Hyperliquid (HYPE) — Onchain News & Whale Tracking

A crypto whale has amassed $75 million worth of USDC in recent weeks and begun participating in Hyperliquid’s CXMT bidding.

According to Mlm's monitoring, a whale address has accumulated approximately 75 million USDC tokens over the past several weeks. It had previously executed multiple test trades on Hyperliquid and has now begun participating in the bidding for CXMT assets.

Hyperliquid’s HIP-3 has completed the code auction for CXMT (Changxin Memory Technologies), with a final transaction price of 500 HYPE.

Hyperliquid HIP-3 has completed the auction of CXMT trading codes, with the final deal closing at 500 HYPE (approximately $32,600). The CXMT code corresponds to Chinese storage chip manufacturer Changxin Memory Technologies, and is expected to be listed on Hyperliquid’s IPOP market ahead of its IPO on July 27.

A Hyperliquid whale has been liquidated again, with its DRAM long positions incurring losses of approximately $2.4 million.

According to monitoring by Onchain Lens, a Hyperliquid trader who had previously accumulated total losses of approximately $36.03 million was liquidated again. His long DRAM position worth around $2.74 million was cleared, leaving him with only about $336,500 remaining. Additionally, this wallet address was also liquidated for its MRVL position six days ago, suffering a loss of roughly $505,200. Over the past week, the address has incurred combined liquidation losses of approximately $841,700.

Hyperliquid lobbying group and Trade.xyz meet with the US SEC Crypto Working Group to discuss crypto regulatory frameworks.

According to market sources, Hyperliquid’s lobbying arm, the Hyperliquid Policy Center, and Trade.xyz have held a meeting with the U.S. SEC’s Crypto Working Group. The two sides discussed topics related to the U.S. regulatory framework for crypto assets.

The funding rate of SK Hynix-related contracts on Hyperliquid surged more than 130% within one hour.

Hyperliquid platform’s SK Hynix-linked contracts SKHX and SKHY have seen extremely robust trading activity, with a combined 24-hour trading volume of $1.836 billion, surpassing Bitcoin (BTC) to become the platform’s most active asset by trading volume. SKHX alone notched a 24-hour volume of $1.63 billion and open interest (OI) of $635 million, while SKHY posted a 24-hour volume of $206 million and OI of $101 million. SKHY still trades at a roughly 26% premium to SKHX. Notably, SKHX’s funding rate surged sharply in just one hour: it jumped from +0.0064% to +0.0151%, a rise of over 130%. Concurrently, the contract’s trading volume dipped slightly from $1.663 billion to $1.604 billion, and its open interest fell from $638.6 million to $627.1 million. A sharp spike in funding rates typically signals a rapid rise in bullish sentiment, as long positions flood the market—traders holding long positions face higher costs to maintain their bets, reflecting intensifying long-short battles in SKHX contracts and growing speculative enthusiasm for SK Hynix’s US-listed assets.

Hyperliquid's contracts posted a 24-hour trading volume exceeding that of Bitcoin (BTC), making it the platform's most active asset.

On the Hyperliquid platform, the combined 24-hour trading volume of SK Hynix-related contracts SKHX and SKHY has reached $1.836 billion, surpassing BTC to become the platform’s top active asset by trading volume. Specifically, SKHX posted a 24-hour trading volume of $1.63 billion, with open interest (OI) of $635 million; SKHY recorded a 24-hour trading volume of $206 million, and its open interest stood at $101 million. As of now, SKHY still carries a roughly 26% premium over SKHX.

Hyperliquid’s open interest hits an all-time high, with open interest in the RWA market reaching $3.6 billion.

Hyperliquid’s real-world asset (RWA) market open interest (OI) has hit $3.6 billion, marking an all-time high. The platform’s total OI has also climbed to a 2026 peak of roughly $11 billion. According to DeFiLlama data, Hyperliquid’s total OI stands at $10.88 billion, with the HIP-3 market contributing around $3.69 billion.

After SK Hynix's sharp plunge, the cross-platform price gap has widened, with Hyperliquid futures contracts trading at a discount of nearly $14 compared to Binance's.

