Hyperliquid (HYPE) — Onchain News & Whale Tracking

On Hyperliquid, ZHIPU fell more than 9% at one point after the Hong Kong stock market closed.

According to market data, the ZHIPU contract trading pair on Hyperliquid once dropped over 9% after the Hong Kong stock market closed, hitting a low of $92.045. It is now trading at $95.077, equivalent to approximately HK$754.89.

Robinhood Chain's seven-day application layer revenue has surpassed Hyperliquid, ranking second among public blockchains.

According to DefiLlama data, Robinhood Chain’s 7-day application layer revenue has surpassed Hyperliquid. The top chains ranked by aggregated 7-day application layer revenue are: Solana ($37.42 million), Robinhood Chain ($15.85 million), Hyperliquid L1 ($12.44 million), Ethereum ($11.90 million), and BNB Chain ($6.60 million).

Hyperliquid launches manual lending functionality, allowing users to borrow USDC or USDT using HYPE and BTC as collateral.

Hyperliquid has rolled out manual lending functionality. Portfolio margin and manual borrowing on the platform utilize the same underlying HyperCore infrastructure. Users can use HYPE and BTC as collateral to borrow quoted assets USDC or USDT. Borrowed quoted assets accrue interest, while supplied quoted assets also earn interest, with rates determined by usage.

Whale rotates $45.83M from $BTC to $ETH across 11 wallets on Hyperliquid

Whales are rotating from $BTC into $ETH! Over the past 3 days, 11 newly created wallets (likely belonging to the same whale) sold 602 $BTC ($45.83M) on #Hyperliquid and bought 18,780 $ETH ($45.83M).

XXAntiWar again cuts losses on its ZEC short position, suffering a $398,000 loss that erases all of its Hyperliquid profits from the past week.

According to on-chain analyst Ai Yi (@ai_9684xtpa)’s monitoring, XXAntiWar closed out two ZEC short positions at a loss in the past three days, incurring a $398,000 loss and erasing all profits it made on Hyperliquid over the past week. However, since September, she has opened a total of 8 ZEC short positions across three addresses, with 5 wins and 3 losses (a 62.5% win rate). Having shorted ZEC from $1,120.8 to $1,353, her cumulative profit from the token still stands at $437,000.

Garrett Jin Withdraws 35,001 $ETH ($85M) to Hyperliquid, Possibly to Support $ZEC Short

Garrett Jin(@GarrettBullish) just withdrew 35,001 $ETH ($85M) from #Binance and deposited it into Hyperliquid. Will he sell the $ETH to support his $ZEC short?

Viewpoint: Regulation may emerge as Hyperliquid’s biggest risk, while network effects remain its core moat.

CNBC crypto commentator Ran Neuner stated that regulatory uncertainty is the biggest risk currently facing Hyperliquid. Regulators have begun establishing regulatory frameworks for centralized crypto exchanges, and the next step may expand oversight to decentralized exchanges (DEXes), with significant ambiguity remaining over how to handle decentralized perpetual contract platforms like Hyperliquid. However, Neuner also noted that Hyperliquid has built strong network effects and liquidity advantages, making it difficult for competitors to replicate its technology alone to challenge its market position. Exchanges typically draw capital and users to markets with the deepest liquidity, so "the network is irreplicable". Hyperliquid remains the leading decentralized perpetual contract platform, with approximately $223 billion in trading volume over the past 30 days. Separately, the U.S. has signaled its willingness to establish a compliance path for Hyperliquid to enter the U.S. market, though no specific regulatory framework has been announced to date.

Hyperliquid conducted a 24-hour repurchase and burn of 32,800 HYPE tokens, with cumulative burns now accounting for 4.86% of the total supply.

According to OnchainLens monitoring, Hyperliquid repurchased and burned 32,770 HYPE tokens over the past 24 hours. At an average price of $81.01, this operation is valued at approximately $2.65 million. As of now, Hyperliquid has cumulatively burned around 48.57 million HYPE tokens, meaning roughly 4.86% of its maximum token supply has been permanently removed. Hyperliquid’s HYPE repurchase mechanism is primarily driven by the platform’s trading fees: the protocol uses the relevant revenue to repurchase HYPE on the market before burning it. Recent on-chain data also shows this mechanism remains operational.

Hyperliquid’s protocol revenue over the past 30 days is approximately $59.84 million, with 775,400 HYPE tokens burned in the same period.

