Track market-moving stories before they get noisy

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.

Binance launches three U.S. ETF perpetual contracts, offering up to 25x leverage.

According to official announcements, Binance has launched multiple USDT-margined TradFi perpetual contracts, including MUUUSDT, SOXSUSDT, and TZAUSDT perpetual contracts. MUUUSDT corresponds to Direxion Daily MU Bull 2X ETF (MUU), which tracks the daily 2x return performance of Micron Technology. SOXSUSDT corresponds to Direxion Daily Semiconductor Bear 3X Shares (SOXS), tracking the daily 3x inverse performance of the NYSE Semiconductor Index. TZAUSDT corresponds to Direxion Daily Small Cap Bear 3X Shares (TZA), tracking the daily 3x inverse performance of the Russell 2000 Index.

11 minutes ago

Ostium trading remains suspended, with user margin still frozen.

Perpetual decentralized exchange (Perp DEX) Ostium stated in a post that platform trading remains suspended following the security incident. User positions are still open but cannot be modified temporarily; trading margin remains in the frozen smart contract and has not been moved. Ostium added that its team is continuing to coordinate with relevant authorities, SEAL 911, and multiple security researchers, and will release updates on the timeline for smart contract activity resumption and fund recovery. According to PeckShield’s monitoring, Ostium’s public OLP vault was hacked for approximately 24 million USDC, with the attacker subsequently converting the funds to around 12,100 ETH, of which about 10,500 ETH has been transferred to Tornado Cash.

11 minutes ago

The China-South Korea Semiconductor ETF on the A-share market saw its afternoon decline widen to 5%.

According to market data, the semiconductor sector in China's A-share market continued to weaken in the afternoon, with the decline of China-South Korea semiconductor-related ETFs expanding to 5%.

11 minutes ago

TSMC expects demand to remain strong in Q3, with its full-year revenue coming in higher than earlier forecasts.

TSMC (TSM.N) announced that it expects its third-quarter revenue this year to range between $44.6 billion and $45.8 billion, compared to its Q3 2025 revenue of $33.1 billion. The chipmaker projects demand will remain strong in the third quarter, and forecasts its U.S. dollar-denominated revenue growth for 2026 will be slightly above 40%, an upward revision from its earlier forecast of over 30%.

11 minutes ago

HTX DAO completes Q2 token burn, with HTX’s cumulative burn exceeding 100 trillion tokens.

According to an official announcement from HTX DAO, the second-quarter 2026 HTX token burn was completed on July 15. On-chain data shows that a total of 7,474,935,439,560 HTX tokens were burned in this round, worth over $13.6 million. To date, the cumulative amount of HTX burned and donated has reached 117.79 trillion tokens. Burn details: https://tronscan.org/transaction/06b58562732cbff13ce6a3b2a0556f6ffefd158b4cc4313968750923c779810d/overview. In the first half of this year, HTX DAO’s two-quarter combined burn exceeded $32.82 million. Against the backdrop of intensified market liquidity competition this year, HTX has still been able to consistently execute quarterly burns worth tens of millions of dollars, showcasing strong operational resilience and anti-cyclical capabilities.

11 minutes ago

Bitget has added 16 US stock tokens (rTokens), including Kroger, Jabil, and other companies.

Bitget has launched 16 US stock tokens, including rXBI (S&P Biotech ETF-SPDR), rDIA (SPDR Dow Jones Industrial Average ETF Trust), rKSTR (SSE STAR 50 Index ETF), rJBL (Jabil), rKR (Kroger), covering sectors such as finance, healthcare, information technology and industrials. The rTokens, marked with the prefix "r" plus stock tickers (e.g., NVIDIA is rNVDA), are issued by Reality, a licensed RWA protocol under Bitget, which connects directly to global liquidity pools like NASDAQ and NYSE via cooperation with regulated broker Alpaca. Its key features include: 1:1 reserve of underlying assets held by licensed custodians; stock dividends distributed 1:1 in token form; support for synchronous mapping of corporate actions (such as stock splits and consolidations); and positions can be used as combined margin for unified accounts and USDT-denominated contracts, allowing users to flexibly manage funds while holding global stock assets.

11 minutes ago

Hyperliquid (HYPE) strengthened its position among decentralized trading platforms this week, as the token maintained a bullish outlook amid recent market consolidation. Analysts observed a consistent uptrend in HYPE, noting that its growing trading activity and strong fee generation signal increasing adoption and long-term growth potential.

HYPE price trends and resistance levelsHYPE traded at $68.37 with a 24-hour trading volume of $431.18 million and a market capitalization of $17.3 billion. The token recorded a 5.27% gain in the past day, reflecting investor optimism and renewed buying activity.

Renowned crypto analyst Michael van de Poppe commented that HYPE has maintained a bullish technical structure despite a temporary dip below its 21-day and 50-day moving averages. He noted that the recent retracement appears to be short-term consolidation, as buyers continue to protect essential support levels, indicating the market remains favorable for further upside movement.

Market analysts emphasized that if HYPE convincingly breaks above the $68.88 resistance level, the token could initiate another bullish move, potentially testing previous highs.

Technical indicators suggest that, should the breakout hold, HYPE may advance toward the $100 price mark. However, the outcome will depend on the prevailing market sentiment and the token’s ability to maintain upward momentum.

Hyperliquid’s fee revenue surpasses major blockchainsBeyond price action, Hyperliquid’s rising protocol fees demonstrate its expanding influence among decentralized exchanges. Data from Hyperliquid Daily reported that the platform collected $2.4 million in protocol fees within the past 24 hours, outpacing established blockchains such as Solana, Ethereum, BNB Chain, Robinhood, and Lighter.

This substantial fee revenue highlights Hyperliquid’s ability to attract high trading volumes and participant activity, reinforcing its market leadership in decentralized perpetual trading.

Analysts attribute this growth to increased demand for Hyperliquid’s products and traders’ preference for its platform. The platform’s decentralized architecture and competitive features have drawn a growing user base, leading to consistent fee growth.

Mini dictionary: Hyperliquid is a decentralized trading platform focused on perpetual contracts, enabling traders to engage in leveraged trading with a transparent, non-custodial system. Protocol fees are service charges collected from transaction execution on the network, which contribute to the platform’s revenue.

PlatformDaily Fee RevenueHyperliquid$2.4 millionSolanaBelow $2.4 millionEthereumBelow $2.4 millionBNB ChainBelow $2.4 millionRobinhoodBelow $2.4 millionLighterBelow $2.4 millionMarket outlook: Next targets for HYPEWith positive market momentum and strong fee revenues, analysts project an upward trajectory for HYPE if the bullish breakout is confirmed. Current resistance may create temporary consolidation, but a move above this barrier could extend the recent rally, drawing further attention to the token.

Should HYPE surpass the crucial resistance, technical forecasts anticipate a potential climb towards the $100 level, provided investor sentiment remains supportive.

The broader crypto market has also shown positive signals, as BTC’s price recovery supports increased interest in alternative tokens like HYPE. Market participants are looking to see if HYPE can sustain its lead in daily revenue and continue its rise.

