Hyperliquid (HYPE) — Onchain News & Whale Tracking

Hyperliquid ecosystem token KNTQ surges to a new high above $0.5, gaining over 15% in the past 6 hours.

According to HTX market data, alongside HYPE’s rally, Kinetiq, a liquid staking protocol in the Hyperliquid ecosystem, its token KNTQ has broken above $0.5, rising over 15% in the past six hours, with its market cap hitting a new high of over $156 million.

Stan Druckenmiller: Invested in Trade.xyz, expects to bring Hyperliquid perpetual contracts to the United States.

Legendary investor Stan Druckenmiller published a statement announcing he is pleased to join Trade.xyz as an investor, expressing anticipation for the firm’s collaboration with Intercontinental Exchange (ICE) to bring Hyperliquid-based 24/7 perpetual contracts to the U.S. As a market participant, he also looks forward to leveraging Trade.xyz’s innovative products to enhance his investment workflows. Druckenmiller, a legendary macro hedge fund manager and former chief trader of Soros Quantum Fund, led iconic trades including the 1992 British pound "Black Wednesday" bet, later founded Duquesne Capital, and is long famed for precise macro trend positioning and rare, sustained excess returns, recognized as one of the most influential macro investors of the modern era.

Hyperliquid has permanently burned 49.87 million HYPE tokens, accounting for 4.99% of its maximum supply.

According to Onchain Lens monitoring, Hyperliquid has permanently burned 49.87 million HYPE tokens, valued at approximately $3.89 billion based on current metrics, accounting for 4.99% of HYPE’s maximum total supply of 1 billion tokens. Over the past 24 hours, Hyperliquid burned 19,700 HYPE tokens worth around $1.59 million; in the same period, its estimated fee revenue reached about $1.69 million, with cumulative revenue totaling roughly $1.38 billion.

New Wallet Deposits 4M $USDC to Hyperliquid, Opens 5x Long on 3,000 $XMR

Someone created a new wallet, deposited 4M $USDC into #Hyperliquid, and opened a 5x long on 3,000 $XMR ($1.77M).

A new crypto address deposited $4 million in USDC to Hyperliquid, then used 5x leverage to go long on 3,000 XMR.

According to Lookonchain's monitoring, a newly created wallet deposited 4 million USDC into Hyperliquid and opened a long position of 3,000 XMR with 5x leverage, with the position valued at approximately $1.77 million.

Pump.fun App launches Hyperliquid perpetual contracts, supporting crypto, stocks, and commodities.

According to Pump.fun’s official X account, Pump.fun has partnered with Hyperliquid to launch perpetual (perps) trading on its Pump.fun App. Users can directly use USDC or SOL in their wallets to go long or short on crypto assets, stocks, and commodities without cross-chain bridging, as the platform integrates Hyperliquid’s on-chain perpetual engine. The official announcement states that over 300 Hyperliquid markets are tradable within the App, which supports position callouts and follower rewards. Leverage terms are as follows: up to 40x for BTC, 25x for ETH, 20x for individual stocks like Tesla (TSLA) and NVIDIA (NVDA), and 50x for the S&P 500. The platform uses isolated margin, allowing users to set take-profit and stop-loss orders at position opening or add them later. Trading fees are 0.05% per transaction, plus Hyperliquid’s standard fees.

An abnormal order worth over $170 million has been detected on Hyperliquid’s crude oil perpetual contract, with suspected spoofing.

Bloomberg — Market monitoring firm Solidus Labs found that during the sharp volatility of international oil prices from March 8 to 10 amid the Iran conflict, a trader used two accounts on Hyperliquid to place abnormal orders worth over $170 million, suspected of manipulating crude oil perpetual contract prices via spoofing. The trader repeatedly placed and canceled large orders on one side of the order book while executing trades on the opposite side, with the ratio of canceled order value to executed opposite trades standing at around 30:1, generating roughly $119,000 in profit over the three days. In a March 9 transaction, the trader canceled approximately $17 million in sell orders in a short period while executing about $425,000 in buy orders. The activity was concentrated mainly on Brent crude perpetual contracts, and also involved WTI crude oil and natural gas contracts. Solidus noted that the actions align with spoofing characteristics, but the manipulation intent has not yet been confirmed. Hyperliquid Labs responded that all order, cancellation and transaction records on the platform are publicly recorded on the blockchain, accessible for review by market participants and regulators.

