Hyperliquid (HYPE) — Onchain News & Whale Tracking

A fake Hyperliquid website carried out phishing attacks via Google Ads, with the hacker group stealing a total of $52.74 million.

According to monitoring by security firm Salus, a phishing website impersonating Hyperliquid was promoted through Google sponsored ads, leading one victim to lose around 550,000 USDC on August 13. After tracing the fund flow further, investigators confirmed the incident involved specialized "Drain-as-a-Service (DaaS)" infrastructure closely tied to the Inferno ecosystem. The DaaS service provides a range of tools including malicious scripts, admin panels, authorization instruction generation, one-time contract deployment, automated token theft, cross-chain withdrawals, token swaps, and fund aggregation, while supporting automated revenue sharing. In this attack, the phishing group handled purchasing Google ads, deploying the fake website, and providing final receiving addresses. Once the theft was successful, the backend automatically split the stolen funds per a preset ratio. Further fund tracking showed that multiple groups linked to this infrastructure had previously taken part in several large-scale phishing attacks, causing cumulative losses of about $52.74 million. This incident once again underscores the risk of phishing attacks that promote fake crypto platforms via search engine ads. Users should carefully verify website domains and ad sources when accessing trading platforms to avoid asset losses from fake pages.

Hyperliquid Ecosystem Tokens See Broad Gains, Meme Coin PURR Surges Over 57%

Against the backdrop of Trump's mentions and favorable crypto policies, HYPE has hit successive new highs, while tokens in the Hyperliquid ecosystem have also seen a broad rally. According to GMGN market data, Hyperliquid ecosystem meme coin PURR currently has a market cap of $87.93 million, up over 57% in 24 hours; KNTQ, the token of Hyperliquid ecosystem restaking protocol Kinetiq, carries a market cap of $55.05 million, up 19% in 24 hours. Additionally, meme coin speculation on Hyper EVM is gaining momentum: EGG surged to a $9 million market cap yesterday before pulling back, now standing at $4.93 million with a 24-hour gain of 187%; Chomolon Joff (JOFF) has a market cap of $11.41 million, up 233.4% in 24 hours. BlockBeats reminds users that prices of related tokens are highly volatile, so investors should exercise caution.

Abraxas Capital is shorting the market, establishing a short position of approximately $783 million on Hyperliquid.

According to Lookonchain’s monitoring, Abraxas Capital has recently taken a large short position on Hyperliquid, with the short position size reaching approximately $783 million. Meanwhile, the institution is hedging via spot purchases, having withdrawn 73,872 ETH from Binance over the past four days, valued at around $173 million.

Wintermute ramps up its short positions on cryptocurrencies, with its short exposure on Hyperliquid rising to $191 million.

According to monitoring by Onchain Lens, market maker Wintermute has recently continued depositing funds into Hyperliquid and expanding its short positions. Its total short exposure has risen from the previous $146 million to $191 million, adding approximately $44.58 million in short positions. Currently, its top five short positions are: ETH (~$53.02 million), BTC (~$30.66 million), SOL (~$22.62 million), HYPE (~$11.43 million), and XRP (~$10.19 million). The address currently has an unrealized loss of roughly $5.85 million. Additionally, Wintermute is transferring large amounts of funds to centralized exchanges such as Binance; the scale of its CEX perpetual contract positions remains to be further observed.

Hyperliquid's weekly revenue has exceeded $16 million, marking a nearly 196% increase compared to last week.

According to Defillama data, Hyperliquid's weekly revenue hit $16.93 million this week, a nearly 196% jump from last week's $5.72 million. Fueled by this week's rebound in the crypto market, demand for perpetual contract trading has risen, driving simultaneous growth in the platform's trading volume and fee revenue. Separately, HTX market data shows Hyperliquid's native token HYPE has rallied over 37% this week, currently trading at $78.66.

Wintermute holds a $146 million short position on Hyperliquid, with a total unrealized loss of $3.66 million currently.

According to monitoring by Onchain Lens, Wintermute currently holds open positions worth $160.03 million on Hyperliquid. Of these, short positions are valued at $146.19 million, while long positions total just $13.85 million. The positions have a combined unrealized loss of $3.66 million, but have earned $2.14 million in funding fee revenue. Still, Wintermute’s cumulative historical profits stand at $203.55 million.