According to TradingBeats' monitoring, Hyperliquid's protocol revenue over the past 30 days reached approximately $59.84 million, an 83.3% increase from the prior 30-day period. However, revenue over the most recent seven days dropped to roughly $11.57 million, a 12.7% week-over-week decline, marking notable expansion in monthly revenue though a recent cooling in activity. Meanwhile, between August 12 and September 11, the Assistance Fund’s cumulative burned HYPE tokens rose to 47.123 million, with around 775,400 new HYPE burned over the past 30 days, valued at approximately $62.08 million. Per the official mechanism, the Assistance Fund automatically converts trading fees allocated to it into HYPE, and the HYPE held in the fund is permanently removed from circulation and the total token supply.

Hyperliquid launches 2x long SNXX leveraged ETF contract

According to official announcements, Hyperliquid has launched trading for the SNXX contract, the Tradr 2X Long SNDK Daily ETF, with a maximum leverage of 10x. Data shows that the SNXX code was purchased by trade.xyz for 500 HYPE.

A crypto whale holds a large long position in WTI and Brent crude oil, boasting an unrealized profit of $3.29 million, and is the largest long position holder for both assets on Hyperliquid.

According to TradingBeats monitoring, whale address 0xfc...59d9d is currently heavily long on two crude oil assets, with a total position value of approximately $47.16 million and a combined floating profit of around $3.29 million. This address is the largest holder of WTI and Brent crude oil long positions on Hyperliquid. Specifically, it holds about 189,600 units of WTI crude oil xyz:CL 20x long positions, with a position value of roughly $18.8 million, an average entry price of approximately $92.07, and a current floating profit of about $1.3475 million. Meanwhile, it holds around 272,500 units of Brent crude oil xyz:BRENTOIL 20x long positions, with a position value of approximately $28.36 million, an average entry price of roughly $96.94, and a current floating profit of around $1.9465 million. Additionally, the address also holds about 248.03 BTC in 10x short positions, with a position value of approximately $19.12 million, an average entry price of about $78,456, and a current floating profit of roughly $336,000.

Hyperliquid’s largest long position holder has flipped a $233 million long position from profit to loss, now facing an unrealized loss of $3.39 million.

According to EmberCN’s monitoring, amid tonight’s market downturn, the largest long position holder on Hyperliquid has seen their roughly $233 million in long positions flip from profit to loss, with an unrealized loss of around $3.39 million. The address previously closed $537 million in long positions on August 25, booking a $61.72 million profit, before reopening long positions on August 28. Currently, it holds approximately 1,400 BTC (valued at ~$110 million) with an average entry price of $78,672, resulting in an unrealized loss of ~$1.94 million; it also holds 50,000 ETH (valued at ~$123 million) with an average entry price of $2,469, for an unrealized loss of ~$1.45 million. Notably, the long positions this address established in May were stuck in losses for about three months, with the maximum unrealized loss once hitting $120 million. It finally broke even and exited with a $61.72 million profit in August, and now its newly reopened long positions are again in unrealized loss.

Anonymous whale adds to its short position on BTC after the PPI release, becoming the second-largest BTC short on Hyperliquid.

According to TradingBeats monitoring, anonymous whale address 0xe2...3c8c increased its BTC short positions shortly after the release of the latest U.S. PPI data. The address added roughly 116.8 BTC in batches between 20:39 and 20:54, worth an estimated $9 million based on execution prices. Its total BTC short position rose from around 623.5 BTC to approximately 740.3 BTC, pushing it to become the second-largest BTC short on Hyperliquid. As of press time, the address holds a 20x leveraged short of about 740.28 BTC, with a position value of roughly $56.92 million, an average entry price of $78,475, and an unrealized profit of around $1.1765 million. Separately, this address is also the second-largest PONS short on Hyperliquid, holding a 3x leveraged short of approximately 8.6701 million PONS, with a position value of about $4.95 million, an average entry price of $0.8101, and an unrealized profit of roughly $2.071 million.

Jump Trading has cumulatively traded nearly $150 billion on Hyperliquid, accounting for 7.8% of the platform’s total trading volume.