Avail launches ShieldTX, a privacy tool for Hyperliquid, aimed at reducing copy trading bots' ability to replicate trades.

Avail has launched ShieldTX, a privacy tool for Hyperliquid traders. The tool creates an independent wallet for each perpetual contract position, reducing on-chain copy trading bots’ ability to link transaction records and replicate trading strategies. Avail analyzed 332,317 trading wallets on Hyperliquid, sampled 7 of the top 100 traders plus suspected copy trading wallets, and estimated that the median additional cost per trade for copied traders due to execution price impact is 63 basis points, or 0.63%. The research also found that roughly 29% of Hyperliquid’s top 150 accounts use sub-accounts, though these related wallets may still be linked on-chain. (The Block)

Hyperliquid Labs will unlock 180,000 HYPE tokens for distribution to its team members.

Members of the Hyperliquid project team announced on Discord that Hyperliquid Labs will unlock 180,000 HYPE tokens today, for distribution to team members on November 6.

Hyperliquid ecosystem's first Layer 2 (L2) network Elysium will launch its mainnet on November 9, with the native token of its leading protocol Kinetiq hitting an all-time high today.

According to an official announcement, Elysium, the first Layer 2 (L2) network in the Hyperliquid ecosystem, will launch its mainnet on November 9. Likely boosted by this news, the token price of Kinetiq, Elysium’s developer, has been surging recently, hitting a new all-time high today. It is now trading at $0.4547, with a 47.7% gain over the past 14 days.

Hyperliquid has now launched XTEN perpetual contracts.

Hyperliquid has now launched XTEN perpetual contracts.

Machi Loses All Funds on Papertrading, Only $4.5K Left on Hyperliquid

Machi(@machibigbrother) has lost all his money on @papertrade_xyz! He also has just $4,517.7 left on Hyperliquid. An hour ago, he sold another Mutant Ape at a loss to fund more trading.

Abraxas Capital's Hyperliquid hedging accounts profit $353M, hold $1.29B in shorts

Abraxas Capital's 2 hedging accounts on Hyperliquid have made over $353M in total profit! They currently hold over $1.29B in short positions.

Hyperliquid to List 11 Tokenized US Stocks and ETF Spot Products, Trading Officially Opens Tomorrow

Hyperliquid is set to list tokenized US stocks and ETF spot assets issued by EQX Labs. The first batch comprises 11 HIP-1 spot markets, all priced in USDC, with underlying assets including EQSPY and EQQQQ (which track the S&P 500 and Nasdaq 100 respectively) and EQNVDA, EQTSLA, EQAAPL, EQMSFT, EQAMZN, EQGOOG, EQMETA, EQMU, and EQSPCX, corresponding to Nvidia, Tesla, Apple, Microsoft, Amazon, Alphabet, Meta, Micron, and SpaceX. Trading will officially commence at 21:30 Beijing Time on October 26, equivalent to 9:30 a.m. Eastern Time on the same day. The relevant tokens have been registered and launched on Hyperliquid’s mainnet but are not yet open for official order matching. On the issuance side, EQX notes the tokens are backed by real shares at a 1:1 ratio, legally structured as limited recourse debt instruments issued by a British Virgin Islands segregated portfolio company (rather than direct stock holdings), and are not accessible to US persons.

Trader Boomer holds a $30.55 million short position on Hyperliquid, with his HYPE short trade posting an unrealized loss of $39,700.

According to monitoring by Onchain Lens, trader Boomer currently holds approximately $30.55 million in short positions on Hyperliquid, including a HYPE short with a notional value of around $2.53 million. This position is currently showing an unrealized loss of roughly $39,700. Boomer’s total current unrealized profit and loss (P&L) stands at +$129,800, with a cumulative loss of about $2.11 million over the past 30 days and historical cumulative profit of approximately $22.58 million.

The largest crude oil short position on Hyperliquid is on the verge of liquidation, with just a 2.85% rise in oil prices needed to trigger the liquidation of $12 million in short positions.

