Hyperliquid (HYPE) — Onchain News & Whale Tracking

OKX CEO Star: Due to regulatory concerns, we have not launched similar Hyperliquid products and hope that the industry will receive a clear regulatory framework.

On September 21st, OKX CEO Star took to X and stated, "Hyperliquid has demonstrated that on-chain perpetual contract businesses can achieve remarkable success with a very small number of employees. Now, more competitors like Aster are entering this field. OKX Web3 has also been conducting tests on similar products since 2023. However, due to regulatory considerations, we have decided not to launch on the mainnet." While on-chain perpetual contract growth is underway, we must not overlook the CFTC's enforcement action against Deridex in 2023. The regulatory enforcement landscape has undergone a fundamental shift, and we hope that the industry can soon obtain the much-needed regulatory clarity.

「Hyperliquid's largest short position on ASTER」 was closed, resulting in the liquidation of 1,293,000 ASTER. They then increased their position by acquiring an additional 3,153,000 ASTER, resulting in an unrealized loss of $1,798,000.

On September 21st, according to on-chain analyst Ai Yi (@ai_9684xtpa), last night, with the continuous rise of the coin price, the "Hyperliquid's largest ASTER short position" liquidated 1.293 million tokens at a loss of $390,000. Subsequently, they re-entered the position with an allocation of $5.11 million and are currently holding 3.153 million tokens. The entry price was raised to $1.05, resulting in an unrealized loss of $1.798 million.

A whale has deposited 7.4 million USDC into Hyperliquid, taking a 3x leverage long position on BNB and XPL.

On Hyperliquid, the whale with the largest short position on ASTER is going 10x long on HYPE, while simultaneously going 3x short on ASTER.

On September 20th, as per on-chain analyst Ai Yi (@ai_9684xtpa), the address 0x939...204d2 is currently holding a 10x long position worth $7.15 million in HYPE and a 3x short position worth $3.78 million in ASTER. This represents the largest ASTER short position in Hyperliquid's history, with an unrealized loss of $1.352 million at an entry price of $0.7791.

A whale deposited 1.22 million USDC into Hyperliquid to open a 5x leverage PUMP long position.

Hyperliquid's protocol revenue in the last 24 hours has surpassed pump.fun.

On September 19th, based on Defillama data, Hyperliquid has attained a revenue of $2.75 million within the past 24 hours. This figure surpasses the $1.83 million revenue of pump.fun in the same period. Currently, Hyperliquid ranks just below Tether ($21.83 million) and Circle ($7.75 million).

MetaMask will be launching Perpetual Contract Trading in-wallet via Hyperliquid

On September 19th, based on market information, MetaMask is going to launch perpetual contract trading functionality within the wallet through Hyperliquid.

Hyperliquid Launches ASTER Contract, Supporting Up to 3x Leverage

September 19th. As per official channels, Hyperliquid has initiated a novel ASTER/USDC perpetual contract, with the capability to support up to 3 times leverage.

A whale deposited 3,000,000 USDC into Hyperliquid, longing BONK, ETHFI, PENGU, and PEPE with 1x leverage.

September 19th. Based on the monitoring of Onchain Lens, a whale transferred 3 million USDC into Hyperliquid and established multiple long positions with a leverage of 1x on BONK, ETHFI, PENGU, and PEPE.

Plasma (XPL) on Hyperliquid is currently trading at $0.68, with a corresponding Fully Diluted Valuation of $6.8 billion.

On September 18th, based on Hyperliquid market data, Plasma (XPL) is currently trading at $0.68 in the pre-market. With a total token supply of 100 billion, this corresponds to a fully diluted valuation of $68 billion.

A whale has transferred 14.6 million USDC to Hyperliquid and has taken a 5x leverage long position on HYPE.

On September 18th, as per the monitoring of Onchain Lens, a whale identified as "mtaavebank.eth" transferred 14.6 million USDC into Hyperliquid. Subsequently, it opened a 5x leveraged long position in HYPE and also deposited $4.5 million into the Vault.

Hyperliquid Perpetual Contract Launched on SKY

September 17th. The Hyperliquid perpetual contract has launched SKY and supports a leverage of up to 3x.