According to Hyperinsight monitoring, following SK Hynix’s continued sharp drop, the SKHYNIX perpetual contract on Binance trades at $1,275, down 13.82% over 24 hours; the SKHYNIX contract on Hyperliquid is around $1,261.80, down 14.50% in the same period. The price gap between the two is roughly $13.3, with Binance’s transaction price carrying a premium of about 1.05% over Hyperliquid. Calculated by mark price, Binance’s mark price is $1,273.80, while Hyperliquid’s is $1,257.60, widening the spread to $16.20, with a premium of approximately 1.29%. Yet the reference prices on both platforms are largely aligned: Binance’s index price stands at $1,240.97, and Hyperliquid’s oracle price is $1,242.00, a difference of just $1.03. Funding rates also signal that long positions remain crowded: Binance’s 8-hour funding rate has climbed to 0.5%; Hyperliquid’s hourly funding rate is around 0.0698%, translating to roughly 0.56% on an 8-hour static basis, with both rates requiring long positions to pay short positions.

Hyperliquid’s perpetual contracts open interest market share hits 9%, a new all-time high.

According to hypeflows data, Hyperliquid holds a 9% share of the global perpetual contract market (covering all centralized exchanges including Binance, Bybit, OKX) by open interest, marking the highest level since the platform’s inception. Per HTX market data, HYPE is currently priced at $66.69, down 2.83% over the past 24 hours.

Prior to CASHCAT, Hyperliquid had not launched any new crypto contracts for nearly three months.

Hyperliquid today launched contract trading for CASHCAT, the meme token that has gone viral this week on Robinhood Chain. Notably, prior to this, Hyperliquid had not listed any new crypto tokens for nearly three months (excluding TON’s rebranding to GRAM). Its most recent contract listing dates back to CHIP on April 22. So far this year, amid the deep bear market, Hyperliquid has significantly slowed its pace of launching native crypto token contracts.

A whale shorted 1.11 million CASHCAT tokens on Hyperliquid.

According to monitoring by Onchain Lens, a whale deposited approximately $450,000 into Hyperliquid. Within one hour of CASHCAT’s listing on Hyperliquid, the whale shorted 1.11 million CASHCAT tokens with 3x leverage, valued at $222,200. The entry price was $0.195336, liquidation price $0.531304, resulting in an unrealized loss of $4,400.

Hyperliquid launches CASHCAT futures trading, supporting up to 3x leverage.

Hyperliquid announces the launch of contract trading for the meme coin CASHCAT on Robinhood Chain, with support for up to 3x leverage.

Hyperliquid's perpetual contracts have exceeded ETH in 24-hour trading volume, jumping to become the platform's second-largest active asset.

According to monitoring by crypto analytics account Ai Yi, the combined 24-hour trading volume of SK Hynix-related contracts SKHX and SKHY on the Hyperliquid platform has reached $1.015 billion, surpassing Ethereum (ETH) to become the second-most active asset by trading volume on the platform. SKHX recorded a 24-hour trading volume of $698 million, with an open interest (OI) of $494 million; SKHY’s 24-hour trading volume stood at $317 million and its open interest was $117 million. Currently, SKHY still trades at a roughly 17% premium relative to SKHX.

Hyperliquid recommends that the U.S. Commodity Futures Trading Commission (CFTC) formally recognize that on-chain protocols are not required to register, and non-custodial wallets do not serve as financial intermediaries.

Hyperliquid Policy Center (HPC) and Phantom have jointly submitted comments to the U.S. Commodity Futures Trading Commission (CFTC) in response to the agency’s request for feedback on whether existing rules keep pace with the evolution of financial technology, proposing to explicitly extend the distinction between "building tools" and "operating regulated businesses" to on-chain markets. The comments note that software engineers have been developing matching engines for regulated futures trading platforms for decades, and the CFTC has never classified them as trading platform operators. However, developers in the digital asset sector have long lacked such clarity, forcing many to opt for offshore development. The current CFTC, led by Chairman Selig, is working to address this gap and carve out room for innovation for fintech firms in digital asset and derivatives markets. The two entities put forward three key recommendations: First, explicitly confirm that merely publishing on-chain protocol software itself does not require registration — a factor often decisive for engineers when choosing where to develop. Second, establish a clear path for the CFTC’s registration bodies to operate regulated functions using on-chain infrastructure, enabling trading platforms and clearinghouses to replace decades-old legacy systems with transparent infrastructure. Third, formalize Phantom’s recent no-action letter into official rules, eliminating the need for self-custody wallet providers to apply for approved exemptions on a case-by-case basis. HPC and Phantom stress that self-custody and transparent on-chain systems can embed investor protection directly into technology, while regulated intermediaries retain responsibility for issues that technology cannot resolve independently. This approach will bring the next generation of financial markets within reach of U.S. consumers.

