Hyperliquid Announcements

Weekly update

Tech
+ The HyperEVM is live. Please see ⁠the previous announcement regarding the EVM release on mainnet

Product
+ BTC spot trading, deposits, and withdrawals are now live, thanks to Unit: https://hyperunit.xyz/ https://x.com/hyperunit/status/1890437173738107107. Unit is the decentralized asset tokenization layer for all of finance, built exclusively on Hyperliquid. You can trade BTC here: https://app.hyperliquid.xyz/trade/0x8f254b963e8468305d409b33aa137c67
+ Miscellaneous UI improvements

Trading
+ LAYER, IP, and OM perps were listed

Teams Live on EVM
+ Purrsec (Parsec's) explorer: https://x.com/parsec_finance/status/1891938492059398288
+ 0xPrince's explorer: https://x.com/im0xPrince/status/1891741047341908085
+ Gas.zip's explorer: https://x.com/gasdotzip/status/1891822061615480850
+ HypurrScan EVM RPC: https://x.com/hypurrscan/status/1891863348326679007
+ Goldsky indexer: https://x.com/goldskyio/status/1891904190965817464
+ Indexing Co tooling: https://x.com/indexingco/status/1891957633734541367
+ 0xikalgo's frontend to toggle big/small blocks: https://x.com/0xikalgo/status/1891978908691468361
+ Hyperswap AMM: https://x.com/HyperSwapX/status/1891903088102912304
+ hl names: https://x.com/hlnames/status/1891830454732370141
+ Stork oracle: https://x.com/StorkOracle/status/1891917019806826653

Community Highlights
+ HypurrCo and Nansen co-hosted a community event in Singapore on Feb 12 where different ecosystem projects presented: https://x.com/hypurr_co/status/1889689557752504635. There are upcoming community events at Consensus HK (https://lu.ma/qu18gi5x) and ETH Denver (https://lu.ma/w0cinp8s) as well as a dodgeball tournament at ETH Denver (https://lu.ma/4k011viq)
+ HyperDash built a dashboard for Unit deposits and withdrawals, trading, etc.: https://unit.hyperdash.info/
+ SKYGG wrote about precompiles: https://x.com/SKYGG_Official/status/1889290936427192526
+ HL Fund, a platform for DAOs and community investments went live: https://x.com/hl_fund/status/1891433926477971684
+ HyperFly, an AI trading companion in closed beta, added new features: https://x.com/hyperflyai
+ Chainflip supports BTC deposits using Unit: https://x.com/Chainflip/status/1891885294967980143
+ Router supports Hyperliquid withdrawals: https://x.com/routerprotocol/status/1891907042568253566
+ Gas.zip supports bridging to the HyperEVM: https://x.com/gasdotzip/status/1891735778084134999
+ Hyperlane supports bridging to the HyperEVM: https://x.com/hyperlane/status/1892062408342110553
+ Okto added support for spot trading: https://x.com/okto_web3/status/1891422647277457605
+ For users who want to track teams building in the Hyperliquid ecosystem, you can use: https://www.hypurr.co/ecosystem-projects, https://hyperliquid.wiki/, https://data.asxn.xyz/dashboard/hyperliquid-ecosystem, https://x.com/SKYGG_Official/status/1885297011324575822

The HyperEVM is live. This is a major step toward the vision of housing all finance by bringing general-purpose programmability to Hyperliquid’s performant financial system. The initial mainnet release of the HyperEVM includes:

1. HyperEVM blocks built as part of L1 execution, inheriting all security from HyperBFT consensus.
2. Spot transfers between native spot HYPE and HyperEVM HYPE. As a reminder, HYPE is the native gas token on the HyperEVM.
3. A canonical WHYPE system contract deployed at 0x555...5 for defi applications. The source code can be found at https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/evm/wrapped-hype

Effective immediately, the bug bounty program will pay mainnet bounty amounts for reports within the scope of the points above. See https://hyperliquid.gitbook.io/hyperliquid-docs/bug-bounty-program for details.

For API and wallet users: the mainnet HyperEVM has chain ID 999. A JSON-RPC server for the mainnet HyperEVM is hosted at https://rpc.hyperliquid.xyz/evm. Node operators and other builders are encouraged to host their own RPC servers.

Tooling and analytics around mainnet HyperEVM may not be polished on day one. However, there are many talented builders working to solve these developer pain points. To help with these efforts, raw HyperEVM block data is streamed realtime to S3 so that running a node is not required to index the HyperEVM. More technical details can be found here: https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/evm/raw-hyperevm-block-data

General ERC20 native transfers and precompiles will be enabled on a future network upgrade. Any ongoing feedback for these features on testnet is greatly appreciated. While these features are implemented on testnet, the mainnet releases are staggered for minimal disruption to existing users on the L1. The HyperEVM is composable with the L1 state while not affecting the low latency trading experience of existing users.