Regulated Major Exchanges Ditching Self-Built Chains? Kraken Reportedly Testing Hyperliquid’s Permissioned HIP-3, Community Debates Practical Pathways for Crypto Infrastructure

Hyperliquid’s testnet has recently added compliance operation control features including whitelisting, forced liquidation, and collateral transfer. A node named "Kraken HIP-3 test DEX" has activated these permissioned features, whitelisted 10 wallets, and registered the "Kraken Exchange Validator". While the testnet supports permissionless deployment and full attribution cannot be confirmed, combined with Kraken parent company Payward’s licensing arrangements for xStocks and U.S. derivatives, the community widely interprets this as likely the first major compliant CEX to seriously adapt to Hyperliquid’s permissioned HIP-3 framework. What has sparked even more discussion is the contrast here: Kraken itself has incubated its own Ethereum Layer 2 "Ink", yet it chose to test compliance modules on Hyperliquid, a high-performance perpetual infrastructure long viewed as "not fully compliant". Analysts believe this is not a simple "abandonment of its own chain", but a pragmatic choice: the HIP-3+Star optional modules allow CEXs to quickly access verified order book and margin systems while retaining control over KYC and account-level risk control. Hyperliquid is being repositioned as a neutral underlying trading infrastructure, where permissioned and permissionless layers coexist in isolation. Whoever integrates the compliance modules will gain access to institutional liquidity in the next phase. This remains in the testing stage, with neither side having made an official announcement.

Hyperliquid Policy Center: Perpetual Contracts Are an Effective Supplement to Traditional Futures

The Hyperliquid Policy Center released a new research report stating that perpetual contracts act as an effective complement to traditional delivery futures. By analyzing weekend trading data of 205 Bitcoin and 19 on-chain crude oil contracts, the report found that perpetual contracts eliminate forced rollover costs, lower the crude oil trading threshold to 1/100 of that of traditional WTI, and deliver accurate price discovery functions during non-trading hours of traditional markets. The policy center also cited data to prove that the growth of the perpetual market has not caused statistically significant harm to existing benchmark markets.

The second-largest BTC long position holder on Hyperliquid has an overall unrealized profit of over $20 million, with no position reduction actions taken so far.

According to monitoring data from TradingBeats (formerly Hyperinsight), the second-largest BTC long position holder (address 0x15) on Hyperliquid now has an overall unrealized profit exceeding $20 million. This includes $14.4 million from a 40x BTC long position and $6.32 million from a 20x ETH long position. No position reduction actions have been taken by this address so far. Both its BTC and ETH long positions were reduced in early July, with the average entry price of the BTC long position at $62,353 and that of the ETH long position at $1,761.

The largest BTC long position holder on Hyperliquid has held their position for 3 months; the BTC long position of the so-called "BTC OG Insider Whale" will break even with just a $300 rise in the coin’s price.

Per monitoring by TradingBeats (formerly Hyperinsight), the 0x92-starting address belonging to Garrett Jin, agent of the "BTC OG Insider Whale", is set to break even after holding a long position for three months. The long position was opened on May 20 at an average price of $76,117. At Bitcoin’s current price of $75,810, it only needs the cryptocurrency’s price to rise by roughly $300 to reach break-even. However, strictly speaking, since the address has already paid $1.41 million in funding fees for the long position, fully recouping its costs will require further upside in Bitcoin’s price.

Chasing highs aggressively with 20x leverage, the fourth-largest ETH long position on Hyperliquid has expanded its unrealized profit to $7.3 million.

According to monitoring by TradingBeats (formerly Hyperinsight), the fourth-largest ETH long address on Hyperliquid – with the top three all linked to Matrixport – has seen its unrealized profit expand to $7.3 million, at an entry price of $2,027. Data shows the address first deposited funds into Hyperliquid on August 7, began building positions on the evening of August 19 when ETH rose to $2,057, generated roughly $8 million in profit within two days, and completed its first position reduction on the morning of August 20, locking in $864,565 in gains.

Hyperliquid's total fees rose 31% in the first half of the year to $419 million, with HYPE's valuation now approaching that of traditional trading platforms.