Data: Hyperliquid transaction volume now accounts for 14% of Binance

On September 16th, based on market information, the trading volume of the decentralized derivative trading platform Hyperliquid has now reached approximately 14% of that of Binance.

pump.fun has generated $3.38 million in protocol revenue in the past 24 hours, once again surpassing Hyperliquid.

On September 16th, according to data from Defillama, pump.fun has achieved a record revenue of $3.38 million in the past 24 hours. It has once again exceeded Hyperliquid's revenue of $3.12 million in the past 24 hours and reached a new high since February 13th. It trails only behind Tether ($21.67 million) and Circle ($7.62 million).

A new address has deposited 5 million U into HyperLiquid to open a 3x XPL short position.

On September 15th, as monitored by Onchain Lens, a newly established wallet deposited 5 million USDC into HyperLiquid 15 minutes ago and set up a 3x leveraged short position in XPL.

Ethena: Yield Surpasses 4x in One Week, Now Represents Around 20% of Hyperliquid's 24-hour Contract Trading Volume

On September 15th, Ethena made an announcement stating that "Following the announcement of a strategic investment and partnership in the Hyperliquid-based full-channel trading platform Based, the revenue of Based has increased fourfold within one week and currently accounts for approximately 20% of Hyperliquid's 24-hour perpetual contract trading volume." Before this, on September 8th, Ethena announced a strategic investment and partnership with Based to continuously support the Hyperliquid ecosystem. Currently, Based accounts for approximately 7% of Hyperliquid's perpetual contract trading volume. Through this collaboration, Based will become a key partner driving the adoption of USDe, USDtb, and other unannounced Ethena products on Hyperliquid.

pump.fun's protocol revenue in the last 24 hours has surpassed Hyperliquid.

On September 15th, according to Defillama data, pump.fun has achieved a revenue of $3.12 million within the past 24 hours. This figure surpasses Hyperliquid's revenue of $2.48 million during the same period. It is only lower than Tether ($21.7 million) and Circle ($7.62 million) in terms of revenue within the past 24 hours.

A whale has spent 3.22 million USDC on PUMP in the last 36 hours on HyperLiquid

On September 15th, as monitored by Onchain Lens, a whale utilized 3,221,542 USDC within the past 36 hours on HyperLiquid to acquire 4.26 billion PUMP at a price of $0.00755 per token. Just two days prior, the same whale had deposited 1.23 billion PUMP (approximately $7.27 million) into Binance.

A whale has deposited 5 million USDC into Hyperliquid to go long with maximum leverage on BTC, SOL, and SOL ecosystem tokens.

On September 15th, as monitored by Onchain Lens, a whale deposited 5 million USDC into Hyperliquid 3 hours ago and opened a number of long positions: BTC (40 times), SOL (20 times), FARTCOIN (10 times), PUMP (5 times), LAUNCHCOIN (3 times).

Native Markets won the bid and has been granted approval to use the USDH ticker on Hyperliquid.

On September 15th, Native Markets emerged victorious in the Hyperliquid stablecoin USDH auction and was granted the authorization to utilize USDH on Hyperliquid. A representative from the Native Markets team declared, "We will implement the USDH HIP-1 and the corresponding ERC-20 within a few days." Subsequently, a testing period will ensue: the initial group will be able to test the minting and redemption processes, with a maximum of $800 allowed per transaction. Subsequently, the USDH/USDC spot order book will be initiated, accompanied by unrestricted minting and redemption.

Bitcoin Ancient Whale has transferred 1176 BTC to HyperLiquid, possibly for ETH rebalancing.

On September 14th, as monitored by Onchain Lens, following two weeks of inactivity, a Bitcoin ancient whale transferred 1176 BTC (approximately $136.4 million) to HyperLiquid. It is noted that they still possess BTC on HyperLiquid and are likely to convert it into ETH as they did in the past.

A whale withdrew 33,000 SOL from Binance and then transferred it to HyperLiquid for a sale.

On September 14th, as per the monitoring of OnchainLens, a whale withdrew 33,000 SOL from Binance (with a value of $8 million, holding a total of 33,899 SOL) and transferred it to HyperLiquid and began to sell it in exchange for USDC. The whale also holds 70 BTC, which is approximately worth $8 million. Address: EdJ6wqZTQNRLBrKW3jgSyZ24knKAmYMxT36J5f3jzpDW.