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

Multicoin Capital managing partner Tushar Jain detailed his valuation logic and investment framework for HYPE during an appearance on the "When Shift Happens" podcast. He noted that HYPE is currently severely undervalued, with a baseline valuation of $319, and recommended a pragmatic position-building strategy to navigate volatility. For bottom-fishing, Jain advised abandoning "perfect timing" in favor of the "one-third split entry method": the first third of the position is bought immediately; the second third is accumulated via dollar-cost averaging over a fixed schedule (e.g., in batches over 1-2 months); the final third is added opportunistically during dips. This approach significantly reduces psychological burden while locking in a favorable average cost for long-term bullish positions. Jain’s $319 baseline valuation is built on four conservative assumptions: 1) Crypto derivatives trading volume maintains a 35% compound annual growth rate over the next two years; 2) DeFi derivatives’ market share rises to 32%; 3) USDC collateral balances grow in line with trading volume; 4) The "fake boom" driven by subsidies from some project teams will vanish as subsidies are phased out, allowing Hyperliquid’s actual market share to rise further. Even under these conservative scenarios, HYPE’s current price has substantial upside, with some optimistic projections putting it above $600. On Hyperliquid’s broader outlook, Jain argued that the protocol is far more than a fast-growing perpetual contract platform, and has the potential to become a core pillar of crypto financial infrastructure.

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Crypto liquidation startup Glacis Labs completes $6.8 million seed round financing.

Crypto clearing startup Glacis Labs has closed a $6.8 million seed round. The round was led by Lightspeed Faction, with participation from Franklin Templeton, Coinbase Ventures, A.GAIN (formerly IDC Ventures), Protein Capital, and Techni Ventures, structured as an equity-plus-token warrant deal. The funding will primarily be used to expand its core product, the ZeroDelta platform, and support the growth of its engineering, compliance, and marketing teams. ZeroDelta is a multi-chain clearing platform that facilitates matching, netting, and final settlement of cross-chain digital assets. It currently focuses on serving stablecoins and has processed over $1 billion in cumulative trading volume to date.

4 hours ago

The United States will issue a $1 Trump gold coin to commemorate the 250th anniversary of its founding.

US Treasury Secretary Scott Bessent announced today that the U.S. Mint will produce a $1 commemorative "gold coin" — gold in appearance but containing no actual gold or precious metals — to mark the 250th anniversary of the founding of the United States. The obverse features a portrait of President Trump in a suit and tie, paired with the inscriptions "LIBERTY," "IN GOD WE TRUST," and the dates 1776-2026; the reverse displays the U.S. Great Seal eagle, marked with "$1" and "250." The coin is expected to be released this fall. The move breaks the longstanding tradition that living presidents typically do not appear on U.S. currency, with Bessent describing it as a "lasting symbol of patriotism" and "a commemoration of the legacy of freedom."

4 hours ago

Trump: Data centers are a cash cow and one of the largest drivers of future job growth.

Trump posted that data centers are one of the biggest drivers of future job growth. They are large-scale, powerful, and have broad prospects, serving as cash cows for their respective states. However, for political reasons, the Governor of New York State terminated all data center projects under construction or planned in New York. These companies are now flocking to Alabama, Florida, Texas, Arizona, and many other states. The tax revenues and jobs brought by data centers are truly a huge source of wealth! New York State has made a bad decision. All this revenue and other benefits will flow to so-called "red states" (states dominated by the Republican Party) and some "blue states" (states dominated by the Democratic Party). These states not only have lower taxes but also can create record job opportunities. They will bear their own water and electricity costs, and the remaining funds will be returned to state governments and local communities. For the states and communities fortunate enough to secure data centers, these facilities are undoubtedly huge assets. New York State should immediately reverse its policy. We must never allow radical left-wing Democrats to make us lose data centers, artificial intelligence, and all these amazing new technologies, letting them fall into the hands of other countries!

4 hours ago

Goldman Sachs' View: Storage Market Shows Structural Shifts, Partial Replacement of DRAM by NAND for Cost Reduction Becomes a Practical Trend

Citirni analyst Jukan referenced Goldman Sachs’ monthly conference call remarks on the memory sector, noting clients’ strong resistance to DRAM price hikes approaching 30%, leading to a modest downward revision of third-quarter DRAM price growth expectations. Meanwhile, the outlook for NAND has grown more optimistic: AI-related KV cache offloading demand continues to exceed expectations, paired with an emerging trend of using NAND to replace expensive DRAM, further supporting NAND demand. The analyst holds a positive view on SK Hynix’s second-quarter performance, projecting revenue of approximately 85 trillion won and a gross margin of 63%. Relevant stocks include SK Hynix, Micron, and SanDisk. The commentary also reveals structural shifts in the memory market. Previously, explosive HBM demand from AI servers drove DRAM prices soaring, but once price increases hit the 30% threshold, clients began resisting further hikes, leading to a temporary slowdown in the pace of DRAM price growth. NAND is taking on a new role in AI infrastructure: KV cache is critical in inference scenarios, and using cheaper NAND to partially replace expensive DRAM to reduce costs is becoming a practical trend. This divergence also implies that internal capital rotation within the storage industry chain may continue; investors should exercise greater caution regarding short-term earnings expectations for DRAM-related stocks, while the fundamental improvement in the NAND segment may not yet be fully priced in.

4 hours ago

Kraken Launches Customized Crypto Vaults, Allowing Users to Earn Yields on Idle Bitcoin, Ethereum (ETH) and Stablecoins

Kraken Institutional has announced a partnership with on-chain yield platform Upshift, allowing qualified institutional clients to earn returns on idle Bitcoin, Ethereum, stablecoins and other crypto assets directly within Kraken’s compliant custody framework. Unlike traditional pooled vaults, Upshift will build dedicated, customized vaults for each client, fully tailored to their investment strategies, risk parameters, liquidity needs and asset portfolios. Assets will be allocated to these non-custodial vaults, then deployed to selected on-chain contracts, with clients’ segregated Kraken custody accounts receiving a receipt token.

4 hours ago

SpaceX falls below its $135 IPO price for the first time; US-listed space-related stocks decline across the board.

According to market data from BIT (bit.com), during U.S. stock intraday trading, SpaceX (SPCX) fell below its IPO price of $135 for the first time, currently trading at $133.6. U.S. space-related stocks declined across the board: AST SpaceMobile (ASTS) dropped 5.26%, Rocket Lab (RKLB) fell 3.4%, and Redwire (RDW) declined 3.4%.

4 hours ago

Celestia Labs announced it has acquired Sovereign Labs, a developer of high-performance blockchain frameworks. Sovereign has been deeply embedded in the Celestia ecosystem since 2021, with its framework powering projects including cross-chain bridge Relay Protocol and high-performance perpetual contract trading platform Bullet. The acquisition will extend Celestia Labs’ technical capabilities from Layer 1 to the execution and application layers, positioning the firm as a full-stack custom blockchain development partner for enterprises. As projects such as Hyperliquid, Polymarket, and Robinhood have opted to build their own blockchains, enterprise demand for full-stack blockchain infrastructure is accelerating.