Thank you to all the builders and users who have shared feedback on testnet so far. It will be exciting to see new applications leveraging and building upon the existing onchain financial system of Hyperliquid.

By community request, you can now long or short $OM with up to 5x leverage.

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/OM

From https://x.com/hyperunit:

Introducing Unit: the decentralized asset creation layer for all of finance, built exclusively on Hyperliquid.

Unit will enable seamless deposits, withdrawals, and trading for a wide variety of assets. Our first integration allows major spot crypto tokens to flow between Hyperliquid and their native blockchains, launching today with native BTC.

This is a significant unlock for users, enabling:
+ 1-Click Native Deposits & Withdrawals: Deposit or withdraw BTC via their self-custodial wallet or centralized exchange account. (ETH and SOL coming soon).
+ Unified Trading Experience: Trade both spot and derivatives within a single, integrated platform.
+ New Capital Onramps: Send spot from any supported native source chain and sell in the spot order book to access USDC.

Deposit BTC now directly on http://app.hyperliquid.xyz or at http://app.hyperunit.xyz. For more details on the protocol design, see our documentation at http://docs.hyperunit.xyz and to stay up to date on what we're building, you can join our telegram channel: http://t.me/hyperunit

By community request, you can now long or short $IP with up to 3x leverage.

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/IP

Hyperliquid now supports native multi-sig transactions. Multi-sig is an advanced feature that allows users to configure multiple wallets to collectively sign transactions for an address.

On most chains, multi-sig is only available through smart contracts. Users can deploy multi-sig smart contracts on the HyperEVM, but Hyperliquid also includes complementary multi-sig as a built-in primitive on the L1. Order book trading, staking, validating, and L1 asset custody all can leverage multi-sig security.

Multi-sig can benefit anyone who does not want a single private key to control their address. This could include institutions, large traders, validators, custodians, or bridge operators. With agent addresses that have delegated permissions, security setups can fine-tune signature requirements depending on the transaction type.

See Docs for more: https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-l1/multi-sig

By community request, you can now long or short $LAYER with up to 3x leverage.

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/LAYER

Biweekly update

Tech
+ Based on testnet usage, user feedback, and load testing, the HyperEVM adopted two architectural changes on testnet: dual-block architecture and sender-agnostic native token transfers.
+ Multi-sig is now live on mainnet. Unlike most other chains, multi-sig is a primitive built natively into the Hyperliquid L1 instead of requiring smart contracts. Read more in the Docs: https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-l1/multi-sig
+ As always, feedback and bug reports are appreciated

Product
+ Improvements to automatic deposit reliability for email login, mobile token selector, allowing negative % values for TP/SL, pending deposit & withdrawal display, etc.

Trading
+ VVV, JELLY, BERA, and TST perps were listed

Community Highlights
+ Added a new channel ⁠in Discord to help track airdrops and rewards from other projects to the Hyperliquid community
+ Across Protocol integrated Hyperliquid
+ CMM (CoinMarketMan), a trading journal, added support for Hyperliquid
+ Pine Analytics shared an update on TVL hitting 2.5B USDC: https://flipsidecrypto.xyz/pine/hyperliquid-bridge-metrics-lxNyGO (Separately, note that Defillama changed how they track Hyperliquid's TVL, which has confused a number of users)
+ pvp is hosting a 10k to 100k trading competition: https://x.com/pvp_dot_trade/status/1885783125814636631
+ The Farm shared its product roadmap: https://x.com/thefarmdotfun/status/1884749705848168864
+ SKYGG updated their ecosystem map: https://x.com/SKYGG_Official/status/1885297011324575822
+ This is just a selection of highlights. You can find more in the Discord server

By community request, you can now long or short $TST with up to 3x leverage.

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/TST

By community request, you can now long or short $BERA with up to 5x leverage.

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/BERA

Due to user feedback, partial liquidations have been enabled on testnet for user testing.

As a reminder, the vast majority of liquidations on Hyperliquid are sent directly to the order book. This allows all users to compete for the liquidation flow, and allows the liquidated user to keep any remaining margin. Unlike CEXs there is no clearance fee on liquidations.

For liquidatable positions larger than 100k USDC (10k USDC on testnet for easier testing), only 20% of the position will be sent as a market liquidation order to the book. After a block where any position of a user is partially liquidated, there is a cooldown period of 30 seconds. During this cooldown period, all market liquidation orders for that user will be for the entire position, i.e. the current behavior.

Any feedback or bug reports on testnet partial liquidations are greatly appreciated.

By community request, you can now long or short $JELLY with up to 3x leverage.

This perpetual contract uses onchain AMMs for the underlying oracle price. Beware of low liquidity, high volatility, and increased liquidation risk.

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/JELLY

By community request, you can now long or short $VVV with up to 3x leverage.

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/VVV

Regarding questions about the Arbitrum bridge: Different lockers run different code, and this is a test transaction by an independent locker around improved locker logic. Apologies for any confusion caused. All user funds are safe.