A whale address deposited 4 million U to HyperLiquid for averaging down, causing a 20x increase in the entry price of an ETH short position.

September 13th. Based on Onchain Lens monitoring, in order to avoid liquidation, the whale address beginning with 0x8c5 deposited 4 million USDC into HyperLiquid to increase its position. It used 20x leverage to open a short position and raised the liquidation price of its ETH shorts. The whale still has $14 million in unrealized losses, with a total loss of $26 million.

The largest long position on Hyperliquid currently has an unrealized gain of $7.1 million, with the BTC long position worth $145 million.

September 13th. Based on the monitoring of on-chain data analyst Yu Jin, after the market rebound, the largest long position on Hyperliquid, "INeedACook," is now seeing a profit increase of $7.1 million. It is reported that his main position is a long position of 1,250 BTC, with a position value of $145 million and a current profit of $2.78 million. In addition to being long on BTC, he is also long on DOGE, FARTCOIN, and PEPE, all of which are currently in a profit state.

A whale address has deposited 5.1 million U to open a 20x ETH short position on HyperLiquid.

On September 13th, as monitored by Onchain Lens, a newly established wallet deposited 5.1 million USDC into HyperLiquid and initiated a 20x leveraged short position on ETH. The position details are as follows: · Position Size: 10,796 ETH · Position Value: $50.83 million · Entry Price: $4,718.1 · Liquidation Price: $5,086.8

The Hyperliquid market has now onboarded Pendle's new product, Boros, allowing users to arbitrage or hedge around the HL platform's funding rate.

September 12th. According to official information, the Hyperliquid market has now come to Pendle's new Boros platform. On this platform, users are able to trade or hedge the Hyperliquid BTCUSD and ETHUSD funding rates. As the little bee keeps monitoring the risk parameters of the new market, the leverage ratio and limits will gradually rise. The official statement shows that the participation of large hedge funds on the Hyperliquid platform is relatively low. This indicates that its funding rate volatility is typically higher than that of Binance. These new markets will enable traders to speculate on these amplified rate fluctuations and even carry out cross-exchange funding rate arbitrage. For instance, the ETH funding rate on HL is usually higher than on Binance, but occasionally trades at a discount during periods of low funding rates. Now, through Boros, traders can trade this volatility and hedge the funding rate risk of long-term positions by using these YU markets.

A whale address has deposited 2.91 million U into HyperLiquid to open a 25x ETH short position.

On September 12th, as monitored by Onchain Lens, a whale address transferred 2.91 million USDC into HyperLiquid and established an ETH short position with a leverage ratio of 25x.

Whale 0xa523 Loses Over $43.4M in One Month, Overtakes Top 3 Bankrupt Traders as Biggest Loser on Hyperliquid

September 12: Based on LookOnChain's monitoring, with Bitcoin rising back above $116,000. In an effort to avoid liquidation, the whale address 0xa523 once again sold 152 ETH (approximately $679,000) to enhance collateral. Additionally, it was compelled to close a portion of its BTC short position at a loss. In just one month, this address has already incurred a loss of $43.4 million, surpassing Aguila Trades, insider trader qwatio, and JamesWynn, and becoming the largest loser on Hyperliquid.

The Hyperliquid top validator publicly announced their support for the Native Markets bidding for USDH.

On September 11th, Hyperliquid's largest validator, Nansen x HypurrCollective, announced on the X platform that they will provide support for the Native Markets' bid for USDH. The announcement stated that this decision was reached collectively by ecosystem participants, stakers, and the community. "Although each proposal presented strong concepts, the community feedback process led to a very close result, indicating intense competition throughout the process. In the end, Native Markets emerged slightly victorious, as its vision was regarded by the community as being most in line with Hyperliquid's long-term success." As of the time of writing, Nansen x HypurrCollective holds 18.48% of the Hyperliquid staking share and is the largest validator on the network.

Hyperliquid Stablecoin USDH Auction Prediction: Native Market Winning Probability Rises to 93%

On September 11th, according to the information on the Polymarket page, during the auction of the Hyperliquid stablecoin USDH, the winning probability of Native Market rose to 93%, while the winning probability of Paxos dropped to 6% and ranked second.