Hyperdash co-founder Hanson Birringer published an analysis stating that since Jump Trading first deposited funds into Hyperliquid on December 12, 2025, the firm has traded nearly $150 billion in total via one main account and 16 sub-accounts, accounting for 7.8% of Hyperliquid’s entire perpetual contract trading volume. In July this year, its trading volume share on the platform once rose to 17.9%. Jump primarily uses a taker strategy on Hyperliquid, and is suspected of leveraging the platform as part of its multi-market hedging and arbitrage trading activities. Currently, its account has a nominal position of approximately $145 million, with an account value of around $63.6 million. It is mainly long Brent crude oil and WTI crude oil, while shorting assets including gold, silver, MU, NVIDIA, DRAM, SK Hynix, and XYZ100. Additionally, Jump has paid roughly $7 million in trading fees to Hyperliquid to date. Hans believes this further confirms that the firm may be executing cross-platform market making and arbitrage strategies.

A new wallet deposited 11.9 million USDC into Hyperliquid, opening a 20x long position on 500 Bitcoin.

According to monitoring by on-chain analytics platform Lookonchain, a newly created wallet deposited 11.9 million USDC into Hyperliquid, then went long on 500 BTC with 20x leverage, leading to a notional position value of approximately $39.44 million. The estimated liquidation price of this position is $55,570.76.

Hyperliquid launches USELESS perpetual contracts, supporting up to 3x leverage.

According to official announcements, Hyperliquid has launched the USELESS perpetual contract, supporting a maximum leverage of 3x.

A Hyperliquid trader has accumulated $25.1 million in total profits, with $13.27 million earned in the past 30 days.

According to monitoring by OnchainLens, a Hyperliquid trader has generated a cumulative profit of $25.1 million, with $13.27 million of that earned over the past 30 days. The trader currently holds approximately 177,600 HYPE long positions valued at around $14.97 million, with an entry price of $56.03 and current price of $84.30, resulting in an unrealized profit of roughly $5.02 million.

Hyperliquid repurchased and burned 15,350 HYPE tokens over the past 24 hours, worth approximately $1.32 million.

According to monitoring by OnchainLens, Hyperliquid repurchased and destroyed 15,350 HYPE tokens over the past 24 hours, at an average repurchase price of approximately $86.17, for a total value of around $1.32 million. To date, Hyperliquid has cumulatively destroyed roughly 48.45 million HYPE tokens, worth about $4.11 billion at current prices, accounting for 4.84% of HYPE’s maximum supply.

Changxin's largest long position on Hyperliquid has an unrealized profit exceeding $3 million.

According to TradingBeats' monitoring, the largest long address 0x9a80 for Changxin (trading pair: xyz:CXMT) on Hyperliquid currently holds around 1.4956 million CXMT long positions, with a position value of approximately $12.99 million, using 5x leverage, an average entry price of about $6.6156, and an unrealized profit of roughly $3.0959 million. Today, A-share listed Changxin rose sharply by 6.70%, closing at 58.47 yuan. Assuming no new trades are executed by this address, based on its current position size, the intraday price increase has generated an approximate $435,000 in paper gains for it. It is reported that this address built its current CXMT long position from scratch on July 15, accumulating around 225,200 CXMT tokens that day. It then continued to add to its position, peaking at roughly 1.63 million CXMT by the end of July. Although it reduced positions in batches during this period, it did not fully close out the position, and currently retains approximately 1.4956 million long CXMT positions.

Hyperliquid development team transfers HYPE tokens worth $38.14 million

According to crypto monitoring platform Yu Jing, the 433,000 HYPE tokens (valued at $38.14 million) that HyperLabs, the development team behind Hyperliquid, applied to redeem seven days ago were deposited into its address 12 hours ago. Nine hours later, the tokens were transferred to 11 separate addresses. The team now un-stakes and transfers out over 400,000 HYPE tokens monthly, which essentially equals its monthly staking interest income: the 241 million HYPE tokens it holds (worth $21.2 billion) generate a daily staking interest of 14,400 HYPE ($1.26 million), meaning the monthly interest is exactly the amount the team transfers out each month.

Pons and Fomo both generated more revenue than Hyperliquid over the past 24 hours.

Per DefiLlama data, Pons and Fomo generated approximately $1.85 million and $1.77 million in revenue over the past 24 hours, respectively, both surpassing Hyperliquid’s roughly $866,500. Currently, Pons ranks 5th and Fomo 6th on the crypto protocol revenue leaderboard, while Hyperliquid holds the 9th position.

Hyperliquid burned 9,730 HYPE tokens over the past 24 hours, worth approximately $829,500.