Biweekly update

Tech
+ As mentioned previously, testnet balances have been reset to ensure a fair environment for testing trading, running a node, etc. This transition is still in process and should be fixed in a few days. In particular, withdrawals from the testnet bridge are still disabled.
+ As a reminder, to date, all mainnet validators have qualified based on testnet performance. The next phase of mainnet validators will be permissionless. Once validators are permissionless on mainnet, anyone who meets the self-delegation requirement will be able to register a validator and apply for the Delegation Program.
+ The number of allowed agents now only depends on the number of allowed sub-accounts, instead of requiring those sub-accounts to exist.
+ There is now a 100 USDC gas fee for creating a vault. This is in red text in the Create Vault modal.
+ The multi-sig UI is available for testing at app.hyperliquid-testnet.xyz/multisig as an advanced feature. Unlike most other chains, multi-sig is a primitive built natively into the Hyperliquid L1 instead of requiring smart contracts. Please read the Docs (https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-l1/multi-sig) to understand the details. Note that the UI is intended as a proof of concept for what interfaces can be built. For example, the multi-sig primitive supports all actions onchain even though the UI only supports a few. As always, any bug reports are greatly appreciated.

Product
+ Prevented placing limit orders when at OI cap - previously, users who didn't realize there was an OI cap would place orders not realizing they would be cancelled.
+ Fixed default entry price for spot token transfers before trading is enabled.
+ Improved continuous loading of data when tab remains open for long periods of time.
+ Minor improvements to staking UI, funding comparison table, account dropdown, token selector, etc.

Trading
+ S, MORPHO, TRUMP, MELANIA, ANIME, and VINE perps were listed
+ ANIME hyperp was listed
+ FTM perps were delisted

Changes to Spot Deploy
+ Deployed tokens now allow a setting of the deployer fee share of trading fees paid in the token (i.e., on buys). The deployer fee share can only decrease. In particular, it can be set to zero to ensure that no fees are collected by the deployer in perpetuity.
+ Using HYPE as an anchor token in genesis now only includes staked HYPE. Excluding addresses from an anchor token will be enabled in the future.
+ Hyperliquidity is now optional for deployed assets.
+ wei decimals can now be up to 10, and size decimals can now be up to 5.
+ Note that the official UI does not yet support these new spot deploy configurations.
+ As a reminder, remember to test the exact configuration on testnet before using mainnet. If you have purchased a spot asset ID on mainnet and need assistance, please reach out.

Community Highlights
+ Projects have been airdropping to HYPE stakers and other members of the Hyperliquid community, e.g., ANIME, TIME, GOD, and more
+ Hybridge added support for fiat on-ramp via credit card, Apple Pay, and Google Pay: https://x.com/HyBridgeHL/status/1883491980711194964
+ Harmonix supports swapping token pairs on Hyperliquid: https://x.com/harmonixfi/status/1880184509905457327?s=46&t=FzB82NK1Ig2kb_HLvfwl3A
+ Build your own dashboard using https://hypervisor.gg/dashboard
+ SKYGG shared a map of the Hyperliquid ecosystem: https://x.com/SKYGG_Official/status/1879862273814204486

New ATHs
+ 24h volume: $22B
+ Open interest: $4.7B
+ 24h protocol revenue (fees + HLP): $9.5M

By community request, you can now long or short $VINE with up to 3x leverage.

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/VINE

ANIME has converted from a hyperp (pre-launch) to a regular perp.

By community request, you can now long or short pre-launch $ANIME with up to 3x leverage.

Hyperps do not rely on any external data for the oracle price. Hyperps trade like perpetual contracts that users are familiar with, but do not require an external spot or index oracle price. Instead, the funding rate is determined relative to a moving average of the hyperp mark price. This makes the hyperp price more stable and less susceptible to manipulation, unlike usual pre-launch futures.

Trading is on low leverage and isolated margin only. Beware of low liquidity, high volatility, potentially extreme funding, and increased liquidation risk. Note: ANIME-USD will convert to a vanilla perp upon CEX spot listing.

ANIME-USD is a hyperp contract that poses higher than normal risk. Do not trade contracts you are unfamiliar with and do not understand the risks for. Read the Docs to learn more about the hyperp mechanism and how it differs from vanilla perps. NFA.

https://app.hyperliquid.xyz/trade/ANIME

All-time highs two days in a row:
Hyperliquid reached >$22B in 24h volume

MELANIA-USD has been converted to a normal perp using CEX spot prices for oracle sources. Trading now supports cross margin and up to 5x leverage.

New ATHs reached today include:
+ 24h volume: $21B
+ Open interest: $4.7B
+ 24h protocol revenue (fees + HLP): $9.5M

By community request, you can now long or short $MELANIA with up to 3x leverage.

This perpetual contract uses onchain AMMs for the underlying oracle price. Beware of low liquidity, high volatility, and increased liquidation risk.