Hyperliquid Requests CFTC to Formally Recognize That On-Chain Protocols Are Exempt From Registration, And Non-Custodial Wallets Do Not Act As Financial Intermediaries

The Hyperliquid Policy Center has submitted a response to the U.S. Commodity Futures Trading Commission (CFTC)’s request for input on future regulatory directions, calling for formal recognition that on-chain protocols do not need to be registered, non-custodial wallets do not act as financial intermediaries, and a clear path for carrying out regulatory functions on-chain.

Pantera Capital: Hyperliquid’s future revenue potential is five times its current level, with the platform’s annual revenue reaching up to $3.7 billion.

Crypto venture capital firm Pantera Capital stated that Hyperliquid’s potential addressable market amounts to roughly $10 trillion in daily notional trading volume, including around $200 billion in 0DTE options and leveraged ETF trades, approximately $2 trillion in commodity derivatives trading, and about $8 trillion in foreign exchange derivatives. If Hyperliquid can consistently capture a low single-digit share of this market, its revenue potential could reach 5 times its current level. According to estimates, if HIP-3’s annualized notional trading volume hits $3,650 trillion and it secures a 1% market share—assuming a combined fee rate of 2 basis points and a 50% revenue split for Hyperliquid—the platform’s revenue could reach around $3.7 billion. However, Pantera pointed out that regulation remains the biggest risk facing Hyperliquid. Currently, perpetual contracts are not fully accessible in the U.S.; if the U.S. legalizes related products and introduces regulated platforms in the future, Hyperliquid may face stiffer competition, and some U.S. user trading volume may shift to compliant trading venues. Pantera believes Hyperliquid may also launch a regulated version for the U.S. market going forward.

Nansen has integrated Hyperliquid perpetual contract trading, supporting smart money and on-chain data analysis.

According to official announcements, blockchain analytics platform Nansen has officially launched Hyperliquid Perpetual (Perp) trading functionality, now available to all web and mobile users. Users can execute Hyperliquid perpetual trades directly within Nansen while tracking on-chain activities of Smart Money, whale addresses, and prominent investors, with real-time access to key metrics including funding rates, long-short position ratios, and wallet-level position distributions—enabling an integrated "research-to-trade" experience. Nansen added that the platform has also launched the Hyperliquid Perps Leaderboard, which supports filtering by Smart Money, whales, and top traders, and sorting by performance over the past 7 days, 30 days, or all-time, helping users quickly identify top-performing wallet addresses. Additionally, users can deposit funds from external wallets within the app, bridge assets from connected Solana or Base wallets to Hyperliquid, and receive asset transfers directly from other Hyperliquid addresses. Beyond trading features, Nansen has expanded its data coverage of the Hyperliquid ecosystem, including on-chain activity monitoring for HyperFND and the Hyperliquid Data API. Users can track real-time active HyperEVM addresses, contract deployments, and ecosystem growth, while development teams can access real-time Smart Money perpetual positions, unrealized profit and loss (PnL), account health, full transaction history, and performance data via the API—supporting quantitative analysis, strategy development, and application building.

A crypto whale deposited $6.3 million in USDC to Hyperliquid, adding to its short position in HYPE worth $49 million.

According to OnchainLens monitoring, whale address "0xf822" deposited approximately $6.3 million worth of USDC to Hyperliquid roughly 3 hours ago and opened a 3x leveraged HYPE short position. Currently, the address holds around 692,200 HYPE short contracts, with a position value of about $49 million, an entry price of $66.02, a stop-loss price of $70.78, and an unrealized loss of roughly $3.3 million. The address currently has a total of 5 positions, with total holdings valued at approximately $126.8 million and cumulative realized profits of around $4.39 million.

