Hyperliquid (HYPE) — Onchain News & Whale Tracking

ZEC Contract Holdings on Hyperliquid Plummet 51.6% from Peak, $145 million Position Preemptively Liquidated

**June 5 Flash Update: Zcash Faces Theoretical Infinite Inflation Risk Over Orchard zk-SNARK Vulnerability** Per Hyperinsight Monitoring (@HyperInsight on Telegram), Zcash is at theoretical risk of infinite inflation due to a flaw in its Orchard zk-SNARK protocol. Negative sentiment around the vulnerability—fueled by its "black box" ambiguity—has finally erupted into public focus after lingering unaddressed. Alongside widespread panic selling, ZEC contract positions on the Hyperliquid platform have plummeted 51.6% from their June 3 peak of ~$371.8 million. Early withdrawals totaled $145 million during the period. Below are position shifts (adjusted from UTC to Beijing Time): - May 29–30 (8:00 AM Beijing): ZEC contract positions stood at ~$223 million. - May 30–June 3 (8:00 AM Beijing): Positions rose to a peak of $371 million, with ZEC prices climbing from ~$530 to $630—marking a simultaneous spike in both price and volume. - June 3–4 (8:00 AM Beijing): Prices stabilized at

"The Largest Long Position on Hyperliquid" is currently facing an unrealized loss of $73.66 million, with the liquidation price for the ETH long position ranging from $1,300 to $1,400.

June 5 update from Ashes Monitor: A large trader dubbed the "Largest Long Position on Hyperliquid" opened a long position of 120,000 ETH at an average entry price of $2,261, worth approximately $271 million. The position is currently underwater by $73.66 million, with its liquidation price set between $1,300 and $1,400. To avoid being liquidated, the trader added an extra $26 million in collateral over the past several days.

「The Buddy」 once again deposited 250,000 USDC into HyperLiquid to leverage 25x long on ETH

June 5: Per monitoring from Onchain Lens, this crypto whale once again deposited 250,000 USDC into HyperLiquid to open a 25x leveraged long position on ETH. His current losses have topped $34.5 million, bringing his total losses since September 2025 to more than $78.35 million.

Hyperliquid's May perpetual contract trading volume accounted for 6.63% of the global CEX market, reaching a new all-time high.

June 4th: Decentralized derivatives platform Hyperliquid hit an all-time high in May for perpetual contract trading volume, with that figure making up 6.63% of total global perpetual contract volume across centralized exchanges (CEXs). The same month, its volume reached 14.4% of Binance’s. Data shows Hyperliquid is expanding beyond the DeFi sector into the wider cryptocurrency derivatives market, going head-to-head with centralized exchanges like Binance, OKX, Bybit, and Bitget. New markets launched in May via the HIP-3 framework contributed over $62 billion in trading volume, driving the platform’s overall growth. Analysts point out that on-chain perpetual contracts are maturing from a niche product to mainstream. With features like low-latency order books, self-custody models, and a more diverse trading landscape, they are starting to exert competitive pressure on traditional centralized exchanges. Industry insiders note Hyperliquid’s ongoing volume growth may push CEXs to optimiz

「Hyperliquid TOP 1 Liquidation」: Trader Evaded Faces $16.3M+ Single Liquidation, Formerly ZEC's Largest Long

On June 4th, Hyperinsight’s monitoring data shows that today’s largest single liquidation on Hyperliquid involved the trader known as Evaded (X: ICanPlug). The whale was liquidated twice in a row after ZEC’s price dropped below $600. A total of 28,590 ZEC long positions were liquidated, valued at roughly $16.3 million, leading to a loss of around $2.26 million. Following full liquidation, the whale opened a new long position: they bought 7,300 ZEC with 10x leverage, bringing the position value to about $4.33 million and setting the liquidation price at $563.3. Wallet address: 0x86523927bffeafe2e532f0218feb1f3c29f6120d ?? HyperInsight Bot is now live! Add @HyperInsightBot to your Telegram group, make it an admin, and enable message sending permissions so it can automatically sync on-chain data for you.

Hyperliquid's largest ETH long position underwater has expanded to $58 million, with a liquidation price of $1506

June 4 — Per Ashes Monitor, Ethereum (ETH) has dipped below $1,800, triggering a roughly $58 million unrealized paper loss for Hyperliquid’s single largest ETH long position holder. The trader opened a 120,000 ETH long position at an average entry price of $2,261. To avoid liquidation, they added $11 million in USDC as collateral over the past 24 hours, lowering their liquidation price from $1,617 to $1,506.

Hyperliquid's largest BTC short seller achieves 21 consecutive wins, closes $93.86 million short position with a profit of $3.32 million

On June 3rd, Coinbob Popular Address Monitor (https://t.me/Coinbob_track_CN) reported that the largest BTC short position holder on Hyperliquid—an Ethereum address named "pension-usdt.eth"—has taken profits on its position: it closed a 1,400 BTC short worth ~$93.86 million, netting a $3.32 million profit. Immediately after, the trader opened a 3x leveraged short position on 50,000 ETH, valued at approximately $92.68 million, and currently holding an unrealized profit of ~$1.07 million. This trader now has 21 consecutive winning trades, with total profits exceeding $36 million. Notably, the initial BTC short was opened on April 1st and was not reduced at all over the period. Last night marked the first time this BTC trade flipped from a loss to profit, with an average entry price of ~$69,423; the position had previously topped $100 million in value. The trader's Ethereum address is: 0x0ddf9bae2af4b874b96d287a5ad42eb47138a902.