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/MELANIA

In accordance with its onchain mandate to securely preserve value and support the Hyperliquid community, the assistance fund will begin holding a diverse set of native assets on Hyperliquid. Selection criteria include a fair initial distribution, decentralized ownership, Hyperliquid-first native deployment, and a demonstrated positive impact for the Hyperliquid community.

Among qualifying assets, the Hyper Foundation will initially decide on inclusion and relative representation. Over time, governance will take over this responsibility. The pilot asset added to the assistance fund is PURR. The assistance fund initially will hold 3M PURR, which accounts for approximately 0.5% of the total supply at the time of inclusion.

TRUMP-USD has been converted to a normal perp using CEX spot prices for oracle sources. Trading now supports cross margin and up to 10x leverage.

By community request, you can now long or short $TRUMP with up to 3x leverage.

This perpetual contract uses onchain AMMs for the underlying oracle price. Beware of low liquidity, high volatility, and increased liquidation risk.

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/TRUMP

By community request, you can now long or short $MORPHO with up to 5x leverage.

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/MORPHO

By community request, you can now long or short $S with up to 5x leverage.

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/S

SOLV is the first token with Day 1 CEX and Hyperliquid spot listings.

SOLV is launching simultaneously on the Hyperliquid L1 and BNB chain on Friday. These two SOLV assets will be linked once the HyperEVM is live.

Solv Protocol allows Bitcoin holders to stake, earn yield, and interact with defi products via SolvBTC, a Bitcoin reserve token.

The black market for testnet HYPE is strongly condemned. As stated many times, testnet is meant to be an open environment for users and builders to test the technology. To ensure fairness, testnet will undergo the following changes in the coming days:
+ The existing testnet USDC faucet functionality will be removed from the ERC20 smart contract
+ The new testnet USDC faucet will only work for existing mainnet addresses to prevent spam
+ Testnet HYPE balances will be reset to genesis balances
+ Existing testnet USDC balances will be zeroed out for all addresses
+ Testnet validators will be able to apply for testnet delegations once the Hyper Foundation Delegation Program is live

The next phase of mainnet validators will be permissionless. Once validators are permissionless on mainnet, anyone who meets the self-delegation requirement will be able to register a validator and apply for the Delegation Program.

The multi-sig UI is available for testing at app.hyperliquid-testnet.xyz/multisig.
This is an advanced feature. Unlike most other chains, multi-sig is a primitive built natively into the Hyperliquid L1 instead of requiring smart contracts. Please read the Docs (https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-l1/multi-sig) to understand the details.

Note that the UI is intended as a proof of concept for what interfaces can be built. For example, the multi-sig primitive supports all actions onchain even though the UI only supports a few.

As always, any bug reports are greatly appreciated.

Hyperliquid x ANIME

ANIME is the token powering the open anime universe, backed by Azuki. HYPE stakers will receive an ANIME airdrop as part of their TGE.

Follow @animecoin on X for updates.

https://x.com/HyperliquidX/status/1878598088979570985

Biweekly update

Staking
+ Staking went live on mainnet. >400M HYPE is currently staked
+ Nansen, ValiDAO, and HypurrScan added staking UIs: https://stake.nansen.ai/stake/hyperliquid, https://app.validao.xyz/stake/hyperliquid, https://hypurrscan.io/staking
+ ASXN and HypurrScan built staking dashboards: https://data.asxn.xyz/dashboard/hype-staking, https://hypurrscan.io/staking

Trading
+ AI16Z, AIXBT, ZEREBRO, BIO, GRIFFAIN, and SPX perps were listed
+ Note that FTM perps will be delisted at 3:30 UTC on January 12 rather than 09:30 UTC

Community Highlights
+ In the 2024 recap, you can find a non-exhaustive list of teams and projects who have contributed to the ecosystem. A sincere thank you to everyone who believed in the vision and played a part in Hyperliquid's growth: https://x.com/HyperliquidX/status/1876628922693251128
+ BEATS, an AI agent music engine, launched: https://www.beatsfoundation.com/music
+ Tholos added support for multisig signing: https://x.com/TholosApp/status/1877098487923327133
+ MayanFinance (powered by Wormhole) and Router Protocol integrated, offering bridges from new chains: https://x.com/MayanFinance/status/1876314021928071592, https://x.com/routerprotocol/status/1876701670123680219
+ Awaken, tax software, added support for Hyperliquid transactions: https://x.com/AwakenTax/status/1873242101468807279

Looking back on the growth from 2023 to 2024 in numbers:
+ $1B 24h ATH volume to $15B (15x)
+ $178M open interest to $4.3B (24x)
+ $56M TVL to $2.1B (37x)
+ 31k users to 300k (9x)
+ 100 perps to 158 perps and 128 native spot assets
+ 24h revenue from trading fees and spot auctions exceeded $3.5M

2024 in Review

Hyperliquid started 2024 as a barely-known perp dex and ended the year as one of the largest decentralized financial hubs, processing billions in volume per day with a thriving ecosystem of builders, traders, and community members.