Hyperliquid has released its first-half (H1) 2026 performance analysis. Key metrics show total fee revenue hit $419.3 million, up 31% year-over-year (YoY); daily active users rose roughly 90%, with trading volume reaching $1.29 trillion in H1, and June alone notching $266.5 billion in volume. However, Hyperliquid’s core protocol revenue fell 3.8% YoY to $305.3 million from $317.5 million in H1 2025. The decline stems from the rapid expansion of HIP-3 markets, which let external teams launch markets for stocks, commodities, pre-IPO assets and other products on Hyperliquid’s infrastructure, retaining 50% of trading fees. HIP-3 now contributes 11.2% of total fee revenue. In derivatives, Hyperliquid’s open interest (OI) stands at ~$9.1 billion, accounting for 10.3% of the global crypto perpetual contract market and up 24.8% YoY; its on-chain perpetual contract market share is 54.5%, exceeding that of all other on-chain platforms combined. On valuation, including the ~$309 million annualized HYPE token issuance cost, HYPE’s adjusted price-to-earnings ratio is ~23x, nearly matching the ~24.5x average of peers including traditional exchanges CME, CBOE, Interactive Brokers and Coinbase. The report projects a USDC reserve yield partnership could add $135–160 million in annual revenue for Hyperliquid, which would be used for HYPE buybacks. It flags H2 growth risks including competition and regulatory uncertainty: HIP-3 markets rely heavily on individual developers, while stock and pre-IPO asset markets face unclear regulatory oversight. Still, new offerings like HIP-4 prediction markets, options products and USDC reserve yields could further diversify Hyperliquid’s revenue streams.

CME CEO: trade.xyz and Hyperliquid are impacting the U.S. market.

Chicago Mercantile Exchange (CME) Group Chairman and CEO Terry Duffy said at a Commodity Futures Trading Commission (CFTC) Innovation Advisory Committee meeting this morning that trade.xyz and Hyperliquid are exerting a material impact on the U.S. market. trade.xyz is a major market builder on the Hyperliquid chain, focusing on perpetual contracts for stocks, commodities, and pre-IPO assets, with its trading volume accounting for a significant share of Hyperliquid’s total volume. Duffy has repeatedly publicly raised concerns about leverage and regulatory issues related to such offshore platforms. Furthermore, Duffy engaged in a heated exchange with CFTC Chairman Michael Selig and Kalshi Chief Operating Officer Luana Lopes Lara over the regulation of prediction markets. Duffy noted that some prediction market contracts carry manipulation risks, particularly those listed via self-certification. He cited certain contracts linked to content from Trump’s State of the Union address and the timeline of Venezuelan President Nicolás Maduro’s ouster as potential manipulation risks, stating that this is harmful to the entire industry.

The third-largest HYPE long position on Hyperliquid has an unrealized profit of $14.58 million, and has not taken any additional actions since opening a 10x long at a low level.

According to monitoring by TradingBeats (formerly Hyperinsight), address 0x6666...23f5 currently holds 450,000 HYPE long positions on Hyperliquid, with a position value of approximately $32.49 million. Its average entry price is $39.8114, and the current unrealized profit is around $14.58 million. On-chain fund flow data shows that the address’s initial funds entered HyperCore primarily via Circle CCTP-related HyperEVM CoreDepositWallet. The first deposit was made on March 18, 2026, followed by cumulative receipts of about 3.8 million USDC between March 18 and 27, all from the HyperEVM CoreDepositWallet. Subsequently, starting at 02:31 HK time on March 18, 2026, the address built a 10x leveraged HYPE long position from scratch, completed its last position addition on April 7, and has since been inactive (making it impossible to calculate its historical trade win rate). As of press time, the address has paid $950,000 in funding fees for its long positions, ranking third among all HYPE contract long addresses on Hyperliquid by position size.

CZ comments on Trump's new crypto policy: The policy's benefits are not limited to Hyperliquid, and it sends a positive signal to the entire crypto industry.

CZ retweeted his own remarks on Hyperliquid’s entry into the U.S., pointing out that many people are overlooking the bigger picture. He noted that policies cannot be applied to only a single company or project, adding that a policy beneficial to one will benefit the entire industry. Earlier, CZ had commented that the Trump administration might bring Hyperliquid to the U.S. in a compliant, legal manner, which would open more Perpetual Decentralized Exchanges (Perp DEXes) and decentralized services to U.S. users, a huge boon for the broader crypto sector.

Whale deposits 20M $USDC to Hyperliquid, opens 4x long on 20K $ETH, profits $6.66M

What a coincidence! 13 hours ago, a whale created a new wallet (0xedcd), deposited 20M $USDC into Hyperliquid, and opened a 4x long on 20,000 $ETH($45.38M). Shortly after he opened the position, $ETH started surging. He is now sitting on an unrealized profit of $6.66M.

Hyperliquid generated $4.4 million in revenue over the past 24 hours, burning $4.24 million worth of HYPE.

According to monitoring by Onchain Lens, decentralized exchange platform Hyperliquid generated approximately $4.4 million in revenue over the past 24 hours, while burning HYPE tokens worth around $4.24 million in the same period.

Linera claims it aims to become the 'next Hyperliquid' and will promote the LNRA token sale.