Mainstream Perp DEX Overview: Hyperliquid Volume Hits Near April High at $13.29 Billion

June 3rd, per DefiLlama data, trading activity on the Hyperliquid platform has surged to a new high not seen since February 6, hitting $13.29 billion—driven by active on-chain equities trading and the recent downturn in the broader cryptocurrency market. The platform’s open interest (OI) also reached a new peak since the "10.11 crash," with the proportion of HIP-3 traditional assets now climbing to 31.48%. Below are the latest 24-hour trading volumes and open interest figures for leading Perpetual Decentralized Exchanges (Perp DEXs): - Hyperliquid: ~$13.29 billion in 24-hour trading volume, $10.23 billion in open interest - TradeXYZ: ~$2.39 billion 24h volume, $3.10 billion in OI - Aster: ~$3.89 billion 24h volume, $1.85 billion OI - Lighter: ~$2.29 billion 24h volume, $0.811 billion OI - edgeX: ~$2.21 billion 24h volume, $0.534 billion OI - Pacifica: ~$0.523 billion 24h volume, $88.11 million OI

MRVL Jumps to #2 on Hyperliquid's US Stock Hot List, with Daily Trading Volume Surpassing $300 Million

On June 3, per Hyperinsight Monitoring, during the most recent U.S. stock trading day, contract volume for MRVL (Marvell Technology) on Hyperliquid hit $307 million—making it the largest contract volume for a U.S. stock-related asset outside the Nasdaq 100, and catapulting MRVL into the top ten of total contract volume across both crypto and traditional markets. Its open interest now stands at $130 million. MRVL’s full-day trading on the Nasdaq the prior session came in at $31.54 billion. By that metric, Hyperliquid’s MRVL contract volume amounts to nearly 1% of MRVL’s actual Nasdaq trading, or approximately 0.98%.

Hyperliquid's largest ETH long position's unrealized loss has expanded to $47 million, with a liquidation range of $1617 to $1355.

June 3rd: Per EmberCN monitoring, as ETH dropped to roughly $1,870, Hyperliquid’s largest ETH long position holder opened a 120,000 ETH long position at an average entry price of $2,261, valued at approximately $271 million. The position now carries an unrealized loss of around $47 million. Data shows this position’s liquidation price range is between $1,617 and $1,355. The nearest liquidation level is only about $250 away from the current ETH price, so any further market decline will heighten the liquidation risk of this large position.

OpenSea is considering launching perpetual contract trading, supported by Hyperliquid

Zack Brenner, OpenSea’s Head of Product Marketing, announced on June 2 that the platform will launch perpetual contract (Perp) trading, backed by Hyperliquid.

Hyperliquid Platform RWA Holdings Surpass $3 Billion, Reaching an All-Time High

June 2 – Decentralized trading platform Hyperliquid has announced that its Real World Asset (RWA) holdings have reached a new all-time high (ATH) of $3 billion. Since the rollout of HIP-3 in October 2025, the platform’s RWA reserves have posted consecutive monthly record highs.

Hyperliquid Whale Doubles Down on HYPE Long Position, Cumulative Profit Surpasses $2.29 Million

June 2nd — According to on-chain analytics firm LookOnChain’s monitoring, wallet address 0xc6fe has scored another profitable HYPE long position trade. Four hours ago, the trader closed their prior HYPE long position, locking in an estimated $1.18 million in single-trade profits. Almost immediately after exiting that position, they opened a new long position: going long 268,509 HYPE tokens with 10x leverage, for a total position value of roughly $20.26 million. As of the latest monitoring update, this new position already carries an unrealized gain of around $536,000. This trader has been on a hot streak with HYPE long trades lately: they’ve racked up total accumulated profits of $2.29 million so far, and boast a perfect 100% win rate on all recent HYPE long trades.

The Hyperliquid ETF reports that institutions have withdrawn over 1.136 million HYPE tokens from the exchange and staked them in the past 10 hours, driving HYPE to a new high of $75.8.

June 2nd – On-chain analyst Yin Jin notes that institutional buying and staking of HYPE have driven the token to a new all-time high, peaking at $75.8 this morning. On-chain data shows that over the past 10 hours, at least 1.136 million HYPE tokens (valued roughly $82.42 million) were withdrawn from exchanges and staked by major entities including the Bitwise Hyperliquid ETF (BHYP), a16z, and Galaxy Digital. Specifically: The Bitwise Hyperliquid ETF pulled 336,000 HYPE (≈$24.43 million) from Coinbase for staking; a16z took 300,000 HYPE (≈$21.58 million) from exchanges such as Kraken and OKX; an address starting with 0x279…BA8 withdrew 191,000 HYPE (≈$13.8 million) from Coinbase Prime; another address (0x9C4…6FC) moved 160,000 HYPE (≈$11.71 million) from Coinbase to stake; and Galaxy Digital staked 147,000 HYPE (≈$10.9 million).

Grayscale's Hyperliquid ETF has a management fee of 0.29%, lower than Bitwise and 21Shares

On June 2, Grayscale filed an amended S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) for its Grayscale Hyperliquid Staking ETF, setting an annual management fee of 0.29% and assigning it the ticker symbol HYPG. That fee undercuts comparable products from Bitwise and 21Shares: Bitwise’s BHYP Hyperliquid ETF charges 0% for its first month, then rises to 0.34% afterward, while 21Shares’ THYP carries a 0.30% fee. Bloomberg ETF analyst James Seyffart said Grayscale’s Hyperliquid ETF is on the cusp of launching, with expectations it could go live as early as this week. If successful, the fund will be the third Hyperliquid ETF to hit the market. Through last month, cumulative net inflows into HYPE-related ETFs topped $132 million, according to reports.