Hyperliquid Stablecoin USDH Auction Prediction Sees **Native Markets** Maintaining a Significant Lead in Winning Probability

On September 11th, according to the Polymarket website, in the Hyperliquid stablecoin USDH auction battle, the winning probability of Native Markets is currently 77% and it ranks first. Paxos has a winning probability of 16.6% and ranks second. Ethena Labs has a winning probability of 5.4% and ranks third.

A whale has deposited 10 million USDC into Hyperliquid, bought spot HYPE, and opened a 10x short position for hedging.

On September 11th, as monitored by Onchain Lens, a newly established wallet transferred 10 million USDC into Hyperliquid. It then purchased HYPE in the spot market and opened a 10x leveraged short position on HYPE. Currently, this whale still holds 9 million USDC.

VanEck plans to apply for the launch of a Hyperliquid physically backed ETF in the United States

On September 11th, as per the report by Blockworks, VanEck intends to file an application for a Hyperliquid physically-backed ETF in the United States and also apply for an Exchange-Traded Product (ETP) on a European platform. VanEck's Senior Digital Asset Investment Analyst, Matt Maximo, stated that this year, Hyperliquid has been the primary focus of the company's liquidity fund. VanEck's Director of Digital Asset Products, Kyle Dacruz, further added that the company is contemplating allocating a portion of the investment product's net profit to HYPE buybacks. Currently, Hyperliquid has utilized nearly all of the platform's revenue for HYPE buybacks. Regarding when VanEck's HYPE ETF application will come into effect, the two individuals did not offer any comments. The company's spokesperson also did not promptly respond to a request for comment.

Hyperliquid completes LINEA Pre-market Perpetual Contract Conversion

On September 11th, Hyperliquid announced that the LINEA pre-market perpetual contract has been transformed into a regular perpetual contract and supports up to three times leverage. (The link https://app.hyperliquid.xyz/join/NTOD is provided for reference and is opened in a new tab when clicked.)

Hyperliquid Stablecoin USDH Auction Prediction: Paxos Winning Probability Rises to 44%

On September 10th, based on the Polymarket page, in the Hyperliquid stablecoin USDH bidding war, the winning probability of Native Markets has decreased to 52%, while the winning probability of Paxos has risen to 42% and ranked second. Ethena ranks third with a winning probability of 8%. Previously reported, the stablecoin issuer Paxos updated the USDH proposal to version 2, which provided three upgrades: · A partnership with PayPal, where HYPE will be listed on PayPal/Venmo (subject to regulatory approval), offering free deposits and withdrawals for USDH, a $20 million ecosystem incentive, and global payment integrations between Checkout, Braintree, Venmo, Hyperwallet, and Xoom; · A clear AF-first incentive structure, where Paxos can only earn rewards after reaching a TVL milestone and is capped at 5%, and all fees are collected in HYPE tokens; · Paxos can legally issue stablecoins in Europe, ensuring that USDH can expand globally in a fully compliant manner.

Hyperliquid: The deadline for submitting proposals for the USDH auction is today at 6:00 PM, and validator voting will start at 6:00 PM on the 14th.

On September 10th, the Hyperliquid team made an announcement. Teams participating in the USDH auction are required to submit a proposal before 10:00 UTC on September 10th. Validators will publicly vote on the proposals before 10:00 UTC on September 11th. Users can delegate their stake to a validator that aligns with their own intentions before the validator voting begins at 10:00 UTC on September 14th. The voting weight is calculated based on the staked amount, and the foundation will abstain in a substantial manner.

Paxos: Will Host an AMA Event Tomorrow to Address Questions Regarding the Hyperliquid USDH Proposal

September 10th. Paxos made an announcement stating that they will be hosting an AMA event on the following day at 12:00 PM Eastern Time in order to address questions regarding the Hyperliquid USDH proposal. Paxos' Product Lead, Ronak Daya, and Paxos Labs' Co-Founder, @bhau___, will both be participating in this AMA event.

In the Hyperliquid Stablecoin USDH Auction Prediction, "Native Markets" is leading with a winning probability, with Paxos at only 15%.

On September 10th, as per the Polymarket page, in the Hyperliquid stablecoin USDH auction battle, Native Markets currently holds a 74% likelihood of winning and is ahead of all third-party bidders. Paxos comes in second with a 15% chance of winning, and Ethena ranks third with a 12% chance of winning.

