with ETH trading around $1,920.
What the on-chain data shows Nansen’s on-chain tracking has linked BobbyBigSize’s activity directly to Fasanara Capital’s trading operations. The account has been consistently building high-leverage short positions across various crypto assets, with ETH being the primary target.
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Fasanara’s share of the combined short sits at approximately $67 million, while Abraxas Capital accounts for the remainder. Abraxas recently deposited $3 million USDC into Hyperliquid to expand its shorting exposure across both ETH and Bitcoin.
Fasanara Digital, the firm’s crypto-focused arm, launched in 2018 and has built a digital asset platform managing around $500 million. The firm is known for quantitative trading approaches, which suggests these shorts may be part of a broader, hedged strategy rather than a pure directional bet.
Abraxas Capital is known for delta-neutral and arbitrage strategies, meaning they typically try to profit from price discrepancies between venues rather than simply betting on direction. Their short position could be offset by long exposure elsewhere.
Why Hyperliquid matters here Hyperliquid is a decentralized perpetuals exchange with on-chain settlement, meaning every trade is visible and verifiable. That’s how analysts were able to track BobbyBigSize’s positions in the first place.
Previous notable ETH shorts on the platform have exceeded $100 million at leverage ratios as high as 23x.
What this means for ETH investors The fact that both positions are underwater adds a consequential dynamic. If ETH continues to hold above $1,920 or moves higher, the pressure to unwind these shorts could create a short squeeze dynamic, where forced buying to close losing short positions would push prices up further. Conversely, if ETH breaks below current support levels, the $108 million combined short becomes a meaningful overhang that could accelerate any downward move.
Traders should watch whether BobbyBigSize reduces or increases its position in the coming days. On-chain transparency means positions are visible in real time. If Fasanara starts closing its short, that signals the thesis may be shifting. If it adds more, the firm clearly sees further downside ahead despite the current losses.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Arkham uvedl, že trader „watershedpath“ drží největší on-chain long na HYPE za více než 80 milionů USD. Za poslední dva týdny je v nerealizované ztrátě asi 18 milionů USD.
A significant leveraged position in HYPE, the native token of Hyperliquid, has drawn attention after the blockchain analytics firm Arkham Intelligence identified a trader as the current holder of the largest on-chain HYPE long. Despite facing an unrealized loss of approximately $18 million, the trader has maintained the position, reflecting both the high-risk approach common in leveraged cryptocurrency trading and the expanding profile of altcoin derivatives markets.
Arkham highlights largest HYPE long positionArkham Intelligence, a company specializing in blockchain data analysis, reported that the on-chain trader known as “watershedpath” holds the biggest HYPE long position, valued at over $80 million. The account has endured an estimated $18 million paper loss over the past two weeks, as HYPE experienced a retreat from its recent price highs.
Despite these losses, Arkham stated that “watershedpath” has kept the position open, relying on a margin balance reportedly around $16 million to support the leveraged trade. This level of margin provides collateral, helping to prevent immediate liquidation as long as HYPE’s price does not drop to the estimated liquidation threshold.
Trader “watershedpath” holds the largest HYPE long on-chain right now, with a position worth over $80M, according to Arkham Intelligence. Liquidation may occur if the HYPE price declines by approximately $6 from current levels.
Arkham noted that reaching the liquidation threshold could lead to forced closure of the position, impacting both the trader and potentially the broader HYPE market.
Mini dictionary: Hyperliquid is a decentralized perpetual trading platform that allows users to trade crypto derivatives with leverage through an on-chain order book system, offering increased transparency compared to centralized exchanges.
TraderPosition ValueMargin RemainingUnrealized LossLiquidation Gapwatershedpath$80 million$16 million$18 million~$6 price dropImpact of large leveraged trades on HYPE marketLarge leveraged trades like this one are closely watched by market participants due to their potential to drive market volatility, especially if liquidation levels are approached. In leveraged positions, even small market moves can result in automatic liquidations, producing sharp increases in buying or selling activity and contributing to volatility across perpetual futures platforms.
The size of this HYPE position goes beyond a single trader, as forced liquidation might influence overall market liquidity and sentiment. If the position is triggered, it could also affect other leveraged holders, potentially setting off additional unwinding of positions. As long as the trader’s margin remains sufficient, the position can be sustained despite current losses.
Hyperliquid’s growth in decentralized derivativesHyperliquid has recently established itself among the fastest-growing decentralized exchanges for perpetual derivatives, utilizing an on-chain order book for trading. The platform emphasizes transparency, with large positions visible and trackable in real time by third-party analytics providers such as Arkham Intelligence.
This transparency offers traders insight into major market participants, making risk management a crucial consideration in such an environment.
Monitoring risk and liquidation levelsThe outcome of the largest HYPE leveraged position will depend largely on movement in HYPE’s price in the coming days. A recovery could allow the trader to reduce losses, while extended declines could trigger a liquidation if the margin buffer is depleted. This scenario underscores the need for close monitoring of leverage, margin requirements, and broader market factors when trading digital assets.
Investors remain attentive to significant leveraged positions as indicators of both conviction and risk in the rapidly evolving market for altcoin perpetual futures.
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.
CIO Bitwise Matt Hougan uvedl, že Hyperliquid a Robinhood mohou patřit mezi hlavní vítěze dalšího kryptoměnového cyklu díky rostoucímu propojení tradičních financí a blockchainu. Hyperliquid už v červnu překonal 1 miliardu USD kumulovaných výnosů a Robinhood Chain po spuštění přilákal přes 300 milionů USD vkladů a během dvou týdnů od spuštění zpracoval 3,6 milionu denních transakcí.
Bitwise Chief Investment Officer Matt Hougan said Hyperliquid and Robinhood could emerge as leading beneficiaries of the next crypto bull market as traditional financial markets increasingly adopt blockchain infrastructure.
In a Tuesday market memo, Hougan argued that the next crypto cycle will be driven by the convergence of traditional and onchain finance, including stablecoins, tokenized assets, round the clock trading, instant settlement, and institutional decentralized finance.
Hougan said the shift could produce a larger cycle than previous crypto rallies because it would be supported by financial activity and revenue rather than primarily speculative demand.
He identified two categories that could benefit from the transition. The first includes crypto native financial applications that generate substantial revenue and connect token value to platform usage. The second consists of established financial companies deploying products directly on blockchain networks.
Hougan placed Hyperliquid in the first category. The Layer 1 network initially gained traction through its decentralized perpetual futures exchange but has expanded into markets linked to traditional assets such as commodities and equity indexes.
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According to Hougan, Hyperliquid surpassed $1 billion in cumulative revenue in June and is on track to generate about $800 million this year. He said the protocol directs 99% of its revenue toward purchasing HYPE tokens on the open market.
Hougan argued that the model addresses a recurring issue across crypto markets, where applications generate trading volume and fees without creating corresponding demand for their native tokens. He also pointed to Uniswap, Aave, and Morpho as protocols moving toward stronger connections between platform activity and token value.
Robinhood represents the second category by approaching the transition from the traditional finance side.
The brokerage launched the public mainnet of Robinhood Chain on July 1. The Layer 2 network was built using Arbitrum technology and is designed to support financial services and tokenized real world assets.
Robinhood also introduced stock tokens through its self custody wallet in more than 120 countries, subject to local restrictions. Eligible users can trade the products around the clock and interact with decentralized applications including Uniswap and Lighter.
The products are tokenized debt securities that provide economic exposure to underlying stocks but do not give holders legal or beneficial ownership rights in the shares. They are not available to users in the United States.
Hougan said Robinhood Chain attracted more than $300 million in deposits and processed 3.6 million daily transactions within two weeks of its launch. He argued that its early activity could pressure competing financial institutions to move beyond limited blockchain pilots and launch products at a similar scale.
Beyond Hyperliquid and Robinhood, Hougan identified Coinbase, Figure, BlackRock, Visa, Stripe, and JPMorgan as companies with meaningful exposure to the transition toward blockchain based financial infrastructure.
Bitcoin has risen 9% since July 1 while the Nasdaq 100 has fallen 6%, according to Hougan. He said improving exchange traded fund flows and market sentiment may indicate that crypto is forming a bottom, though he cautioned that it remains too early to confirm a broader recovery.
Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.
Američtí institucionální investoři přesouvají kapitál do spotových XRP ETF: denní čisté přílivy dosáhly 5,66 milionu USD, zatímco fondy Hyperliquid ztratily 698 040 USD. Děje se to před postupem zákona CLARITY v Senátu USA.
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American institutional investors have begun reallocating capital into spot XRP ETFs while actively taking profits in the DeFi segment. According to SoSoValue, daily net inflows into XRP funds reached $5.66 million, while Hyperliquid (HYPE) funds lost $698,040.
Wall Street's shift in priorities comes amid rapid progress in the U.S. Senate on the historic CLARITY Act. The bill, passed by the House of Representatives in July 2025, transfers oversight of digital commodities to the CFTC while leaving the SEC in control only of tokens classified as securities.
Why XRP is gaining traction ahead of the CLARITY ActOptimism surged after Treasury Secretary Scott Bessent said the bill was on the "1-yard line" before approval. Senate Majority Leader John Thune and White House officials also confirmed progress in negotiations, easing disagreements over ethics provisions.
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A special Senate briefing will take place behind closed doors in the near future, with the goal of accelerating an official vote before lawmakers leave for recess. Despite opposition from Democrats, prediction markets now estimate the bill's chances of success at 50%–70%.
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For investors, buying XRP ETFs is a beta bet on the American company Ripple, which develops payment solutions based on the XRP Ledger blockchain. Full legal clarity under the CLARITY Act would give the company's infrastructure more room to expand, including the scaling of its new RLUSD stablecoin.
In the long term, this ripple effect could sharply increase transaction activity across XRPL and trigger mass adoption of XRP by large businesses. Major capital is clearly moving into regulated assets ahead of the curve, restructuring portfolios around the future rules of the market.
Wall Street prefers policyYesterday's crypto ETF data clearly illustrates this trend. While Bitcoin continues to attract most of the capital, recording its sixth consecutive day of growth, and Ethereum steadily holds its position, a clear divide has emerged in the altcoin market.
XRP is attracting funds at roughly the same pace as Solana. However, while capital in Solana remains at high levels because of the network's strong performance in the real-world asset tokenization sector, the DeFi-focused Hyperliquid segment is losing ground.
Investors are actively withdrawing money from BlackRock's iShares HYPE fund. Capital flows into Bitwise's fund have completely stalled, while Grayscale recorded only a symbolic daily transaction.
Total US Spot XRP ETF net inflow over the last 30 days, Source: SoSoValueThis outflow continued a negative trend for Hyperliquid, whose ETFs already suffered substantial losses last week. The rest of the market is currently at a standstill: investors showed only minimal interest in Litecoin and Dogecoin, while capital flows into BNB, LINK, HBAR, AVAX, and DOT funds stopped completely.
An official date for the Senate vote has not yet been set, but fund data confirms that major U.S. buyers no longer want to play regulatory roulette and are already choosing assets tied to American jurisdiction.
RWA perpetuals nyní tvoří téměř 35 % on-chain obchodování s perpetual kontrakty; v červnu objem dosáhl asi 118 miliard USD napříč 652 trhy. Tahounem jsou veřejné akcie s 46 % open interestu.
TLDR: RWA perpetuals now represent nearly 35% of on-chain perpetual trading, with June volume reaching about $118 billion across 652 markets. Public equities control 46% of RWA open interest, supported by roughly $2 billion in positions, $2.2 billion in daily volume and 411 markets. Hyperliquid HIP-3, Solana and exchange-based tokenized stock products are widening round-the-clock access to equities, indices and commodities. Oracle failures, weekend pricing gaps, concentrated liquidity and uneven investor rights create new risks as leveraged RWA markets expand. RWA perpetuals now account for nearly 35% of total on-chain perpetual trading volume in early Q3 2026. Their share stood at only 0.16% in Q4 2025, showing how quickly traditional-market exposure has moved onto crypto rails.
