Hyperliquid (HYPE) — Onchain News & Whale Tracking

Hyperliquid has burned 42,300 HYPE tokens in the past 24 hours, with the burn volume jumping more than 88% sequentially.

According to on-chain data, Hyperliquid burned 42,300 HYPE tokens over the past 24 hours, valued at roughly $4 million, marking an over 88% month-over-month rise. In the past seven days, the platform burned 226,500 HYPE tokens, pushing its cumulative total burn to 47,397,098 HYPE, which accounts for 4.74% of the token’s total supply.

Hyperliquid's monthly active addresses hit a new all-time high.

As of September 18, 2026, Hyperliquid’s monthly active addresses reached 291,900, a new all-time high, marking a sharp increase from roughly 225,000 in July. After prior fluctuations, active addresses showed a clear accelerating upward trend between August and September. Robust user growth indicates rising adoption for this perpetual contract decentralized exchange (DEX). The key risk lies in whether this growth can translate into sustained trading volume and revenue, or if it will fade as market cycles change.

Hyperliquid Launches Bitcoin Volmex Implied Volatility Index (BVIV) Perpetual Contract

Bitcoin Volmex Implied Volatility Index (BVIV) perpetual contracts officially launched on Hyperliquid on Monday, offering on-chain exchange users a way to bet on the magnitude of Bitcoin’s price fluctuations rather than its price direction. Widely dubbed the “Bitcoin VIX,” the BVIV index tracks the real-time implied or expected volatility of the cryptocurrency over the next 30 days. It is similar to the Chicago Board Options Exchange (Cboe) VIX index, which measures the 30-day implied volatility of the S&P 500 index. The newly launched perpetual contracts allow traders to go long or short on the volatility index directly, eliminating the need to express volatility views indirectly via options—thus avoiding high capital requirements and the need for specialized derivatives trading expertise.

Hyperliquid’s fully diluted valuation (FDV) surpasses Nasdaq and the London Stock Exchange.

According to market data from BIT (bit.com), Hyperliquid's fully diluted valuation (FDV) has surpassed that of the Nasdaq and London Stock Exchange.

Largest BTC Short Seller on Hyperliquid Remains Trapped After Opening Short at High Price, Unrealized Loss Exceeds $6 Million

According to TradingBeats monitoring, the largest BTC short seller on Hyperliquid—address 0xfc27, tagged as Polymarket user "VBVIT" on the platform—has been steadily adding to its short positions as BTC rises. As of press time, the address holds 1,320.73 BTC in short positions, valued at approximately $112 million, with 25x leverage and an average entry price of around $79,470.40. BTC is currently trading at roughly $84,547 at press time, putting the account’s BTC short position at an unrealized loss of about $6.7048 million. Its liquidation price is approximately $86,951.25, less than 3% above the current market price. Recent transaction records show the address added to its short positions when BTC was trading between $82,700 and $83,300. Additionally, the address holds around $76.46 million in ETH short positions, with an unrealized loss of roughly $4.44 million. Its total unrealized loss across 87 perpetual positions stands at approximately $13.84 million.

The 4th-largest BTC long position holder on Hyperliquid has held BTC and ETH long positions for over two months, with current unrealized profits exceeding $30.95 million.

According to TradingBeats monitoring, address 0x15a4...dfdb has not adjusted its two perpetual BTC and ETH positions since opening long positions for the two assets in July. As of press time, the combined value of its two positions is approximately $111 million, with unrealized profits of around $30.95 million. The address opened a 1,000-BTC long position in batches on July 6, with an average entry price of about $62,353.60 and 40x leverage; the current BTC position is valued at roughly $83.88 million, with an unrealized profit of approximately $21.53 million. Its ETH long position was initiated on July 8, and increased to 10,000 ETH on July 14, with an average entry price of around $1,761.94 and 20x leverage; the current ETH position is worth about $27.04 million, with an unrealized profit of roughly $9.42 million. The address’s cumulative profit and loss stands at approximately $31.51 million, with available account margin of around $22.06 million. Trading records show its most recent transaction occurred on July 25, with no subsequent additions or reductions to its BTC or ETH long positions.

Abraxas Capital's $1.2B short on Hyperliquid faces $100M+ unrealized loss

Abraxas Capital's short positions on #Hyperliquid have reached $1.2B, with an unrealized loss of over $100M!

Jinse Finance partners with Hyperliquid’s Chinese channel to host a trading rant event, inviting participants to share trading experiences and split a 28.88 HYPE prize pool.

BlockBeats and Hyperliquid Chinese Channel officially launch the HYPE Community Rant Contest. The 7-day event runs from September 21 to September 28, where users can share their trading stories to win HYPE rewards. Eligible topics include: Who missed out on the Robinhood $PONS wealth train? Who got liquidated while holding positions when crude oil was more volatile than BTC and ETH in the middle of the night? Last year at this time, $ZEC was only 40 U… Did you catch the privacy narrative? $HYPE and $Lit hit new highs—are you still holding $Aster? The event offers three tiers of rewards, with the top prize being 9.99 HYPE. During the event, users must quote the event’s promotional content, post original topic tweets, and follow the Hyperliquid Chinese Channel. The event is exclusively sponsored by ecosystem project Aqua, with support from partners TradingBeats, CoinAnk, HyperEVM Chinese Station, and Hyperliquid Madhouse.