New public blockchain Linera, founded by former Libra employees, announced today that it aims to become the "next Hyperliquid" and teased an upcoming LNRA token sale. Linera said it is following Hyperliquid’s playbook: building its own dedicated chain, focusing on consumer products, operating with a small team, generating real revenue first, and prioritizing user rewards. Its core product is a real-time prediction market at app.linera.xyz, which can launch, operate, and settle within one minute. The project uses a parallel microchains architecture, supporting thousands of small markets to run simultaneously, with final confirmation times typically under one second—solving congestion and high fees that plague general-purpose blockchains in real-time use cases. All markets operate on a pure player-versus-player (PvP) model, with no house and no external market makers required. The core team numbers just five members. Users who earn badges by engaging with the product will get priority access to an exclusive subscription pool for the LNRA sale. Detailed sale information will be announced at a later date.

HYPE surges more than 22% in 24 hours; Trump says US SEC Chair is pushing Hyperliquid to enter the U.S. in a compliant manner.

Per HTX market data, HYPE has jumped over 22% in the past 24 hours, currently trading at $71.94. On the news front, US President Donald Trump stated that SEC Chair is working to advance Hyperliquid’s entry into the US market. Trump noted that relevant efforts are ongoing, with the goal of enabling Hyperliquid to operate under the US regulatory framework. No specific implementation plan or timeline has been disclosed yet. Earlier, Hyperliquid representatives discussed digital asset regulatory issues with the US SEC Crypto Assets Working Group, covering Hyperliquid’s ecosystem, technical architecture, and market regulatory pathways.

Trump: US SEC Chairman is pushing for Hyperliquid to enter the US in a compliant manner.

Hyperliquid News cited sources as saying that U.S. President Donald Trump stated SEC Chair is pushing Hyperliquid to enter the U.S. market. Trump noted that relevant work is underway, with the goal of enabling Hyperliquid to operate under the U.S. regulatory framework, though no specific implementation plan or timeline has been released yet. Earlier, Hyperliquid representatives had discussed digital asset regulatory issues with the U.S. SEC’s Crypto Assets Working Group, covering Hyperliquid’s ecosystem, technical architecture, and market regulatory pathways. If Hyperliquid secures U.S. market access in the future, it could become a key case for decentralized derivatives trading platforms to achieve compliance, and further drive on-chain trading platforms into the U.S. mainstream financial market.

A 40x leveraged short whale added 800 BTC to its short position, currently ranking as the largest BTC short on Hyperliquid.

According to monitoring from TradingBeats (formerly Hyperinsight), a whale address starting with 0x66 added 800 BTC to its short position during tonight’s sharp BTC rally, expanding its 40x-leveraged short to 1,200 BTC, making it the largest BTC short seller on Hyperliquid. The address currently holds an unrealized loss of $2.39 million, with an average entry price of $66,891 and a liquidation price of $70,039. Data shows the whale address is tagged as both "High Profit" and "Whale" — meaning its cumulative historical profit and loss exceeds $1 million, and its perpetual contract account net value (excluding spot and staking assets) ranges between $1 million and $5 million. Its win rate on completed historical trades stands at 55%.

Coinbase introduces perpetual contracts to its Base App via Hyperliquid, supporting up to 50x leverage.

Coinbase announced it is introducing perpetual contract trading to Base App via Hyperliquid. Eligible users can trade over 290 perpetual contract markets, with up to 50x leverage, covering Bitcoin, Ethereum, and markets linked to stocks and commodities. Chintan Turakhia, Coinbase’s head of engineering, noted that perpetual contracts currently account for roughly 75% of total crypto market trading volume, and are the most requested feature among Base App’s power users. Trades will be executed within Base App, though Hyperliquid handles the actual settlement, so users do not need to leave their existing wallets. Coinbase added that maximum leverage varies per asset, and positions may be liquidated if losses exceed a set threshold. The product is not currently accessible to users in the U.S., U.K., Canada, and other jurisdictions that restrict leveraged crypto derivatives trading. The launch also signals a shift in Base App’s product focus, moving away from its previous emphasis on social and creator features toward trading, payments, and AI Agents. Base founder Jesse Pollak previously acknowledged that social and creator tokens failed to deliver the expected user growth, while prediction markets, perpetual contracts, and stablecoins have emerged as stronger drivers of adoption.

The largest ETH short position on Hyperliquid has seen its unrealized loss expand to $19.17 million, with its liquidation price currently quoted at $2,189.