Mainstream Perp DEX Overview: Hyperliquid's Total Value Locked Surpasses $10 Billion, Reaching a New All-Time High with Traditional Assets Accounting for 29%

**Perp DEX Market Update (June 1)** Per DefiLlama data, the on-chain perpetual decentralized exchange (perp DEX) market saw subdued trading volume over the recent weekend. A combination of surging on-chain equities trading activity and a sharp spike in the HYPE token’s value has driven a continuous rise in Hyperliquid’s total value locked (TVL), pushing its TVL past the $10 billion mark today – marking a new high since the October 11 flash crash. Under HIP-3, the ecosystem’s share of traditional assets now stands at 29.3%. Below are the top perp DEX platforms ranked by 24-hour trading volume, with key metrics: 1. **Hyperliquid (Join here: https://app.hyperliquid.xyz/join/NTOD)**: ~$3.95 billion in 24h trading volume; open interest (OI) of $10.09 billion 2. **TradeXYZ**: ~$430 million in 24h trading volume; OI of $2.84 billion 3. **ApeX**: ~$1.56 billion in 24h trading volume; OI of $128 million 4. **Aster (Refer here: https://www.asterdex.com/zh-CN/referral/aboter)**: ~$1.

Hyperliquid Crude Oil Contract Volume Reaches 32% of NYMEX Futures, On-chain Contract "Penetration" One Thousandth of Traditional Markets

June 1, per Hyperinsight Monitoring (via Telegram channel: https://t.me/HyperInsight), on last Friday—the most recent trading day—Trade.xyz’s HIP-3 traditional asset contract hit $21.6 billion in trading volume, a 20% jump from its 7-day average. Over the same period, the broader traditional market (encompassing ETFs, futures, and cash stocks) saw roughly $1.56 trillion in trading activity. Calculations show Trade.xyz’s volume made up approximately 0.139% of the total traditional market. Looking at sector-specific penetration rates for on-chain RWA (real-world asset) contracts into traditional markets, figures vary across asset classes: ### Commodities For Brent Crude Oil: Using the prior day’s trading volume of the NYMEX front-month futures contract as a benchmark, Trade.xyz’s Brent contract volume reached ~29.7% (note: Brent Crude Oil is primarily traded on the Intercontinental Exchange, ICE). For WTI Crude Oil, Trade.xyz’s corresponding contract volume accounted for ~2.31% of its

US Stock Market Closed for the Weekend, Hyperliquid Facilitates Nearly $1 Billion Trading Volume from Traditional Markets: Crude Oil, US Stock Indices, and Micron Technology Lead the Way

June 1: Per Hyperinsight monitoring, during the U.S. stock and commodity markets’ weekend trading closure, Hyperliquid continued to absorb excess trading demand from the traditional finance space. Over this weekend period, Hyperliquid’s total open interest (OI) hit $914 million, covering indexes, commodities, stocks, pre-market assets, and other asset classes. Traditional assets now account for roughly 19% of Hyperliquid’s total weekend trading volume. Looking at individual assets, commodities and U.S. stocks dominated weekend trading activity: - WTI Crude Oil (WTIOIL): $153.5 million in weekend trading volume, ranking first among all RWA assets, with a 1.22% price gain - Nasdaq 100 (XYZ100): $127 million in trading volume, up 0.75% - S&P 500 (SP500): $118 million in trading volume, gaining 0.46% - Brent Crude Oil (BRENTOIL): $73.7 million in trading volume, rising 1.31% - Micron Technology (MU): $54.5 million in trading volume, surging 4.15% — marking the largest gain among top-trade

A whale from the Hyperliquid protocol made a decentralized purchase across four addresses, buying $6.01 million in spot markets, single-handedly supporting the price of HYPE. Over the next 24 hours, this purchase contributed to almost half of the Time-Weighted Average Price (TWAP) buy volume.

June 1, per monitoring by Hyperinsight (https://t.me/HyperInsight), an intraday rally in HYPE’s price is driving Hyperliquid to plan purchases of over 10,000 HYPE spot tokens via a Time-Weighted Average Price (TWAP) order. The effort involves 8 whale addresses, with total planned buys exceeding 146,000 tokens, equivalent to roughly $10.51 million. According to reports, the top four addresses on the current buyer list all belong to the same whale entity. This entity received approximately $10 million in on-chain funds, which it split across four separate addresses. Over the next 24 hours, the group intends to continue buying, with a total planned purchase of 83,500 tokens via TWAP orders, valued at around $6.01 million. A portion of these buy orders has already been executed. Based on existing orders, HYPE’s TWAP net buying pressure over the next 24 hours stands at $11.20 million – an approximately 186% increase from yesterday’s comparable data. Currently, this single whale accounts f

The prominent bear HYPE Oracle has transferred $64 million worth of spot assets to Hyperliquid, along with a short position stop-loss.