According to TradingBeats data, the largest short position address for crude oil (xyz:CL) on Hyperliquid is on the verge of liquidation. The address uses an aggressive 20x leverage to trade crude oil contracts, holding a position worth $12.63 million, with an entry price of $96.7 and a liquidation price of $102.85. At the current oil price of $100, it only needs to rise 2.85% more to trigger liquidation. Recently, oil prices have climbed again, driven by a combination of surging Middle East geopolitical risks and persistent tight supply. Escalating U.S.-Iran tensions in the Strait of Hormuz, increased clashes between Iran’s Revolutionary Guards and U.S. forces, and ongoing Houthi attacks on Saudi oil facilities have collectively lifted the risk premium for crude oil supply disruptions.

Machi Sells 2 Mutant Apes at 85% Loss to Fund Hyperliquid Trading

Machi(@machibigbrother) seems to be running out of money again! He just sold 2 Mutant Apes he bought 3 years ago for 1 $ETH each to fund more trading on Hyperliquid and papertrade. He originally paid 6.13 $ETH and 7.5 $ETH for them, taking a total loss of 11.28 $ETH (-85%).

Grayscale launches in-kind subscription service for its ETFs, covering 10 products including Bitcoin, Ethereum, and Hyperliquid.

GrayScale has announced the launch of an in-kind subscription model, enabling investors to submit eligible digital assets directly in exchange for shares of GrayScale’s corresponding investment products. The firm noted that this approach reduces self-custody burdens, may lower transaction execution costs, and facilitates the integration of related investments into standard portfolio management. Currently, the in-kind subscription is available for 10 products, including the Avalanche Staking ETF (GAVA), Bitcoin Mini Trust ETF (BTC), Chainlink Trust ETF (GLNK), Ethereum Staking Mini ETF (ETH), Dogecoin Trust ETF (GDOG), Hyperliquid Staking ETF (HYPG), Solana Staking ETF (GSOL), Sui Staking ETF (GSUI), XRP Trust ETF (GXRP), and Zcash ETF (ZCSH).

Smart trader Bharat Krymo (@krybharat), who holds 113,263 $HYPE ($8.97M) and has made $12.89M on Hyperliquid, bought 5.02M $EDEL ($143.6K).

Smart trader Bharat Krymo (@krybharat) bought 5.02M $EDEL ($143.6K). He currently holds 113,263 $HYPE ($8.97M) and has made $12.89M in trading profits on Hyperliquid.

Hyperliquid Policy Center issued a statement urging the SEC to exclude airdrops from the definition of securities.

The Hyperliquid Policy Center is urging the U.S. Securities and Exchange Commission (SEC) to exclude airdrops from the definition of securities. Its specific proposals include codifying the SEC’s March 2026 stance into rules: that free airdrops do not constitute "money investments" and thus are not investment contracts. The policy center also seeks to extend this rule to announced airdrops—including periodic or regular distributions—on the condition that the network is fully operational, eligibility is based on usage or contributions (such as trading, validation, liquidity provision, or governance), and the airdrop is not used as a fundraising vehicle. The Hyperliquid Policy Center maintains that an investment requires tangible, identifiable consideration, and airdrops qualify as rewards rather than investments. Claim-related actions like connecting wallets, signing transactions, paying gas fees, completing KYC/AML, or accepting terms of service should not be deemed consideration. Furthermore, the rule should apply retroactively to past airdrops or cover Hyperliquid’s native airdrops.

Elysium, the first Layer 2 (L2) network in the Hyperliquid ecosystem, will launch its mainnet on November 9.

According to official announcements, Elysium — the first Layer 2 (L2) network in the Hyperliquid ecosystem — will launch its mainnet on November 9. Elysium is a general-purpose, high-performance L2 network built exclusively for Hyperliquid, settling on HyperEVM, co-located with HyperCore, with HYPE as its native gas token. It currently runs Conduit’s G2 sequencer on an architecture compliant with SOC II Type 2 standards.

Justin Sun: Hyperliquid is one of the biggest new finds of this cycle, and regulation will determine whether centralized exchanges (CEXs) pivot to decentralized exchanges (DEXs).

TRON founder Justin Sun recently discussed Hyperliquid during a 3.5-hour offline conversation with Jin Ming, calling it one of the biggest new breakthroughs to emerge in this cycle. The U.S. stock perpetual contracts it launched have opened up new horizons for the industry. However, as more projects enter the U.S. stock perpetual contract space, Hyperliquid is facing intensifying competition. Sun also noted that the future competition between decentralized exchanges (DEXs) and centralized exchanges (CEXs) hinges on how U.S. regulators define Hyperliquid’s regulatory boundaries. If Hyperliquid can secure regulatory exemptions similar to Uniswap, a large number of CEXs could shift to the DEX model to cut compliance costs and gain broader global operational room, which would likely squeeze CEXs that fail to transition. Conversely, tighter regulatory requirements would also put significant pressure on Hyperliquid. Hyperliquid’s maturity in regulatory affairs and U.S. domestic operations still lags behind onshore compliant firms like Circle. Thus, the long-term competitive landscape between DEXs and CEXs largely depends on regulators’ stance toward new trading models and the compliance boundaries they establish.