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Crypto liquidation startup Glacis Labs completes $6.8 million seed round financing.

Crypto clearing startup Glacis Labs has closed a $6.8 million seed round. The round was led by Lightspeed Faction, with participation from Franklin Templeton, Coinbase Ventures, A.GAIN (formerly IDC Ventures), Protein Capital, and Techni Ventures, structured as an equity-plus-token warrant deal. The funding will primarily be used to expand its core product, the ZeroDelta platform, and support the growth of its engineering, compliance, and marketing teams. ZeroDelta is a multi-chain clearing platform that facilitates matching, netting, and final settlement of cross-chain digital assets. It currently focuses on serving stablecoins and has processed over $1 billion in cumulative trading volume to date.

4 hours ago

The United States will issue a $1 Trump gold coin to commemorate the 250th anniversary of its founding.

US Treasury Secretary Scott Bessent announced today that the U.S. Mint will produce a $1 commemorative "gold coin" — gold in appearance but containing no actual gold or precious metals — to mark the 250th anniversary of the founding of the United States. The obverse features a portrait of President Trump in a suit and tie, paired with the inscriptions "LIBERTY," "IN GOD WE TRUST," and the dates 1776-2026; the reverse displays the U.S. Great Seal eagle, marked with "$1" and "250." The coin is expected to be released this fall. The move breaks the longstanding tradition that living presidents typically do not appear on U.S. currency, with Bessent describing it as a "lasting symbol of patriotism" and "a commemoration of the legacy of freedom."

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Trump: Data centers are a cash cow and one of the largest drivers of future job growth.

Trump posted that data centers are one of the biggest drivers of future job growth. They are large-scale, powerful, and have broad prospects, serving as cash cows for their respective states. However, for political reasons, the Governor of New York State terminated all data center projects under construction or planned in New York. These companies are now flocking to Alabama, Florida, Texas, Arizona, and many other states. The tax revenues and jobs brought by data centers are truly a huge source of wealth! New York State has made a bad decision. All this revenue and other benefits will flow to so-called "red states" (states dominated by the Republican Party) and some "blue states" (states dominated by the Democratic Party). These states not only have lower taxes but also can create record job opportunities. They will bear their own water and electricity costs, and the remaining funds will be returned to state governments and local communities. For the states and communities fortunate enough to secure data centers, these facilities are undoubtedly huge assets. New York State should immediately reverse its policy. We must never allow radical left-wing Democrats to make us lose data centers, artificial intelligence, and all these amazing new technologies, letting them fall into the hands of other countries!

4 hours ago

Goldman Sachs' View: Storage Market Shows Structural Shifts, Partial Replacement of DRAM by NAND for Cost Reduction Becomes a Practical Trend

Citirni analyst Jukan referenced Goldman Sachs’ monthly conference call remarks on the memory sector, noting clients’ strong resistance to DRAM price hikes approaching 30%, leading to a modest downward revision of third-quarter DRAM price growth expectations. Meanwhile, the outlook for NAND has grown more optimistic: AI-related KV cache offloading demand continues to exceed expectations, paired with an emerging trend of using NAND to replace expensive DRAM, further supporting NAND demand. The analyst holds a positive view on SK Hynix’s second-quarter performance, projecting revenue of approximately 85 trillion won and a gross margin of 63%. Relevant stocks include SK Hynix, Micron, and SanDisk. The commentary also reveals structural shifts in the memory market. Previously, explosive HBM demand from AI servers drove DRAM prices soaring, but once price increases hit the 30% threshold, clients began resisting further hikes, leading to a temporary slowdown in the pace of DRAM price growth. NAND is taking on a new role in AI infrastructure: KV cache is critical in inference scenarios, and using cheaper NAND to partially replace expensive DRAM to reduce costs is becoming a practical trend. This divergence also implies that internal capital rotation within the storage industry chain may continue; investors should exercise greater caution regarding short-term earnings expectations for DRAM-related stocks, while the fundamental improvement in the NAND segment may not yet be fully priced in.

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SpaceX falls below its $135 IPO price for the first time; US-listed space-related stocks decline across the board.

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4 hours ago

Hyperliquid, a decentralized crypto derivatives exchange, has added ChangXin Memory Technologies (CXMT), China’s leading DRAM manufacturer, to its platform. This move comes shortly after the platform introduced the CSI STAR Market 50 ETF, offering overseas investors broader exposure to China-linked equities.

With the inclusion of CXMT, Hyperliquid now provides users access to a prominent player in China’s semiconductor industry. CXMT is widely recognized as the largest DRAM producer in China by production capacity and ranks fourth globally in the same category.

The introduction of CXMT gives Hyperliquid users a pathway to engage with A-share assets that are traditionally accessible only through mainland Chinese exchanges. Investors outside China often face significant entry barriers for such assets, notably a minimum account requirement of RMB 500,000 for STAR Market participation. Hyperliquid’s listing may ease this restriction for global market participants.

A-share assets refer to equity shares listed on China’s Shanghai and Shenzhen stock exchanges, quoted in Chinese yuan and generally restricted to domestic investors. The STAR Market, a technology-focused board, is known for listing innovative growth companies within China’s rapidly expanding tech landscape.

Mini dictionary: Hyperliquid is a decentralized exchange specializing in perpetual futures, known for providing synthetic access to both crypto assets and tokenized versions of traditional equities for global users.

In recent updates, Hyperliquid listed ChangXin Memory Technologies following its CSI STAR Market 50 ETF listing, allowing overseas investors new avenues to access China’s equity markets that typically require a minimum account threshold of RMB 500,000 on domestic exchanges.

AssetMarketAccess Requirement (Traditional)Access via HyperliquidCXMTSTAR Market (A-share)RMB 500,000 min. accountNo minimum, available to global usersCSI STAR Market 50 ETFSTAR Market (A-share)RMB 500,000 min. accountNo minimum, available to global usersCXMT’s rise ahead of a possible record IPOWu Blockchain, a prominent crypto and blockchain news source, reported that CXMT leads China’s DRAM manufacturing sector. DRAM, or dynamic random-access memory, is an essential component for smartphones, computers, servers, and AI hardware.

CXMT is reportedly preparing for a significant public offering. Industry sources noted that it has secured the second-largest funding round in the history of the STAR Market, trailing only Semiconductor Manufacturing International Corporation (SMIC). Several Chinese financial media outlets suggest that CXMT could achieve the largest initial public offering in the history of China’s A-share market.

Industry observers point out that CXMT, as China’s dominant DRAM producer, is positioned to attract substantial global attention due to both its market leadership and its plans for a high-profile IPO.

The growing profile of CXMT signals increased international interest in China’s technology sector, particularly for investors seeking exposure to the country’s booming semiconductor industry.

HYPE token price outlook remains bullishAs Hyperliquid’s platform activity intensifies, traders continue to monitor the HYPE token, the platform’s native asset. Crypto analyst Michaël van de Poppe commented that HYPE’s technical chart remains bullish, even after the token fell below its 21-day and 50-day moving averages.

Moving averages are widely used by traders to identify trends and resistance levels over set periods. Despite the current dip, van de Poppe maintains that sentiment remains positive as long as HYPE can surpass key resistance points.