June 1 (per Hyperinsight monitoring): The HYPE short-position whale “Loracle” has been trimming his HYPE short exposure over recent hours, as HYPE’s price surged past $70. As of press time, his 5x-leveraged short position has shrunk from $102 million to $60.94 million, with current losses totaling $22.58 million—representing a 74% decline. Over the weekend, Loracle transferred 893,000 HYPE on-chain to Hyperliquid. Thanks to the price jump, the value of this spot holding has climbed from $54.5 million to $64 million, and he hasn’t sold any of these tokens yet. In the past month, this whale has had two token unlocks, adding up to 1.115 million HYPE (valued at roughly $63.51 million). Traceable on-chain records confirm that on May 21—the day HYPE hit its previous all-time high—he sold 557,000 HYPE, worth approximately $33.35 million at the time. Contract Address: 0x8def9f50456c6c4e37fa5d3d57f108ed23992dae On-chain Staking Address: 0xE44bd27c9F10fa2F89fdb3ab4B4F0E460da29EA8

Hyperliquid ETF sees net inflows for 13 consecutive days, accumulating $136 million in total assets under management

On Friday, May 31, the Hyperliquid ETF notched a record single-day net inflow of $29.6 million. The breakdown of this total is as follows: BHYP recorded a net inflow of $20.1 million, while THYP posted a net inflow of $9.5 million. The fund has now logged net inflows for 13 consecutive trading days, bringing its cumulative total inflows to $136 million. This continuous flow of funds has boosted HYPE’s performance. Per HTX market data, HYPE has surged over 70% in the past 30 days and is currently trading at $68.3.

Hyperliquid's top "black fan" Kyle Samani has initiated a bet challenge, predicting that Hyperliquid will not be able to launch a U.S.-compliant frontend in the short term.

May 31: Kyle Samani, former co-founder of Multicoin Capital and ex-chairman of Forward Industries (FORD)’s board, has emerged as Hyperliquid’s leading critic. His core claims: Hyperliquid lacks meaningful technological innovation, rose to prominence solely through temporary regulatory arbitrage, and no legitimate U.S. company will partner with the platform. Samani recently issued a new bet challenge to Hyperliquid’s community, predicting the platform will be unable to launch a U.S.-compliant frontend in the near term. In response, several community members offered a $1 million wager, asserting Hyperliquid will launch such a compliant frontend within three years. Samani rejected the three-year timeline, arguing Hyperliquid will establish Hyperliquid U.S. within that period either by acquiring a Derivatives Clearing Organization (DCO) and a Designated Contract Market (DCM), adopting a compliance strategy similar to Polymarket, and advancing its technology to pass decentralized testing.

Bullish Sentiment on HYPE Intensifies, Likelihood of Surpassing $100 This Year Rises to 36%, Grayscale Hails Hyperliquid as Future Financial Giant

May 31 – HYPE jumped to a brand-new all-time high of $68.5 today, fueling intense bullish sentiment across the crypto space. Market projections now put HYPE’s odds of hitting $100 this year at 36%, up from earlier estimates. Leading the optimistic buzz is Grayscale, which in a latest research report labeled Hyperliquid a future financial giant and the blueprint for a global, 24/7 on-chain financial system—one that could upend Wall Street’s inflexible trading hour rules. BitMEX co-founder Arthur Hayes doubled down on his bullish outlook for HYPE, claiming in a social post that the token could surge to $150. His post read: “HYPE to $150, against Traditional Finance (TradFi), against the 'Clarity Act,' long live Caesar.” Intercontinental Exchange (ICE) CEO Jeffrey Sprecher further stoked excitement at the Bernstein Conference, calling Hyperliquid “a bigger opportunity than NASDAQ.” Renowned DeFi researcher DeFi Monk also remains bullish on Hyperliquid’s long-term potential, noting tha

Grayscale Bullish on Hyperliquid: The Future Financial Giant, Blueprint for On-chain Global 24/7 Financial Market

May 30 — Grayscale has voiced strong confidence in Hyperliquid in its latest report, arguing the crypto protocol is evolving beyond a pure cryptocurrency perpetual trading platform to become a broader blockchain financial infrastructure, with the potential to emerge as a "financial services giant." The firm projects Hyperliquid will generate roughly $800 million in annual revenue by 2025, handle $29 trillion in perpetual futures trading volume, boast around $7 billion in current open interest, and is rapidly gaining market share among decentralized crypto platforms. Beyond competing with centralized exchange giants like Binance in the crypto perpetual futures space, Hyperliquid is expanding via its HIP-3 and HIP-4 frameworks to offer tokenized stocks, commodities, and prediction markets—all with 24/7 continuous trading, directly challenging Wall Street’s traditional limited trading windows. Grayscale’s report underscores Hyperliquid’s open architecture, which lets developers launch

Opinion: If Hyperliquid Addresses Regulatory Issues, Growth Potential Will Be Nearly Limitless, Global Margin Trading Market Will Be Disrupted

May 30th brought a high-profile debate between former Multicoin Capital co-founder Kyle Samani and leading DeFi researcher DeFi Monk over Hyperliquid’s future. DeFi Monk is bullish on Hyperliquid, arguing that even with regulatory uncertainty and competitive risks, its long-term potential is massive. He points out that Hyperliquid is disrupting the global derivatives contract trading market—a space seeing roughly $1 trillion in daily nominal trading volume. Even in its current restricted state, Monk calls Hyperliquid a highly robust and attractive business. If regulatory issues are resolved, its growth upside is nearly limitless, potentially making it a mega corporation overnight. Monk frames the worst-case scenario as steady, status-quo growth, while the best case is explosive expansion. Kyle Samani strongly pushed back hard against Monk’s optimism, asserting Hyperliquid is essentially “Binance 2.0 without a marketing team.” He claims the project made thousands of technical deci

Trust Wallet has become the first mainstream wallet to integrate both the Hyperliquid perpetual contract and the HIP-4 prediction market. Users can easily switch between contract and prediction market trading with just one click.