A whale sold 60 bitcoins on Hyperliquid and took a 20x short position on SOL to hedge their spot exposure

On September 10th, as monitored by Onchain Lens, a whale deposited 60 BTC ($6.66 million) into Hyperliquid and sold it to establish a 20x leveraged short position in SOL, which was worth $7.09 million. In addition, the whale closed several long positions of BTC, ETH, SOL, FARTCOIN, and SUI, purchasing 41,261 SOL ($8.97 million).

Bastion Co-founder: Hyperliquidity Migration to USDH should be promoted, with new markets natively supporting USDH

On September 10th, Nass Eddequiouaq, the co-founder of Bastion Platform, stated at the "USDH Stablecoin Roundtable" hosted by Hyperliquid that they are inclined to motivate the migration of tens of billions of dollars in liquidity from USDC on Hyperliquid to USDH by means of a cost-reimbursement mechanism. Bastion Platform considers that the most crucial core element is to establish a robust flywheel effect: continuously drive the conversion from USDC to USDH through incentive mechanisms and ensure that all new markets constructed on USDH utilize USDH natively instead of USDC. We should transfer the existing ecosystem to this community-benefiting financial system, while all new ecosystems should no longer be encumbered by the legacy monetary system and must be inherently built on top of USDH. BlockBeats previously reported that last Friday, Hyperliquid announced the launch of a "USDH Stablecoin prioritizing Hyperliquid, in line with the Hyperliquid ethos, and compliant", and reserved

A Whale Contract Loses Over $40 Million in a Single Month, Becomes Hyperliquid's Biggest "Loser"

On September 9th, as monitored by lookonchain, Whale 0xa523 has suffered a loss of more than 40 million US dollars in less than a month. This has surpassed AguilaTrades, qwatio, and James Wynn, making it the biggest loser on Hyperliquid. The details of his loss are as follows: He previously sold 886,287 HYPE tokens at a loss, amounting to 39.66 million US dollars. If he had held them until now, he would have had nearly 9 million US dollars in unrealized gains. Subsequently, he incurred a loss of over 35 million US dollars in an ETH long trade. Then, he switched to shorting ETH and suffered an additional loss of 614,000 US dollars. Currently, he has lost another 2.33 million US dollars in a BTC long trade.

A Whale in a certain Hyperliquid contract increases their holdings by 197,000 HYPE tokens, worth over $10 million

On September 9th, based on on-chain data, a whale address of a Hyperliquid contract purchased 197,000 HYPE tokens (approximately $10.8 million) within the past day. Presently, its long positions in ETH, SOL, and XRP have a combined unrealized gain of $750,000, and the total account profit amounts to $22.93 million.

Sky joins the competition for the issuance rights of the USDH stablecoin under Hyperliquid

On September 9th, Sky (formerly known as MakerDAO) participated in the Hyperliquid-backed USDH stablecoin issuance competition. Rune, the co-founder of Sky, stated in a post on Platform X: "The key advantages of Sky for Hyperliquid's USDH are as follows: - USDH will obtain $2.2 billion in immediate liquidity from USDC for off-chain redemption. - Sky can utilize its more than $8 billion balance sheet in Hyperliquid. - All USDH on Hyperliquid can earn a 4.85% yield, which is higher than the government bond yield. The 4.85% yield generated by all USDH is used for the HYPE buyback fund. - Sky can provide $25 million to establish an independent Hyperliquid Star project for the self-development of Hyperliquid DeFi. - Sky can transfer its buyback system to Hyperliquid and leverage more than $250 million in annual profits to build USDH liquidity."

Frax Founder Discusses Hyperliquid USDH Competition: Interoperability Value Over Yield

On September 8th, Sam Kazemian, the founder of Frax, stated in a social media post that the key insight of the Hyperliquid USDH event is that the true value of a stablecoin issuer lies in the interoperability and deep integration of the economic distribution chain rather than the obtainable sovereign bond yield. He stated that candidate parties, including Frax and Paxos, are willing to return 100% of the yield to Hyperliquid, but the actual value should far exceed yield sharing.