Former Head of PR at Chainlink Labs Joins Hyperliquid's Lobbying Group as Chief Communications Officer

Former Chainlink Labs PR head Anastasia Golovina will join Hyperliquid’s lobbying arm, the Hyperliquid Policy Center, as its Chief Communications Officer. In an open letter, Golovina said, “Windows for crypto regulation are rare and narrow. I want to advocate loudly for this cause while the window is open.”

Recently, only two whales on Hyperliquid have completed position building for MU, with the average entry price for long positions standing at $1,019.

According to Hyperinsight’s monitoring, following the U.S. stock market’s closure for Independence Day last Friday, U.S. stock trading volumes slowed sharply over the weekend, with MU’s 24-hour volume reaching just $99 million. Only one whale built and held a MU (Micron Technology) position on Hyperliquid over the weekend. This whale’s address (0x93c) was created three days ago and currently only engages in long MU trades on Hyperliquid. Approximately three hours ago, the address opened another long position of 1,319.5 MU with 7x leverage, worth roughly $1.33 million, at an average entry price of $1,002 and a liquidation price of $904. Separately, only one whale also opened a MU position during last Friday’s market closure and has held it since. This whale currently holds a long position valued at approximately $8.31 million, with an average entry price of $1,036, and is currently in a slight unrealized loss.

A $38.07 million BTC 20x leveraged long position has emerged on Hyperliquid, ranking as the 6th largest position overall.

According to monitoring by Ai9684xtpa, wallet address 0x004…c1bb8 opened a BTC long position with 20x leverage worth approximately $38.07 million on Hyperliquid at 8:30 AM today. The position currently holds around 600 BTC, ranking among the platform’s top six largest BTC positions, with an entry price of roughly $63,476. The account has also set up a tiered take-profit and stop-loss mechanism: it will take profit on 200 BTC when BTC rises to $65,000, an additional 100 BTC when it climbs to $66,000, and trigger a stop-loss on 200 BTC if the price falls to $60,000. Overall, the trade employs a tiered exit strategy alongside high leverage to cope with BTC’s current high volatility.

A new wallet deposited $2.67 million in USDC to Hyperliquid and opened a long position in LIT, currently holding an unrealized profit of over $330,000.

According to OnchainLens monitoring, a newly created wallet with address 0x016 deposited approximately $2.67 million in USDC into Hyperliquid, then opened a $1.62 million long LIT position using 2x leverage. The position is currently profitable, with an unrealized gain of over $330,000.

Hyperliquid’s "Most Profitable Address" Adds $2 Million in New Positions, With Nearly 98.5% of Its Positions Being Short.

According to OnchainLens monitoring, one of the most profitable wallets on the Hyperliquid platform (linked to Abraxas Capital, with a historical cumulative profit and loss of approximately $173.75 million) deposited $2 million into Hyperliquid one hour ago. Currently, the account’s total position size stands at around $35.92 million, with roughly 98.5% of that in short positions. Key holdings breakdown: HYPE short (5x leverage): ~$20.51 million, unrealized loss of ~$3.95 million; SOL short (10x leverage): ~$6.76 million, unrealized loss of ~$72,000; GOLD short (4x leverage): ~$5.44 million, unrealized profit of ~$184,000; FARTCOIN short (5x leverage): ~$2.04 million, unrealized profit of ~$1.06 million. Overall, the account’s current unrealized loss is approximately $2.55 million, though it has earned around $9.87 million in cumulative funding fees.

Data: Hyperliquid’s position entry price heatmap shows both BTC’s long and short sides are in a fragile state.

Glassnode published a report disclosing that its on-chain metric, the Hyperliquid Entry Price Heatmap, displays traders’ specific position entry prices. Currently, a large volume of long positions in the $72,000–$76,000 range and short positions established around $60,000 are in unrealized losses, leaving the Bitcoin market highly vulnerable to both upward and downward price swings. Price fluctuations could further trigger cascading liquidations.

A newly created wallet deposited 630,000 USDC into HyperLiquid and opened a short position of 2.9 million XRP.