**Trust Wallet Integrates Hyperliquid Perps & HIP-4 Prediction Markets, Becomes First Mainstream Crypto Wallet to Support Both Simultaneously** On May 30, Trust Wallet announced it’s wrapped up dual integration with Hyperliquid Perpetual Contracts (Perps) and HIP-4 Prediction Markets (Outcomes)—making it the world’s first mainstream wallet to back both products at once. Users can toggle between "Perpetual Contracts" and "Prediction Markets" with one click to execute trades seamlessly. Hyperliquid is currently the most liquid decentralized trading platform globally, with over $40 trillion in total trading volume. HIP-4 launched on mainnet on May 2, bringing fully collateralized prediction contracts to the space: these contracts are priced between 0 and 1, require no leverage, no liquidation, and charge zero opening fees. This integration lets Trust Wallet users shift between trading Hyperliquid’s Perps and Prediction Markets directly in the app, delivering a user-friendly entry point

Grayscale has submitted the fifth amended filing for the Hyperliquid Staking ETF, intending to use 2 million HYPE tokens as the seed asset

**Bloomberg ETF Brief: Grayscale Files Fifth Amended Hyperliquid Staking ETF with SEC, Ticker HYPG** NEW YORK, May 30 — James Seyffart, senior ETF analyst at Bloomberg, reported Tuesday that Grayscale Investments has submitted the fifth amended filing (Amendment No. 5) for its Hyperliquid Staking ETF to the U.S. Securities and Exchange Commission (SEC). The fund will retain its existing ticker symbol, HYPG. The filing shows the ETF plans to allocate roughly 2 million HYPE tokens as seed assets, worth about $130 million based on current market prices. However, critical details such as the fund’s management fee rate have not been disclosed in the latest submission. Seyffart noted this amendment is a minor adjustment designed to address potential SEC feedback, polish filing formatting, and implement small technical tweaks. There are no material changes from the version filed the prior day, he added. Core details from that earlier draft—including the Hyperliquid staking mechanism

Hyperliquid sees largest Microlong liquidation with $8.19 million profit

On May 30th, EmberCN monitored that the largest long-position address on Hyperliquid, belonging to Micron Technology, closed its $21 million position via take-profit. The address entered the long position at $575 and took profit at $956, realizing a profit of $8.19 million.

Hyperliquid Lobbying Organization Welcomes CFTC Approval of US First Ever Perpetual Contract, Says Regulation Acknowledges Perp Market Value

**Hyperliquid Policy Center Hails CFTC’s New Perpetual Contract Rules** May 29 – The Hyperliquid Policy Center, a lobbying arm for Hyperliquid, welcomed the Commodity Futures Trading Commission’s (CFTC) latest regulatory moves on Thursday. The actions include the U.S.’s first-ever listed perpetual contract approval, a policy statement outlining perpetual derivatives listing rules, accompanying interpretive guidance, a no-action relief letter, and a staff advisory addressing 24/7 trading, clearing, and settlement. The policy center stated these measures mark regulators’ first clear acknowledgment of perpetual contracts’ legitimacy and core role in price discovery and risk management. It emphasized that prior regulatory ambiguity drove market activity and liquidity offshore, weakening America’s competitiveness in the global derivatives sector. The center also expressed its intention to deepen collaboration with the CFTC to build a regulatory framework applicable to both centraliz

The biggest short seller HYPE Oracle has transferred 892,500 HYPE to Hyperliquid and applied for the redemption of 700,000 HYPE.

May 29 — On-chain analyst Yu Jin reports that loracle.hl, the largest short seller of HYPE, is continuing to offload the token. Following the sale of 557,000 HYPE (valued at $33.5 million) last Thursday, the address has filed a new redemption request for an additional 892,500 HYPE. Just two hours ago, the successfully redeemed 892,500 HYPE (worth $55.6 million) was transferred to Hyperliquid to be sold. Right after that transfer, another redemption request was submitted for the 700,000 HYPE still remaining in the address.

Mainstream Perp DEX Overview: Hyperliquid Hits Record High with 10.11% Dive, Only TradeXYZ's TVL Surpasses Other Platforms

As of May 29, data from DefiLlama shows the total trading volume of the on-chain perpetual decentralized exchange (perp DEX) market has bounced back. Fueled by recent active trading in the on-chain equities sector and a major rally in the HYPE token, open interest on the Hyperliquid platform has kept rising, hitting a new peak not seen since the October 11 crash at roughly $96.6 billion. Trading activity on TradeXYZ—part of the HIP-3 ecosystem—has also picked up, with its open interest posting consecutive all-time highs to outperform other platforms. Below are the key 24-hour trading volume rankings for perpetual DEXs: - Hyperliquid (https://app.hyperliquid.xyz/join/NTOD): ~$74.7 billion in 24-hour trading volume, open interest of $96.6 billion - TradeXYZ: ~$20.8 billion in 24-hour volume, open interest of $27.3 billion - ApeX: ~$17.8 billion in 24-hour volume, open interest of $1.27 billion - EdgeX: ~$17.5 billion in 24-hour volume, open interest of $8.3 billion - Lighter (https://

Funds on Hyperliquid are being raised at a premium with a valuation of over $515 billion to snatch up Anthropic. The majority of long positions are held by a single address exerting control.