Thank you to everyone who came together for a record-breaking 2024. All of this was achieved without taking any external funding and giving all trading fees to the community. Part of what makes Hyperliquid special is how the community is its strongest advocate and the largest beneficiary of its success. It’s humbling to see Hyperliquid’s vision resonate with so many of you.

Hyperliquid was built with a strong belief in returning to the core ethos of crypto — changing entrenched and predatory centralized practices to be fair and permissionless. In 2025, even more builders and users will join the flourishing ecosystem on a mission to house all finance.

Looking back on 2024, some milestones and metrics are highlighted in the post below.

https://hyperfnd.medium.com/2024-in-review-28c472091320

By community request, you can now long or short $SPX with up to 5x leverage.

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/SPX

By community request, you can now long or short $GRIFFAIN with up to 5x leverage.

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/GRIFFAIN

FTM-USD will be delisted on January 12 at 09:30 UTC as part of the rebranding from FTM to S. All positions will be settled at mark price, and open orders will be canceled. Close any positions beforehand to avoid automatic settlement. After settlement, FTM-USD perps will be delisted, and no new orders will be accepted.

By community request, you can now long or short $BIO with up to 5x leverage.

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/BIO

By community request, you can now long or short $ZEREBRO with up to 5x leverage.

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/ZEREBRO

By community request, you can now long or short $AI16Z and $AIXBT with up to 5x leverage.

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/AI16Z
https://app.hyperliquid.xyz/trade/AIXBT

Biweekly update

Tech
+ A staking UI was added to https://app.hyperliquid-testnet.xyz/staking on testnet to make it easier for users to test and familiarize themselves with staking

Product
+ Added $ / % toggle to favorites bar
+ Added aggregation selector to full order book view on mobile
+ Enabled order book set size on click setting on mobile
+ Expanded TP/SL input fields proportionally when expanding the order form horizontally on desktop
+ Updated OI error message to be clearer, and more misc. UI improvements

Trading
+ VIRTUAL, PENGU, USUAL, and FARTCOIN perps were listed
+ BLZ perps were delisted
+ OI reached a new ATH of >$4.3B
+ 24h volume reached a new ATH of >$15B

Community Highlights
+ deBridge and Synapse integrated Hyperliquid, enabling cross-chain deposits
+ Sandwich Trading and Teal Street added support for Hyperliquid
+ Defillama began tracking Hyperliquid's fees on its dashboard: https://defillama.com/fees. Note that this does not include native spot auctions.
+ Jan organized a PURR Christmas donation to support a cat shelter: https://www.purrburn.fun/make-a-difference
+ As always, you can find more great content, analysis, etc. from the community in ⁠the community-research channel in Discord

Max leverage has been updated for various assets. Increases in max leverage reflect improved liquidity. Decreases in max leverage ensure platform stability during extreme volatility.

Note that max leverage decreases do not affect the liquidation price of open positions until they are modified. To reduce positions that exceed initial margin requirements under the new max leverage, use reduce-only orders. The first non-reduce-only order that modifies a position will subject it to the new max leverage and maintenance margin requirements. As a reminder, maintenance margin is half of the initial margin at max leverage. E.g., if max leverage is 20x, the maintenance margin is 2.5%.

Another day, another ATH. Hyperliquid reached a new all-time high in 24h volume of >$15B.

By community request, you can now long or short $FARTCOIN with up to 3x leverage.

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/FARTCOIN

Hyperliquid reached a new all-time high in 24h volume of >$13B.

BLZ-USD will be delisted on December 22 at 08:30 UTC. All positions will be settled at mark price, and open orders will be canceled. Close any positions beforehand to avoid automatic settlement. After settlement, BLZ-USD perps will be delisted, and no new orders will be accepted.

By community request, you can now long or short $USUAL with up to 5x leverage.

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/USUAL

By community request, you can now long or short $PENGU with up to 5x leverage.

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/PENGU

Hyperliquid reached a new all-time high in open interest of >$4.3B.

By community request, you can now long or short $VIRTUAL with up to 5x leverage.

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/VIRTUAL

Biweekly update

Tech
+ As posted in API Announcements, API keys (both named and unnamed agents) will no longer work after their deadline. When a key expires, it is highly recommended to generate a new key, as the nonce tracking information for expired agents are eventually pruned from the L1 state. Note that legacy API keys created before deadlines were implemented will expire on Dec 14.
+ As a reminder, the validator set is permissionless on testnet. There is a self-delegation requirement of 10k HYPE to register a new validator and be eligible for the active set. The top N validators by total delegated stake form the active set. Currently N=50 on testnet.
+ Please continue to submit any findings for the testnet EVM bug bounty with a minimal reproducible example via ⁠Discord ticket. Thank you for your reports!

Product
+ Misc UI improvements: require checkbox confirmation to Send to new address on the L1, mobile QR code modal improvements, etc.