According to monitoring by Onchain Lens, a certain address created a new wallet, deposited 630,000 USDC into HyperLiquid, and opened a 10x leveraged short position of 2.9 million XRP.

21Shares' Hyperliquid ETF made its first reduction in HYPE holdings yesterday.

According to Arkham's monitoring, the 21Shares Hyperliquid ETF made its first reduction in HYPE holdings yesterday. The ETF sold HYPE worth $1.8 million in a single day, accounting for approximately 3% of its assets under management (AUM).

Hyperliquid responds to being placed on Singapore’s investor alert list: It does not constitute an enforcement action or a finding of violation.

Hyperliquid has responded on X to its inclusion in the Monetary Authority of Singapore (MAS) Investor Alert List (IAL), stressing that being listed on the IAL does not amount to a ban, enforcement action or determination of violations. The list only identifies entities that could be misconstrued as holding an MAS license or falling under MAS regulation, and currently features several major exchanges and DeFi protocols. Hyperliquid noted that it is a permissionless infrastructure, has never claimed to hold an MAS license or received its authorization, and no changes have occurred to its network. Users remain fully self-custodied, and all transactions are settled transparently on-chain. The platform added that it will continue to cooperate with global regulators and institutions, and support the establishment of a clear, well-designed regulatory framework for on-chain finance.

The largest long whale on Hyperliquid has added to its BTC position again, lifting its BTC position to around $445 million.

According to EmberCN’s monitoring, Hyperliquid’s largest long-position trader continued adding to his positions after Bitcoin fell to $59,000. He opened 500 BTC long positions via three wallets at an average price of $59,261, worth approximately $30 million. To date, the trader holds a total long position of around $445 million, including 120,000 ETH and 2,500 BTC. The average entry price for his ETH long positions is $2,261, while that for BTC long positions stands at $69,560. As of now, the trader’s overall unrealized loss has widened to roughly $110 million.

A crypto whale allocated $8 million to Hyperliquid to open a 20x leveraged long position on Bitcoin.

According to monitoring by Onchain Lens, a crypto whale has allegedly created two new addresses and allocated $8 million to Hyperliquid via these addresses to open a 20x leveraged long position on 400 Bitcoin, valued at approximately $23.5 million.

Data: Total value locked (TVL) in DeFi fell by 39% cumulatively in 2026, with TRON and Hyperliquid growing against the trend.

CryptoRank’s latest report shows that decentralized finance (DeFi) total value locked (TVL) has declined for six consecutive months, falling from around $115 billion in January 2026 to roughly $70 billion currently, marking a 39% year-to-date drop, a trend reflecting the ongoing correction following the 2025 crypto market peak. Data indicates that 121 security incidents have occurred in the DeFi space since the start of 2026, resulting in total losses of approximately $942 million. Among these, 85 attacks took place in the second quarter, causing around $775 million in losses, making it one of the most attack-prone quarters on record. The April attacks on Drift Protocol ($295 million) and KelpDAO ($293 million) alone account for more than half of the year’s total losses. Among the top 10 public blockchains by TVL, only TRON and Hyperliquid have posted positive growth. TRON’s year-to-date TVL rose by around 5%, driven primarily by demand for USDT transfers, stablecoin settlements, and lending services. Hyperliquid’s TVL grew by roughly 6.7%, fueled by its leading position in the on-chain perpetual contracts market and the expansion of its HyperEVM ecosystem. However, the report notes that the current DeFi downturn is significantly milder than the 2021–2022 cycle. Back then, DeFi TVL plummeted by over 70% in just seven months, while current capital is flowing more into segments like stablecoins, real-world assets (RWA), derivatives, and infrastructure, making the market structure more diversified and mature than in the previous cycle.

Hyperliquid’s HIP-3 market has cumulatively generated $44 million in revenue, with half allocated to HYPE token buybacks.

On-chain data shows that as of now, the HIP-3 market has cumulatively generated $44 million in total revenue. Of this amount, $22 million has been distributed to HIP-3 developers, while the remaining $22 million is earmarked for HYPE token buybacks. HIP-3 is a market creation and incentive mechanism within the Hyperliquid ecosystem, allowing developers to create and operate trading markets and earn protocol revenue splits based on market performance. The disclosed data indicates that HIP-3 has become a key revenue source for the Hyperliquid ecosystem, while also continuously providing funding support for HYPE token repurchases.