Ripple Prime launches RWA perpetual swaps and integrates with Hyperliquid’s traditional asset market.

，Ripple 机构经纪业务 Ripple Prime 已上线现实世界资产 RWA 永续掉期，面向机构客户提供涵盖个股、股指、ETF、金属、能源及外汇等超 100 个参考市场的连续交易。该产品由 Ripple Prime 作为对手方成交，定价参考 Trade.xyz 在去中心化衍生品平台 Hyperliquid 上挂牌的永续合约，不涉及标的所有权与实物交割。其国际首席执行官 Michael Higgins 表示，产品衔接传统市场与数字基础设施。客户可将相关仓位与平台其他资产交叉保证金，符合条件者亦可使用 RLUSD 作抵押。做市商 Virtu 为早期用户之一。该业务目前在英属维尔京群岛相关牌照下提供，计划扩展至更多地区。

Hyperliquid burned 11,340 HYPE tokens over the past 24 hours.

According to OnchainLens monitoring, Hyperliquid purchased and burned 11,340 HYPE tokens at an average price of $78.55 over the past 24 hours. Its cumulative burn volume has now reached 49.63 million tokens, valued at approximately $3.9 billion, accounting for 4.96% of its maximum total supply of 1 billion tokens.

PAPER perpetual contracts have launched on the Hyperliquid HIP-3 market.

HIP-3 market deployer Paragon announced that Papertrade (PAPER) perpetual contracts have launched on the Hyperliquid HIP-3 market, with a maximum leverage of 3x. PAPER is currently trading at $0.012.

PAPER perpetual contracts have been launched on the Hyperliquid HIP-3 market.

Paragon, the deployer of the HIP-3 market, announced that Papertrade (PAPER) perpetual contracts have launched on the Hyperliquid HIP-3 market, with a maximum leverage of 3x.

Machi Fully Liquidated Again, Down $36.85M on Hyperliquid After Losing $44.84M Gains

Machi(@machibigbrother) got fully liquidated again 4 hours ago! He's almost wiped out the 250K USDC he deposited just 2 days ago. A year ago, he was up $44.84M on #Hyperliquid. Now, he's lost all those profits and is down another $36.85M.

pump.fun disclosed that builder fees, based on Hyperliquid's perpetual contract feature rates, are capped at 0.1%.

pump.fun has launched perpetual contract trading powered by Hyperliquid. Its fee terms disclose that when users trade on Hyperliquid via the perpetual contract feature, the platform will charge a builder fee of up to 0.10% of the nominal value of each submitted order, applicable to opening, adding to, and closing positions. Users must authorize via signature when using the feature for the first time, and fees will be itemized separately before order confirmation. When transferring assets to or from Hyperliquid via the in-app cross-chain function, pump.fun charges an additional fee of up to 0.25% per transaction. Combined with fees from the bridge service operator itself, the two may be merged and displayed as a single cross-chain fee on the interface. Hyperliquid’s trading fees, funding fees, and one-time account activation fee deducted during first deposit are all charged by third parties, not pump.fun. The "platform fee" as defined in the terms does not apply to orders for this feature.

ZEC Spot Trading Volume Surpasses ETH on Hyperliquid

According to TradingBeats' monitoring, over the past 24 hours, the spot trading volume of UZEC/USDC on Hyperliquid reached approximately $17.5445 million, 43.3% higher than UETH/USDC's $12.2436 million. In the same period, UZEC rose around 11.81% to $1231.2. While prices surged rapidly, large sell orders emerged: from last night to the present, a whale sold a total of 2,000 UZEC tokens, with a trading volume of about $2.1749 million at an average price of $1087.44; as of verification, the address (0x3758…aa39) still holds 7,657.53 UZEC tokens. Meanwhile, at least two accounts conducted unilateral buys of UZEC totaling around $1.2342 million over the past 24 hours; another account completed approximately $1.48 million in two-way trades. The derivatives market also heated up: during the same period, the notional open interest (OI) of ZEC perpetual contracts increased by about 17.1% from the previous day, reaching roughly $612 million.