According to official data, Hyperliquid bought and burned 9,730 HYPE tokens at an average price of $85.27 over the past 24 hours, worth approximately $829,500. As of press time, Hyperliquid has cumulatively burned 48.42 million HYPE tokens, valued at around $4.14 billion at current prices, accounting for roughly 4.84% of its maximum supply.

Trade.XYZ deploys its HIP-4 DEX on Hyperliquid.

According to on-chain data, Trade.XYZ has deployed its HIP-4 decentralized exchange (DEX) on Hyperliquid. Transaction records show the deployment was completed at 21:15 Beijing time on September 5.

Galaxy and Wintermute are heavily net-short on Hyperliquid, with their combined short positions exceeding $126 million.

According to monitoring by OnchainLens, two cryptocurrency market-making firms, Galaxy Digital and Wintermute, currently hold significantly bearish positions on Hyperliquid. Wintermute holds approximately $99.82 million in short positions and $5.12 million in long positions, while Galaxy Digital holds around $26.41 million in short positions and $6.21 million in long positions. Combined, the two firms hold roughly $126.23 million in total short positions, compared to just about $11.33 million in long positions. Over the past 30 days, addresses associated with both firms have posted losses: Wintermute lost approximately $15.3 million, and Galaxy Digital lost around $5.96 million.

Hyperliquid will cut the minimum order notional amount for its prediction markets from $10 to $1.

Hyperliquid announced that in its upcoming network upgrade, it will lower the minimum notional amount for outcome orders (prediction market result token orders) from $10 to $1. Meanwhile, deployers will be able to query their remaining quota via the outcomeDeployerLimits information request interface.

GMGN's 24-hour revenue reached $2.46 million, surpassing Pump.fun and Hyperliquid.

According to Defillama data, GMGN’s protocol revenue reached $2.46 million over the past 24 hours, surpassing Pump.fun’s $1.12 million and Hyperliquid’s $1.76 million.

Hyperliquid officially announces HIP-3*: opens the door for compliant institutional-grade participants, offering an optional whitelist mechanism.

Hyperliquid has issued an API announcement stating that it will introduce an optional deployer configuration feature for HIP-3 in an upcoming network upgrade, collectively named HIP-3*. The core functionality allows deployers or their sub-deployers to manage on-chain whitelists and set access permissions for specific markets, enabling the creation of "permissioned markets". This feature is strictly an incremental addition to HIP-3, fully optional, with deployers deciding independently whether to adopt it—no impact on existing markets. The initial version of HIP-3* is now live on testnet; the testnet is a preliminary build and will be adjusted based on community feedback. Hyperliquid emphasized that it remains a neutral infrastructure layer, with the goal of supporting large-scale deployment of financial systems. HIP-3* is designed to provide deployers with additional functionality to operate their deployments while complying with their respective applicable regulatory requirements. Consistent with HIP-3, HIP-3* deployers are independent operators that use Hyperliquid as the on-chain infrastructure layer for their own markets, retaining full control and responsibility over their deployments. This design allows Hyperliquid to maintain its permissionless core while opening access to institutional participants that require a compliance framework.

Hyperliquid: Permissionless deployment pushes HIP-4 prediction market trading volume nearly threefold, with market access remaining a key limitation.

Hyperliquid Research Collective (HRC) released a report noting that after Hyperliquid opened third-party permissionless deployment for its HIP-4 prediction market layer on August 29, the platform’s trading volume grew rapidly. The average daily trading volume of HIP-4 in the first 28 days of August was around $545,000; following the deployment opening, single-day volume hit $1.97 million on August 31, with a 24-hour trading volume reaching $2.75 million, and the number of active traders rose from 1,256 to 1,841. The report points out that prediction market project Outcome has been the main beneficiary, currently accounting for nearly 85% of HIP-4’s total trading volume, and its $1 million trading incentive program further boosted liquidity growth. HRC attributes Hyperliquid’s core advantage to its unified account system: prediction markets can share the same account environment as perpetual contracts and HIP-3 assets, allowing users to hedge perpetual positions via prediction market contracts—an experience not currently offered by platforms like Kalshi and Polymarket. Sports prediction markets may become HIP-4’s largest growth area. During the recent World Cup, HIP-4-related markets recorded a cumulative trading volume of $189.5 million, accounting for around 3% of the global World Cup prediction market trading volume. However, HRC states that HIP-4’s current main limitation is not on-chain deployment, but regulatory access. The U.S. market involves regulatory frameworks from the CFTC, SEC, and other bodies, with sports prediction markets in particular likely triggering gambling-related regulatory scrutiny. HIP-4 has proven that permissionless deployment can rapidly expand trading scale, but whether it can further grow its market share will depend on the regulatory environment, recovery of the sports market, and future governance votes.