Crypto media Jinse Finance has partnered with Hyperliquid's Chinese channel to launch a trading rant event, where participants can share their trading experiences to split a prize pool of 28.88 HYPE tokens.

BlockBeats and Hyperliquid Chinese Channel officially launch the HYPE Community Rant Session. The 7-day event runs from September 21 to September 28, where users can win HYPE rewards by sharing their trading stories. Eligible topics include: - Who missed out on Robinhood’s $PONS "wealth train"? - Who got liquidated while holding positions when crude oil was more volatile than BTC and ETH in the middle of the night? - Back this time last year, $ZEC was only $40... Did you catch the privacy narrative? - $HYPE and $LIT hit new highs—are you still holding $ASTER? The event has three reward tiers, with the top prize being 9.99 HYPE. To participate, users must quote the event’s promotional content, post original topic tweets, and follow the Hyperliquid Chinese Channel. The event is exclusively sponsored by ecosystem project Aqua, and supported by partners TradingBeats, CoinAnk, HyperEVM Chinese Station, and Hyperliquid Madhouse.

Hyperliquid's perpetual contract open interest market share rises to 10.9%, hitting a new all-time high.

According to data from Hypeflows, Hyperliquid currently holds a 10.9% share of the global perpetual contract market (including all centralized exchanges such as Binance, Bybit, and OKX) based on open interest, hitting an all-time high. Per HTX market data, HYPE is trading at $91.32, down 1.7% in the past 24 hours.

Hyperliquid burned $2.42 million worth of HYPE tokens in 24 hours, bringing the total burn amount to 4.88% of its maximum supply.

According to monitoring by OnchainLens, Hyperliquid burned $2.42 million worth of HYPE tokens within 24 hours, at a weighted average price of $91.86, totaling 26,310 HYPE tokens destroyed. The cumulative burn volume of HYPE tokens currently stands at 48.76 million (valued at approximately $4.5 billion), accounting for 4.88% of its maximum supply. Over the past 30 days, Hyperliquid generated $64.34 million in revenue, bringing its cumulative total revenue to $1.26 billion.

Hyperliquid’s Open Interest Hits New One-Year High, Drawing Liquidity From Traditional Assets and Prediction Markets

Hyperliquid’s open interest (OI) has hit a new all-time high of $16.36 billion, surpassing the previous record set exactly one year ago on September 18, 2025. Over the past 12 months, the platform has evolved from a crypto perpetual trading venue to an on-chain trading infrastructure supporting stocks, commodities, indices, pre-IPO assets, and event contracts. Launched in October 2025, HIP-3 enables third parties to stake HYPE and deploy their own perpetual markets, with underlying assets spanning US equities, gold, crude oil, the S&P 500, and private firms including SpaceX. As of early September 2026, cumulative trading volume on HIP-3 markets exceeded $548 billion, representing roughly 30% of the platform’s total trading volume over the prior 30 days. HIP-4, rolled out in May 2026, filled the gap in prediction markets and event contracts, and was further opened to third-party deployments at the end of August. During the same period, issuers including 21Shares, Bitwise, and Grayscale sequentially launched HYPE spot or staking-based ETFs; the platform also launched native lending services and advanced licensed HIP-3 markets for US users.

Roundup of Recent Positive Developments for Hyperliquid: Kraken partnership continues to fuel token price gains, HYPE surges past $94 to set a new all-time high.

According to HTX market data, HYPE has surged past $94, hitting a new all-time high of $94.43, with a 24-hour gain of 9.1% and a market cap of $20.996 billion. Below is a roundup of recent positive developments for Hyperliquid: · Payward, parent company of Kraken, announced plans to offer on-chain perpetual contracts based on Hyperliquid to U.S. clients. Bitnomial, a CFTC-regulated exchange and clearinghouse under Payward, acts as the HIP-3 deployer, responsible for creating, owning, managing markets, and clearing trades. NinjaTrader Clearing, a registered Futures Commission Merchant (FCM), will hold client accounts. · The U.S. SEC announced its "Innovation Exemption," granting conditional five-year exemptions to certain tokenized stock trading platforms, a boost for Hyperliquid’s expansion in the tokenized equity and real-world asset (RWA) space. · The HIP-3 market accounted for nearly 50% of the platform’s perpetual trading volume in summer 2026, up from around 2% at the start of the year. TradeXYZ’s stock market (including Nasdaq 100 and individual equities) remains dominant. Over the same period, total RWA perpetual trading volume across the market rose from ~$85 billion per month in January to ~$470 billion per month in June. · Hyperliquid’s perpetual contract trading volume over the past 30 days reached ~$240 billion, leading public chains/ecosystems (second-place Arbitrum recorded ~$47.2 billion, while Solana saw ~$46 billion). It holds a ~36% share of the Perp DEX market over the same period, with cumulative perpetual trading volume exceeding $5.3 trillion. · Hyperliquid recently launched the Manual Borrows feature, allowing users to borrow USDC or USDT using HYPE or BTC as collateral.

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.