Per monitoring from TradingBeats (formerly Hyperinsight), pension-usdt.eth — the largest Ethereum short whale on Hyperliquid — has seen its unrealized loss on ETH short positions expand to $19.17 million. The address opened a 3x leveraged ETH short position at $1,700. Despite the massive unrealized loss, the position’s value still stands at $104 million, with a liquidation price of $2,189. It has earned $1.04 million in funding fees. Notably, pension-usdt.eth has not executed any trades in nearly two months, yet its win rate on closed trades hits 85.45%. Its historical trading profit on BTC amounts to $13 million, while its ETH trading profit is as high as $27.48 million.

The unrealized profit of the second-largest BTC long position on Hyperliquid has widened to $5.82 million, while ETH long positions hold an unrealized profit of $3.05 million.

According to monitoring by TradingBeats (formerly Hyperinsight), the unrealized profit of the second-largest BTC long address on Hyperliquid has expanded to $5.82 million. The address currently holds a 40x leveraged BTC long position of 1,000 BTC, with a position value of $68.18 million and an entry price of $62,353. Additionally, the same address also holds a 20x leveraged ETH long position worth $20.67 million, posting an unrealized profit of $3.05 million at an entry price of $1,761.

2 whales short 50,838 $ETH ($98M) on Hyperliquid

Whales are shorting $ETH! Two whales are shorting a total of 50,838 $ETH ($98M) on Hyperliquid.

A mysterious whale (0x6910) deposited 2M $USDC into Hyperliquid and placed a limit order to long 55,556 $UNITREE($5M)...

A mysterious whale (0x6910) deposited 2M $USDC into Hyperliquid and placed a limit order to long 55,556 $UNITREE($5M) at $90.

UNITREE opens with a sharp surge, while the largest short position on Hyperliquid records an unrealized loss of over $520,000.

According to monitoring by ai_9684xtpa, Unitree (UNITREE) has outperformed expectations in its opening trading, posing massive liquidation risks for market short sellers. Data shows that wallet address 0xa44…5329d currently holds a 5x leveraged short position of 10,431.76 UNITREE tokens, with an entry price of $81.8. The position is currently sitting on an unrealized loss of roughly $526,000, making it the largest unrealized loss position for UNITREE on the Hyperliquid platform. However, the position remains some distance from its liquidation price of $172.18, so liquidation risks have not been triggered yet.

Hyperliquid backs the SEC’s repeal of the trade-through rule, calling for the establishment of best execution guidelines for on-chain markets.

In June, the U.S. Securities and Exchange Commission (SEC) proposed repealing Rule 611 (the trade-through rule), a core provision of Regulation NMS (Reg NMS), as well as the ban on locked or crossed quotes, arguing that order processing should be governed by market competition and brokers’ best execution obligations. HPC (Hyperliquid Policy Center) and Douro Labs (a core contributor to the Pyth Network) jointly submitted a comment letter backing the proposal, urging the SEC to provide principle-based best execution guidance for on-chain markets. The letter noted that Rule 611 is premised on all venues pre-disclosing quotes and having a central information processing system aggregate them into the National Best Bid and Offer (NBBO), a framework fundamentally incompatible with how on-chain transactions actually operate. Automated Market Maker (AMM)-type venues do not pre-disclose quotes, with prices determined in real time during trades based on liquidity pools; on-chain order books, meanwhile, operate entirely outside of centralized quote systems. It also called on the SEC to confirm that tokenized Reg NMS stocks remain subject to Reg NMS’s investor protection framework, adding that protections should not vary based on the settlement ledger used. Repealing Rule 611 would allow market structure to evolve through competition rather than regulatory design, and the letter recommended that when the NBBO is missing or does not reflect on-chain conditions, independent reference prices based on transparent, manipulation-resistant methodologies be recognized.

Hyperliquid: Open interest in the HIP-3 market hits an all-time high, reaching $4.3 billion.

According to an official announcement, Hyperliquid’s HIP-3 market has hit an all-time high in open interest (OI), reaching $4.3 billion. Additionally, Hyperliquid stated that it will expand the HIP-1 protocol based on community feedback and has added relevant features for HIP-4. The Hyper Foundation’s non-validating nodes are now open to high-quality infrastructure providers, serving as reliable peer nodes. On the HyperEVM and HyperCore fronts, Buoy Finance has deployed a vault system for HyperCore transactions via HyperEVM custom vaults.

Hyperliquid’s USDC reserve fund revenue sharing mechanism will launch on August 26, with an expected annual contribution of $200 million for HYPE token buybacks.