Hyperliquid Founder: Hopes to Enter Wall Street, Says Regulation Should Target Financial Institutions Rather Than Blockchain Itself

Hyperliquid Labs co-founder Jeff Yan told Bloomberg’s *Odd Lots* podcast that Hyperliquid is not currently open to U.S. customers. The platform aims to serve as underlying trading technology for traditional financial institutions rather than replacing existing market participants, comparing its positioning to Amazon Web Services (AWS), which provides computing infrastructure for businesses. “We are not looking to replace anything. In fact, I think this technology can benefit institutions that currently operate markets in more traditional ways,” he added. Yan noted that regulatory obligations should fall on financial institutions operating markets on the Hyperliquid blockchain, not the blockchain network itself. This regulatory arrangement would allow Hyperliquid to expand further into Wall Street while avoiding the full compliance burden of traditional exchanges, as blockchains are better suited to serve as underlying infrastructure for order books, clearing, global distribution, and liquidity aggregation. U.S. regulators are cautious about new technologies but also willing to advance innovation quickly. The team is “very serious” about Hyperliquid’s future as a “home for all financial assets.”

Hyperliquid Founder Proposes New Regulatory Approach: Regulate Trading Service Providers, Not the Blockchain Itself

Hyperliquid co-founder Jeff Yan told Bloomberg’s *Odd Lots* podcast that regulatory obligations should be imposed on financial service providers operating markets on the Hyperliquid blockchain, rather than the blockchain network itself, to lower compliance burdens for platforms entering the U.S. market. Yan drew an analogy to internet infrastructure: as the underlying liquidity and trading infrastructure, blockchain should not directly shoulder all regulatory responsibilities of traditional trading platforms. Instead, compliance duties should fall on service providers that actually operate the markets and hold relevant control rights. Yan noted Hyperliquid does not seek to replace Wall Street’s traditional financial institutions, but rather aims to provide them with underlying trading technology—similar to how Amazon Web Services (AWS) delivers computing infrastructure to businesses. He added the team is actively working to build Hyperliquid into an infrastructure covering all types of financial markets. Currently, Hyperliquid remains unavailable to U.S. users, but Payward, Kraken’s parent company, plans to use its technology to offer derivative services to U.S. investors through a regulated trading platform.

Hyperliquid Strategies purchased an additional 18,000 HYPE tokens, pushing its total position value to $3.08 billion.

Nasdaq-listed Hyperliquid Strategies, a HYPE treasury firm, has purchased an additional 18,000 HYPE tokens worth approximately $14.3 million. Following this acquisition, the company’s total HYPE holdings rose to 38.7 million tokens, with a current valuation of around $3.08 billion. Meanwhile, Hyperliquid Strategies’ cash holdings decreased by $8.2 million to $255.3 million.

Abraxas Capital's Hyperliquid accounts profit $331M with $1.45B in short positions

Abraxas Capital's 2 hedging accounts on Hyperliquid have made over $331M in total profit! They currently hold over $1.45B in short positions.

Hyperliquid HIP-3 Cumulative Revenue Reaches $75 Million

Hyperliquid’s HIP-3 has generated a total of $75 million in cumulative revenue, with $37.5 million going to deployers and the remaining $37.5 million allocated for repurchasing and burning Hyperliquid’s native token. HIP-3, the Builder-deployed perpetual contract mechanism, allows eligible deployers to launch their own perpetual markets on Hyperliquid: they can define oracles, contract specifications, and manage operations, while leveraging the protocol’s core infrastructure such as order books and liquidation systems. Fees from these markets are typically split 50/50 between deployers and the protocol, with the protocol’s revenue share used for token repurchases and burns.

Papertrade's $6.01M revenue surpasses Hyperliquid, ranks third with $910B daily volume

Papertrade (@papertrade_xyz)'s revenue has far surpassed Hyperliquid's, and it now ranks third with $6.01M in 24H revenue. Interestingly, #papertrade's daily trading volume reached a staggering $910B, with $28.4B in liquidation volume.

Hyperliquid’s assistance fund has accumulated purchases of over 48 million HYPE tokens, with a current market cap of approximately $3.953 billion.