June volume reached about $118 billion, while the number of available markets expanded to 652. Other market trackers also recorded more than $100 billion in June volume and over 600 listed contracts.
Public equities lead the expansion as traders seek leveraged, round-the-clock access to familiar companies without using traditional brokerage hours.
RWA Perpetuals Shift Demand Toward Public Equities Public equities now represent 46% of RWA perpetuals open interest. The segment holds roughly $2 billion in outstanding positions and generated about $2.2 billion in 24-hour volume.
Source: Cryptorank It also supports 411 active markets, compared with 54 precious-metals markets and 41 equity-index markets.
That concentration shows traders prefer listed companies over less liquid real-world assets. Equity contracts offer clear price references, frequent news events, and deep underlying markets.
Earnings, guidance, and macro data can quickly create trading opportunities. Stock perps also remain active when traditional exchanges close.
These contracts provide synthetic price exposure rather than direct share ownership. Traders can open long or short positions, often using USDC collateral, but receive no voting rights or dividends.
Funding rates and oracle prices keep each contract linked to its underlying stock. A Micron contract on TradeXYZ, for example, trades continuously through Hyperliquid infrastructure.
Hyperliquid’s HIP-3 framework has accelerated this shift by allowing qualified builders to deploy custom perpetual markets. The protocol requires deployers to stake 500,000 HYPE, creating an economic backstop for market operators.
HIP-3 markets cover equities, indices, commodities, and pre-IPO references.
The broader tokenized-equities market is also expanding across Solana, Kraken, Bybit and Robinhood-linked infrastructure. Solana accounted for 97% of cumulative tokenized-equity spot volume in May.
Kraken separately expanded xStocks to 100 backed US stocks and ETFs, widening access outside standard market hours.
RWA Perpetuals Growth Exposes New Risks Across Platforms The rapid rise of RWA perpetuals introduces risks that differ from crypto-native contracts. Equity markets close overnight and on weekends, while on-chain perps continue trading.
Platforms must manage price gaps, funding changes and thin liquidity when primary exchanges are inactive.
Oracle dependence creates another weak point. RWA contracts rely on external feeds for stock, index and commodity prices.
Ostium halted trading after an attacker manipulated its price-reporting infrastructure and drained about $18 million in USDC during July. The incident showed how a compromised oracle component can turn false prices into profitable trades.
Liquidity is also concentrated among a small group of venues and builders. TradeXYZ has controlled most HIP-3 open interest during several growth phases.
Such dominance can improve execution, but it increases exposure to one platform’s technology, market design, and risk controls.
Regulatory treatment remains uneven. Some tokenized shares represent backed instruments, while equity perps provide only cash-settled exposure.
Jurisdiction, investor rights, custody, and disclosure rules vary across platforms. Traders must therefore examine contract terms, oracle design, liquidation rules, and weekend pricing before taking leveraged positions.
Multicoin Capital podle on-chain dat přesouvá HYPE v hodnotě 36,5 milionu USD směrem k exitu. Fond už vložil 395 570 HYPE do Coinbase Prime a požádal o odstakeování dalších 211 486 HYPE.
Multicoin Capital appears to be locking in gains on its Hyperliquid ($HYPE) position, with on-chain data tracked by Lookonchain showing the firm moving a combined $36.5 million worth of tokens toward an exit.
The fund accumulated 606,091 HYPE at around $30 roughly five months ago. It has since deposited 395,570 HYPE, worth approximately $23.8 million, into Coinbase Prime, and separately requested to unstake a further 211,486 HYPE valued at close to $13 million. Based on current prices, the position carries an estimated unrealised profit of about $18.5 million.
A High-Conviction Position Now Being TrimmedThe move comes roughly a month after Multicoin published a detailed research report on Hyperliquid, in which it set a base-case price target of $319 for HYPE by 2028. The firm said it initiated a large position early in the year and had been accumulating since, with HYPE representing one of the largest positions in its liquid fund. To manage any conflict of interest, Multicoin adopted a three-day no-trade rule following the report's publication.
Hyperliquid is a vertically integrated Layer 1 blockchain and decentralised exchange built for high-speed trading, generating approximately $873 million in revenue across roughly $2.9 trillion in trading volume in 2025. Approximately 99% of protocol revenue is used to buy back HYPE, which is then effectively removed from circulating supply.
Deposit to Coinbase Prime Signals Potential SaleRouting tokens to Coinbase Prime is a common precursor to a structured institutional exit. On-chain data analysts note that Coinbase Prime deposits by institutional funds have historically tended to precede large structured OTC exits. The unstaking request for the remaining tokens suggests Multicoin may be preparing to liquidate the full position, though the firm has not made a public statement on its intentions.
HYPE reached an all-time high of $76.67 on June 16, 2026, and has since pulled back roughly 18% from that peak. At an average entry of around $30, Multicoin's position would still represent a substantial gain even at current levels.
The profit-taking activity stands in contrast to the firm's longer-term bullish thesis on the protocol, and may reflect routine portfolio management rather than a change in fundamental view.
Sources:
Multicoin Capital: Hyperliquid (HYPE) Analysis and Valuation
Crypto Briefing: Multicoin Capital predicts HYPE will reach $319 by 2028
CoinMarketCap: Hyperliquid (HYPE) price and market data
Velryba na Hyperliquid zvýšila stakované držby nad 1 milion HYPE po dalším vkladu 387 800 tokenů. Celkově má nyní uzamčeno zhruba 61,2 milionu USD v HYPE.
A previously dormant whale on the Hyperliquid network has crossed a significant threshold, pushing its total staked holdings above one million $HYPE tokens after depositing an additional 387,800 tokens, according to on-chain data tracked by Onchain Lens.
A Stake Worth Tens of Millions The latest deposit is valued at roughly $23.4 million and follows an earlier stake of 619,120 HYPE made in November 2025. Combined, the whale's lifetime staked position is now worth approximately $61.2 million.
The move comes as $HYPE trades in a range that reflects broader strength in the Hyperliquid ecosystem. The platform crossed $1 billion in cumulative protocol revenue on June 30, according to DeFiLlama. The platform routes about 99% of trading fees into open-market HYPE purchases through its Assistance Fund.
Why Staking HYPE Matters Hyperliquid runs on delegated proof-of-stake (dPoS), where holders delegate their tokens to a validator, and an active set of validators uses that stake to produce and confirm blocks via HyperBFT consensus. In exchange for helping secure the chain, stakers earn rewards. The current staking yield is around 2.2 to 2.4% APY, paid in HYPE and auto-compounding.
Beyond yield, locking tokens into staking removes supply from active circulation. Ongoing buyback programs and staking mechanisms that remove tokens from active circulation create favorable supply-demand dynamics. This is part of what has attracted sustained whale interest in the token.
The platform now commands roughly 70% of all on-chain perpetual futures volume across every blockchain, processing over $10.5 billion in daily trading activity at throughput levels that rival traditional centralized exchanges.
The whale's decision to lock up over one million tokens at current prices signals a long-term conviction bet on the protocol, at a time when on-chain activity and institutional attention around $HYPE continue to build.
Sources:
BeInCrypto: Hyperliquid Whales Show Conflicting Moves as HYPE Hits Fresh Peak
CryptoRank: Hyperliquid Price Outlook for July 2026
Coinbase: Hyperliquid (HYPE) Price and Market Data
S&P Dow Jones Indices a Pantera Capital spustily S&P Pantera Digital Asset Index, který zcela vynechává Bitcoin. Index dává přednost protokolům s prokazatelnými tržbami a zahrnuje 18 kryptoměn, včetně Etheru, BNB a Solany.
S&P Dow Jones Indices and Pantera Capital have launched the S&P Pantera Digital Asset Index, a new crypto benchmark that excludes Bitcoin (BTC) entirely.
CEO Cathy Clay said Bitcoin fails the index’s core test, generating real protocol revenue instead of trading purely on speculation.
How the Index Weighs Its TokensThe index holds 18 constituents. Its five largest holdings are Ether (ETH), Binance Coin (BNB), Solana (SOL), Tron (TRX), and Hyperliquid (HYPE), a decentralized derivatives exchange.
The benchmark weights holdings by market capitalization and rebalances quarterly. No single token can exceed 35% of the total, and no other holding can top 20%. These caps mirror rules S&P applies to its own equity benchmarks.
Clay wants to bring stock-index discipline into digital assets. She favors protocols with verifiable economic activity over ones that trade on name recognition alone.
Pantera co-developed the methodology with founder Dan Morehead. The firm has managed over $3 billion across three investment strategies since launching its first crypto fund in 2013.
“S&P Dow Jones Indices helps investors cut through market noise with benchmarks you can trust.”
Clay, CEO of S&P Dow Jones Indices
Wall Street Warms to Altcoin SeasonThe exclusion highlights a widening split in how institutions define crypto value. By this measure, revenue beats Bitcoin’s dominant narrative as the market’s largest asset. Pantera’s history with institutional crypto access suggests more revenue-screened benchmarks could follow.
The launch lands as retail altcoin season signals stay unconfirmed but improving. CoinGlass’s Altcoin Season Index climbed to 58 in mid-July, building on a June 4 spike to 64. That reading sits above the neutral midpoint, but it remains short of the 75 threshold that confirms genuine rotation.
Institutional flows tell a parallel story. A March BeInCrypto Expert Council discussion found major allocators narrowing institutional crypto bets to Bitcoin, Ethereum, and a short list of DeFi names.
A revenue-screened benchmark like the S&P Pantera Digital Asset Index offers portfolio managers a compliant route into that same thesis. It provides exposure to large-cap altcoins with real usage, skipping meme coins and speculative networks entirely.
If other index providers copy the approach, institutional capital could rotate into select altcoins early. That could happen well before retail-driven altcoin season data confirms a broader move.
T. Rowe Price spustila kryptoměnové ETF vedené bitcoinem, který tvoří zhruba 41 % portfolia, a ETH asi 18 %. Blue Macellari říká, že trh je stále v „crypto winter“.
Bitcoin Provides Defensive ExposureBlue Macellari, T. Rowe Price’s head of digital assets and the ETF’s lead portfolio manager, said the fund reflects the company’s longstanding emphasis on active management and fundamental research.
"We were never going to launch just a Bitcoin ETF," Macellari said during an appearance on the Crypto Prime podcast on Monday.
Its initial portfolio was led by Bitcoin at roughly 41% and ETH at about 18%, followed by positions in BNB, SOL XRP, HYPE and smaller allocations to other assets.
Macellari described the current market as a crypto winter and noted the fund is positioned relatively defensively, explaining its substantial Bitcoin weighting.
‘Tokenization Good, Crypto Bad’ Is A False DivideMacellari argued that Wall Street often tries to separate tokenization from cryptocurrencies by claiming tokenization is valuable while native digital assets are not.
She rejected that distinction.
If stocks, funds and other financial products migrate to public blockchains, their activity could create value for the networks and native tokens underpinning those systems.
The broader portfolio reflects T. Rowe Price’s bullish outlook on what she called "on-chain finance."
Macellari highlighted Hyperliquid’s revenue model as particularly compelling because it can be understood and valued using metrics familiar to traditional investors.
ETH and SOL may also benefit as financial institutions move tokenized assets and around-the-clock markets onto blockchain networks, she predicts.
Crypto Winter May Approach Its Final StageMacellari explained that the market has been in a persistent downturn since the October 2025 selloff, marking the first crypto winter experienced by many investors through spot exchange-traded products.
Bitcoin has suffered a drawdown of about 50%, while Ethereum, Solana and other altcoins have faced deeper declines.
However, she said the selloff has created more attractive asymmetric opportunities in projects whose underlying adoption and economics remain intact.
The key difference from previous winters is that banks, asset managers and financial platforms have continued developing digital-asset infrastructure rather than abandoning the sector.