HYPE Treasury firm Hyperliquid Strategies has increased its financing limit to $2.5 billion, earmarking the funds for its reserve strategy.

Nasdaq-listed Hyperliquid Strategies (HSI) has increased its committed equity financing facility with Chardan Capital Markets from $1 billion to $2.5 billion, a 150% rise. The financing mechanism allows the firm to raise capital via new share issuances for its HYPE reserve strategy. As of June 30, HSI held approximately 29.3 million HYPE tokens, with related assets totaling around $1.904 billion. The company had earlier raised $646.6 million through this financing arrangement and deployed $773.4 million to acquire an additional ~16.5 million HYPE tokens, at an average cost of $46.77 per token. The amendment also imposes stricter limits on low-price share issuances: after cumulative share sales of $1 billion under this facility, if the issuance price falls below $12.02, the actual number of shares issued shall not exceed 42.6418 million, equivalent to 19.99% of the pre-amendment outstanding shares, unless approved by shareholders or subject to other applicable exemptions.

Silhouette launches Hyperliquid RFQ trading system, initially supporting xStocks tokenized stocks.

Hyperliquid’s block trading layer Silhouette has announced the mainnet launch of its RFQ (Request for Quote) trading system, with initial support for xStocks, Payward’s tokenized stock framework. According to the announcement, traders can submit quotes for supported xStocks, receive competitive bids from multiple market makers, and final executed trades settle directly on-chain, with support for 24/7 trading and large-sized orders. This model eliminates the need to build separate order books for each tokenized stock; once trading activity reaches a certain threshold, the assets can also be listed on Hyperliquid’s HyperCore market. Data shows that since its launch in June 2025, xStocks has recorded a cumulative trading volume exceeding $40 billion, with over 200,000 holders, of which nearly $20 billion in volume has been settled on-chain. The current global tokenized stock market size is around $2.53 billion, with xStocks boasting a market cap of ~$620 million, ranking third globally. In addition, Payward announced today that it will tokenize the 100 largest companies by market cap listed on the London Stock Exchange. The first batch of London-listed xStocks is expected to launch in the coming weeks, pending regulatory approval.

Hacker group Lazarus Group transfers over $30 million in funds via Hyperliquid.

According to monitoring by Emmett Gallic, addresses linked to the OFAC-sanctioned North Korean hacking group Lazarus Group were still transferring over $30 million in funds via Hyperliquid (HyperUnit) as of yesterday. On-chain detective ZachXBT identified these addresses as associated with Lazarus Group in 2024, noting they are linked to $61 million in stolen funds.

Hyperliquid is in discussions with Kraken's parent company about entering the U.S. market.

According to market sources, Hyperliquid is in talks with Kraken's parent company to enter the U.S. market.

SHEIN’s contract on Hyperliquid plunged nearly 15% in a short period, breaking below its IPO price range.

According to market data, SHEIN's pre-IPO contract trading pair on Hyperliquid plunged nearly 15% in a short period, hitting a low of $5.46, which fell below its IPO price range, and is now trading at $5.6, equivalent to around HK$43.9. It is reported that global fashion retail e-commerce platform SHEIN plans to list on the Hong Kong Stock Exchange on September 1, with a valuation of $27 billion, an offering of approximately 280 million shares, an IPO price range of HK$47.6 to HK$49.5 per share, and a maximum fundraising target of around HK$13.86 billion (about $1.77 billion).

Wintermute’s short positions on Hyperliquid turned profitable, with unrealized profits reaching $1.73 million.

According to monitoring by Onchain Lens, as the broader crypto market corrects, Wintermute’s large short positions previously established on Hyperliquid have returned to profitability. Currently, the firm holds roughly $149.2 million in short positions, with only about $5.01 million in long positions, translating to an overall unrealized profit and loss (PnL) of approximately $1.73 million. Specifically, Wintermute’s short positions include around $58.36 million in ETH, $26.11 million in SOL, and $19.16 million in BTC. Data shows its current portfolio remains highly skewed toward a bearish structure.

The third-largest ETH long on Hyperliquid, dubbed the "20x ETH leverage whale", added 5,088 ETH to its long position in the early hours of the morning.