Hyperliquid: Recommends users immediately convert USDH to USDC

Hyperliquid official announcement: USDH is approaching phase-out, with users advised to immediately convert USDH to USDC. As Coinbase becomes Hyperliquid’s official USDC treasury deployer, the platform will shift to using USDC as its primary stablecoin and collateral, leading to USDH’s gradual exit from circulation. USDH remains tradable and fully supported at present; during the transition period, users can convert USDH to USDC or fiat currency for free via the Native Markets USDH Dashboard. The platform will also coordinate with relevant HIP deployers to complete the migration, ensuring a secure and smooth transition of user assets.

Hyperliquid perpetual contract open interest market share hits 8.4%, reaching an all-time high

On June 20, data from hypeflows shows Hyperliquid has set a new all-time high, capturing 8.4% of the global perpetual futures contract market based on open interest size — and that’s across all centralized exchanges, including major players like Binance, Bybit, and OKX. Meanwhile, HTX market data puts HYPE’s current trading price at $70.98, with a 3.09% gain over the past 24 hours.

CZ: Price prediction aids in price discovery, and Hyperliquid validates new market demand

On June 20th, Binance founder Changpeng "CZ" Zhao appeared on the Galaxy Brains podcast, sitting down for an interview with Galaxy Research Director Alex Thorn. During the discussion, CZ hailed prediction markets as a clever, valuable invention—while noting they’re not new, he emphasized any tool that drives price discovery and liquidity is a net positive. He argued these markets tend to be more accurate than other forecasting methods because people with stronger judgment will participate by putting real money at stake. CZ called the news that Polymarket and Kalshi secured U.S. licenses a positive development, adding he hopes more crypto-focused prediction market projects will operate responsibly. Turning to Hyperliquid, CZ said the platform has unlocked a previously unproven market demand. Its team is small but highly capable, with solid technological innovation—but drawing from his own experience, he wouldn’t adopt Hyperliquid’s current KYC-free operating model. He also note

Hyperliquid Ecosystem Fund and Treasury Company collectively hold 25% of the circulating HYPE tokens

Flash Alert (June 18): Per public data, HYPE Treasury’s Hyperliquid Strategies holds 9.31% of all circulating HYPE tokens (valued at $2 billion) and accounts for 2.78% of HYPE’s total supply. When adding the Hyperliquid Ecosystem Fund to the calculation, their combined holdings rise to 7.3% of HYPE’s total supply (worth $5.3 billion) and 25.5% of its circulating tokens.

Hyperliquid ETF Maintains Strong Net Inflow Trend, Attracts $28 million in New Funds in the Past Three Days but Inflow Slows Down

June 18 update: Per monitoring from Hyperinsight (via its Telegram channel at https://t.me/HyperInsight), Hyperliquid-related ETFs have seen a total net inflow of $28 million over the past three days. Of that total, Bitwise’s BHYP led inflows with a $24.5 million net addition; HYPG brought in $2.2 million, while THYP accounted for $1.3 million. Since launching, this category of ETFs has accumulated $182.5 million in total net inflows. However, daily inflows have been on a steady decline in recent days. As of the last trading day, the daily net inflow dropped to $2.1 million. Turning to HYPE token spot demand: the expected net purchase from TWAP orders over the next 24 hours is roughly $9.3 million, with a suspected address linked to a16z remaining the primary buying source. Additionally, the HyperInsight Bot is now live. To add it to your Telegram community, search for @HyperInsightBot, grant it admin permissions, and enable message-sending access — this will allow it to automatical

Alleged a16z Wallet Transferred 24 million USDC to Hyperliquid to Buy HYPE

June 18: On-chain analyst Wu Jinyu’s monitoring shows 12 wallets suspected to be affiliated with a16z have transferred 24 million USDC to Hyperliquid over the past 20 hours and are currently purchasing HYPE via TWAP. a16z is now the largest institutional holder of HYPE and has been one of the key drivers behind HYPE’s recent streak of all-time highs. Separately, since March, the firm has funneled a total of $259 million in USDC into Hyperliquid through over 100 wallets to acquire and stake 4.035 million HYPE at an average price of roughly $64, with an approximate unrealized gain of $29 million as of now.