Trading
+ ALGO, SAND, IOTA, HYPE, ME, and MOVE perps were listed
+ LOOM perps were delisted
+ OI reached a new ATH of >$3.5B
+ 24h volume reached a new ATH of >$10B
+ 24h liquidations reached a new ATH of >$1B

Genesis Event
+ The HYPE genesis event occurred smoothly on November 29

Community Highlights
+ Builders can use the testnet EVM explorers built by Parsec and Prince: https://testnet.purrsec.com/ and https://hyperevm-explorer.vercel.app/
+ Ambit wrote about precompiles: https://medium.com/@ambitlabs/the-not-so-definitive-guide-to-hyperliquid-precompiles-f0b6025bb4a3
+ Pine Analytics shared notes on the Arbitrum bridge reaching 1.5B in USDC deposits: https://x.com/PineAnalytics/status/1865867525021409638
+ Octav added support for spot in their portfolio tracker: https://x.com/OctavFi/status/1863606594845786318

By community request, you can now long or short $MOVE with up to 5x leverage.

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/MOVE

By community request, you can now long or short $ME with up to 5x leverage.

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/ME

LOOM-USD will be delisted on December 12 at 08:30 UTC. All positions will be settled at mark price, and open orders will be canceled. Close any positions beforehand to avoid automatic settlement. After settlement, LOOM-USD perps will be delisted, and no new orders will be accepted.

Hyperliquid reached a new all-time high in open interest of >$3.5B.

Hyperliquid reached a new all-time high in 24h volume of >$10B.

By community request, you can now long or short $HYPE with up to 3x leverage.

Note that the HYPE-USD oracle is USDC-denominated instead of USDT-denominated. As with all other perps, HYPE-USD is USDC-margined.

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/HYPE

Hyperliquid reached a new all-time high in 24h volume of >$8.5B.

Open Interest also reached a new all-time high of >$3B.

By community request, you can now long or short $ALGO, $IOTA, and $SAND with up to 5x leverage.

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/ALGO
https://app.hyperliquid.xyz/trade/IOTA
https://app.hyperliquid.xyz/trade/SAND

Weekly Update

Tech
+ As mentioned in the ⁠API announcements channel, the tick formula was updated to allow all integer prices regardless of number of sig figs. For example, after the change 123456 will be a valid price for BTC-USD.
+ Please continue to submit any findings for the testnet EVM bug bounty with a minimal reproducible example via Discord ticket. Thank you for your reports!

Product
+ Misc UI improvements: Language in withdrawal modal was updated to explain transferring from Perps to Spot balances, improved notification dismissal animations on mobile, use trigger price instead of BBO for Stop Limit order warnings, etc.

Trading
+ XLM and CHILLGUY perps were listed
+ OI reached a new ATH of >$2.5B

Community Highlights
+ Parsec built a testnet HyperEVM explorer: https://testnet.purrsec.com/. Please share feedback with the Parsec team
+ Notifi supports alerts for token prices, liquidation risks, and more on HL: https://x.com/notifinetwork/status/1859794066407371068?s=46&t=FzB82NK1Ig2kb_HLvfwl3A
+ https://pvp.trade/ is running a trading competition: https://x.com/pvp_dot_trade/status/1861427350447005775
+ ASXN has written several reports on Hyperliquid: https://data.asxn.xyz/

Points
+ 16.4M points were distributed for activity in May, October, and early November. Sybil clusters were slashed, with their points multiplied by 2% or 20% based on the scale of sybil activity.

Genesis Event
+ The HYPE genesis event will take place at 07:30 UTC on November 29.
+ Note that higher network congestion on the L1 is expected around the genesis event. Deposits & withdrawals may also take longer than usual due to congestion on the Arbitrum bridge around the genesis event.

Please see the following message from the Hyper Foundation twitter account: https://x.com/HyperFND/status/1862007773191708760

Blog post: https://hyperfnd.medium.com/hype-genesis-1830a4dc2e3f

Note that higher network congestion on the L1 is expected around the genesis event, which will occur at 07:30 UTC on November 29.

Hyperliquid’s vision is to create a fair new financial system for all. All users are important, no matter their volume or account value.

Real users receive fewer points when large-scale sybil farms try to game the system to receive more than their fair share. Investigation by different research teams identified that over 27,000 addresses operated by approximately 100 individuals attempted to receive disproportionately more points through large-scale and systematic inorganic behavior. These addresses’ points were multiplied by 2% or 20% based on the scale of sybil activity. Affected addresses include a line on the Points page saying, “Sybil behavior detected.” The end result is a larger fraction of points going to real users.

In addition, 8M points were distributed for activity in May and 8.4M points for activity in October and early November. In sum, the final number of points is 57.9M.

By community request, you can now long or short $CHILLGUY with up to 3x leverage.

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/CHILLGUY

By community request, you can now long or short $XLM with up to 5x leverage.