According to TradingBeats monitoring, the "20x ETH long whale" added consecutive ETH long positions in the early hours of today, totaling approximately 5,088.97 ETH at an average price of ~$2,449.18, with a notional value of around $12.46 million. As of press time, the address holds 30,282.40 ETH in long positions worth ~$73.14 million, ranking as the third-largest ETH long on Hyperliquid. Its average entry price is $2,134.45, with an unrealized profit of roughly $8.508 million and a liquidation price of ~$1,749.24. The whale’s current ETH long positions were first opened on the evening of August 19, when the average entry price was ~$2,028.14. Additionally, the address has placed a reduce-only limit sell order for 25,193.44 ETH at a price of $4,000.

Hyperliquid launches PONS perpetual contract, now trading at $0.33.

According to official announcements, Hyperliquid has launched Pons (PONS) perpetual contracts, with a maximum leverage of up to 3x. The current mark price is 0.32999, and the contract open interest stands at $524,866. The current funding rate for the PONS contract is -0.0823%.

Hyperliquid HIP-4’s Outcome DEX (ticker: OUT) has completed deployment.

Hyperliquid HIP-4 permissionless deployments are now live, with the first HIP-4-based outcome DEX, "OUT", fully deployed. Per Hyperliquid’s developer documentation, HIP-4 enables deployers to permissionlessly create YES/NO or multi-outcome markets using templates approved via validator votes.

Four addresses have collectively withdrawn 675,000 HYPE tokens from Coinbase, with over $50 million worth of these tokens transferred to Hyperliquid for staking.

According to Onchain Lens monitoring, over the past several months, four wallet addresses have collectively withdrawn 675,000 HYPE tokens from Coinbase, valued at approximately $53.92 million, then transferred the funds to Hyperliquid for staking. Currently, the total value of HYPE staked by these four wallets exceeds $50 million. The relevant addresses are: 0xc0f5Cf95FE2152DDfd2867907800052C2B5Dba470, 0x193842c58A6ba8B1cBfD573CD35421a92a5cf2190, 0xd78F0921d88C22d74Bc776D82B7f057893e308Fc, 0xA2c5D94c46d4e24Def674734F035aef73450E7b7.

Trader "Maji" added nearly $5 million in positions in the past hour, currently ranking first on Hyperliquid's daily profit leaderboard.

According to monitoring by TradingBeats (formerly Hyperinsight), the address linked to crypto figure "Brother Ma Ji" (Huang Licheng) continued adding to long positions over the past hour, with total long open volume reaching approximately $4.99 million. The additions include ~900 ETH (worth ~$2.256 million), ~14 BTC (worth ~$1.115 million), ~8,000 HYPE (worth ~$660,000), and ~200 million PUMP (worth ~$957,000). Currently, the address holds: a 25x leveraged ETH long position on Hyperliquid totaling ~25,400 ETH (valued at ~$63.53 million) with an unrealized profit of ~$1.06 million; a 40x leveraged BTC long position totaling ~469 BTC (valued at ~$37.3 million) with an unrealized profit of ~$185,000; a 10x leveraged HYPE long position totaling ~180,000 HYPE (valued at ~$14.78 million) with an unrealized profit of ~$194,000; plus a 10x leveraged PUMP long position totaling ~200 million PUMP. Additionally, per TradingBeats’ daily profit leaderboard, Brother Ma Ji currently ranks first, with a daily net unrealized profit of approximately $3.4037 million.

CZ: If Hyperliquid enters the U.S. market, it will open up market space for more decentralized products and become a major positive for the entire crypto industry.

At the 2026 Wyoming Blockchain Symposium, CZ stated that Trump mentioned Hyperliquid, adding that Commodity Futures Trading Commission (CFTC) Chairman Mike Selig will explore pathways for the platform to enter the U.S. market. CZ believes that if this development is successfully implemented, it will be a major boon for the entire crypto industry. CZ noted that due to his stake in Binance, he is often perceived as a supporter of centralized exchanges, but his core motivation for entering the crypto space is his belief in decentralization. He pointed out that some users choose Hyperliquid because the platform allows wallet-based access without traditional accounts or KYC processes; if Hyperliquid can operate in the U.S. in a compliant manner, it will open the door for perpetual contracts and more decentralized services to enter the U.S. market. He argued that this is not just about Hyperliquid itself. “Hyperliquid is just the cutting edge; once this leading project enters, other projects will follow suit.” The related progress will benefit more decentralized products and their portfolio companies, while also bringing more liquidity to international centralized exchanges, enabling U.S. users to secure more competitive prices when trading crypto assets. CZ said that the crypto market is far from saturated at this stage, so competition between platforms is not a major concern. Hyperliquid’s entry into the U.S. will not only benefit itself but also expand the overall market size of the entire industry. “What is good for them will also be good for us.”