Macellari expects choppy conditions and the possibility of further declines through the summer but believes the market could begin emerging from crypto winter heading into Q4.
Image: Shutterstock
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Hyperliquid se chce stát výchozí vrstvou likvidity pro AI obchodní agenty. Open interest na platformě překročil 10 miliard USD a trhy HIP-3 dosáhly zhruba 3,69 miliardy USD objemu obchodů.
Hyperliquid is positioning itself as the default liquidity layer for AI agents and algorithmic systems. The play is simple on the surface: offer a single, unified feed of funding rates, open interest, and cross-venue exposure, so agents can make sharper risk assessments without stitching together data from a dozen different sources.
The platform computes funding rates hourly, capped at 4% per hour, with a 0.01% interest component factored in every 8 hours. That level of granularity matters for algorithmic systems that need precise, time-stamped inputs to model carry costs and position risk.
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The infrastructure upgrade that makes this practical is the introduction of agent wallets, sometimes called API wallets. These allow bots and AI systems to execute trades directly without requiring withdrawal permissions. A trading agent can operate on Hyperliquid with meaningful autonomy without holding the keys to the full treasury. Hyperliquid’s architecture is also optimized for sub-second transaction finality, which for high-frequency or reactive trading strategies is the difference between a profitable trade and a missed one.
Hyperliquid’s open interest crossed $10 billion by mid-2026. HIP-3 markets, which allow permissionless deployment of new trading pairs including tokenized assets and pre-IPO exposure products, recorded roughly $3.69 billion in volume during the same mid-2026 period. The platform also points to trillions in cumulative trading volume as evidence that liquidity depth is genuine rather than manufactured.
Senpi launched what it described as personal trading agents for Hyperliquid in February 2026, integrating a suite of 31 tools. Those agents come with persistent memory, meaning they retain context across trading sessions rather than starting from scratch each time.
For traders and investors watching this space, the concentration of open interest above $10 billion on a single venue introduces a specific kind of risk worth tracking. When automated systems cluster on one platform and share similar data inputs, their behavior during stress events can become correlated. A sharp move that triggers liquidations across multiple agent-managed positions simultaneously is not a theoretical scenario.
Agents with access to unified cross-venue exposure data can manage portfolio risk more holistically than traders watching fragmented dashboards. Funding rate arbitrage, delta-neutral hedging, and cross-market basis trades all become more tractable when the data infrastructure supports them cleanly.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Hyperliquid v příštím upgradu otevře trhy HIP-4 pro nasazení bez povolení. Tvůrci budou moci spouštět vlastní trhy bez schválení, pokud stakují 1 000 000 HYPE.
Hyperliquid has announced that its HIP-4 outcome markets will support permissionless deployment in an upcoming upgrade, according to The Block. This development will allow market creators to launch their own markets without prior approval, contingent upon a staking requirement of 1,000,000 HYPE tokens. The move follows the launch of HIP-4 on May 2, 2026, which introduced collateralized binary contracts settling in USDH with zero fees for opening positions. Initially, deployment was limited to canonical markets curated and settled by validators, but the upcoming Phase 2 upgrade will expand this capability to a wider user base. This strategic move is seen as part of Hyperliquid’s efforts to enhance its prediction market infrastructure and compete with established platforms like Polymarket and Kalshi.
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Key Takeaways Hyperliquid’s announcement of permissionless deployment for HIP-4 markets appears to suggest potential for increased market activity. The requirement of staking 1,000,000 HYPE tokens per market slot may indicate a barrier to entry for some creators, but ensures system integrity. Market pricing suggests participants view the development as supportive of Hyperliquid’s price potentially reaching higher targets by the end of 2026. What to Watch Observers should monitor developments around the Phase 2 upgrade’s implementation, as successful execution could further bolster Hyperliquid’s competitive positioning. The market’s reaction to this upgrade, alongside any potential strategic partnerships or increased volumes, will be key indicators of Hyperliquid’s future valuation trajectory. Additionally, watch for any regulatory responses or security concerns that may arise, as these could significantly impact market sentiment and pricing.
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Term Structure
Contract Odds Δ since publish Volume 24h December 31 29% — — View market → January 1 2027 6.1% — — View market → January 1 2027 3.5% — — View market → January 1 2027 51.5% — — View market → January 1 2027 9.8% — — View market → January 1 2027 4% — — View market →
Hyperliquid představil návrh HIP-4 pro permissionless Outcome Markets, které se nejdřív spustí na testnetu. K nasazení trhu bude nutný stake 500 000 $HYPE.
Hyperliquid (@HyperliquidX) has unveiled HIP-4, a proposal to bring permissionless Outcome Markets to the protocol in a future network upgrade. The feature is set to launch on testnet first before any mainnet deployment.
How the Market Structure Works Under the proposal, anyone wishing to deploy a market must stake 500,000 $HYPE tokens. Slashing penalties apply for unclear market definitions or incorrect settlement, creating a financial incentive for deployers to maintain quality standards. Builders can deploy permissionless markets by staking HYPE, with slashable stakes burned if rules are violated. Validators will approve standardized templates, and deployers can earn up to a 50% share of trading fees generated by their markets.
HIP-4 introduces binary outcome contracts that settle to 0 or 1, allowing traders to speculate on events such as CPI releases or Bitcoin price levels without leverage or liquidations. Positions are fully collateralized in USDH, Hyperliquid's native stablecoin, and carry no liquidation risk. Unlike standalone prediction platforms, HIP-4 contracts operate inside the same account and execution engine as Hyperliquid's spot and perpetual futures markets, with YES and NO orders combined into a single shared order book.
A Strategic Bet on Prediction Markets Hyperliquid argues that prediction markets offer far more tradable events than spot or perpetual markets, making them a key long-term growth opportunity. The development was initiated in response to what the team described as "extensive user demand" for both prediction markets and options-style derivatives.
Traditional financial markets are largely dominated by products with non-linear payoffs, including options, CDS, and structured products. A huge portion of this market surface has so far been absent or barely represented in on-chain finance. HIP-4 is Hyperliquid's attempt to close that gap.
The rollout follows a phased approach. Phase 1 covers the testnet launch, Phase 2 brings mainnet deployment with a limited set of curated markets settled using objective data sources, and Phase 3 would open the infrastructure to permissionless deployment depending on the success of earlier phases.
Outcome markets require reliable settlement mechanisms, and the transition to permissionless deployment introduces questions about market quality and potential manipulation in thinly traded contracts. Builder curation in Phase 1 mitigates this, but Phase 2 will test the protocol's governance and oracle infrastructure.
Sources:
CoinDesk: Hyperliquid HIP-4 proposal adds outcome-based trading
OAK Research: What is HIP-4 and how do Hyperliquid outcome markets work?
Bitcoin.com News: Hyperliquid launches HIP-4 with zero-fee outcome markets
Hyperliquid plánuje v rámci upgradu HIP-4, aktivovaného na mainnetu v květnu 2026, přidat decentralizované prediction markets. Tím rozšiřuje nabídku nad rámec perpetual futures a míří proti Polymarket a Kalshi.
Hyperliquid, a decentralized Layer-1 blockchain and perpetuals DEX, is planning to enhance its HIP-4 upgrade by incorporating decentralized prediction markets, according to a report by CoinDesk. The upgrade, previously activated on mainnet in May 2026, introduced native outcome contracts that function as fully collateralized binary prediction markets. These markets settle based on real-world events and initially included curated one-day binary markets on Bitcoin (BTC) and Hyperliquid’s native token, HYPE. This development marks Hyperliquid’s strategic expansion beyond perpetual futures, placing it to compete directly with platforms like Polymarket and Kalshi.
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The addition of decentralized prediction markets is expected to bolster Hyperliquid’s utility and attract a broader user base. This aligns with the project’s ongoing efforts to leverage its existing infrastructure, which includes an order book, cross-margin account, and USDH/USDC settlement. Market participants appear to view these developments as potentially increasing Hyperliquid’s market position, as evidenced by the current odds in relevant prediction markets.
Key Takeaways Hyperliquid’s plan to integrate decentralized prediction markets in its HIP-4 upgrade suggests a significant enhancement of the platform’s offerings. The introduction of outcome contracts and validator-governed offchain markets indicates a strategic move to compete with established prediction platforms. Current market odds and participant behavior suggest a moderate increase in Hyperliquid’s perceived value and potential future price. What to Watch Observers should monitor for further announcements regarding the implementation of decentralized prediction markets and any partnerships that may arise. The market’s response to these developments could provide insights into Hyperliquid’s ability to capture a larger share of the derivatives platform market. Additionally, any reports on Hyperliquid’s volume or user engagement could impact market perceptions and pricing, providing a clearer picture of the platform’s growth trajectory.
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Term Structure
Contract Odds Δ since publish Volume 24h December 31 29% — — View market → January 1 2027 6.1% — — View market → January 1 2027 3.5% — — View market → January 1 2027 51% — — View market → January 1 2027 9.8% — — View market → January 1 2027 3% — — View market →
XRP v otevřeném zájmu futures kontraktů vystřelil na 2,60 miliardy USD a předstihl HYPE. Růst táhnou přílivy od velryb, spot ETF a derivátových obchodníků.
XRP recorded a sharp surge in open interest in the last few days, surpassing Hyperliquid’s HYPE token. The recent capital inflow into XRP from whales, spot ETFs, and derivatives traders has also kept prices stable. This indicates growing signs of institutional engagement in the XRP ecosystem.
XRP Futures Open Interest Surpasses HYPE According to CoinGlass data, XRP perpetual and futures open interest climbed significantly, reaching $2.60 billion as of July 20. A rise in open interest signals derivatives traders’ growing conviction and capital flow in XRP.
Derivatives market data showed massive buying in past 24 hours. The total XRP futures open interest jumped more than 10% to $2.60 billion. Futures OI across crypto exchanges climbed in the past 4 hours.
The crypto asset has surpassed HYPE to become the fourth largest in terms of total open interest. HYPE futures open interest dropped more than 2.50% to $2.57 billion in past 24 hours.
Total XRP Futures Open Interest. Source: Coinglass HYPE, the native token of the Hyperliquid, previously overtaken XRP in futures open interest earlier. HYPE open interest skyrocketed above $3 billion after Kalshi launched CFTC-regulated HYPE perpetuals.
Traders looking to take advantage of these volatile open interest swings can compare the best crypto futures trading platforms to evaluate margin rules, funding rates, and available leverage.
Rising Demand Among Institutions Fuels Momentum The major catalysts behind the recent growing institutional appetite for XRP include Ripple’s partnerships with many tradfi and crypto native firms, inflows into spot ETFs, and demand from derivatives amid low funding rates.
Jack McDonald, SVP Stablecoins at Ripple, told Grayscale about the company Ripple’s institutional strategy, and RWA adoption of RLUSD and XRP. Ripple has partnered with Ondo Finance, Mastercard, JPMorgan, and OKX to build the future of finance.
Ripple is partnering with @Mastercard, @jpmorgan, @okx, and @OndoFinance to build the future of finance for both traditional and digital assets.@_JackMcDonald_ joins Grayscale to discuss @Ripple's institutional strategy, real-world adoption of $RLUSD and $XRP, and what's next. pic.twitter.com/e98EgpiiJk
— Grayscale (@Grayscale) July 19, 2026
Moreover, spot ETFs recorded renewed inflows amid capital inflows into the crypto market. Cumulative net inflows and AUM have reached $1.49 billion and nearly $1 billion. Whereas HYPE ETF total assets under management reached $301.34 million, with significant outflows last week.
As CoinGape reported earlier, whales accumulated 70 million XRP in a week as US inflation cooled. The massive whale accumulation sent XRP price higher, alongside a notable surge in futures open interest.
Multicoin Capital vložil 1,75 milionu USD do seed kola Trasia Labs, která buduje asijsky zaměřenou perpetual futures platformu na Hyperliquidu. Jde o vstup Multicoinu do ekosystému Hyperliquid.