Van de Poppe identified €60 as the crucial resistance level that, if broken, could trigger a strong rally. He projected that sustained momentum above this threshold could potentially drive the HYPE token towards the $100 mark, attracting renewed trading interest.

TokenCurrent key levelProjected target (if breakout)HYPE€60$100Market participants will be closely watching further developments in Hyperliquid’s asset listings, along with price action in both the HYPE token and new listings such as CXMT.

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.

English한국어日本語繁體中文ไทยPortuguêsItalianoDeutschFrançaisEspañol 分散型取引所Hyperliquidは、 ChangXin Memory Technologiesに連動したプレIPOパーペチュアル先物契約を上場した。中国最大のDRAMメーカーである同社の上海STARマーケットへの上場（7月27日）を前にした動きだ。

この契約は7月15日時点で8ドル近辺で取引され、約5350億ドルの評価額を示唆している。これはCXMTの公式IPO価格である1株あたり人民元8.66元に対して約526%のプレミアムに相当する。

合成レール上に示された5350億ドルの想定評価額 CXMTは新規株式公開（IPO）の価格を1株あたり人民元8.66元に設定し、オーバーアロットメント・オプションを含まない段階で約人民元579億元（85.5億ドル）の資金調達を見込んでいる。 ロイターの報道によれば、この取引は2026年のアジア最大のIPOとなり、SMICの2020年の株式売却を上回る中国A株半導体関連としては最大規模の公開となる見通しだ。

CXMTの上場後の想定株式総数668億8100万株を基準にすると、Hyperliquidの契約価格8ドルは公式IPO評価額の約6.3倍に相当する市場価値を示している。STARマーケットでの公開に対する投資家の申込みは7月16日に開始される。

この契約はHyperliquidの HIP-3フレームワークを通じて上場したもので、これは第三者のデプロイヤーが暗号資産以外の資産に連動したパーペチュアル市場を作成できる仕組みだ。CXMTの上場に先立ち、HyperliquidはCSI STARマーケット50 ETF契約を追加しており、中国テック株への意図的な事業拡大を示していた。

プレミアムが公正価値を示さない可能性 Injective LabsのCEO兼共同創業者であるEric Chen氏は、プレIPOパーペチュアルについて6月にCNBCの取材で「こうした市場は非常にアクティブでリスク許容度の高いトレーダーが支配しており、他のプレIPO銘柄と比べて巨大なプレミアムを織り込んでいるわけではない」と語っている。

この指摘はCXMTの契約にも当てはまる。526%という価格差は、限られたトレーダー層の間での合成デリバティブの価格形成を反映したものであり、株式評価としての市場全体の合意を示すものではない。

中国のSTARマーケットでは、個人投資家は人民元50万元の資産要件と2年間の取引経験要件を満たす必要がある。つまりHyperliquidの契約は、このIPOに対する海外個人投資家のエクスポージャーを可能にする数少ない手段のひとつとなっている。

Hyperliquid、株式デリバティブ層の構築を進める CXMTの上場は、これまでの流れに沿った動きだ。Hyperliquidは6月のNasdaq上場の数か月前からSpaceXのプレIPOパーペチュアルを提供しており、 Coin Metricsの報告によれば、以前上場していたCerebrasのプレIPO契約は、実際の初値取引価格からわずか1.3%以内という精度で価格を示していた。同プラットフォーム上のプレIPO市場全体の累積取引高は14.6億ドルを超えている。

こうした実績は、Hyperliquidを単なる投機的な場としてではなく、企業が従来型の取引所に到達する前の新興の価格発見レイヤーとして位置づけている。より広い文脈もこの動きに重みを与える。CXMTはSamsung Electronics、SK Hynix、Micronに次ぐ世界第4位のDRAMメーカーであり、直近の市場推定では世界DRAM市場におけるシェアは約8%とされている。

同社は、中国が海外のチップ供給への依存を減らすために国内半導体生産に投資する中で急速に事業を拡大してきた。この戦略は、先進メモリ技術に対する米国の輸出規制によってさらに加速している。今後注目されるのは、CXMTの申込みが7月16日に開始され、株式が7月27日に取引を開始した後、526%のプレミアムが縮小するかどうかだ。

CXMTはまた、Tencentとの間で人民元200億元（2.94億ドル）を超える長期メモリ供給契約を開示しており、株式取引が開始された後は機関投資家の関心を支える契約となる可能性がある。この上場は、オンチェーンデリバティブが、世界市場への十分なアクセスを持たない企業にとって信頼できるプレIPO価格発見の手段となり得るかどうかを試す試金石となる。

About the Author: Damilola Esebame

Damilola Esebame is a finance journalist and content strategist specializing in DeFi, crypto, macroeconomics, and FX. With eight years of editorial experience, he delivers data-backed explainers, interviews, and market updates that turn complex on-chain themes into practical insights. At FinanceFeeds he maps the DeFi landscape—stablecoins, tokenization, liquidity, and policy—linking digital-asset developments to macro drivers and market structure for brokers and platforms.

According to monitoring by OnchainLens, a trader has taken large long positions on Hyperliquid, with a total position value of $13.31 million. Current holdings: Bitcoin worth $5.87 million, 40x leverage, average entry price of $65,473; Solana (SOL) worth $5.5 million, 20x leverage, average entry price of $78.8; Ethereum worth $1.93 million, 25x leverage, average entry price of $1,939.

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Crypto Briefing approved image library

In a significant development on the Hyperliquid decentralized exchange, four large investors, commonly referred to as “whales,” have initiated long positions on the platform’s native token, $HYPE, within the past six hours. These transactions collectively total $89,500. Notably, three of these investors appeared to act in coordination, while one whale’s activity was linked to a previously tracked wallet. This synchronized movement suggests a potential coordinated strategy or a shared optimistic outlook on $HYPE’s future performance.

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This latest round of whale activity may indicate increased confidence in $HYPE’s value trajectory. However, market participants appear to have a mixed outlook on whether Hyperliquid will reach the $100 mark by the end of 2026, as reflected in current market pricing.

Key Takeaways Recent whale activity on Hyperliquid suggests heightened interest in $HYPE, consistent with a potentially positive market outlook. The coordinated actions of three whales and the involvement of a tracked wallet indicate a possible shared market view. Despite this activity, current market pricing implies uncertainty about $HYPE reaching $100 by December 31, 2026. What to Watch Observers should monitor further whale activity and whether additional large investors follow suit, which could influence broader market sentiment toward $HYPE. Key events such as announcements of new partnerships, changes in volume, or regulatory developments could also impact the market’s view on whether Hyperliquid will achieve the $100 price target. Continued analysis of on-chain patterns will be crucial in assessing future price movements.

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Term Structure

Contract Odds Δ since publish Volume 24h December 31 30.5% — — View market → January 1 2027 5.7% — — View market → January 1 2027 4% — — View market → January 1 2027 69.5% — — View market → January 1 2027 9.1% — — View market → January 1 2027 4.5% — — View market →

English繁體中文한국어日本語ไทยPortuguêsItalianoDeutschFrançaisEspañol Hyperliquid founder Jeff Yan has positioned the decentralized exchange as a potential “AWS of finance,” arguing that the protocol can become a foundational infrastructure layer for trading, liquidity and financial applications in the same way Amazon Web Services became core infrastructure for internet startups.