Hyperliquid’s AQAv2 stablecoin model protocol has previously secured support from 19 out of 26 validators, with the mechanism’s revenue accrual set to officially launch on August 26. Meanwhile, Circle has transferred roughly $4.4 billion in USDC to Coinbase on HyperEVM via the AQAv2 mechanism, marking the largest single USDC transfer on HyperEVM to date. If all proceeds as planned, revenue generated by AQAv2 will start accruing on August 26, with the first payment expected to enter the Assistance Fund on October 3. 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 "Aligned" qualification. According to public information, AQAv2 returns most of the stablecoin revenue to the Hyperliquid ecosystem: 90% of the revenue is allocated to the relevant mechanism, and 100% of that sum is then used to repurchase and burn HYPE tokens. Coinbase is designated as the fund deployer, while Circle handles technical deployment; both parties will also stake HYPE to participate in the mechanism. Previously, the mechanism required stablecoins to be exclusive assets of Hyperliquid, but AQAv2 removes this restriction, focusing instead on HIP-4 standardized markets and perpetual contract markets operated by validators. Per public disclosures, AQAv2 is projected to generate up to approximately $200 million in revenue, further boosting token value capture through the HYPE repurchase and burn mechanism.

Hyperliquid has rolled out its HIP-4 feature update, allowing deployers to adjust the ratio of outcome fees to configuration fees, with the mainnet launch set to follow a conservative phased approach.

Hyperliquid announces HIP-4 has rolled out multiple new features: Deployers can now add named results after a question is created, with the new results’ initial balances matching the pending fallback balance; Template instantiation now requires setting a deployerFeeScale — a fee multiplier similar to HIP-3, which deployers can configure between 0 and 10 to charge result fees; A new shortString type hint has been added for template-side names, simplifying interface field parsing; Settlement details have been pruned from L1 state, so dependent node APIs or precompiled application readers can index required data independently; Multiple new template sets have been added to the testnet, with template IDs using sequential suffixes — all except the highest sequential ID in each set are marked as deprecated templates. After the next network upgrade, the fee mechanism will activate for validator-deployed result markets, with the average transaction fee for these markets set at half the rate of non-result spot trades. The HIP-4 mainnet launch will follow a conservative phased rollout: Each deployer will initially be capped at 100 concurrent results and a maximum of 500 result deployments per day; Once the technology stabilizes, these limits are expected to quickly rise to 1000 concurrent results and 5000 daily deployments, with further limit increase plans to be developed based on feedback.

A whale opened a 40x leveraged long position of 200.8 Bitcoin on Hyperliquid.

According to monitoring by Onchain Lens, a whale opened a long position of 200.8 Bitcoin on Hyperliquid roughly an hour ago, valued at approximately $12.75 million at the time, with a leverage ratio of 40x and a liquidation price of $55,380. The trader has accumulated a profit of $1.95 million over the past 30 days.

Bitwise Chief Investment Officer (CIO): DeFi’s market size and pricing power are both underestimated, and projects like Hyperliquid have far greater potential than imagined.

Bitwise Chief Investment Officer Matt Hougan stated that people evaluating current decentralized finance (DeFi) applications are making two overlapping mistakes: regarding market size, they believe they are targeting the $2 trillion cryptocurrency market, but in reality, they are targeting the $500 trillion asset market; regarding value capture, they think they have maximized fee revenue, but have only scratched the surface. Projects such as Hyperliquid, Uniswap, Aave, Morpho, Aerodrome, Lighter, Pump and others have a larger TAM (total addressable market) and stronger pricing power than commonly perceived.

Crypto whale DoshiAtoll increased its 40x leveraged Bitcoin short positions to 2,135 units, becoming the largest short position holder on Hyperliquid.

Per Lookonchain’s monitoring, whale DoshiAtoll has added to its 40x Bitcoin short position, lifting it to 2,135 BTC worth nearly $136 million — making it the largest short position on Hyperliquid. The short’s liquidation price is $64,592.3, with an average entry price of $63,851.

New Wallet Deposits $153K to Hyperliquid, Opens 40x Long on $BTC at $97.92

Another gambler spotted! Someone created a new wallet, deposited $153K into Hyperliquid, and opened a 40x long on 97.92 $BTC($6.22M). Liquidation price: $62,825.14.

Hyperliquid Plans to Add Token Denomination Adjustment Feature for HIP-1

Hyperliquid founder Jeff announced in a Discord post that, based on developer feedback, HIP-1 will add a deployer-controlled scaleWei feature. The feature enables atomic allocation of tokens from system addresses proportional to users’ holdings of reference tokens, and supports token denomination adjustments. During the adjustment window, unfilled orders will be canceled and re-placed at their actual proportion, while reverse adjustments can be executed via negative parameters. As EVM does not support equivalent atomic operations, relevant contracts may need to integrate custom balance handling logic.