Multicoin Capital has provided $1.75 million in seed funding as the sole institutional backer for Trasia Labs, the developer of a specialized perpetual futures trading platform built natively on Hyperliquid. This transaction represents Multicoin’s entry into the Hyperliquid ecosystem and supports a project explicitly designed to serve traders across Asian markets.
Co-founded by Mable Jiang—previously a general partner at Multicoin Capital and chief revenue officer at the team behind Stepn—and Edison Chen, a longtime web3 builder, Trasia officially launched its initial web interface on July 17, 2026.
The platform offers bilingual support in Chinese and English and has a native mobile application scheduled for release in August.
An invite-only Asia Points rewards program is now active to engage early users.
Trasia operates as a non-custodial venue that initially provides acess to Hyperliquid’s native perpetual markets.
It intends to introduce proprietary contracts later in the year, with an early emphasis on assets linked to high-interest sectors such as AI infrastructure and companies approaching public listings or generating strong regional investor attention.
The team maintains flexibility in contract selection to respond quickly to market shifts.
The founders deliberately limited external equity capital at this stage, preferring to demonstrate product-market fit and user traction before seeking additional rounds.
In parallel, more than $35 million in HYPE and USDC has been committed to support the rollout of Trasia’s HIP-3 Asian equity perpetuals markets and related growth initiatives.
The platform leverages HIP-3 mechanics, which allow developers to build decentralized perpetual exchanges on Hyperliquid by staking a bond, enabling customized offerings while benefiting from the underlying network’s performance and liquidity.
A key differentiator for Trasia is its regional focus and distribution strategy.
Rather than competing solely for existing on-chain derivatives users, the team targets participants who may be new to decentralized trading or unfamiliar with Hyperliquid entirely.
Plans center on mobile-first design, localized channels, and the founders’ established networks in Hong Kong, Taiwan, and Tokyo to lower entry barriers and build a distinct user community.
The current team consists of approximately ten members based primarily in these hubs.
This investment aligns with broader interest in expanding decentralized finance tools to serve high-potential geographies.
Asia represents a significant pool of trading activity and capital, yet many participants still rely on traditional or centralized venues.
By combining Hyperliquid’s high-throughput order book infrastructure with tailored user experiences and asset selections, Trasia aims to capture incremental flows and contribute to deeper on-chain liquidity in regional equities and related instruments.
Multicoin Capital has expressed long-term optimism about both the base Hyperliquid protocol and application-layer projects like Trasia.
The firm views the ecosystem as positioned for substantial growth, with specialized platforms capable of gaining meaningful share through targeted execution and user ownership.
Trasia will focus on product refinement, liquidity provisioning, and user acquisition amid a competitive HIP-3 landscape.
Early indicators, including the points program and upcoming mobile launch, suggest an emphasis on community engagement and accessibility. Success will depend on converting regional interest into sustained trading activity while navigating market volatility and evolving regulatory considerations.
The round highlights continued selective capital deployment in crypto infrastructure, particularly where experienced teams address clear geographic and product gaps.
For participants in the Hyperliquid ecosystem, Trasia’s development offers another avenue for exposure to Asia-centric perpetuals innovation and potential liquidity expansion. As the platform matures, it could serve as a case study in how focused distribution and technical integration drive adoption in decentralized derivatives.
HYPE drží support na 61,01 USD, zatímco denní poplatky protokolu Hyperliquid vystřelily na 1,9 milionu USD. To ho řadí na 6. místo mezi protokoly podle denních výnosů z poplatků.
Hyperliquid, a decentralized derivatives trading protocol, is seeing increased trading activity as its native token HYPE maintains a solid support level and network growth signals further potential. Recent data shows buyers are defending key price zones, while rising protocol fees highlight strengthening user engagement on the platform.
Price action and key support levelsHYPE is currently priced at $61.01, with a 24-hour trading volume of $235.1 million and a market capitalization of $15.43 billion. Over the previous 24 hours, the token gained 2.41%, which positions it for a possible bullish reversal. Market observers note the importance of HYPE holding above its main support, as sustained buying interest keeps the positive market structure intact despite recent consolidation.
According to Bitcoin Meraklisi, a well-followed cryptocurrency analyst, the critical $58 support serves as a crucial threshold for further bullish momentum. Holding this level is essential for the asset to pursue higher prices. If the price closes above the $74 resistance on higher timeframes, a bullish cup pattern could form, potentially pushing HYPE toward the $172 target. Failure to hold $58, however, may weaken the overall outlook and open the way for corrections.
Bitcoin Meraklisi emphasizes the significance of the $58 support, indicating that if HYPE remains above this level, there is room for a sustained upward move, while breaching it would likely lead to a loss of momentum.
Hyperliquid fee revenue surgesHyperliquid’s network has seen its daily protocol fee collection surge to $1.9 million, according to data compiled by blockchain research firm NSB Intel. This new milestone places Hyperliquid in sixth place among protocols that generate the highest daily fee revenue, surpassing competitors such as Canton in the process.
This surge in fee accrual is widely viewed as a positive sign for the protocol, pointing to greater user adoption and a notable increase in trading volumes on the platform.
Mini dictionary: Hyperliquid is a decentralized perpetual futures protocol that allows on-chain trading of cryptocurrency derivatives without the involvement of centralized intermediaries. The protocol’s growth is measured in part by fee revenue and user activity metrics.
ProtocolDaily Fee RevenueRankingHyperliquid$1.9 million6thCantonBelow $1.9 millionBelow 6thMarket sentiment and future outlookStronger trading volumes and higher protocol fee revenue have fueled optimism for HYPE’s continued growth. As bullish sentiment returns to the wider crypto market, reflected in upward movement in BTC, Hyperliquid investors are increasingly confident in the platform’s competitive position.
Technical analysts observe that, provided HYPE maintains critical support levels, the asset could test and potentially break above significant resistance barriers. If momentum holds, this move may accelerate gains and reinforce the token’s position within the decentralized finance landscape.
However, should HYPE lose its main support, analysts caution that the asset could see increased selling pressure and a price correction. Sustained network activity and fee generation remain important indicators for investor confidence and future price action.
Continued expansion in both trading activity and protocol revenue reflects the growing role of Hyperliquid in the decentralized finance sector, underscoring its strengthening market position relative to other DeFi platforms.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Hyperliquid, a decentralized perpetuals exchange and Layer 1 blockchain, has achieved a significant milestone by surpassing $1.2 billion in cumulative fees since its launch in 2024. This figure has been reported by Grayscale and highlights the substantial revenue generated by the protocol. Hyperliquid employs a buy-back-and-burn model, directing the majority of its fees to an Assistance Fund that reduces the supply of HYPE, its native token, through buybacks. This approach has created a deflationary pressure on the token, potentially increasing its market value.
The HYPE token currently trades near $60 and plays a crucial role in securing the network and facilitating transactions on the HyperEVM platform. With over 45 million tokens, or approximately 14.5% of the initial supply, removed from circulation, the buy-back-and-burn mechanism is seen as a major factor driving the token’s value. This strategy aligns the token’s value with the protocol’s revenue, making the tokenomics of Hyperliquid a subject of interest among market participants.
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Markets are currently assessing the impact of these developments on the likelihood of Hyperliquid reaching a $100 price target by the end of 2026. As of now, the odds are priced at 30% for this scenario, suggesting that while there is optimism, significant growth is still required to reach this target.
Key Takeaways The milestone of $1.2 billion in fees suggests strong growth and sustainability for Hyperliquid, consistent with positive sentiment around its future potential. The buy-back-and-burn model appears to create deflationary pressure on the HYPE token, which may support a rise in its price. Current market pricing indicates a 30% probability for Hyperliquid to reach $100 by December 31, 2026, reflecting cautious optimism. What to Watch Observers should monitor Hyperliquid’s ongoing fee generation and the effectiveness of its buy-back-and-burn model in enhancing token value. Key developments, such as major partnerships or listings on prominent exchanges, could drive sentiment and pricing. Conversely, any security issues or negative regulatory news might impact the market’s outlook. The evolving performance of Hyperliquid and its tokenomics will be crucial in shaping market expectations and pricing consistency with the $100 target scenario.
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Term Structure
Contract Odds Δ since publish Volume 24h December 31 30% — — View market → January 1 2027 6.2% — — View market → January 1 2027 4% — — View market → January 1 2027 65.5% — — View market → January 1 2027 9.1% — — View market → January 1 2027 3.6% — — View market →
HYPE za posledních 24 hodin klesl téměř o 12 % na 59,46 USD. Prodejní tlak zesílil poté, co peněženka napojená na a16z prodala HYPE za zhruba 28,38 milionu USD.
Hyperliquid’s native token HYPE falls 12% over the past 24 hours amid massive profit-taking. On-chain data revealed that a wallet linked to venture capital giant a16z has started selling a major portion of its holdings.
a16z Wallet Sells 437K Hyperliquid Tokens amid Massive Profit Booking An a16z-linked wallet known for massive accumulation of HYPE has started selling its holdings, Lookonchain reported on July 17. The wallet has deposited almost 437,000 HYPE tokens, valued at around $28.38 million.
Over the past 2 days, the wallet has dumped its HYPE holdings into Hyperliquid, OKX, Bybit, and Gate crypto exchanges. The selling coincided with massive profit-taking suffered by Hyperliquid.
Spot On Chain revealed another suspected a16z wallet moved $30.57 million to crypto exchanges. The two wallets have dumped $59 million in HYPE over the last 24 hours.
Coinglass data showed $19 million in HYPE long positions liquidated over the past 24 hours. This comes amid broader selling pressure in the crypto market due to new US strikes on Iran and crypto options expiry today.
The crypto market saw nearly $400 million in liquidations over the past 24 hours. Over 100K traders are liquidated, with the largest single liquidation order of ETHUSDT worth $6.24 million on Binance.
To avoid sudden margin wipes during volatile market events, it is essential to use risk-management tools on the best crypto leverage trading platforms available today.
HYPE Price Crashes 12% HYPE price fell almost 12% in the past 24 hours, with the price currently trading at $59.46. The 24-hour low and high are $58.51 and $66.07, respectively. Furthermore, the trading volume has increased by 40% over the last 24 hours, as traders join Hyperliquid profit booking .
Meanwhile, Robinhood Chain overtook Hyperliquid in 24-hour decentralized exchange (DEX) volume, with more than $606 million. Robinhood Chain has recorded massive demand amid RWA, DeFi, and CASHCAT buzz. In the last 7 days, the new chain recorded $5.29 billion in DEX volume, while Hyperliquid saw $1.48 billion in volume.
Ched Trading noted profit-booking in Hyperliquid after it fell below the EMA-8 on the weekly chart. The price could fall further towards $55 if it fails to hold.
Hyperliquid (HYPE) Price in Weekly Timeframe. Source: Cheds Trading Derivatives markets record massive selling, as per CoinGlass data. The total HYPE futures open interest fell more than 8% to $2.55 billion in the last 24 hours. HYPE futures OI on Binance tumbled 13% and 12% on Bybit, signaling bearish sentiment among derivatives traders.
Two days ago this site retired its concern about HYPE when the token bounced over $67. The market took one look at that and reopened the case. HYPE trades at $59.93 now, down 9% in a day, below the round number, 22% off the all-time high it set just a month ago. So: why is Hyperliquid falling? The data gives three answers, and one of them is a date.
HYPE trades at $59.93 as of July 17, 2026, down 9.0% over 24 hours, per CoinGecko. It sits in both the trending and most-viewed lists, which is what happens when a top-10 token breaks a round number. The all-time high: $76.67, set June 16, 2026. One month later the token has surrendered 22% of that.