May 29 – According to Hyperinsight’s monitoring (see: https://t.me/HyperInsight), the Anthropic contract deployed on Hyperliquid (built on Ventuals) is currently priced at $1,471, which implies a valuation of roughly $1.48 trillion. However, as of press time, following the completion of Anthropic’s Series H funding round, the company’s post-money valuation has reached $965 billion. This means the contract’s long positions are betting on an upside of approximately $515 billion above the official valuation, with its on-chain price sitting about 53% higher than the primary market valuation. The contract’s total open interest currently stands at around $7.84 million, with long positions accounting for approximately $2.52 million – roughly 32% of the total. Notably, the address holding the largest single long position has about $1.39 million, representing 17.7% of all contract positions overall, which is more than half of the full long position volume, indicating significant concentration.

The Hyperliquid exit address has been reactivated to claim an "ultra-bullish" ETH below the $40 threshold.

On May 29, per monitoring from Hyperinsight (via its Telegram channel: https://t.me/HyperInsight), an address on the Hyperliquid exchange that had stayed dormant for four months was reactivated. After receiving approximately $1.1 million in new funds, the address immediately opened a 40x leverage long position, holding 12,902 ETH with a total position value of about $25.8 million. As of press time, this long position is showing a floating loss of $130,000, equaling -12.8%. The entry price for the position is $2,011, the liquidation price stands at $1,966, and the current ETH price is less than $40 away from the liquidation level. Notably, among current ETH whales holding tens of millions in assets, this address is one of the closest to being liquidated. Address: 0xce82df2573ecb0a76db15c0ff380ef65e9258c97

NYSE Parent Company CEO: Hyperliquid is larger than Nasdaq, we are in talks with them

On May 29th, Intercontinental Exchange (ICE) CEO Jeff Sprecher spoke about Hyperliquid during the 42nd Annual Bernstein Strategic Decisions Conference held on May 27th. Sprecher remarked, “This Hyperliquid we’re referencing—for those who haven’t heard of it yet, it’s already bigger than Nasdaq, right? We’re not intimidated by it at all. In fact, we’re in talks with them now and working to get a clearer understanding of this space.”

Hyperliquid's SpaceX Pre-market Contract Flash Crash 45%, Resulting in Over $1.5 Million in Liquidation Losses for 405 Retail Traders

On May 29, the SPACEX-USDH perpetual contract on the Hyperliquid platform faced a severe flash crash this Thursday, plummeting nearly 45% from a high of $2,277 to a low of $1,254 in just 30 minutes before partially rebounding to around $2,169. The sharp drop led to the liquidation of 405 users holding 1,393 positions, totaling $1.51 million in liquidated funds. Data shows the contract recorded only $4.87 million in trading volume over the past 24 hours, with open interest below $2.9 million—indicating extremely low market depth. A single large sell order instantly drained available liquidity, triggering the cascading price decline. The liquidated accounts were dominated by retail investors, with a median margin of roughly $31 and average leverage around 3x. SPACEX-USDH is a crypto perpetual contract launched by Hyperliquid that allows users to bet on SpaceX’s pre-IPO valuation changes, though it does not represent actual equity shares or grant any shareholder rights. Since SpaceX

Hyperliquid's largest ETH long position has a maximum unrealized loss of $33.86 million, exceeding more than twice the initial margin.

May 28: Per monitoring by Hyperinsight (t.me/HyperInsight), as the ETH price dropped below $2,000, the largest ETH long position on Hyperliquid—operated by the so-called "BIT Whale"—suffered massive unrealized losses across four linked addresses, totaling $33.86 million. Calculated from its initial investment of approximately $16.5 million, this unrealized loss has now exceeded twice the original capital. Currently, this whale holds a long position of 120,000 ETH (valued at roughly $237 million) on Hyperliquid, with an overall weighted leverage of about 18x. Based on the weighted average entry price of funds across its addresses, the group’s average entry point sits around $2,270, and its most recent liquidation threshold stands at $1,716. It is reported that these addresses belong to BIT, a digital financial services group formerly known as Matrixport. The group received multiple internal fund transfers for these positions and previously took billions in ETH long positions, netting

Micron Technology Surpasses Most Cryptocurrencies in On-Chain Trading Volume, MU Now Ranks as the Fifth-Largest Contract by Hyperliquid Volume

On May 28, monitoring from HyperInsight (via its Telegram channel @HyperInsight) shows Micron Technology (MU) hit consecutive intraday new highs, with an intraday peak of $985. The stock notched a trading volume of $66.6 billion, marking the highest among all U.S. equities that day. Over at Trade.xyz’s HIP-3 ecosystem, MU’s 24-hour trading volume once again exceeded $4 billion, leading all U.S. stocks and related indices on the platform. It also rose to 5th place in total contract volume across Hyperliquid. Among traditional asset contracts, MU currently ranks second only to WTI crude oil, with trading activity outperforming most cryptocurrencies on the platform.