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/XLM

Update

Tech
+ See ⁠API announcements in Discord or TG for improvements to builder codes and api-related updates
+ Please continue to submit any findings for the testnet EVM bug bounty with a minimal reproducible example via Discord ticket. Thank you for your reports!

Trading
+ New ATHs were reached in open interest ($2B) and 24h volume ($6B)
+ PURR and PNUT perps were listed

Community Highlights
+ Shoutout to HypurrCo x HyperActive x CL for hosting an awesome event at DevCon: https://x.com/hypurr_co/status/1857369316003545138
+ Jeff discussed what drives him, the vision for Hyperliquid, and how Hyperliquid stands apart from other blockchains in this podcast: https://www.youtube.com/watch?v=WeRh589I76o
+ Copin supports copy trading on HL: https://x.com/Copin_io/status/1853347962837143926
+ Using builder codes, Okto supports trading on their mobile app: https://x.com/okto_web3/status/1853437295329997176
+ Vooi, a perp dex aggregator, integrated HL: https://x.com/vooi_io/status/1859115693679001684
+ Katoshi supports alerts for their HL trading bots, which are compatible with TradingView: https://x.com/KatoshiAI/status/1856747332324282673
+ Hyperterminal displays trading details of top leaderboard users: https://x.com/hyterminal/status/1858199880466129034
+ Pine Analytics shared stats on the Arbitrum bridge: https://x.com/PineAnalytics/status/1855977363596595501
+ Monk made a map of early builders in the HL ecosystem: https://x.com/defi_monk/status/1856094194294473178

Points
+ Points will be distributed next week and will include activity in May, October, and early November

By community request, you can now long or short $PNUT with up to 5x leverage.

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/PNUT

The past few days have seen record highs in OI ($2B) and 24h volume ($6B). OI hit new ATHs five days in a row.

When Shift Happens podcast with Jeff

Jeff discusses what drives him, the vision for Hyperliquid, and how Hyperliquid stands apart from other blockchains to support a full-fledged financial ecosystem.

https://www.youtube.com/watch?v=WeRh589I76o

Hyperliquid reached a new all-time high in open interest of >$1.5B.

By community request, you can now long or short $PURR with up to 3x leverage.

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

Note that the PURR-USD oracle is USDC-denominated instead of USDT-denominated. As with all other perps, PURR-USD is USDC-margined. Hyperliquid spot has been added to the list of oracle sources with weight 1.

https://app.hyperliquid.xyz/trade/PURR

Biweekly update

Product
+ Updated info bar to display social media links for spot assets. Appreciate your patience while there is a backlog of spot assets to be updated
+ Added different layout options for the Order Book and Trades
+ Enabled opting out of spot dust conversions by selecting "Opt Out of Spot Dusting" in the Settings dropdown
+ Misc UI improvements

Tech
+ Shoutout to Cain from Ambit Labs for his testnet EVM report: Transfer from EVM to native spot did not credit deposits with more precision than wei decimals on native spot token. This has been fixed to floor to the maximum integer multiple of wei.
+ Please continue to submit any findings for the testnet EVM bug bounty by opening a Discord ticket with a minimal reproducible example. Thank you for your reports!

Trading
+ SCR converted from a hyperp to a regular perp
+ GOAT, kNEIRO, NEIROETH, MOODENG, and GRASS were listed

Community Highlights
+ Added a ⁠Vietnamese language channel in Discord
+ Coinalyze integrated Hyperliquid: https://coinalyze.net/bitcoin/usd/hyperliquid/btc/price-chart-live/
+ Push Protocol now provides liquidation and positions alerts for Hyperliquid: https://x.com/pushprotocol/status/1851625233654153716
+ HypurrCo, HyperActive, and CL are hosting a brunch at DevCon: https://lu.ma/rctxq98m

By community request, you can now long or short $GRASS with up to 3x leverage.

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/GRASS

By community request, you can now long or short $MOODENG with up to 5x leverage.

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/MOODENG

By community request, you can now long or short $GOAT with up to 3x leverage.

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/GOAT

By community request, you can now long or short $NEIRO and $NEIROETH with up to 5x leverage.

Listings are not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/kNEIRO
https://app.hyperliquid.xyz/trade/NEIROETH

The SCR hyperp has converted to a regular perp. You can now long or short $SCR with up to 5x leverage.

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/SCR

Please see the following message from the Hyper Foundation twitter account: https://x.com/HyperFND/status/1845851735363027270

The spot deploy minimum gas will be increased from 100 USDC to 10k USDC on the next network upgrade. This change prevents unnecessary native spot state bloat. For reference, there are currently more than 100k addresses holding native spot balances. This number is expected to increase significantly. Due to adjustments to automatic spot dusting based on user feedback, the spot state will be pruned much less frequently.

As a natural progression after the HyperEVM release, projects will be able to begin building on the EVM and can then deploy on the native spot order book when they are ready.