OKX Star Questions CZ's 'Hyperliquid Non-compliance' Remarks

June 17. OKX Founder and CEO Star took to social media to respond to CZ’s recent interview remarks, where CZ noted Hyperliquid’s innovations are impressive but he would never follow its business model due to compliance issues. Star’s statement read: “CZ is fully aware of the legal and regulatory risks involved, yet he still created a shell company to replicate Hyperliquid’s business model, personally promoted it, and allocated significant shared resources. Perhaps forming such an independent shell entity is their solution to compliance. But if the core business model, resources, personnel, and incentive mechanisms are essentially identical—what, then, is the real difference between the two?”

SPCX daily trading volume reached $1.35 billion, surpassing ETH as the second-largest contract on Hyperliquid

June 17 — Per Hyperinsight’s Telegram monitoring (@HyperInsight), trading activity for SPCX (SpaceX) on the Hyperliquid platform remains surging, with a 24-hour trading volume of $1.35 billion, accounting for 35.3% of the total trade.xyz volume. On a full-platform basis, SPCX single contracts alone contributed 16.6% to Hyperliquid’s overall trading volume. Currently, SPCX’s trading volume on Hyperliquid has surpassed that of Ethereum (ETH), ranking as the platform’s second-largest contract by volume, trailing only Bitcoin (BTC). The 24-hour position size for SPCX reached $280 million.

Ventuals has announced the closure of its platform and integration into the Hyperliquid ecosystem. All pre-IPO markets will be settled in due course.

June 15 — Ventuals announced that it will gradually wind down its operations and join another team within the Hyperliquid ecosystem, marking the end of its "all-weather private sale market" experiment. The project, which previously enabled users to trade exposure to pre-IPO private tech companies, has secured over 500,000 HYPE in funding and amassed roughly $6.5 billion in total trading volume. Per the announcement, all deployed HIP-3 markets will proceed with their scheduled settlement processes. Pre-IPO markets (such as those for OpenAI and Anthropic) will settle based on a 24-hour time-weighted average price (TWAP) freeze, with final settlement prices set at $1,341.80 for OpenAI and $1,618.90 for Anthropic. Commodity and index markets—including offerings for MAG7, semiconductors, energy, and defense—will begin halting trading on June 18, with settlements calculated using the last available external price. All outstanding positions will be automatically liquidated during this phas

A whale deposited 5.5 million USDC into HyperLiquid, opened a leveraged long position in HYPE and ZEC

On June 15, monitoring from Onchain Lens reveals that a crypto whale deposited 5.5 million USDC into HyperLiquid and opened two leveraged long positions: a 10x leveraged long for 120,000 HYPE and a 3x leveraged long for 6,193 ZEC. Additionally, the whale had earlier closed an ETH long position, booking roughly $396,000 in realized profits.

Hyperliquid US Stock Storage Sector Leads Night Session Gain, MU and SNDK Up Over 4%

Futu's Moomoo Integrates HyperLiquID Market Data

June 15 — Per an official announcement, Futu’s subsidiary app Moomoo has started integrating Hyperliquid’s on-chain perpetual contract market data, with the integration launched on June 11. Users can now directly view Hyperliquid’s perpetual contract trading data within the Moomoo app.

Hyperliquid HIP-3 Cumulative Trading Volume Surpasses $200 Billion, S&P 500 On-Chain Ignites Chain-Linked Total Asset Race

June 14 – Hyperliquid’s HIP-3 framework, launched in October 2025, has hit major milestones: total trading volume has surged past $200 billion since its debut, while open interest (OI) reached a historical high of $3.2 billion this June—signaling a new era for on-chain traditional asset derivatives. A pivotal development came when S&P Dow Jones Indices officially licensed Trade[XYZ] to roll out the world’s first S&P 500 perpetual contract on Hyperliquid. The product provides 24/7 leverage access to eligible non-U.S. investors, settles in USDC, and has no expiration dates or rollover costs. It topped $1 billion in daily trading volume in its first week, quickly climbing into the platform’s top 10 most active trading pairs. This momentum got an extra boost from SpaceX’s recent initial public offering (IPO) on Nasdaq. After the launch, retail investors widely voiced frustration over custody limits and lock-up barriers on centralized exchanges. Simon Dedic, co-founder of Moon Rock Capita