Answer one: the leverage is leaving HYPE is the token of a derivatives exchange, and its own derivatives tell the story. Futures open interest in HYPE has contracted toward $2.7 billion, long positions have been liquidated in waves through the week, and funding rates collapsed as traders flipped to paying premiums for shorts. That is a positioning cleanout in plain sight: leveraged bulls who bought the June high are being carried out, and each liquidation is forced selling that begets the next. Nothing about that process requires bad news. It only requires a crowded trade, and a token that rallied to an all-time high in mid-June was exactly that.
Answer two: high beta cuts both ways The macro tape has been a blender: a war scare, an inflation surprise, a relief rally, and oil creeping back up on ceasefire doubts. Through all of it, HYPE has moved like what it is, one of the highest-beta large caps on the board. When the market fell last week, HYPE fell hardest in the top 10. When the market bounced on the cool CPI, HYPE bounced hardest. Now the bounce is fading and HYPE is, again, leading the way down. Traders reducing risk sell their most volatile holdings first. HYPE is on top of that list by construction.
Answer three: August 6 Here is the date. On August 6, roughly 9.92 million HYPE unlock for core contributors, about 1% of total supply, worth around $618 million at current prices per CoinGecko unlock data. Unlike this week’s Arbitrum unlock, which went to a DAO vault, this one goes to insiders, the category of unlock with sellers historically attached. Our token unlock guide explains the difference in full. Three weeks out, that number is already doing what big unlocks do before they arrive: giving every nervous holder a reason to sell first and ask questions later.
The One Number That Matters Nine. That is how many consecutive weeks HYPE-focused ETFs have recorded inflows, including roughly $10 million last week, with the token also appearing in a T. Rowe Price crypto ETF’s holdings.
Sit with the contradiction, because it is the entire HYPE story right now. The platform just posted record open interest above $11 billion. Institutions are buying the token through ETFs every single week. And the price is down 22% in a month anyway, because retail leverage leaving is a bigger flow than institutional drip arriving. Both facts are true. The question that decides the next month is simply which flow exhausts first: the sellers being liquidated, or the buyers on autopilot.
Key Levels The broken round number, $60, is now the immediate test from below; reclaiming it quickly would mark today as a flush, not a trend. Below, the next area the market has flagged sits near $56, and beneath that the round $50 enters the conversation nobody wants. This week’s low printed at $59.79; watch whether it holds on a closing basis.
Bottom Line Why is Hyperliquid falling? Because leverage is unwinding on a token that rallied too fast, because high-beta assets lead every selloff by design, and because a $618 million insider unlock is 20 days away and casting a shadow. Against all that stands a business at record volume and nine straight weeks of institutional buying. The honest read: this is a fight between fast money leaving and slow money arriving, at exactly the round number where such fights get settled. $60 reclaimed, the bulls keep the story. $56 lost, the unlock shadow wins early.time high? $76.67, set on June 16, 2026. At $59.93 the token trades about 22% below that peak, one month later.
This article is for information only and is not investment advice. Crypto assets are extremely volatile and you can lose your entire stake. Always do your own research.
Frequently Asked Questions Why is HYPE going down today? HYPE fell 9% to $59.93 on July 17, 2026, driven by unwinding leverage: futures open interest contracted toward $2.7 billion with heavy long liquidations, while broad risk reduction hit high-beta tokens hardest.
What is the HYPE unlock in August? About 9.92 million HYPE, roughly 1% of supply worth around $618 million, unlocks on August 6 for core contributors, per CoinGecko unlock data. Insider-bound unlocks historically carry more sell pressure than treasury unlocks.
Is Hyperliquid the platform doing badly? No. The exchange recently posted record open interest above $11 billion. The token's decline reflects trader positioning and upcoming supply, not visible platform weakness.
Are institutions buying HYPE? HYPE-focused ETFs have logged nine consecutive weeks of inflows, including about $10 million last week, and the token appears in a T. Rowe Price crypto ETF's holdings.
What are the key HYPE price levels? $60 is the broken round number to reclaim. Support sits near $56, then the round $50. This week's low at $59.79 is the immediate line on a closing basis.
What is HYPE's all-time high? $76.67, set on June 16, 2026. At $59.93 the token trades about 22% below that peak, one month later.
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Multicoin Capital poprvé investoval do ekosystému Hyperliquidu, a to 1,75 milionu USD do Trasia Labs. Trasia buduje asijskou platformu pro perpetual futures na Hyperliquidu.
Multicoin Capital has invested in Trasia Labs, the team behind an Asia-focused perpetual futures trading platform built on Hyperliquid, marking the venture firm's first investment in the Hyperliquid ecosystem, a Multicoin spokesperson told The Block.
The investment comes shortly after Multicoin disclosed an investment in the Hyperliquid token itself late last month, when it published a detailed investment thesis on the protocol. At the time, Multicoin said it initiated a large HYPE position early this year and has been accumulating since, with HYPE now representing one of the largest positions in its liquid fund.
As for Trasia, Multicoin has invested $1.75 million in the startup as the sole investor in its seed round, Trasia co-founder Mable Jiang told The Block.
Jiang is a former Multicoin Capital partner and most recently served as chief revenue officer at Find Satoshi Lab (FSL), the web3 development studio behind the move-to-earn app Stepn. Jiang said she left FSL in May 2025 and co-founded Trasia this May with Edison Chen, who has been building in web3 since 2017.
Trasia began fundraising in May and closed the round last month, Jiang said, declining to disclose the structure of the round, the valuation or whether Multicoin received a board or observer seat.
Jiang said Trasia intentionally raised only a small amount of outside capital because the team wants to first launch its products and demonstrate traction before raising additional funding. She added that more than $35 million in HYPE and USDC has been "committed" to launching Trasia's HIP-3 Asian equity perpetuals market. Asked whether that amount would primarily be used as liquidity, Jiang said it would support "various purposes."
HIP-3, or Hyperliquid Improvement Proposal 3, allows developers to create their own decentralized perpetual futures exchanges on top of Hyperliquid's infrastructure by posting a 500,000 HYPE staking bond. The largest HIP-3 application by trading volume today is Trade.xyz.
How Trasia plans to stand out Like Trade.xyz, Trasia is building a Hyperliquid-based perpetual futures platform, but with a focus on Asian traders. Trasia has launched its web trading interface in Chinese and English, with a native mobile app planned for August. Trasia is also set to launch Asia Points, an invite-only trading rewards program for early users.
Trasia initially offers Hyperliquid's native perpetual markets before introducing its own later this year. Jiang said the platform has not yet decided which contracts it will launch first because market conditions can change quickly. The initial focus will be on companies involved in AI infrastructure, particularly those approaching public listings or already attracting strong investor interest across Asia.
When asked how Trasia differs from Hyperliquid and other HIP-3 platforms such as Trade.xyz, Jiang said the platform can reach users who are not already trading on Hyperliquid or Trade.xyz.
"If all of our trading flow today came from the same pool as Trade.xyz's — the same group of traders — then we'd have no chance whatsoever," Jiang said. "The real moat is the unique users you can reach and own."
Jiang said Trasia is targeting users who have never heard of Hyperliquid or Trade.xyz and, in many cases, are not yet familiar with onchain trading. She said the platform plans to reach those users through a mobile-first experience, regional distribution channels and its local network. "We also have team members who have strong regional connections," she added.
Trasia currently has a team of 10 people based primarily across Hong Kong, Taiwan and Tokyo, Jiang said.
"We are long the Hyperliquid ecosystem, and we expect Trasia to gain meaningful market share quickly and become a dominant force in the years to come," said Tushar Jain, managing partner and CIO at Multicoin Capital.
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Decentralized exchanges were supposed to be the scrappy underdogs, perpetually outgunned by Binance and its centralized cousins. Someone forgot to tell Hyperliquid.
The decentralized perpetual futures platform has reached a 9.3% share of global aggregate perpetual open interest, measured against centralized exchanges. That number, reported by hypeflows.com, marks a record high for the platform and represents a genuine milestone for on-chain trading at large.
From 6.9% to 9.3% in six weeks Back in late May 2026, Hyperliquid held a 6.9% share of aggregate perpetual open interest. By early July 2026, that figure had climbed to 9.3%.
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Total perpetual open interest on the platform peaked at approximately $11.14B in mid-2026. Hyperliquid now also commands over 70% of on-chain perpetual futures volume across all decentralized platforms.
HIP-3 is doing the heavy lifting A significant portion of the open interest growth traces back to HIP-3, Hyperliquid’s permissionless market framework launched on October 13, 2025.
HIP-3 lets anyone spin up a perpetual market on Hyperliquid without needing approval from a central team. The result has been an explosion of tradable assets that go well beyond crypto, including equities, commodities, indices, and pre-IPO assets.
The HIP-3 markets have added several billion dollars to Hyperliquid’s total open interest figure, according to the research. That means a material chunk of the platform’s record-breaking number is coming not from Bitcoin or Ethereum perps, but from real-world asset markets that CEXs have not traditionally offered retail traders in this format.
The architecture that makes it work Hyperliquid runs on its own Layer-1 blockchain. The platform currently supports over 300 markets, with high transaction throughput and fully on-chain settlement. Non-custodial means users retain control of their funds at all times.
What this means for traders and the broader market Hyperliquid is no longer a niche product. A 9.3% share of global perpetual open interest, measured against the largest centralized venues in the world, puts it in serious conversation as a tier-one trading venue by volume and positioning metrics.
The HYPE token, Hyperliquid’s native asset, is closely tied to the platform’s growth trajectory. As open interest rises, fee revenue accruing to the protocol increases, which feeds directly into token valuation models.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Ethereum tento týden vzrostlo o 8 % a překonalo Bitcoin, BNB, XRP, SOL i HYPE díky přílivu do ETH ETF, akumulaci BitMine a spuštění Robinhood Chain. ETH ale stále naráží na 100denní EMA.
Ethereum price today: $1,870Ethereum has outperformed crypto majors Bitcoin, XRP, SOL and HYPE following a market boost from cooling inflation reports.The Robinhood Chain launch, ETH ETF inflows, BitMine's accumulation and Clarity Act discussions are spurring the outperformance.ETH saw a rejection at the 100-day EMA after rising 10% over the past week.Ethereum (ETH) has outperformed the top 10 cryptocurrencies since the crypto market began a recovery last week. On a weekly timeframe, the top altcoin is seeing an 8% gain, compared to 2.4%, 1.4%, 1.6%, -1.8% and -3.5% for Bitcoin (BTC), BNB, XRP, Solana (SOL) and Hyperliquid (HYPE).
While cooling inflation reports and declining energy prices were primarily responsible for the recent broad rally across the crypto market, ETH's outperformance stems from several other key factors.
ETH vs Top Cryptos. Source: CoinGeckoWhy Ethereum is outperforming other top cryptosThe Robinhood Chain, launched on July 1 as an Ethereum Layer 2 (L2), has been spurring demand for native ETH. The amount of ETH bridged from the L1 to the L2 chain has surpassed $164 million, a 10x increase in the past week, according to onchain analytics platform Token Terminal.
"If adoption continues, the chain could become a meaningful new source of demand for Ethereum," the platform stated in a Thursday X post.
The chain has seen strong demand over the past week, attracting token launchpads and memecoin activity. In 2024, Solana saw a similar upsurge in memecoin activity before going on a run that outperformed major cryptocurrencies.
Beyond that, Ethereum is also attracting institutional capital again, with $96 million in net inflows over the past three days. Last week, US spot ETH ETFs ended an eight-week outflow streak after recording $84.4 million in net inflows, per SoSoValue data. Since the beginning of the month, the products have only seen two outflow days, while XRP and Solana products are struggling to attract capital.
Similarly, US spot BTC ETFs have posted four outflow days so far in July and are on track to end the week on negative flows.
In addition, Ethereum treasury firm BitMine Immersion has remained a consistent source of demand for the top altcoin, accumulating roughly 70,000 ETH in the past two weeks.
Strategy, on the other hand, which has been a major demand driver for Bitcoin, flipped to distribution over the past two weeks after it sold $216 million worth of BTC. The firm also failed to log any buying activity last week.