The comparison reflects Yan’s broader ambition for Hyperliquid: to move beyond a single perpetual futures exchange and become a high-performance financial backend where developers can build markets, applications and trading products. According to Fortune and other market reports, Yan views Hyperliquid as financial infrastructure that can support not only crypto assets, but also tokenized versions of stocks, commodities, prediction markets and other instruments.

Hyperliquid has become one of the most closely watched projects in decentralized finance because it combines an onchain order book, perpetual futures, spot trading, the HYPE token and its own Layer 1 blockchain. Unlike many DeFi protocols that rely on automated market makers, Hyperliquid was designed to look and feel more like a centralized exchange while preserving onchain settlement and self-custody.

The platform’s rise has been unusually rapid. Reports have described Hyperliquid as a lean operation built by a team of roughly a dozen people, with no traditional venture-capital backing and a large user-focused HYPE airdrop. Its growth has pushed it into direct comparison with centralized derivatives venues and helped make decentralized perpetuals one of crypto’s most competitive sectors.

From Exchange to Infrastructure The AWS analogy matters because it changes how investors and developers evaluate Hyperliquid. If the project is only a crypto exchange, its value depends mainly on trading volume, fees and market share. If it becomes infrastructure, the opportunity expands to third-party applications, custom markets, liquidity services and settlement rails.

That shift is already visible in Hyperliquid’s product roadmap. HIP-3, the protocol’s builder-deployed perpetuals framework, allows developers to launch their own perpetual markets by defining market parameters, oracle rules, leverage limits and settlement processes. Hyperliquid’s documentation describes HIP-3 as a key step toward decentralizing the listing process for perpetual markets.

This is where the AWS comparison becomes more practical. AWS gave startups access to computing, storage and networking without building data centers. Hyperliquid’s equivalent pitch is that builders should not need to create matching engines, liquidity systems, risk engines and settlement infrastructure from scratch. They can deploy financial markets on top of a shared base layer.

That model could support markets tied to crypto tokens, equities, commodities, pre-IPO companies, prediction events or synthetic assets. Recent reports have already highlighted trading activity around non-crypto products, including oil-linked and private-company-related contracts built around Hyperliquid’s infrastructure.

Regulatory and Execution Risks Remain The vision is ambitious, but it carries significant risks. Hyperliquid operates in a regulatory grey zone compared with licensed U.S. venues. Perpetual futures remain tightly controlled in many jurisdictions, and U.S. users are not supposed to access offshore platforms that do not meet domestic regulatory requirements. Reports have noted that some users may attempt to bypass geofencing through VPNs, which could increase scrutiny.

There are also market-structure questions. High-leverage perpetuals can amplify volatility, liquidations and retail losses. If Hyperliquid expands into tokenized stocks, commodities or prediction markets, it may attract attention from securities, commodities and gambling regulators. The more Hyperliquid resembles a universal financial exchange, the more likely it is to face institutional regulatory pressure.

Execution risk is another factor. AWS became dominant by offering reliability, scale, developer tooling and enterprise trust. Hyperliquid must prove similar qualities in a much harder environment: real-time trading, liquidations, oracle integrity, validator security and market-maker participation. Any outage, manipulation event or governance controversy could weaken the infrastructure thesis.

Still, Yan’s framing captures why Hyperliquid has become central to the DeFi debate. The project is not merely trying to improve decentralized trading. It is trying to turn financial markets into programmable, permissionless infrastructure.

If Hyperliquid can sustain liquidity, expand developer adoption and navigate regulatory pressure, the AWS comparison may become more than a slogan. It could define the next phase of onchain finance.

English繁體中文한국어日本語ไทยPortuguêsItalianoDeutschFrançaisEspañol Il fondatore di Hyperliquid, Jeff Yan, ha posizionato l’exchange decentralizzato come un potenziale “AWS della finanza”, sostenendo che il protocollo possa diventare uno strato infrastrutturale fondamentale per il trading, la liquidità e le applicazioni finanziarie, così come Amazon Web Services è diventata infrastruttura centrale per le startup di internet.

Il paragone riflette l’ambizione più ampia di Yan per Hyperliquid: andare oltre un semplice exchange di future perpetui e diventare un backend finanziario ad alte prestazioni dove gli sviluppatori possano costruire mercati, applicazioni e prodotti di trading. Secondo Fortune e altri report di mercato, Yan considera Hyperliquid un’infrastruttura finanziaria capace di supportare non solo asset cripto, ma anche versioni tokenizzate di azioni, materie prime, prediction market e altri strumenti.

Hyperliquid è diventato uno dei progetti più seguiti nella finanza decentralizzata perché combina un order book onchain, future perpetui, trading spot, il token HYPE e una propria blockchain Layer 1. A differenza di molti protocolli DeFi che si basano su market maker automatizzati, Hyperliquid è stato progettato per assomigliare a un exchange centralizzato, pur mantenendo il regolamento onchain e l’autocustodia.

L’ascesa della piattaforma è stata insolitamente rapida. Alcuni report hanno descritto Hyperliquid come un’operazione snella costruita da un team di circa una dozzina di persone, senza il sostegno tradizionale di venture capital e con un ampio airdrop di HYPE orientato agli utenti. La sua crescita l’ha portato a confrontarsi direttamente con le piattaforme derivate centralizzate, contribuendo a rendere i perpetui decentralizzati uno dei settori più competitivi del mondo cripto.

Da exchange a infrastruttura L’analogia con AWS è rilevante perché cambia il modo in cui investitori e sviluppatori valutano Hyperliquid. Se il progetto fosse solo un exchange cripto, il suo valore dipenderebbe principalmente dal volume di trading, dalle commissioni e dalla quota di mercato. Se invece diventasse infrastruttura, l’opportunità si estenderebbe ad applicazioni di terze parti, mercati personalizzati, servizi di liquidità e sistemi di regolamento.

Questo cambiamento è già visibile nella roadmap dei prodotti di Hyperliquid. HIP-3, il framework del protocollo per i perpetui distribuiti dagli sviluppatori (builder-deployed), consente ai developer di lanciare i propri mercati perpetui definendo parametri di mercato, regole degli oracoli, limiti di leva finanziaria e processi di regolamento. La documentazione di Hyperliquid descrive HIP-3 come un passo fondamentale verso la decentralizzazione del processo di quotazione dei mercati perpetui.

È qui che il confronto con AWS diventa più concreto. AWS ha dato alle startup accesso a capacità di calcolo, storage e networking senza dover costruire data center. La proposta equivalente di Hyperliquid è che gli sviluppatori non debbano creare da zero motori di matching, sistemi di liquidità, motori di rischio e infrastrutture di regolamento. Possono invece implementare mercati finanziari sopra uno strato di base condiviso.