Hyperliquid perpetual contract open interest reached 8.2% market share, hitting a new all-time high

On June 13th, data from Hypeflows shows Hyperliquid has captured an 8.2% market share in the global perpetual futures contract market (measured by open interest size), including all major centralized exchanges such as Binance, Bybit, and OKX. This marks a new all-time high for the platform since its launch. HTX market data indicates HYPE is currently trading at $58.37, down 1.62% over the past 24 hours.

The largest long liquidation on Hyperliquid amounted to $36.4 million in SPCX, resulting in a loss of approximately $300,000.

June 13 — On-chain analyst Yu Jin reports that the largest long position on Hyperliquid has effectively closed out its SPCX long position, missing out on potential profits and instead taking an approximate $300,000 loss. Prior to SPCX’s listing, the wallet address had built an SPCX long position worth roughly $36.4 million on Hyperliquid, with an average entry price of $171.4. Following SPCX’s launch, the token’s price remained around that level without any upward movement. Over the past few hours, the address has been unwinding its position gradually at an average price of $169.8, resulting in an estimated loss of about $300,000.

Citrini Research Adds Hyperliquid ETF Long Position

June 13 – Per market sources, influential research firm Citrini Research has notified its subscribers that it has established a new long position in the Hyperliquid ETF (ticker: BHYP). Earlier this year, in February, Citrini released a report outlining the concept of a “global intelligence crisis,” warning that artificial intelligence could trigger a “race to the bottom” dynamic for knowledge-based jobs, disrupting industries and credit chains built around white-collar productivity. The report subsequently sparked a sharp stock market sell-off.

Crude Oil Extends Decline, Hyperliquid Whale Opens $19.8 Million Short Position Today

June 12 – Per Hyperinsight Monitoring (https://t.me/HyperInsight), oil prices have extended their decline following a statement from former President Donald Trump that a peace agreement with Iran could be signed as early as this weekend. The core terms of the proposed deal include the immediate reopening of the Strait of Hormuz and the cancellation of associated tolls, further pressuring crude markets. On Hyperliquid, WTI crude oil futures have expanded their 24-hour drop to 5.45%, while Brent crude is down 5.5%. Meanwhile, the largest holder of oil futures positions ramped up short selling with 20x leverage: they opened a short position on 235,200 WTI crude contracts worth roughly $19.8 million at an average price of $84.97, now ranking as the second-largest WTI crude bear on Hyperliquid. Separately, a single whale controls the dominant combined short position across both oil futures contracts, totaling approximately $70 million, with an unrealized paper profit of around $5.9

Hyperliquid HIP-4 Prediction Market Launches Price Predictions for HYPE, ETH, and SOL

On June 12, Hyperliquid rolled out new markets under its HIP-4 Prediction Market Outcomes framework, focused on predicting the prices of HYPE, ETH, and SOL. Hyperliquid Outcomes operates on a fully collateralized model: its non-linear settlement design delivers near-option-like flexibility to users, while broadening their strategic toolset. It is also natively integrated into the HyperCore chain, enabling cross-margin sharing with the platform’s spot and perpetual contracts—facilitating seamless interoperability and efficient liquidity reuse.

Before SpaceX IPO, Hyperliquid's holdings surpassed $200 million, with a major whale holding $17.6 million in bullish positions.

June 12: Per Hyperinsight’s monitoring, SpaceX is scheduled to make its official Nasdaq debut at 9:30 p.m. Beijing time the same day. Ahead of the IPO, trading activity for SPCX on the Hyperliquid platform surged, notching a 24-hour trading volume of $136 million with open positions exceeding $200 million at the time. The largest long-position whale on Hyperliquid currently holds a $17.6 million long position, opened two days ago at an average price of $165.7. As of this writing, its unrealized profit stands at $600,000. Related Address: 0x9cc10bd3c7e2486c0ae4623e4f7cc3ff143fac56