Forbes: Hyperliquid Launches SpaceX Evergreen Contract, Sparking Regulatory Grey Area Dispute

On May 27, decentralized derivatives platform Hyperliquid launched a SpaceX pre-IPO perpetual contract (SPCX-USDC) on Trade.xyz, triggering global controversy over its placement in a regulatory gray area. The contract allows leveraged trading without requiring users to hold any SpaceX stock or obtain official authorization from the company itself. It debuted at an initial price of $150, translating to an implied valuation of roughly $1.78 trillion, and spiked to $216 shortly after launch. The contract settles in USDC, with its price pulled from a market oracle and not linked to SpaceX’s actual financials or equity structure. Notably, SpaceX has neither endorsed nor participated in this market, yet its valuation is now being actively priced and traded on-chain—fueling debate over whether private company price discovery is being overtaken by decentralized derivatives. Originating from Hyperliquid’s HIP-3 mechanism, this market illustrates a potential shift toward on-chain repricing of pr

Following the ATH, Reverse Capital Rotation Outflow from HYPE, the Hyperliquid Cross-Chain Bridge saw a net outflow of $110 million in recent days.

**HYPE Hits New All-Time High, But Hyperliquid Cross-Chain Bridge Sees Sharp Outflows** May 27 (Hyperinsight Monitoring) – HYPE crossed last year’s all-time peak on May 21 to hit a new record high of roughly $61. While the token has continued to climb, recently hitting a high of around $64, cross-chain bridge activity shows a diverging trend: net inflows collapsed and flipped into a net outflow state. In the most recent UTC trading session, total outflows from the Hyperliquid cross-chain bridge spiked to $149 million, leading to a daily net outflow of $91 million. Cumulative net outflows since HYPE’s initial peak have now reached $110 million. Key context from prior data: On the first day of HYPE’s new ATH, USDC inflows via the Hyperliquid-Arbitrum bridge – which made up ~99.8% of total bridge inflows that day – surged to $173 million, the highest level in nearly 10 months. As of press time, the vast majority of that early inflow has been withdrawn, with only $63.3 million stil

Hyperliquid ETF Sees $20.4 Million Inflows in a Single Day, Surpassing $100 Million in Cumulative Net Assets

May 27, per Hyperinsight Monitoring, the Hyperliquid ETF recorded a daily net inflow of $20.4 million, with $19 million flowing into BHYP and $1.4 million into THYP. Since its launch, this ETF category has notched net inflows for 15 straight days, bringing the total to $101 million. Sustained institutional demand could push Hyperliquid’s Total Value Locked (TVL) to a new high not seen in nearly six months. Per reports, on May 12 (UTC), 21Shares launched THYP, taking early market lead, while Bitwise rolled out BHYP on the evening of May 15 (UTC). After these two major ETFs launched sequentially, overall sector trading activity has continued to heat up. BHYP’s current daily trading volume is roughly 13.6 times the $1.3 million posted on its first day of listing. - The HyperInsight Bot is now live. Add @HyperInsightBot to your Telegram community, set it as an administrator, and enable its message-sending permission to automatically sync on-chain information.

Hyperliquid TVL has surged to a new peak following the "10/11 Crash," with the total value locked reaching a near three-month high.

May 27 – Per monitoring from Hyperinsight (https://t.me/HyperInsight), the Total Value Locked (TVL) on the Hyperliquid platform has staged a notable rebound, posting a 7.8% week-over-week increase. As of 8 a.m. Beijing time (the latest UTC trading day), the platform’s TVL reached $55.29 billion – briefly topping $55.3 billion the prior trading day to hit a new high since the "Oct 11 crash." Meanwhile, Hyperliquid’s open interest (OI) has soared to $9.647 billion, its highest level since February this year. The platform’s 24-hour trading volume hit $7 billion, with roughly 28.1% of that volume coming from the traditional market within the HIP-3 ecosystem. During the "Oct 11 crash," Hyperliquid’s TVL dropped 12.49% from its peak of $59.8 billion, while open interest plummeted by 57.74% – halving from $14.69 billion to $6.274 billion. - The HyperInsight Bot is now live. To enable automatic on-chain info sync, add @HyperInsightBot to your Telegram community, set it as an administrator,

The World Cup Prediction Market has been launched on the Hyperliquid HIP-4 testnet

On May 26, Hyperliquid’s official website announced that its HIP-4 testnet has launched a World Cup outcome prediction market. As outlined in the official HIP-4 proposal, the Outcome Contracts operate under a fully collateralized mechanism that fundamentally eliminates liquidation risk. Their non-linear settlement method provides users with flexibility comparable to options, expanding strategic trading opportunities. Additionally, these contracts are natively integrated into the HyperCore chain, sharing full margin with the platform’s spot and perpetual contracts to enable seamless liquidity interchange and reuse.

ZEC Sees 8.5% Intraday Pullback, Hyperliquid Whale Gets Liquidated for $1.48 Million

On May 26, Hyperinsight (via its official Telegram channel: https://t.me/HyperInsight) reported that Zcash (ZEC) extended its pullback from its daily intraday high, logging an 8.5% cumulative intraday drop to hit a low of $620. This sharp decline triggered a series of forced liquidations targeting a large whale on Hyperliquid, totaling approximately $1.48 million in liquidated long positions. During ZEC’s descent, a specific wallet address repeatedly added to its leveraged long positions, averaging entries around $649—this position addition occurred when ZEC had retraced roughly 4.56% from its peak. The address accumulated 2,403 ZEC in long holdings, but as the market failed to stabilize after entry, the price dropped below the address’s liquidation threshold, resulting in approximately $86,000 in losses. Affected wallet address: 0x75ec3ba266176e733f1b1fdaa15052f5eff724b8