Questo modello potrebbe supportare mercati legati a token cripto, azioni, materie prime, società pre-IPO, eventi di prediction market o asset sintetici. Report recenti hanno già evidenziato attività di trading su prodotti non cripto, inclusi contratti legati al petrolio e a società private costruiti sull’infrastruttura di Hyperliquid.

Restano i rischi regolatori ed esecutivi La visione è ambiziosa, ma comporta rischi significativi. Hyperliquid opera in una zona grigia dal punto di vista normativo rispetto alle piattaforme statunitensi autorizzate. I future perpetui restano strettamente regolamentati in molte giurisdizioni, e gli utenti statunitensi non dovrebbero accedere a piattaforme offshore che non soddisfano i requisiti normativi nazionali. Alcuni report hanno segnalato che alcuni utenti potrebbero tentare di eludere il geofencing tramite VPN, il che potrebbe aumentare il livello di controllo da parte delle autorità.

Ci sono anche interrogativi sulla struttura di mercato. I perpetui ad alta leva finanziaria possono amplificare la volatilità, le liquidazioni e le perdite dei trader retail. Se Hyperliquid si espandesse verso azioni tokenizzate, materie prime o prediction market, potrebbe attirare l’attenzione delle autorità di vigilanza su titoli, materie prime e gioco d’azzardo. Quanto più Hyperliquid assomiglierà a un exchange finanziario universale, tanto maggiore sarà la probabilità di dover affrontare pressioni regolatorie istituzionali.

Anche il rischio esecutivo è un fattore da considerare. AWS è diventata dominante offrendo affidabilità, scalabilità, strumenti per gli sviluppatori e fiducia a livello enterprise. Hyperliquid deve dimostrare qualità simili in un contesto molto più complesso: trading in tempo reale, liquidazioni, integrità degli oracoli, sicurezza dei validatori e partecipazione dei market maker. Qualsiasi interruzione, episodio di manipolazione o controversia di governance potrebbe indebolire la tesi infrastrutturale.

Ciò nonostante, l’impostazione di Yan spiega perché Hyperliquid sia diventato centrale nel dibattito sulla DeFi. Il progetto non si limita a voler migliorare il trading decentralizzato: sta cercando di trasformare i mercati finanziari in un’infrastruttura programmabile e senza permessi (permissionless).

Se Hyperliquid riuscirà a mantenere la liquidità, ad ampliare l’adozione da parte degli sviluppatori e a gestire le pressioni normative, il paragone con AWS potrebbe rivelarsi più che uno slogan: potrebbe definire la prossima fase della finanza onchain.

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.

Crypto Briefing approved image library

Bitcoin exchange-traded funds (ETFs) have seen massive outflows, with net losses reaching over $8.2 billion. Despite this trend, enthusiasm for the decentralized derivatives exchange Hyperliquid, established in 2024, is on the rise. Hyperliquid’s native token, HYPE, has maintained its value near $67–$68, reflecting market participants’ interest. Observers suggest this dynamic could indicate a capital shift from traditional Bitcoin exposure to newer options such as HYPE spot ETFs, which have attracted around $172 million in net inflows since mid-May 2026.

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Institutional interest in Hyperliquid is further supported by its protocol tokenomics, which allocate nearly all revenue towards token buybacks and burns. The inclusion of HYPE in the Bitwise 10 Crypto Index ETF has also contributed to its appeal. This escalating interest in Hyperliquid appears to align with market participants’ expectations for its future performance, as evidenced by the pricing in prediction markets.

Key Takeaways Markets suggest a capital rotation from Bitcoin ETFs to Hyperliquid, evidenced by significant inflows into HYPE spot ETFs. Hyperliquid’s tokenomics and inclusion in the Bitwise 10 Crypto Index ETF appear to enhance its attractiveness to institutional investors. The prediction market for Hyperliquid reaching $100 by the end of 2026 has seen adjustments, with the current probability at 30.5% YES. What to Watch Market participants will be monitoring whether the trend of inflows into Hyperliquid continues, especially as Bitcoin ETFs face ongoing outflows. Key developments such as the announcement of partnerships or technological innovations by Hyperliquid could influence market sentiment and pricing. Additionally, any regulatory changes or security issues impacting Hyperliquid might shift market dynamics, potentially affecting its probability of reaching the $100 price target by December 31, 2026.

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Term Structure

Contract Odds Δ since publish Volume 24h December 31 30.5% — — View market → January 1 2027 5.7% — — View market → January 1 2027 4% — — View market → January 1 2027 69.5% — — View market → January 1 2027 9.1% — — View market → January 1 2027 4.5% — — View market →

Table of contents

The SEC’s crypto task force has taken a meeting that didn’t start with a subpoena. On July 14, staff from the task force sat down with representatives of the Hyperliquid Policy Center, XYZ Ltd., and law firm Sullivan & Cromwell to go over a document detailing the Hyperliquid protocol’s technology, its markets, and the participants building on it. The meeting was requested by the crypto side—a proactive move that signals some DeFi teams are trying to get ahead of enforcement rather than wait for it, according to a report from WuBlockchain.

Hyperliquid Labs, the development contributor to the protocol, participated alongside XYZ, a research and product lab that also operates as a HIP-3 deployer for traditional-asset perpetual markets. That last role—building perpetuals that track things like stocks or commodities—puts the conversation directly in the crosshairs of current regulatory debates. Sullivan & Cromwell’s presence adds legal weight, suggesting this was not a casual introductory call but a deliberate attempt to shape the SEC’s thinking before the agency makes up its mind about how to classify these products.

Perpetual Swaps Meet Real-World Assets Hyperliquid has carved out a niche as a high-speed DeFi layer that hosts perpetual futures with institutional-grade throughput. The platform’s HIP-3 deployer function allows teams to list markets referencing traditional assets, not just crypto pairs. That blurs the line between a decentralized exchange and a securities venue. For the SEC, the question is whether fully on-chain perpetuals that track stocks or ETFs fall under swap regulation, securities law, or something else entirely. The document discussed at the meeting—covering technology, market structure, and ecosystem participants—reads like the kind of filing a project might submit if it were seeking a no-action letter or laying groundwork for a registration path.

Regulators have been increasingly focused on decentralized derivatives, especially as volumes on platforms like Hyperliquid rival those of mid-tier centralized exchanges. A meeting of this nature suggests the task force is at least willing to examine how the code works rather than issuing blanket statements. That doesn’t guarantee a friendly outcome, but it’s a departure from the enforcement-first rhythm that defined earlier crypto-related interactions.

A Collaborative Approach or Just Fact-Finding? Several current threads make the timing notable. A landmark crypto bill is facing last-minute banking opposition in the Senate, threatening to stall comprehensive market structure rules. At the same time, tokenized real-world assets crossed $20 billion on-chain last quarter, pushing the conversation about regulated DeFi access to traditional instruments into a more urgent phase. Against that backdrop, Hyperliquid’s move to brief the SEC on its own architecture before any enforcement action lands is a calculated bet on transparency over legal brinkmanship.