Top 10 Revenue-Generating Hyperliquid Builders in the Past 30 Days: MetaMask Tops the List, With Phantom and Trust Wallet Securing Second and Third Spots Respectively.

Per HyperTracker data, in Hyperliquid Builder’s 30-day revenue ranking, MetaMask leads with ~$1.3248 million, followed by Phantom at ~$1.2568 million, and Trust Wallet third with ~$900,200. The full breakdown: MetaMask: $1.3248M, 30-day trading volume $1.43B; Phantom: $1.2568M, $2.29B; Trust Wallet: $900.2k, $1.5B; Invo: $658.4k, $1.87B; fomo: $430.1k, $971M; 0xc7...b71a: $291.6k, $294M; 0x7c...e781: $242.3k, $636M; Trasia: $229k, $457M; Rabby: $227.7k, $1.13B; Blockchain: $181.2k, $160M. The Hyperliquid Builder Code mechanism allows wallets, trading frontends, tools, or bots to add origin tags to transaction orders via the on-chain Builder field, earning a share of fees from the transaction flows they route. Data shows top wallets and frontends are emerging as key revenue capture entry points for the Hyperliquid ecosystem, with MetaMask and Phantom both generating over $1.2 million in Builder revenue over the past 30 days.

Hyperliquid AQAv2’s first tranche of funds could repurchase approximately $20 million worth of HYPE.

The first revenue from Hyperliquid’s AQAv2 mechanism is expected to flow into the Hyperliquid Aid Fund on October 3, with market projections putting the initial funding at around $20 million, which will be used to repurchase HYPE tokens. AQAv2 (Aligned Quote Asset v2) is a stablecoin mechanism announced by Hyperliquid in May this year, allowing stablecoins not exclusively issued by Hyperliquid—including USDC—to obtain the "Aligned" qualification. Per public details, AQAv2 returns the majority of stablecoin revenues to the Hyperliquid ecosystem: 90% of these revenues are allocated to relevant mechanisms, and 100% of that sum is subsequently used to repurchase and burn HYPE tokens. Coinbase has been named the fund deployment partner, while Circle handles technical deployment; both firms will also stake HYPE to participate in the mechanism. Analysts forecast the mechanism will generate an additional $135 million to $160 million in annual HYPE repurchase pressure.

Opinion: Bitcoin’s full-scale rally still needs one final condition, and a Hyperliquid whale turning bullish could be the key

Crypto analyst CW stated in a post that Bitcoin will need to meet three conditions to kick off a full-scale rally: Hyperliquid whales turning bullish, Bitfinex whales completing their BTC long position accumulation, and the elimination of negative Korea Kimchi Premium and Coinbase Premium. So far, Bitfinex whales have finished building their BTC long positions, while both the negative Kimchi Premium and negative Coinbase Premium have disappeared—meaning two of the three conditions are already satisfied. The market’s core focus moving forward will be whether Hyperliquid whales shift to a bullish stance; once this signal emerges, it could act as a catalyst for Bitcoin to start a new upward trend. It’s worth noting that the above assessment primarily reflects the analyst’s personal views, and related premiums and whale position changes are generally only used as reference indicators for market sentiment and capital flows.

Hyperliquid’s testnet has launched trailing stop orders.

Hyperliquid News announced that Trailing Stop orders are now live on Hyperliquid’s testnet. The feature allows users to dynamically adjust their stop-loss trigger price based on market price movements, enabling them to lock in profits or mitigate downside risks when the market reverses.

Anthropic Targets $2 Trillion Valuation? First Pre-IPO Market on Hyperliquid Notches Nearly $3 Million in 24-Hour Trading Volume.

HIP-3 market deployer Entropy has launched the platform’s first Anthropic Pre-IPO market on Hyperliquid. ANTH rose 2.9% over the past 24 hours, currently trading at $1,965.4, with a 24-hour trading volume of $2.94 million and contract open interest reaching $2.06 million.

Hyperliquid's largest gold long position holder has unrealized profits exceeding $6.35 million, while holding a flash swap short position.