Ethena Labs Joins Hyperliquid for USDH Stablecoin Issuance Rights Competition

September 8th: The issuer of the third-largest USD stablecoin, USDe, which is Ethena Labs. Ethena Labs hinted at its intention to join the competition for the stablecoin issuance rights under Hyperliquid's USDH. This morning, Ethena Labs stated, "Dear Jeff (Hyperliquid Co-Founder), I sent you a letter, but you have not responded yet. I submitted two USDH proposals last fall. You definitely did not receive them. It might be a problem with Discord or something else. Sometimes I write the deployment address too carelessly." On September 5th, Hyperliquid announced that it would release the USDH token symbol for stablecoin issuance and requested all institutions to submit proposals by September 10th (Wednesday), with voting scheduled for September 14th (Sunday).

Circle has announced that native USDC and CCTP V2 will be deployed on Hyperliquid.

On September 8th, as per an official announcement by Circle, native USDC and CCTP V2 will be deployed on Hyperliquid. This will facilitate the usage of USDC on HyperCore and HyperEVM. Users can make institutional-grade deposits and withdrawals using Circle Mint. Meanwhile, developers can utilize CCTP V2 to enable secure cross-chain transfers of USDC between Hyperliquid and other supported blockchains. USDC will act as the core stablecoin for Hyperliquid's DeFi applications and transactions.

The issuance rights of the USDH stablecoin under Hyperliquid have attracted several institutional bidders, including Paxos and Frax, who have submitted bidding proposals.

On September 8th, according to TheBlock report, stablecoin issuers such as Paxos, Frax Finance, and Agora are vying for the upcoming issuance rights of Hyperliquid's USDH stablecoin. Hyperliquid announced this plan last Friday, stating that the goal is to launch a "USD stablecoin that is Hyperliquid-first, aligned with Hyperliquid's principles, and compliant," and has reserved the USDH token code for this purpose. Hyperliquid has invited teams to submit proposals, and the winner will be selected through validator voting, gaining the right to purchase the token code and issue the token. Paxos submitted a USDH bidding proposal yesterday, committing to providing compliance with the MiCA and GENIUS acts, supporting native deployment on HyperEVM and HyperCore, and using 95% of interest income for HYPE token buyback and redistributing the bought-back tokens to the "ecosystem plan, partners, and users." Frax proposed a "community-first" proposal, planning to peg USDH to frxUSD at a 1:1 rati

In the past 24 hours, pump.fun has generated $1.59 million in revenue, surpassing Hyperliquid to rank third.

On September 7th, according to data from DefiLlama, pump.fun has achieved a 24-hour revenue of $1.59 million. This surpasses Hyperliquid ($1.09 million) and ranks it third. Only Tether ($21.50 million) and Circle ($7.56 million) are ahead.

Paxos is competing to become the issuer of the USDH stablecoin under HyperLiquid, committing to a partial buyback of HYPE.

September 7th: The stablecoin issuer Paxos has put forward a proposal titled "Paxos-Supported USDH Issuance," vying to become the issuer of HyperLiquid's stablecoin USDH. Paxos has declared that if selected as the USDH issuer, they will carry out a revenue-sharing plan. Paxos will allocate 95% of the interest from the USDH-backed reserve to repurchase HYPE and redistribute it to the ecosystem plan, partners, and users. Earlier on September 5th, Hyperliquid announced the release of the token symbol USDH for stablecoin issuance. Currently, the USDH trading pair symbol held by the Hyperliquid protocol will be released through a transparent on-chain process via validator voting. After the next network upgrade, validators will be able to vote on whether to permit a specific user address to purchase the USDH symbol. The voting process will occur entirely on-chain and be completed through Hyperliquid L1 transactions, similar to the delisting voting process. Teams that are in

The top ENA holder on Hyperliquid has opened a 10x ETH short position, with a value of approximately $12.85 million.

On September 7th, based on the monitoring of HyperInsight, the largest holder address of ENA on Hyperliquid ("0x6b7...c5e9c") has taken a 5x long position on ENA and a 10x short position on ETH simultaneously. The current positions are as follows:
A 5x long position in ENA with a position value of approximately $36 million, an average entry price of $0.6804, a liquidation price of $0.50, and an unrealized profit of $2.78 million.
A 10x short position in ETH with a position value of approximately $12.85 million, an average entry price of $4,314, a liquidation price of $7,669, and an unrealized profit of $93,000.