The uncertainty is real. Nothing in the meeting record indicates the SEC has changed its view on what constitutes a security or an unregistered exchange. The task force may simply be collecting information to refine future charges, not to grant safe passage. Still, the fact that the discussion covered the protocol’s ecosystem—not just a narrow legal theory—hints that the SEC is digging into how markets actually function on these rails. That kind of granular review can delay aggressive action, especially when the technology doesn’t fit neatly into legacy boxes.

What Builders and Traders Should Watch For the broader crypto market, the meeting adds a data point to the slow-moving push for regulatory clarity on decentralized derivatives. Hyperliquid’s developer activity has climbed in recent weeks, placing it among the top blockchains by developer engagement. If the protocol can demonstrate that its perpetual markets are operationally distinct from centralized order-book venues and that its traditional-asset markets have built-in controls, it could set a template other DeFi teams might follow when approaching the SEC. The involvement of Sullivan & Cromwell also suggests that well-resourced legal counsel is now dedicating serious hours to finding a workable path through US regulation, rather than simply advising clients to shift operations offshore.

No conclusions are on the table yet. The meeting could lead to further technical walkthroughs, a formal request for comments, or nothing at all. But for an industry accustomed to waking up to Wells notices, a scheduled meeting with the SEC’s crypto task force—requested by the project itself—is a signal worth noting.

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Hyperliquid, a decentralized perpetuals protocol operating on its own Layer 1 blockchain, is preparing to update its market structure in 2026 as trading activity shifts rapidly toward its open market system. Recent data shows that HIP-3, the network’s permissionless perpetuals market, has surged to account for nearly 50% of Hyperliquid’s daily trading volume, marking a significant increase from about 2% at the start of the year.

With the introduction of HIP-3, Hyperliquid enabled any developer or community to launch perpetuals markets on its platform without the need for central approval. This marks a departure from the traditional exchange-led listing process and reflects a broader trend in decentralized finance favoring open market creation and greater accessibility.

The HIP-3 system relies on an order book structure, using USDC as collateral and managing risk through shared liquidity pools and vaults. This framework has facilitated the rapid proliferation of niche derivatives products and allowed for increased user participation in assets that might not be listed on conventional exchanges.

Mini dictionary: Hyperliquid is a decentralized perpetuals trading platform that allows users to trade crypto derivatives without relying on a centralized operator. It offers both traditional and permissionless markets and operates its own Layer 1 blockchain.

Interest in long-tail and small-cap derivatives has increased as users are able to trade these assets without passing through typical listing hurdles. Permissionless perpetuals lower entry barriers for early-stage crypto projects and investors seeking new market opportunities.

HIP-3 permissionless perp markets have grown to nearly half of Hyperliquid’s daily volume, a substantial rise from just 2% at the beginning of the year.

Strategic growth and competitionThe shift toward open derivatives markets has not only expanded Hyperliquid’s product suite but also helped the platform tap into new revenue streams. By catering to niche asset classes, Hyperliquid is positioning itself to withstand competition from both centralized exchanges such as Binance and decentralized rivals including dYdX and GMX.

Recent surges in trading volume on alternative chains like Solana have underscored the intensity of competition in the decentralized derivatives sector, pushing platforms to continuously innovate in order to retain user interest.

PlatformCore MechanismMain CompetitorsHyperliquid (HIP-3)Order book, permissionless perpsdYdX, GMXBinanceCentralized exchange, vetted listingsOKX, BybitSolanaLayer 1, high trading volume, ecosystem perpsEthereum, Arbitrum protocolsChallenges and regulatory landscapeIndustry experts see the evolving landscape as part of a larger shift toward on-chain derivatives and alternatives to major centralized exchanges. However, in regions like the US and EU, the regulatory environment for decentralized perpetuals remains uncertain, leaving questions about long-term compliance and growth.

Going forward, Hyperliquid is focused on closely monitoring the performance of its vaults and evaluating cross-margin risk management. Another area under review is whether the liquidity provided by HIP-3 can remain resilient in volatile market conditions.

The platform’s long-term acceptance may depend on the appeal of market-making incentives, the availability of advanced tools, and the stance that regulators ultimately take regarding the legal status of permissionless derivatives.

The degree of market participation and regulatory clarity will play a pivotal role in shaping the future of permissionless derivatives on Hyperliquid and similar 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.

https://seas.harvard.edu/tour/allston/1/science-and-engineering-complex-sec

The U.S. Securities and Exchange Commission’s (SEC) Crypto Task Force recently convened with representatives from the Hyperliquid Policy Center and Trade[XYZ] to discuss approaches to crypto asset regulation. This meeting, as revealed by a newly released memo, reflects ongoing efforts to develop legal frameworks for decentralized perpetual derivatives and on-chain market infrastructures. Hyperliquid, a decentralized derivatives platform, has been advocating for clearer regulatory oversight, including the potential involvement of the Commodity Futures Trading Commission (CFTC). This meeting underscores intensified industry lobbying to influence the shaping of federal rules for decentralized finance (DeFi) derivatives, which have faced significant regulatory hurdles in the U.S.

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Market pricing suggests that the SEC meeting may be seen as a positive step towards regulatory clarity for Hyperliquid. The current market odds for Hyperliquid reaching $100 by the end of 2026 have seen a decline, with the probability now at 30%, down from 39% just 24 hours ago. Despite this, the meeting could indicate a future environment more conducive to growth if regulatory frameworks become more defined.

Key Takeaways The SEC’s meeting with Hyperliquid and Trade[XYZ] appears to indicate ongoing efforts to clarify regulatory frameworks for crypto assets. Market pricing suggests that participants view this as a potential positive development for Hyperliquid’s regulatory environment. The probability of Hyperliquid reaching $100 by the end of 2026 has declined recently, but the meeting could suggest future regulatory support. What to Watch Market participants will be closely monitoring any public statements or policy shifts from the SEC or CFTC that suggest increased regulatory clarity for decentralized derivatives. The impact of this meeting on Hyperliquid’s competitive position will depend on how these discussions translate into actual regulatory changes. Further announcements or partnerships from Hyperliquid could also influence market perceptions and pricing dynamics.

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Term Structure

Contract Odds Δ since publish Volume 24h December 31 30% — — View market → January 1 2027 5.7% — — View market → January 1 2027 4% — — View market → January 1 2027 66.5% — — View market → January 1 2027 9.2% — — View market → January 1 2027 4.5% — — View market →

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Author

Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.

Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.

Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.

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South Korea will establish a strategic investment account to invest in strategic industries.

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JPMorgan Chase & Co., the largest bank in the world by market capitalization, has sounded the alarm about Coinbase and Circle’s USDC-based revenue in their partnership with Hyperliquid.

USDC alliance expected to slash Coinbase and Circle earningsAccording to the bank’s July 2026 report, the partnership among the three crypto players creates a prisoner’s dilemma. Essentially, Coinbase and Circle are competing for the distribution of the stablecoin to increase their revenue.

“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 drives Coinbase and Circle to compete with each other when promoting USDC distribution,” analysts led by Kenneth Worthington said in the Tuesday report.

Hyperliquid is currently the largest decentralized exchange, boasting over $150 billion in processed transactions this July. In the same month, the Hyperliquid-Binance volume ratio officially surpassed the 11.89% milestone, following a 47% month-over-month surge in Hyperliquid’s trading volume. At present, Hyperliquid holds about $6 billion in USDC, or about 8% of the stablecoin’s circulating supply.