On Hyperliquid, the HYPE Spot TWAP Order Shifts to Selling Pressure as a Whale Plans to Sell 48,000 HYPE Tokens

May 26 — Per Hyperinsight’s on-chain monitoring, the TWAP (Time-Weighted Average Price) order flow for HYPE’s spot market on Hyperliquid flipped today, swinging from heavy buy-dominated activity to net sell-driven flow. A portion of these orders has already been executed. Hyperinsight estimates HYPE’s TWAP net selling pressure will reach $900,000 over the next 24 hours — a sharp reversal from last Thursday and Friday, when the same metric showed roughly $7 million in net buy orders. Looking at outstanding open orders, the largest single sell wallet address (0x519c721de735f7c9e6146d167852e60d60496a47) plans to offload approximately 48,000 HYPE tokens, with more than half of that amount already filled. The address still holds 77,200 HYPE tokens, currently valued at around $4.6 million. Update: The HyperInsight Bot is now live. Add @HyperInsightBot to your community, promote it to administrator, and enable its message-sending permissions to automatically sync real-time on-chain informa

Hyperliquid has announced the launch of an off-chain event prediction market contract

May 26 — Official updates confirm Hyperliquid has rolled out support for "spec markets" tied to off-chain events. These markets are distributed via automated news feeds operated by the network’s validators and form part of Hyperliquid’s regular on-chain operations. Validators will vote on the launch and settlement of spec markets, evaluating factors such as rule clarity, outcome accuracy, and overall subjective market quality. Per Hyperliquid’s official website, the first off-chain event-based prediction market contract went live at 20:00 on May 25. Titled "US May CPI Year-over-Year Growth Rate," the contract held $12,800 in unclosed positions and logged $10,300 in total trading volume in the roughly 12 hours following its debut.

Hyperliquid Whale Bearish on SpaceX Pre-IPO Implied Valuation, Discrepancy of $137 Billion Between Two Pre-IPO Contracts

May 25, per Hyperinsight monitoring, on Hyperliquid, there are 7 whales holding over $1 million in SPCX tokens. All of the top five largest holders are currently in short positions. The three biggest whales each hold more than $3 million in SPCX, with entry prices clustered between $204 and $205 — implying SpaceX’s valuation is roughly $24.2 trillion to $24.33 trillion. The largest whale here, operating under address 0xf51, is short 19,022 SPCX tokens with 5x leverage. Its position is worth about $3.95 million, at an average entry price of $204.1. The current contract price for SPCX is $207.9, leading to an unrealized loss of approximately $70,000 (or -5%). A key note: there’s a gap in SpaceX’s implied market value between Hyperliquid’s two major Pre-IPO contracts: - SPCX/USDC (hosted on trade.xyz): Launched on May 18, its current price suggests a fully diluted valuation of ~$24.67 trillion (using a reference fully diluted share count of 11.87 billion). This contract has a daily trad

A whale has deposited 15.1 million USDC into HyperLiquid and purchased 238,811 HYPE tokens.

May 24 — Per monitoring from Onchain Lens, a crypto whale deposited 15.1 million USDC into HyperLiquid over the past four hours, purchasing 238,811 HYPE at an average price of $63.24, 10,000 of which have already been staked.

Analysis: Hyperliquid to Lead Next Meme Coin Rally with AI Token

Cryptocurrency trader Michael van de Poppe told CoinDesk in a May 23 interview that the crypto market’s risk appetite is climbing right now—and Hyperliquid’s strong performance, paired with a resurgence in AI-related crypto assets, could signal the start of the next altcoin season. Van de Poppe noted HYPE recently hit a new all-time high, driven in part by the U.S. launch of Hyperliquid-linked ETFs plus European traders shifting their perpetual contract trading to the platform. He added that Hyperliquid’s expansion into tokenized stocks, commodities, and pre-IPO assets is accelerating the adoption of on-chain assets across the crypto space. That said, he pointed out Solana is a more attractive long-term investment than Hyperliquid, thanks to its transition from a retail-led ecosystem to institutional-grade infrastructure. When it comes to the AI race, Van de Poppe highlighted NEAR Protocol and Bittensor remain deeply undervalued, even as their ecosystems keep growing. Their valuatio

An address deposited 10 million USDC into Hyperliquid to add to its short position on crude oil, currently facing an unrealized loss of $778,000.

May 23 – According to AI Mama, wallet address 0x60a…685f6 transferred 10 million USDC to Hyperliquid at 3:00 AM today, followed by adding 28,500 BRENTOIL to their position and opening a short of 1,000 CL. Currently, the address holds a total of $15.49 million in crude oil short positions, ranking among the top 3 largest BRENTOIL positions on Hyperliquid. It has an unrealized loss of $778,000, with over $600,000 already paid out in funding fees.

Grayscale Resubmits Hyperliquid ETF Amendment Filing, Ticker Confirmed as GHYP

Bloomberg ETF analyst James Seyffart said Grayscale has resubmitted its amended Hyperliquid ETF filing to the U.S. Securities and Exchange Commission (SEC), with this latest submission being Amendment #3 and confirmed to carry the ticker symbol "GHYP". Seyffart noted that as the application advances through the regulatory process, the Hyperliquid ETF may be nearing its launch phase — a development that will lead to three HYPE-related ETF products being available on U.S. exchanges in the future.