Increased discussion and positive sentiment around the Clarity Act are also filtering into Ethereum, as it hosts the majority of onchain activity. The L1 is the largest chain by total value locked (TVL) and tokenized assets, with $40.9 billion and $14.8 billion, respectively, according to DefiLlama data.
Despite several positive developments surrounding ETH currently, the broader crypto market recovery remains fragile amid resumed geopolitical tensions in the Middle East. Bitfinex analysts also noted that ETH ETF inflows are not yet strong enough to drive prices.
"The $96 million total sits against a market capitalization above $220 billion, which makes it a rounding error even allowing for the illiquid spot market. A bid concentrated in one issuer remains too narrow to call a regime," the analyst wrote in a Thursday market commentary.
"Whether Ether ETFs continue to draw buyer interest remains to be seen; they have struggled to do so across nearly two years since launch."
Bitfinex added that sustained improvements in onchain activity are a "stronger catalyst" for an L1 like Ethereum.
Ethereum Price Forecast: ETH fails to reclaim 100-day EMA despite 10% jumpOn the daily chart, ETH/USDT trades at $1,874, maintaining a constructive bullish bias as price remains above the 20- and 50-day Exponential Moving Averages (EMAs) at $1,780 and $1,810, respectively. The altcoin remains capped by the longer-term 100-day EMA at $1,948 after a 10% rise over the past week, suggesting room for further upside only if this barrier is reclaimed.
Momentum stays supportive, with the 14-day Relative Strength Index (RSI) around 60 and the Stochastic hovering in the low 70s, hinting at a cooldown after a strong rally.
On the topside, immediate resistance is located at the horizontal level of $1,909, followed by $2,018 and $2,107, where prior supply converges. Above these, additional resistance is seen at $2,211 and then $2,388.
ETH/USDT daily chartOn the downside, initial support emerges at $1,806, ahead of the nearby dynamic floors offered by the 50- and 20-day EMAs. Below these, more substantial demand is seen at $1,741, with deeper supports at $1,524, $1,404 and $1,155 in the event of a broader corrective slide.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
T. Rowe Price spustila první aktivně spravované krypto ETF TKNZ na NYSE Arca. Fond nabízí expozici vůči Bitcoinu, Ethereu, BNB, XRP, Solaně, Hyperliquidu, Dogecoinu a Shiba Inu.
T. Rowe Price, which manages nearly $2 trillion in assets, has launched the first active crypto ETF, which provides exposure to crypto assets such as Bitcoin, Ethereum, XRP, and Hyperliquid. Bloomberg analyst Eric Balchunas had previously said that this launch was notable because the asset manager was the largest active manager to enter the crypto space.
T. Rowe Price Unveils First Active Crypto ETF In a press release, the asset manager announced the launch of the first active crypto ETF, which began trading on the NYSE Arca today under the ticker TKNZ. “The fund is the first actively managed multi-token spot exchange-traded product* offered in the marketplace,” the firm noted.
The T. Rowe Price Active Crypto ETF notably offers exposure to Bitcoin, Ethereum, BNB, XRP, Solana, and Hyperliquid. The Fund will also hold top meme coins Dogecoin and Shiba Inu, making it the first U.S. Fund to offer spot exposure to SHIB.
The asset manager also noted that the crypto ETF is designed to capitalize on emerging trends, momentum-driven rallies, and market rotations among crypto assets. Meanwhile, the Fund will offer a net fee waiver, which will be effective until May 31, 2027. The management fee during this period will be 0.75%.
The T. Rowe Price Active Crypto ETF joins a host of other crypto ETFs that have launched this year, including the Hyperliquid ETFs. As CoinGape reported, Morgan Stanley’s Ethereum and Solana ETFs are about to launch, with the Wall Street giant filing amendments to its S-1.
‘Smart Timing’ For The ETF Launch Bloomberg analyst Eric Balchunas commended T. Rowe Price for the timing of the launch of its active crypto ETF. “I think they were smart with the timing- waiting till the Oct selloff dust settled a bit,” he said in an X post.
T Rowe Price’s Active Crypto ETF $TKNZ is ready for launch. Any day now, I’d guess Thursday. I think they were smart with the timing- waiting till the Oct selloff dust settled a bit. pic.twitter.com/5LZO5WHrqn
— Eric Balchunas (@EricBalchunas) July 14, 2026
It is worth noting that the SEC had approved the crypto ETF last month but waited until now to launch the Fund. The asset manager had first filed for the month in October last year, around the time of the infamous crypto crash.
Meanwhile, Balchunas had previously said that the T. Rowe Price Active Crypto ETF was notable because the asset manager was “by far the biggest active manager to apply their active prowess to this space.”
Hyperion DeFi alokuje 500 000 staked HYPE do Skew Technologies, aby podpořila spuštění perpetual futures na Hyperliquid. Za to získá podíl ve Skew a část výnosů ze služeb spojených s listingem.
Hyperion DeFi, the NASDAQ-listed company trading under HYPD, is putting 500,000 staked HYPE tokens to work. The tokens are being deployed to Skew Technologies through a HYPE Asset Use Service (HAUS) agreement, giving Skew the economic backing it needs to launch perpetual futures markets on Hyperliquid’s HIP-3 permissionless infrastructure.
In return, Hyperion gets equity ownership in Skew plus a cut of the revenues generated from listing services. The revenue share has both fixed and scaling components, meaning Hyperion earns a baseline regardless of how much volume Skew’s new markets attract, while also participating in the upside if trading activity takes off.
How the deal actually works HIP-3, which went live on October 13, 2025, requires anyone deploying a new market to maintain 500,000 staked HYPE as what’s called “alignment capital.” That’s a meaningful barrier to entry, designed to ensure deployers have real skin in the game and face slashing risks if they misbehave.
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Through the HAUS agreement, effective July 15, 2026, Hyperion essentially lends its staked position to Skew, which can then spin up new HIP-3 perpetual futures markets without needing to source and lock up half a million HYPE tokens on its own.
Skew’s initial focus will be on perpetual futures through HIP-3, with plans to eventually expand into outcome-based markets under HIP-4 once the core perps business reaches operational stability.
Why Hyperion is betting big on infrastructure Hyperion DeFi holds the distinction of being the first US publicly listed company built around the Hyperliquid ecosystem. Hyperion CEO Hyunsu Jung has pointed to growing global demand for HIP-3 launches as a key driver behind the company’s HAUS strategy.
This isn’t Hyperion’s first HAUS agreement. The company previously partnered with Felix Foundation in late 2025 under a similar arrangement. Recent reports also indicate Hyperion has been unwinding some of its other HYPE deployment deals.
What Skew brings to the table Skew Technologies is founded by a team with experience in financial markets and institutional trading. David Gil, Skew’s founder, has framed this partnership as a foundation for innovative institutional trading products, suggesting the company sees HIP-3 as a launchpad rather than an endpoint.
What this means for investors For Hyperion shareholders, each HAUS agreement transforms staked tokens into equity positions and revenue streams. The fixed component of the revenue share provides downside protection, while the scaling component offers leverage to trading volume growth.
The risk side of the equation centers on slashing. HIP-3’s alignment capital is actively at risk. If a market operator behaves badly or a technical failure triggers slashing conditions, Hyperion could lose a substantial portion of its deployed capital.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Hyperliquid přidal před IPO perpetual na CXMT, který na trhu implikuje valuaci asi 535 miliard USD, tedy 526 % nad IPO cenou. Jde jen o syntetickou expozici, ne o vlastnictví akcií.
Hyperliquid has added a pre-IPO perpetual market linked to ChangXin Memory Technologies, or CXMT, giving traders synthetic exposure to the Chinese chipmaker before its Shanghai debut.
Summary
Hyperliquid listed a CXMT pre-IPO perpetual as the chipmaker prepares its July 27 Shanghai debut. CXMT’s contract price near $8 implied a $535 billion valuation, 526% above its IPO price. The market offers synthetic exposure, not ownership of CXMT shares listed on Shanghai’s STAR Market. The contract, listed as xyz, traded near $8 on July 15, according to on-chain market data cited by Hyperinsight. Applied to CXMT’s expected post-IPO share count of 66.881 billion shares, that price implies a valuation near $535 billion, about 6.3 times its official IPO valuation.
Hyperliquid Lists CXMT, Potentially A-Share’s Largest IPO and 4th-Largest DRAM Maker
Following the listing of the “CSI STAR Market 50 ETF”, Hyperliquid has officially added ChangXin Memory Technologies (CXMT). As A-share listings such as CXMT on the STAR Market require a RMB… pic.twitter.com/eGSQvziPpZ
— Wu Blockchain (@WuBlockchain) July 15, 2026 Hyperliquid opens a synthetic route to CXMT The CXMT contract operates through Hyperliquid’s HIP-3 framework, which allows outside deployers to create perpetual markets linked to assets beyond cryptocurrencies. These markets trade as derivatives rather than spot securities, so the CXMT contract does not provide ownership, dividends or voting rights in the Shanghai-listed company.
Individual investors on China’s STAR Market generally face a RMB 500,000 asset threshold and a two-year trading-experience requirement. Hyperliquid offers a separate synthetic market that can give eligible users price exposure without access to the underlying A-share. The distinction also means the contract price can differ sharply from CXMT’s official share price.
CXMT contract trades far above IPO valuation CXMT priced its IPO at RMB 8.66 per share and expects to raise about RMB 57.9 billion, or $8.55 billion, before any over-allotment option. Reuters reported that the deal will be Asia’s largest IPO of 2026 so far and China’s biggest A-share semiconductor offering, surpassing SMIC’s 2020 share sale.
At the offer price, CXMT’s expected post-listing value is about RMB 579.2 billion, or roughly $85.5 billion. A synthetic price near $8 implies about $535 billion, placing the Hyperliquid contract around 526% above the dollar equivalent of the IPO price. The gap reflects pricing in a separate derivatives market and does not set CXMT’s official equity valuation.
China’s largest DRAM maker prepares for listing CXMT is China’s largest DRAM producer and ranks fourth globally, behind Samsung Electronics, SK Hynix and Micron. Recent market estimates place its global DRAM share near 8%. The company has expanded as China invests heavily in domestic semiconductor production and demand for memory chips grows alongside artificial intelligence infrastructure.
Reuters also reported that CXMT secured a long-term memory supply agreement with Tencent worth more than RMB 20 billion, or about $2.94 billion. Investor subscriptions for the STAR Market offering begin on July 16, while the shares are scheduled to start trading in Shanghai on July 27. CXMT plans to use the IPO proceeds for production and technology investment.
Hyperliquid widens its real-world asset markets Hyperliquid’s HIP-3 framework allows builders to launch perpetual markets linked to stocks, commodities and other real-world assets. A pre-IPO SpaceX contract also traded through the framework, showing how on-chain derivatives can create markets around companies before their public shares become available.
Hyperliquid has also expanded its connection to tokenized securities. As reported by crypto.news, Ondo Finance brought 35 tokenized U.S. stocks and ETFs to HyperEVM in June. Those products differ from the CXMT perpetual because tokenized securities can use structures backed by assets held through custodians, while perpetuals provide synthetic price exposure.
The CXMT market gives traders another route to speculate on a major public offering before its debut. Attention will now turn to whether the 526% premium narrows before subscriptions start and after the underlying shares begin trading on the STAR Market.
Prediction markets are crypto’s quiet killer app. Polymarket proved that during the 2024 US election cycle. Now Hyperliquid wants a piece of the action, and Outcome.xyz is the team trying to blow the doors open.
The push is simple: let anyone deploy a prediction market on Hyperliquid’s infrastructure without needing permission from validators or anyone else. It hasn’t happened yet. And the community is making noise about it.
What HIP-4 built, and what it’s missing Hyperliquid launched its HIP-4 outcome markets on mainnet back on May 2. These are binary contracts that settle to either 0 or 1, essentially yes-or-no bets baked directly into Hyperliquid’s core trading engine, HyperCore. Shared order books, shared margining, shared data feeds.