Two months ago, the trio entered into an agreement in which Coinbase became the official USDC liquidity manager on Hyperliquid. Meanwhile, Circle managed cross-chain infrastructure and minting to reduce third-party risk. 

In return, Coinbase would route 90% of the stablecoin yield back to Hyperliquid. The exchange then uses these funds to conduct regular HYPE token buybacks, thereby boosting the token’s value. This arrangement overturned a previous contract in which Coinbase split nearly all of the stablecoin’s revenue evenly with Circle.

More reasons for lower returnsWeaker crypto markets have also cut stablecoin yields, with USDC supply now down to $73 billion from around $80 billion in March. Even more, the crypto industry is continuously incorporating regulated stablecoins, chipping away at Circle’s USDC’s previous dominance. 

Japanese investment bank Mizuho notes that while Circle’s approval to open a bank is positive, investors may be overvaluing it.

Whether JPMorgan’s warnings hold any weight remains to be seen once Coinbase and Circle release their Q2 earnings reports on July 30 and August 11, respectively.

Story Ends Here

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What Did JPMorgan Actually Say?Analysts led by Kenneth Worthington said the Hyperliquid deal created a structural problem for the Circle-Coinbase partnership. 

Under the new arrangement, Coinbase classifies USDC held on Hyperliquid as “on-platform,” collects the reserve income, and pays 90% of it directly to Hyperliquid.

Previously, Coinbase split nearly all of that revenue evenly with Circle.

“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 drives Coinbase and Circle to compete with each other when promoting USDC distribution,” Worthington wrote.

The problem is structural. Every time Coinbase chases a major distribution partner by offering better revenue terms, it cuts into Circle’s share. 

Every time Circle tries to protect its economics, it risks losing distribution. Both sides are now incentivized to undercut each other to secure the next Hyperliquid-scale deal.

Why Does Hyperliquid Make This A Bigger Deal Than It Looks?Hyperliquid has grown into one of crypto’s largest trading venues, processing more than $150 billion in trading volume in July alone. 

Its volume relative to Binance climbed to 11.5%, and USDC balances on the platform have swelled to roughly $6 billion, representing about 8% of the entire circulating USDC supply.

That scale makes Hyperliquid an increasingly important distribution channel, which is exactly why Coinbase was willing to offer 90% of reserve yields to secure it. 

The more platforms of this size emerge, the more pressure Circle and Coinbase face to keep offering similar terms elsewhere.

How Much Has USDC Already Lost?USDC’s circulating supply has fallen from nearly $80 billion in March to around $73 billion, part of a broader $10 billion contraction in the stablecoin market since May. 

Crypto trading activity cooled while new regulated rivals chipped away at both USDC and Tether’s USDT dominance.

JPMorgan cut earnings estimates for both Circle and Coinbase citing the Hyperliquid agreement alongside weaker crypto markets, though the bank noted higher interest rates provide some support for USDC-related revenue over the longer term.

Mizuho said last week that Circle’s approval from the U.S. Office of the Comptroller of the Currency to establish First National Digital Currency Bank is a positive milestone, but warned investors may be overestimating how much it moves the needle on USDC growth given the competitive pressures now in place.

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JPMorgan has lowered its earnings forecasts for Circle and Coinbase after a new USDC revenue-sharing agreement with Hyperliquid changed how income from the stablecoin’s reserves will be divided.

Summary

JPMorgan cut earnings forecasts for Circle and Coinbase after the Hyperliquid USDC deal. The bank warned new revenue-sharing terms could pressure stablecoin profit margins. Analysts remain divided as higher interest rates may still support USDC earnings growth. According to a JPMorgan research note, the revised agreement could reduce the long-term profitability of the USDC business for both companies, even as they continue pursuing higher adoption of the dollar-backed stablecoin.

JPMorgan Cuts Circle and Coinbase Forecasts Over Hyperliquid Deal

JPMorgan downgraded earnings estimates for Circle and Coinbase, stating their new agreement with Hyperliquid weakens USDC economics. Coinbase will now pay 90% of USDC reserve yields on the platform to Hyperliquid,… pic.twitter.com/tnRhp5uG7M

— Wu Blockchain (@WuBlockchain) July 14, 2026 The bank argued that competition among distribution partners may force issuers to give away a larger share of reserve income to secure market share.

New revenue-sharing terms reduce reserve income Under the arrangement highlighted by JPMorgan, Coinbase will classify USDC held on Hyperliquid as “on-platform” balances. As a result, Coinbase will receive the reserve income generated by those deposits but will return 90% of that revenue to Hyperliquid instead of splitting the proceeds with Circle under the companies’ existing economic arrangement.

JPMorgan estimated that Hyperliquid currently holds about $6 billion worth of USDC, representing roughly 8% of the stablecoin’s circulating supply. Because of the platform’s growing role in the USDC ecosystem, the bank believes the revised economics could have a noticeable effect on future earnings for both Circle and Coinbase.

Describing the competitive dynamic, JPMorgan said both companies face pressure to increase USDC usage even if doing so requires surrendering a larger portion of reserve revenue to distribution partners. The bank characterized the situation as one in which efforts to expand adoption could come at the cost of lower profitability.

The revenue-sharing concerns follow an announcement made on May 14, when Circle and Coinbase revealed a partnership with Hyperliquid to deepen USDC integration across the crypto trading platform. Hyperliquid operates both a Layer-1 blockchain and a decentralized exchange offering spot and perpetual futures markets.

Since June 11, USDC has become Hyperliquid’s preferred stablecoin, strengthening the platform’s importance within Circle’s distribution network. JPMorgan said the commercial terms supporting that expansion, rather than the growth in usage itself, have become the main issue for investors evaluating future earnings.

Wall Street remains divided on Circle’s outlook Elsewhere on Wall Street, analysts have reached different conclusions about Circle’s long-term prospects. Mizuho has also taken a more cautious stance on the company, downgrading the stock as concerns grow over whether expanding USDC adoption will continue to generate attractive economics.

By contrast, Bernstein and William Blair have maintained positive ratings on Circle, indicating they still expect the stablecoin issuer to benefit from continued growth in digital dollar usage despite increasing competition for distribution partnerships.

Even after cutting its earnings estimates, JPMorgan said it continues to forecast growth in USDC-related earnings through 2027. The bank attributed that expectation to its interest-rate outlook, which now includes a 25-basis-point Federal Reserve rate increase at the October 2026 meeting.

Higher rates generally increase the income earned on the cash and Treasury reserves backing USDC, providing an offset to the revenue-sharing concessions outlined in the Hyperliquid agreement.

For investors, the latest debate has shifted attention away from USDC’s circulating supply alone and toward how reserve income is divided among issuers, exchanges, and distribution partners. JPMorgan’s analysis suggests that while adoption can continue rising, the financial value retained by Circle and Coinbase may come under increasing pressure as more platforms negotiate similar commercial terms.

Hyperliquid Meets SEC Crypto Task Force in Landmark Talks