Hyperliquid is seeking to expand into the U.S. market.

Hyperliquid is exploring paths to expand its perpetual contract business into the U.S. market. The platform is currently not open to U.S. users. Earlier, the Hyperliquid Policy Center, funded by the Hyper Foundation, has been conducting policy research and advocacy in Washington, D.C., to push for the U.S. to establish a regulated access framework for on-chain perpetual contracts and decentralized market infrastructure. (The Information)

A $100 million BTC short position has emerged on Hyperliquid, with whale DoshiAtoll opening a 40x leveraged short.

According to monitoring by ai_9684xtpa, Hyperliquid trader DoshiAtoll opened a short position of 1,576.23 BTC at 8 AM today, valued at roughly $100 million. The short entry price was $64,039, with 40x leverage, and it currently has an unrealized profit of approximately $456,000. Following the establishment of this position, the two largest BTC holdings on the Hyperliquid platform are now both BTC short positions, drawing market attention to the bearish sentiment of large capital.

The largest Bitcoin short whale on Hyperliquid added to its short positions three times this morning, pushing the value of its short positions to a new high of $114 million.

According to on-chain analyst Ai Yi (@ai_9684xtpa), the largest Bitcoin short whale on Hyperliquid added to its positions three times this morning, totaling 1,010 BTC. The whale’s holdings have hit a new high, valued at $114 million, with a total of 1,792.56 BTC held. Its average entry price is $63,999, and it currently has an unrealized profit of $335,000.

Hyperliquid has burned 4.76% of its total HYPE token supply, worth approximately $2.63 billion.

According to monitoring by Onchain Lens, Hyperliquid burned approximately $1.07 million worth of HYPE over the past 24 hours, while generating $1.45 million in fees in the same period. The protocol’s official cumulative HYPE burn has reached 47.62 million tokens, equivalent to roughly $2.63 billion, representing 4.76% of its total maximum supply of 1 billion tokens.

A whale is long $XMR and is targeting $475–$516! A newly created wallet deposited 3.56M $USDC into Hyperliquid and op...

A whale is long $XMR and is targeting $475–$516! A newly created wallet deposited 3.56M $USDC into Hyperliquid and opened a 4x long on 36,000 $XMR ($14.33M). The whale then placed take-profit orders between $475 and $516.

Hyperliquid's development team redeemed 433,000 HYPE tokens and sold them, valued at approximately $24.25 million.

According to EmberCN’s monitoring, HyperLabs, the development team of Hyperliquid, redeemed 433,000 HYPE tokens from staking this morning, worth $24.25 million, and has sold them via market maker Flowdesk. Over the past several hours, 165,000 HYPE have been transferred to Flowdesk; 75,000 HYPE were deposited into Hyperliquid and sold for USDC; another 90,000 HYPE, valued at $5.04 million, have been moved to OKX and Bybit.

Hyperliquid Policy Center has submitted a statement to the CFTC, calling for support for on-chain perpetual futures innovation.

Hyperliquid Policy Center (HPC) announced it has submitted a policy statement to the U.S. Commodity Futures Trading Commission (CFTC) Agricultural Advisory Committee meeting, supporting U.S. users’ participation in on-chain derivatives markets and calling on regulators to adopt a gradual approach to advancing the development of innovative products such as perpetual futures. The submitted statement puts forward three key viewpoints: 1. Market choice is critical for risk management; users in agricultural and other derivatives markets need more tool options. Past experiences of restricting innovative products show that closing market choices without adequate assessment may incur costs. 2. A phased approach to regulating perpetual futures is a reasonable direction for the CFTC. HPC stated that the development of new derivatives should be driven by end-user demand, rather than solely relying on regulatory presets. 3. Public blockchains can enhance the efficiency of financial infrastructure. HPC believes blockchain technology can modernize clearing and settlement systems, improve collateral liquidity, while remaining compliant with the Commodity Exchange Act’s requirements for market integrity and risk protection.

UNITREE Pre-IPO trader deposits $3M USDC, opens 5x long on 3,507 $UNITREE ($264K) on Hyperliquid

UNITREE is now live on the Pre-IPO market. Someone deposited 3M $USDC into Hyperliquid and started building a long position in $UNITREE. So far, the trader has opened a 5x long on 3,507 $UNITREE($264K).

A trader deposited 3 million USDC into Hyperliquid and opened a long position on Unitree.