Outcome.xyz was the team that deployed the first wave of these markets. They started with recurring daily BTC price binaries, the kind of straightforward contract that lets you stress-test plumbing without getting too creative. Early trading volumes hit several million dollars in notional value on the first days alone.
But here’s the thing: every single market that exists right now had to go through Hyperliquid’s validators. There’s no self-serve option. As of mid-July, permissionless deployment still hasn’t gone live.
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Why permissionless matters Hyperliquid’s current model relies on validators to both approve and settle markets. Instead of trusting some external oracle service to report outcomes, Hyperliquid’s own validator set handles settlement. It reduces a major attack surface that has plagued prediction markets for years.
But validator gating for market creation means the menu of available markets is limited to whatever gets approved through that process. Community feedback on July 14 made the frustration clear, with calls for permissionless rollout “asap.”
Outcome.xyz appears to be the team most actively pushing this forward. As the primary frontend developer for HIP-4 markets, they have both the technical proximity and the incentive to see the gates come down.
The competitive chess match Hyperliquid isn’t entering an empty room. Polymarket remains the dominant on-chain prediction platform, and Kalshi has carved out a regulated niche in the US market. Both have significant head starts in liquidity, user base, and market variety.
What Hyperliquid brings to the table is integration. Hyperliquid’s pitch is that prediction markets live inside the same trading engine as perpetuals, spot markets, and everything else on the platform. A trader doesn’t need to move capital to a separate protocol to place a prediction bet. If you’re already running a strategy on Hyperliquid’s perpetuals, you can allocate margin to prediction markets without fragmenting your capital across platforms.
The 2026 FIFA World Cup represents exactly the kind of global event that drives massive prediction market volume, and a permissionless rollout before or during the event could serve as a significant catalyst for adoption.
Volumes on HIP-4 markets remain modest compared to dedicated prediction platforms. Several million dollars on launch days is encouraging infrastructure validation, not market dominance.
What investors should watch The permissionless deployment timeline is the single most important variable here. Until third-party builders can create markets freely, HIP-4 remains a proof of concept rather than a competitive product.
The validator-as-oracle settlement model eliminates oracle risk, which is a real problem that has caused costly misresolutions on other platforms. But it also means every market outcome depends on validator consensus, and as market variety expands into subjective or ambiguous territory, that consensus mechanism will be tested in ways that simple BTC price binaries never will.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Zástupci ekosystému Hyperliquid se setkali s pracovní skupinou SEC pro krypto, aby řešili regulaci decentralizovaných perpetual trhů. Schůzka potvrzuje jednání s regulátorem, ne schválení.
14 July 2026 | 23:44 Representatives connected to the Hyperliquid ecosystem met with the U.S. Securities and Exchange Commission’s Crypto Task Force on July 14, 2026, bringing the architecture of decentralized perpetual markets into the agency’s regulatory discussions.
Key Takeaways SEC task force met Hyperliquid ecosystem representatives. Talks focused on decentralized perpetual market regulation. HIP-3 separates market deployment from core execution. Meeting confirms engagement, not regulatory approval. U.S. access still requires concrete regulatory action. According to the SEC’s official meeting memorandum, the participants represented the Hyperliquid Policy Center, XYZ Ltd. and Sullivan & Cromwell LLP. The stated topic was how regulators could address issues involving crypto assets.
What the SEC Filing Actually Confirms The attached meeting request sought to brief the task force on the Hyperliquid protocol’s technology, markets and relevant ecosystem participants. It described Hyperliquid Labs as a software contributor and XYZ as a research and product laboratory operating a HIP-3 deployment for traditional-asset perpetual markets.
The proposed attendee list included Hyperliquid Policy Center CEO Jake Chervinsky, policy counsel Bradley Bourque, Hyperliquid founder Jeff Yan, XYZ representative Collins Belton and four lawyers from Sullivan & Cromwell.
The disclosure is more limited than a formal policy proposal. It does not publish a detailed technical presentation, identify specific exemptions requested from the SEC or record any commitments made by the agency. The meeting therefore confirms regulatory engagement, not approval of Hyperliquid, HIP-3 products or access for U.S. traders.
HIP-3 Separates Market Design From Trade Execution The policy question is complicated by how responsibilities are distributed under Hyperliquid Improvement Proposal 3.
HIP-3 allows independent builders to deploy perpetual markets without relying on a centralized listing committee. Each deployer is responsible for several functions that would normally sit with a derivatives venue:
Market definition: selecting the reference asset, contract specifications and oracle methodology. Risk controls: setting leverage limits and determining whether an asset is eligible for cross-margin treatment. Market operation: publishing oracle prices and settling or halting the contract when necessary. A mainnet deployer must maintain a stake of 500,000 HYPE. Validators can slash that stake through a weighted vote when irregular deployer inputs harm protocol correctness, uptime or performance. Slashed tokens are burned rather than distributed as compensation to affected traders.
Trade execution remains inside HyperCore, Hyperliquid’s native trading system. It provides the order books and margining infrastructure, although every HIP-3 exchange retains independent settings and its own market configuration. Cross-margining is not automatic: enabling it is irreversible and requires sufficient external liquidity, a dependable oracle and resistance to price manipulation.
XYZ illustrates that division of responsibilities. Its technical documentation states that HyperCore manages matching, order types, funding, liquidations and auto-deleveraging. XYZ supplies the bespoke oracle, mark price and external price used for its markets through distributed relayers that submit updates approximately every three seconds.
These contracts provide synthetic exposure rather than ownership of the referenced asset. An equity perpetual settled in USDC does not deliver the underlying share, making it legally and economically different from a tokenized security representing ownership rights. The distinction leaves regulators with separate questions around the derivative itself, the trading infrastructure, the oracle operator and any interface providing access.
The regulatory discussion is unfolding as Hyperliquid becomes more important to the economics of stablecoin distribution. JPMorgan recently lowered its earnings estimates for Circle and Coinbase, arguing that their revised USDC arrangement with Hyperliquid could pressure margins as both companies seek to preserve the stablecoin’s dominant position on the platform. The frequently cited $160 million figure represents estimated reserve yield that could be redirected under the arrangement, rather than a confirmed net loss.
The SEC Agenda Offers a Framework, Not a HIP-3 License The meeting took place one week after SEC Chair Paul Atkins published a statement on the agency’s 2026 Regulatory Agenda. Atkins said the Commission intends to establish clearer rules for crypto fundraising, custody and the trading of tokenized securities onchain.
Three pending workstreams are relevant to the broader Hyperliquid discussion: The SEC is considering exemptions and safe harbors for crypto-asset offerings. Proposed amendments could apply broker-dealer net-capital, customer-protection and recordkeeping rules to crypto-asset activities under Rules 15c3-1 and 15c3-3. A separate project would adapt Exchange Act rules for crypto trading on alternative trading systems and national securities exchanges. None of those entries expressly creates a pathway for permissionless perpetual markets. The SEC’s agenda primarily concerns securities offerings, broker-dealers and securities-trading venues, while the operation of derivatives markets also raises Commodity Exchange Act questions overseen by the Commodity Futures Trading Commission.
Hyperliquid’s policy effort is consequently proceeding on both tracks. In a July 9 submission to the CFTC, the Hyperliquid Policy Center and Phantom asked the derivatives regulator to distinguish software development from regulated financial intermediation.
Their proposed model would keep registration and compliance obligations with entities that handle customer orders, control funds or enter transactions, rather than automatically imposing them on developers publishing protocol code. The submission also called for regulated exchanges, clearing organizations and futures commission merchants to be allowed to use public blockchain infrastructure, subject to their existing market-surveillance, segregation and customer-protection duties.
U.S. Access Still Depends on Concrete Regulatory Action The SEC meeting creates a channel for explaining how Hyperliquid divides functions among validators, deployers, interfaces and users. It does not resolve which participants would need registration when a HIP-3 market references equities, indices or other traditional assets.
The current TradeXYZ disclaimer states that its interface is unavailable to U.S. persons. Changing that position would require more than a policy discussion: regulators would need to define the accountable entity for listing, market surveillance, oracle governance, margining, customer access and settlement.
Evidence of substantive progress would include a proposed SEC or CFTC rule covering onchain market infrastructure, formal guidance separating protocol development from market operation, registration by a venue using HyperCore or published exemptive relief addressing non-custodial access. Until one of those steps occurs, the July 14 session should be treated as regulatory engagement rather than authorization.
The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice.
Author
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
JPMorgan uvedl, že nová dohoda s Hyperliquid zhoršuje ekonomiku USDC a představuje větší dlouhodobé riziko pro Circle. Hyperliquid drží asi 6 miliard USDC, zhruba 8 % oběhu.
Jeremy Allaire Circle CEO. (The Washington Post / Getty Images) Summary
JPMorgan said a new arrangement with Hyperliquid is a near-term revenue headwind for Circle and Coinbase, with a greater long-term threat to Circle's USDC economics. The bank argued the deal exposes a "prisoner's dilemma," encouraging Circle and Coinbase to compete for USDC distribution at the expense of each other's economics. The Wall Street firm lowered earnings estimates for both firms, citing the Hyperliquid changes alongside weaker crypto trading volumes and asset prices.JPMorgan (JPM) lowered its forecasts for Circle Internet (CRCL) and Coinbase (COIN), saying their revamped agreement with Hyperliquid weakens the economics of Circle's USDC and posed a bigger long-term threat to the stablecoin issuer.
The bank said the deal created a "prisoner's dilemma," incentivizing stablecoin issuer Circle and crypto exchange Coinbase to compete for distribution of the dollar-pegged token at the expense of each other's economics.
Hyperliquid, now one of the largest crypto trading venues, holds about $6 billion of USDC, or roughly 8% of the circulating supply, JPMorgan estimated.
"We think the change in the Hyperliquid relationship showcases the challenge for Circle and Coinbase partnership agreements because it can create 'a prisoner’s dilemma' that drive Coinbase and Circle to compete with each other when promoting USDC distribution," analysts led by Kenneth Worthington said in the Tuesday report.
Hyperliquid is one of crypto's fastest-growing trading venues and the leading decentralized perpetual futures exchange. The platform processed more than $150 billion in trading volume in July alone, while its volume relative to Binance climbed to 11.5%, underscoring its growing share of the derivatives market. USDC balances on Hyperliquid have swelled to roughly $6 billion, making it an increasingly important distribution channel for the stablecoin.
Under the new arrangement, Coinbase will classify USDC on Hyperliquid as "on-platform," collecting the income generated by reserves and paying 90% of it to Hyperliquid. JPMorgan estimated Coinbase previously split nearly all of the revenue evenly with Circle.
The bank cut earnings estimates for both companies, citing the Hyperliquid agreement and weaker crypto markets, though it expects higher interest rates to provide some support for USDC-related revenue over the longer term.
USDC has also lost momentum in recent months. Its circulating supply has fallen to about $73 billion from nearly $80 billion in March, part of a broader $10 billion contraction in the stablecoin market since May as crypto trading activity cooled and new regulated rivals chipped away at the dominance of USDC and Tether's USDT.
Japanese investment bank Mizuho said in a report last week that Circle's final approval from the U.S. Office of the Comptroller of the Currency to establish First National Digital Currency Bank is a positive milestone, but investors may be overestimating its significance.
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.
HYPE v pondělí klesl o více než 2 % na zhruba 65 USD a testuje klíčovou support zónu u 63,13 USD. ETF na HYPE zároveň přilákaly za minulý týden čisté přílivy ve výši 10,36 milionu USD, už podeváté v řadě.