Hyperliquid’s Assistance Fund has cumulatively purchased over 48 million HYPE tokens, with total spending of approximately $1.365 billion. The current market value of these tokens has risen to around $3.953 billion. The fund primarily uses protocol transaction fee revenue to continuously repurchase HYPE from the open market, serving as the core mechanism for the protocol to return value to token holders. Recently, Hyperliquid also injected a portion of USDC reserve earnings into the Assistance Fund via the AQAv2 framework to further expand repurchase funding sources, making such repurchases no longer fully dependent on transaction fees.

A whale has earned a total profit of $29.75 million across 15 trades on Hyperliquid, and opened an additional long position of 24,000 ETH, with an unrealized profit of $2.6 million.

According to Lookonchain's monitoring, a crypto whale created four new wallets approximately four months ago and began trading on Hyperliquid. To date, it has completed 15 trades, generating a total profit of $29.75 million, with nearly all of its trades turning profitable. Today, the whale opened another long position in ETH, holding 24,000 ETH worth roughly $60.7 million, with an unrealized profit of $2.6 million.

Mysterious Whale Wins 15 Consecutive Hyperliquid Trades, Profits $29.75M

Meet this mysterious whale who has won almost all 15 trades, making a total profit of $29.75M! 4 months ago, this whale created 4 new wallets and started trading on Hyperliquid. He has completed 15 trades, making a total profit of $29.75M. Today, he opened another long on

Papertrade’s revenue reached $4.02 million in the past 24 hours, surpassing Pump and Hyperliquid.

According to DefiLlama data, Papertrade’s 24-hour revenue hit $4.02 million, placing it third in the overall protocol revenue rankings. It outpaces Pump ($2.11 million) and Hyperliquid ($1.7 million), coming in second only to Tether and Circle.

On Hyperliquid, Ethereum (ETH) trading volume over the past 24 hours surpassed Bitcoin (BTC), hitting approximately $1.1 billion.

On the Hyperliquid platform, ETH’s 24-hour trading volume exceeded BTC’s $805 million, reaching approximately $1.1 billion. Market analysts link the surge in ETH’s trading volume to suspected exploitation of PaperTrade’s mechanisms. Earlier today, reports indicated PaperTrade was targeted for price manipulation by two wallet addresses, with clear vulnerabilities in the protocol. The two addresses conducted trades on Hyperliquid at individual sizes of around $20 million, driving ETH’s price to fluctuate by 10 to 20 basis points, while establishing long positions worth hundreds of millions of nominal dollars on PaperTrade.

Analysis: Papertrade did not adopt Hyperliquid’s official oracle pricing mechanism, enabling a trader to manipulate the system and earn $1.28 million in profits.

According to Butler’s monitoring, Papertrade was exploited by an address to earn around $1.28 million in profits just roughly 8 hours after its launch. The same trader has accumulated over $13 million in historical profits on Hyperliquid, with a trading volume of $14 billion. Since Papertrade prices its trades based on Hyperliquid’s real-time ETH price, the attacker repeatedly opened large long and short positions on Papertrade while trading ETH on Hyperliquid, briefly pushing prices up or down before closing positions for gains. Data shows the trader executed a total of 305 trades, 296 of which were profitable, giving a win rate of approximately 97%. The average holding time was just 98 seconds, with cumulative trading profits peaking at $1.73 million. However, the attacker later opened 30 short positions on Papertrade at $2507.35, with a notional value of around $297 million, and sold roughly 6,600 ETH on Hyperliquid to drive the price down to $2504.4, but this attempt to close the positions failed. Afterward, ETH’s price rose to $2509.95, triggering full liquidation of the 30 short positions, resulting in a loss of roughly $450,000. The attacker ultimately netted approximately $1.28 million in profits. The Papertrade team may have curbed the attack by blocking the attacker’s position closures, but this is only speculation and has not been confirmed. Analysts noted that if the platform continues to directly use Hyperliquid’s BBO (Best Bid Offer) as its pricing basis, underlying manipulation risks will remain. They recommend adopting Hyperliquid’s official oracle price, which aggregates quotes from multiple trading platforms, to reduce risks from manipulation of a single order book.

Hyperliquid has surpassed $1.4 billion in cumulative protocol revenue, and has spent over $1.26 billion on HYPE token repurchases.