According to Lookonchain monitoring, a trader deposited 3 million USDC into Hyperliquid and opened a long position in UNITREE (Unitree Robotics). As of now, the trader has used 5x leverage to go long on 3,507 UNITREE tokens, with the position valued at approximately $264,000.

JPMorgan: Hyperliquid ETF capital inflows have stalled, competitive pressure on trading platforms has intensified.

JPMorgan said Hyperliquid (HYPE) ETF led non-Bitcoin crypto fund inflows in May and June, but demand for the product largely stalled in July and early August, reflecting rising market concerns over its competitive outlook. Analysts led by Nikolaos Panigirtzoglou pointed out that decentralized platforms like Hyperliquid face significant market share pressure. After the launch of U.S.-regulated crypto perpetual futures products, some trading activity may shift from overseas decentralized platforms to compliant centralized exchanges, which hold advantages in licensing, compliance and investor protection. JPMorgan also noted that Hyperliquid is expanding its prediction market business, though competition in this sector is also intensifying. While HYPE has become the fourth-largest asset in corporate crypto treasuries, trailing only BTC, ETH and SOL, it remains uncertain whether it can continue to capture market share from larger ecosystems like Solana and XRP. Currently, the assets under management (AUM) of BTC and ETH ETFs stand at roughly $77 billion and $10 billion respectively, while other crypto ETFs including SOL, XRP and HYPE combined only have a total size of around $2 billion to $3 billion. HYPE has fallen more than 3% in the past 24 hours, trading at approximately $55.30.

Hyperliquid burned approximately $1.28 million worth of HYPE over the past 24 hours, bringing its cumulative total of burned HYPE tokens to 47.53 million.

According to monitoring by OnchainLens, Hyperliquid burned HYPE tokens worth approximately $1.28 million via its buyback-and-burn mechanism over the past 24 hours. During the latest reporting period, the platform generated $1.65 million in trading fees. To date, Hyperliquid’s cumulative HYPE burn volume has reached 47.53 million tokens, valued at roughly $2.68 billion at current prices, accounting for 4.75% of HYPE’s maximum total supply of 1 billion tokens.

Hyperliquid Releases Q2 Report: RWA Trading Volume Share Rises to 32.2%, HYPE Surges 79% in the Quarter to Hit a New High

Hyperliquid Research Collective (HRC) released its Q2 2026 report, stating that real-world asset (RWA) perpetual contract trading on the Hyperliquid platform continues to grow. The proportion of HIP-3-related trading volume rose from 1.8% in the prior quarter to 20.7%, then climbed further to 32.2% in Q2, with quarterly transaction volume reaching $213 billion—accounting for nearly one-third of the platform’s total trading volume. The report shows that the Hyperliquid ecosystem gained more attention from traditional finance during Q2, with three HYPE ETFs launching for trading, providing investment channels for institutional investors unable to custody tokens directly. Meanwhile, asset management firms including Hyperliquid Strategies have steadily built HYPE reserves; currently, funds and related treasuries hold approximately 7.7% of the total HYPE supply. On the data front, HYPE rose 79% in Q2, hitting a historical high of $76.90, while Bitcoin fell 14% over the same period. Hyperliquid protocol revenue recovered growth after hitting a bottom in April, with monthly revenue at quarter-end reaching $169 million, pushing cumulative protocol revenue past $1 billion, of which $141 million was returned to holders via buybacks.

The two addresses holding the largest KAITO positions on Hyperliquid have incurred a cumulative unrealized loss of $1.17 million.

According to monitoring by @ai_9684xtpa, the address holding the largest KAITO position on Hyperliquid has added margin. The two addresses together currently hold an unrealized loss of $1.17 million. On August 3, two new addresses opened a combined $6.94 million 5x long position as the token price declined, with entry prices of $1.1178 and $1.1117 respectively. The address starting with 0x2be added $1.953 million in USDC as margin half an hour ago; it remains unclear whether this move is to reduce liquidation risk or add to the long position.

A new crypto address has opened a 40x short position on BTC on Hyperliquid, with a position size exceeding $100 million.

Per Lookonchain’s monitoring, a newly created wallet address 0xff84 deposited $2.44 million in USDC to Hyperliquid and opened a 40x leveraged short Bitcoin position. Data shows the trader’s short position size amounts to 1,600 BTC, with a notional value of approximately $102.6 million and a liquidation price of $64,888.97. It remains unclear whether the trader is acting on market information or simply making a high-risk directional bet. Highly leveraged short positions face the risk of rapid liquidation amid heightened market volatility.