Key Takeaways HYPE has declined more than 2% on Monday, with the token now challenging critical support near the $68.50 trendline Futures Open Interest contracted by over 2% across 24 hours to reach $2.72 billion, accompanied by $2.48 million in liquidated long positions Institutional investors poured $10.36 million into HYPE ETFs during the previous week, marking a ninth uninterrupted week of capital inflows Markets launched under HIP-3 have expanded their share of Hyperliquid perpetual trading volume from 2% to approximately 50% throughout 2026 Critical support rests at the 50-day EMA level of $63.13; a breakdown beneath this threshold may drive prices toward $53.71 Hyperliquid (HYPE) is currently exchanging hands near $65 on Monday, reflecting a decline exceeding 2% as widespread risk aversion across markets weighs on cryptocurrency valuations. This downturn continues the negative price movement observed during the previous week.
Hyperliquid (HYPE) Price Escalating geopolitical tensions between the United States and Iran centered around oil tanker navigation rights in the Strait of Hormuz have triggered a flight from risk-oriented assets, with cryptocurrencies caught in the selloff. Alternative tokens such as HYPE have experienced heightened selling pressure as a result.
Derivatives market intelligence from CoinGlass indicates that Open Interest decreased by more than 2% during the last 24-hour period, settling at $2.72 billion. Aggregate liquidation events reached $2.93 million, with positions betting on price increases accounting for $2.48 million of this figure.
The funding rate metric has experienced a pronounced decline to 0.0275%, signaling an increase in traders establishing short positions. This represents a notable departure from the optimistic market positioning observed in prior weeks.
Institutional Capital Continues Flowing In Notwithstanding near-term price weakness, HYPE exchange-traded funds attracted $10.36 million in net inflows throughout the past week. This achievement represents the ninth consecutive week that institutional investment vehicles focused on HYPE have recorded positive capital flows.
Source: SoSoValue Cryptocurrency analyst Michaël van de Poppe shared an optimistic assessment on July 12, stating that the HYPE chart “is ready to break out upwards” with a price objective of $100. His thesis rests on consistent revenue expansion, a pattern of ascending peaks and troughs, and the asset maintaining position above both its 21-day and 50-day moving average indicators.
The $HYPE chart is super strong.
It's ready to break out upwards, and the next target is going to be $100.
The reasons for the fact that this is the case:
– Constant revenue growth and value accrual to the token.
– Holding above the 21-Day and 50-Day MA's.
– Constant higher… pic.twitter.com/S6AZSY1Ecr
— Michaël van de Poppe (@CryptoMichNL) July 12, 2026
From a technical perspective, HYPE is currently challenging a breakout from an important ascending trendline situated around $68.50. The 50-day exponential moving average positioned at $63.13 now represents the nearest support zone requiring monitoring.
The Relative Strength Index has deteriorated below the neutral 50 mark to 48, while the MACD indicator is charting below its signal line. These technical readings collectively suggest diminishing bullish momentum.
A daily candle closure beneath the $63.13 threshold could establish conditions for a move toward the 50% Fibonacci retracement level located at $53.71. Conversely, a price recovery scenario would establish the previous swing high at $75.58 as the initial resistance target.
The protocol’s contribution to aggregate Hyperliquid perpetual futures volume has surged from roughly 2% when 2026 commenced to approaching 50% presently. This expansion correlates with increasing retail trader appetite for onchain equity derivatives products.
TradeXYZ has emerged as the dominant participant within this category, operating markets including XYZ100 (which tracks the Nasdaq-100 index) alongside individual equity perpetuals on companies like Nvidia and Tesla, all settled using stablecoins.
The continuous 24/7 market availability represents a fundamental attraction point—participants can respond to breaking developments at any moment without restriction to traditional market hours.
HYPE exchange-traded funds documented their ninth consecutive week of institutional capital inflows totaling $10.36 million as of the most recent reporting period.
Trhy HIP-3 na Hyperliquidu nyní tvoří téměř 50 % celkového objemu perpetual kontraktů protokolu, oproti zhruba 2 % na začátku roku 2026. Růst táhne onchain aktivita v tokenizovaných amerických akciích a komoditách.
Hyperliquid’s HIP-3 markets have experienced a significant increase in perpetual futures market volume, now accounting for nearly 50% of the protocol’s total perp volume. This marks a substantial rise from roughly 2% at the beginning of 2026. The surge is primarily driven by the onchain activity in real-world assets, including tokenized U.S. equities and commodities. With 23 of the top 30 Hyperliquid pairs by open interest, the growth reflects a shift towards 24/7 access to traditional assets, especially during periods of geopolitical volatility when legacy markets are closed. Market participants are increasingly favoring HIP-3’s framework for its ability to offer continuous exposure to these assets.
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Key Takeaways The increase in HIP-3’s market share appears consistent with growing interest in onchain access to tokenized real-world assets. Hyperliquid’s recent performance suggests market participants are rotating from altcoins to tokenized stocks and commodities. The rise in onchain stock activity may indicate a longer-term trend toward integrating traditional financial assets into blockchain ecosystems. What to Watch The market will be closely monitoring if Hyperliquid can sustain or further increase its market share in perpetual futures. Key indicators include announcements of partnerships or technological advancements that could enhance Hyperliquid’s offerings. Additionally, developments in geopolitical events or regulatory changes impacting real-world asset tokenization could significantly influence market sentiment and pricing, potentially affecting Hyperliquid’s trajectory towards its $100 price target by the end of 2026.
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Term Structure
Contract Odds Δ since publish Volume 24h December 31 39% — — View market → January 1 2027 5.4% — — View market → January 1 2027 4% — — View market → January 1 2027 68.5% — — View market → January 1 2027 9.2% — — View market → January 1 2027 4.5% — — View market →
Hyperliquid dosáhl open interestu přes 11 miliard USD, což je nejvyšší úroveň v roce 2026. Platforma zároveň drží zhruba 70 % objemu on-chain perpetual futures.
Activity on Hyperliquid, a decentralized perpetual futures platform, has surged to a new peak with over $11 billion in open positions, marking the highest level for the year. This development reflects growing interest in the platform, which operates on its proprietary Layer 1 blockchain. The increase includes significant engagement in non-crypto markets, such as gold and equities, through its HIP-3 markets. Hyperliquid already accounts for about 70% of all on-chain perpetual futures volume, highlighting its dominant role in the sector. This milestone comes as the platform continues to attract interest amid a backdrop of robust global market activity.
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Key Takeaways The surge in open positions on Hyperliquid suggests increased confidence and engagement from market participants, indicating a potential upward trend in user activity. Pricing within related prediction markets shows a minor increase in the likelihood of Hyperliquid reaching the $100 target by the end of 2026, now at 41.5% YES. The platform’s ability to capture a substantial share of both crypto and non-crypto markets appears to support its continued growth and relevance in the sector. What to Watch Market participants will be observing whether Hyperliquid can sustain this level of engagement and whether it will translate into further price increases, particularly towards the $100 target by December 31, 2026. Key developments to monitor include potential partnerships, technological advancements, and institutional interest, which could further influence market confidence. Additionally, any security incidents or regulatory challenges could impact market sentiment and alter current pricing expectations.
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Term Structure
Contract Odds Δ since publish Volume 24h December 31 41.5% — — View market → January 1 2027 5.4% — — View market → January 1 2027 4% — — View market → January 1 2027 70.5% — — View market → January 1 2027 9.1% — — View market → January 1 2027 4.5% — — View market →
Hyperliquid spustila obchodování futures na meme coin CASHCAT na Robinhood Chain s pákou až 3x. Po zalistování se objevil i velrybí short na 1,11 milionu CASHCAT.
Hyperliquid announces the launch of contract trading for the meme coin CASHCAT on Robinhood Chain, with support for up to 3x leverage.
Relevant content
A whale shorted 1.11 million CASHCAT tokens on Hyperliquid.
According to monitoring by Onchain Lens, a whale deposited approximately $450,000 into Hyperliquid. Within one hour of CASHCAT’s listing on Hyperliquid, the whale shorted 1.11 million CASHCAT tokens with 3x leverage, valued at $222,200. The entry price was $0.195336, liquidation price $0.531304, resulting in an unrealized loss of $4,400.
Per GMGN market data, CASHCAT, a meme coin on Robinhood Chain, briefly hit an all-time high in market capitalization, currently trading at $200 million with an intraday increase of over 20%. Meme coins are highly volatile, so investors should exercise caution regarding associated risks.
11 minutes ago
The White House confirms Trump has 'emptied' the U.S. Election Assistance Commission.
The White House confirmed on the 10th that U.S. President Donald Trump has removed two incumbent members of the U.S. Election Assistance Commission from their posts. In a statement sent to media on the same day, the White House said the president "reserves the right to remove relevant personnel who may not be fully committed to safeguarding U.S. election security and ensuring every legal vote is counted." The statement did not give a specific reason for Trump's move. However, U.S. media reported that the Election Assistance Commission had rejected an executive order signed by Trump, which required voters to provide proof of U.S. citizenship on the national voter registration form. (Xinhua News Agency)
11 minutes ago
A crypto whale shorted Ethereum (ETH) with 25x leverage, holding a position worth $12.43 million.
According to Onchain Lens monitoring, a whale deposited approximately $500,000 into Hyperliquid to open a short position of 6,914 ETH (valued at $12.43 million) with 25x leverage. The entry price was $1,790.36, liquidation price stands at $1,825.58. The position currently has an unrealized loss of around $50,700, with only a 1.55% gap to liquidation.
11 minutes ago
A trader has earned more than $1 million in profits on CASHCAT, achieving a staggering return of up to 1183 times.
According to Lookonchain monitoring, a trader has reaped over $1 million in profits from CASHCAT. The trader spent 0.49 ETH (valued at $838) to purchase 15.04 million CASHCAT tokens, then sold them for 580 ETH (worth $1.04 million), generating a profit of over $1 million (a 1183x return). Had the trader held the tokens until now, the profit would have reached $2.9 million.
11 minutes ago
A crypto whale bought the dip, acquiring 14,007 ETH valued at approximately $25.18 million.
According to monitoring by OnchainLens, a whale purchased 14,007 ETH at an average price of $1,798, with a total value of approximately $25.1 million.
Hyperliquid od října 2025 snížil kvartální objem obchodování zhruba o 35 %, přesto si drží 32 % až 44 % trhu perpetual DEX. RWA nyní tvoří asi 30 % objemu a v Q1 2026 dosáhl celkový objem 633 miliard USD.
Hyperliquid’s quarterly notional trading volume has fallen roughly 35% since October 2025, a steep decline for a platform that was setting records just months ago. But buried inside that headline number is a more interesting story: real-world asset trading now accounts for about 30% of total volume on the platform, and that share keeps climbing.
The volume decline in context During Q1 2026, the platform still managed $633 billion in total trading volume.
Hyperliquid has also maintained between 32% and 44% of the perpetual DEX market throughout this period. Losing volume while keeping market share means the whole category contracted, not just one player.
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RWA trading fills the gap RWA volume now constitutes approximately 30% of total platform activity, up meaningfully from prior quarters. At certain points during Q1 and Q2 2026, that figure peaked between 44% and 47% of total volume. In other words, nearly half of all trading on a crypto-native DEX was happening in assets like crude oil, gold, silver, and the S&P 500.
Open interest in RWA perpetuals hit an all-time high of $2.6 billion in May 2026, doubling from $1.3 billion just two months earlier in March.
If you want to hedge an S&P 500 position at 2 AM on a Sunday, your options in traditional finance range from limited to nonexistent. Hyperliquid’s RWA perpetuals fill that gap with 24/7 liquidity, no brokerage account required.
What this means for investors For HYPE token holders specifically, the token serves as the backbone of the ecosystem, used for staking, governance, fee payments, and user incentives, with a maximum supply capped at 1 billion. A decline in overall volume would normally be bearish for a platform token, since less trading typically means less fee revenue. But the growth in RWA trading introduces a new revenue stream and a new user base that could prove more durable than crypto-native speculation.
The risk to watch is regulatory. Traditional financial instruments trading on decentralized platforms exists in a gray area that regulators haven’t fully addressed. Hyperliquid’s 32% to 44% market share makes it a large enough target to attract attention.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