According to monitoring by TradingBeats (formerly Hyperinsight), Loracle sub-address 0xefe4...194b currently ranks first on the Hyperliquid xyz:GOLD position leaderboard, holding approximately 12,801.96 long GOLD positions with a position value of around $59.8953 million and an unrealized profit of roughly $6.3510 million. Additionally, the address also holds about 15,567.34 short xyz:SNDK positions, with a position value of approximately $22.5929 million and an unrealized profit of around $0.3703 million. The combined value of the two positions is roughly $82.4881 million, with a total unrealized profit of approximately $6.7213 million.

Kinetiq is set to launch its new Hyperliquid Layer 2 (L2) network, Elysium, with HYPE as the native gas token.

Hyperliquid ecosystem project Kinetiq has announced the launch of Elysium, a new Hyperliquid L2 network designed to address key pain points including HyperEVM’s performance bottlenecks and the complexity of its dual-block architecture. Elysium will use HYPE as its native gas token, enabling seamless integration with HyperCore and HyperEVM. Deployed in close synergy with the Hyperliquid mainnet, Elysium’s initial block production performance is projected to far outpace HyperEVM levels. The network will support token issuance: projects can launch starting with a long-tail asset AMM, then gradually integrate Elysium’s PropAMM, HyperCore spot order book, and qualify for perpetual contract listings via HIP-3. For its economic model, 25% of Elysium sequencer fees will be allocated to application builders that consume block space, 25% will go to the Kinetiq treasury, and 50% will be used for programmatic purchases of KNTQ tokens on the open market. All purchased KNTQ tokens will be burned and transferred to the Hyperliquid Aid Fund.

Fortune highly praises Hyperliquid, comparing it to Binance’s 2017 breakout debut, highlighting its multiple advantages as it enters the U.S. market.

Fortune published an article titled "A New Crypto Giant Is Rising," praising Hyperliquid. At last week's SALT Conference, the premier crypto industry event held in Jackson Hole, Hyperliquid became the talk of the entire gathering. Since its launch in 2023, Hyperliquid has operated under an offshore model, but its team is accelerating efforts to establish a regulated business in the United States. Unlike most offshore firms that have stumbled in the U.S. market, Hyperliquid boasts multiple advantages: CEO Jeff Yan was born in the U.S., and it is reported that he has secured support for perpetual contracts from influential figures including former President Trump and the Chairman of the Commodity Futures Trading Commission (CFTC). The company's team also includes Schamis, who brings decades of credibility in traditional finance, and prominent crypto lawyer Jake Chervinsky, who is dedicated to building a legal framework for DeFi in the U.S. Fortune assesses that Hyperliquid could suddenly emerge as a major competitive threat to crypto giants such as Coinbase, Kraken, and Robinhood, much like Binance burst onto the scene in 2017.

Fortune highly praises Hyperliquid, comparing it to Binance when it burst onto the scene in 2017, noting that Hyperliquid holds multiple advantages as it enters the U.S. market.

，《财富》刊文《一个新的加密巨头崛起了》盛赞 Hyperliquid。在上周于杰克逊霍尔举行的加密行业顶级盛会 SALT 会议上，Hyperliquid 成为全场热议的焦点。Hyperliquid 自 2023 年上线以来一直采取离岸模式运营，但其团队正加速推动在美国建立受监管业务。与多数折戟美国市场的离岸公司不同，Hyperliquid 拥有多重优势：CEO Jeff Yan 为美国出生，且据称获得特朗普及 CFTC 主席等有影响力人士对永续合约的支持。公司团队还包括拥有数十年传统金融信誉的 Schamis，以及致力于为 DeFi 在美国建立法律框架的知名加密律师 Jake Chervinsky。《财富》判断 Hyperliquid 可能突然成为 Coinbase、Kraken 和 Robinhood 等加密巨头的重大竞争威胁，如同 2017 年 Binance 横空出世。

The largest short position holder of LIT on Hyperliquid has added $2.5 million in margin, with unrealized losses exceeding $5.6 million.

On-chain analyst Ai Yi (@ai_9684xtpa) monitored that Hyperliquid’s largest LIT short seller today urgently added $2.5 million in margin, posting an unrealized loss of $5.605 million. The trader holds 2.528 million LIT short positions (valued at approximately $8.9 million) with an average entry price of $1.3. Following LIT’s listing on Upbit today, the token saw a brief rally; to mitigate liquidation risk, the short seller added margin. Currently, the single-coin margin stands at a high of $7.16 million, with a liquidation price of $5.78.