According to an on-chain perpetual contract market research report released by Castle Labs, Hyperliquid’s cumulative protocol revenue has exceeded $1.4 billion, with over $1.26 billion used to repurchase HYPE tokens in the open market. By open interest, Hyperliquid currently holds more than 56% of the on-chain perpetual contract market share. The report also notes that Hyperliquid’s Builder Codes mechanism allows third-party wallets and applications to integrate its trading infrastructure, enabling them to add perpetual contract trading and earn revenue without building their own systems. Among these, Phantom has generated over $25 million in cumulative revenue through this mechanism, while MetaMask’s cumulative revenue exceeds $10.5 million.

Hyperliquid is scheduled to undergo a network upgrade at 16:15 today, with an estimated downtime of approximately 10 minutes.

Hyperliquid plans to carry out a network upgrade around 16:15 Beijing Time today, with an estimated downtime of approximately 10 minutes.

Pump.fun is developing perpetual contract trading based on Hyperliquid.

According to market sources, Pump.fun is developing perpetual contract trading powered by Hyperliquid.

An entity has opened long positions worth over $50 million in BTC and ETH, ranking among the top seven on Hyperliquid's ETH long position leaderboard.

According to monitoring by Ai Yi, two addresses linked to the same crypto whale have accumulated long positions in BTC and ETH totaling around $50.3 million on Hyperliquid. The address diamondbull.eth opened 11,500 ETH long positions with 25x leverage during the market rebound, with a position value of about $28.72 million, placing it among the top seven ETH long holders on Hyperliquid. It currently has an unrealized loss of roughly $109,000. Its funding source address samurai.eth holds an additional 200 BTC and 2,000 ETH long positions, with a total position value of approximately $21.58 million, and is currently posting an unrealized profit of around $753,000.

Hyperliquid’s largest long position holder is sitting on an unrealized profit of $8.77 million, with year-to-date cumulative profits hitting $116.7 million.

According to EmberCN’s monitoring, Hyperliquid’s largest long trader currently holds a long position worth approximately $320 million across 10 addresses, with an unrealized profit of around $8.77 million. The position mainly consists of 1,400 BTC and 82,000 ETH, with the average entry price for the BTC long at $75,967 and the average entry price for the ETH long at $2,493. The trader has primarily profited from long positions in BTC and ETH, and has accumulated around $116.7 million in total profits from multiple long trades so far this year.

PURR, CEO of HYPE Treasury Company, denies taking delivery of 3.75 million HYPE tokens from the Hyperliquid team.

David Schamis, CEO of Hyperliquid Strategies DAT (PURR) — a HYPE treasury firm — stated in a post that his entity is not the buyer of the $320 million over-the-counter (OTC) HYPE token transaction from Hyperliquid Labs. Earlier reports had noted that HyperLabs, the development team behind Hyperliquid, sold 3.75 million HYPE tokens via OTC.

Hyperliquid’s development team may sell 3.75 million HYPE tokens via over-the-counter (OTC), with 1.25 million of these tokens already restaked.

According to Yu Jing Monitoring, HyperLabs, the development team of Hyperliquid, successfully redeemed 3.75 million HYPE tokens (valued at $332 million) 8 hours ago. Four hours later, after being distributed across five wallets, these funds were finally aggregated to address 0x875...1d1, which is believed to be an institutional entity that purchased the tokens via over-the-counter (OTC) from the team. Of the total, 1.25 million HYPE tokens (worth $110 million) were redeposited into staking, while the remaining 2.5 million HYPE tokens (valued at $220 million) are held in wallets.

A crypto whale holds $352 million worth of BTC and ETH long positions on Hyperliquid, with a current unrealized profit of $2.66 million.

According to EmberCN’s monitoring, a whale or institutional address has recently deposited margin to three addresses, holding long positions of BTC and ETH worth approximately $352 million on Hyperliquid—including 1,140 BTC and 98,090 ETH. The long positions were established about half a month ago, with an average entry price of around $82,205 for BTC longs and $2,604 for ETH longs. The overall position is currently posting an unrealized profit of roughly $2.66 million.

Hyperliquid’s Founder: Next Step Will Vigorously Develop Options Products

Hyperliquid founder Jeff Yan stated at Singapore’s TOKEN2049 event that options will be Hyperliquid’s next component, enabling traders to hedge options positions against spot and perpetual contracts on the same order book.