Weekly update

Product
+ Spot dust conversion now has an additional condition that the balance be less than the lot size of the spot asset. Note that users are always able to sell spot if the order leaves them with less than 1 lot size worth of the token, after which the remainder is eligible for dust conversion. Separately, in a future update, users should be able to opt out of spot dusting entirely.
+ Misc. UI improvements

Tech
+ A new role has been added to the Discord server for updates related to the #node-operators channel. React in the #server-roles channel to be pinged for future updates.

Trading
+ SCR hyperp was listed

By community request, Hyperliquid has listed $SCR-USD hyperp. You can now long or short the unlaunched Scroll token with up to 3x leverage.

Hyperps do not rely on external data for the oracle price. Hyperps trade like perpetual contracts that users are familiar with, but do not require an external spot or index oracle price. Instead, the funding rate is determined relative to a moving average of the hyperp mark price. This makes the hyperp price more stable and less susceptible to manipulation.

Trading is on low leverage and isolated margin only. Beware of low liquidity, high volatility, potentially extreme funding, and increased liquidation risk. Note: $SCR-USD will convert to a vanilla perp upon CEX spot listing.

$SCR-USD is a hyperp contract that poses higher than normal risk. Do not trade contracts you are unfamiliar with and do not understand the risks for. Read the Docs to learn more about the hyperp mechanism and how it differs from vanilla perps. NFA.

https://app.hyperliquid.xyz/trade/SCR

The Arbitrum bridge was locked earlier today due to an automatic monitoring process run by L1 validators. The locking process relies on many major Arbitrum RPCs and ensures that the L1 and Arbitrum state are synced. The locking mechanism is meant as a last resort to prevent exploits.

In this case, the locking was a false positive. An extremely rare edge case occurred where multiple RPCs served inconsistent data between transactions and state. This is not an error by the RPC providers because there is no guarantee of temporal consistency between endpoints, especially on a high throughput network like Arbitrum. However, it is extremely rare that many RPCs agree exactly on their out-of-date data, which caused a locking condition to be hit.

The overall locking mechanism is conservative because losing user funds is a far worse outcome than occasional downtime. This was the first locking incident in over one year of continuous operation.

Thank you to the Arbitrum team for prompt assistance in looking into the issue. Improvements are being made to the monitoring process to prevent the same false positive from triggering in the future. All user funds are safe.

Weekly update

Product
+ Released builder codes, which let anyone permissionlessly monetize applications on the L1. You can read more in Jeff's tweet: https://x.com/chameleon_jeff/status/1841392573199585291
+ Added mobile login via desktop QR code scan. This now works by scanning directly from your camera app, in addition to from the PWA or mobile browser.
+ Updated API page to include expiration date per agent wallet (aka API wallet)
+ Included the claiming of referral rewards as a row in the Deposits and Withdrawals table. Rewards claims need to be >1 USDC to be processed.
+ Misc UI improvements

Tech
+ Please continue to submit any findings for the testnet EVM bug bounty via Discord ticket with a minimal reproducible example. The bug bounty scope includes any part of the system that touches the EVM, including the EVM state transitions, EVM interaction with the L1, and JSON-RPC.

Trading
+ HMSTR was listed. EIGEN converted from a hyperp to regular perp.
+ OI reached a new ATH of >$1.4B

Points
+ L1 points for weeks 17 and 18 (Sep 18-24 and Sep 25-Oct 1 were distributed)
+ An announcement will be posted about May points once they are distributed

Note: As always, Hyperliquid has never raised external capital and has no advisors. Any claims otherwise are false.

Many users were frustrated with flaky third-party mobile wallets. Now you can bring your desktop trading to mobile with a simple scan.

Instructions: https://hyperliquid.gitbook.io/hyperliquid-docs/onboarding/connect-mobile-via-qr-code

The EIGEN hyperp has converted to a regular perp. You can now long or short $EIGEN with up to 5x leverage.

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/EIGEN

Hyperliquid now supports builder codes, which let anyone permissionlessly monetize applications on the L1.

Regional frontends, fiat onramps, mobile wallets, social trading -- all are one line of code away from earning upside proportional to their volume. This upside can be multiples of what the L1 itself charges.

Builder codes are trustless and entirely onchain. They bring together the best of both worlds from CEX broker programs and permissionless, self-custodial defi.

See API announcements on Discord or TG for more details.

By community request, you can now long or short $HMSTR with up to 5x leverage.

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/HMSTR

Bi-weekly update

Tech
+ The node Github has been updated with instructions on delegation. Any user can delegate the testnet native token TESTH to any validator. Staking rewards and withdrawal queue are also live on testnet, with some rudimentary endpoints to query data. More endpoints will be released with information such as staking history and validator uptime. Please flag any issues in the Discord node-operators channel
+ Released bug bounty for testnet EVM. See Discord announcement for more details. The bug bounty scope includes any part of the system that touches the EVM, including the EVM state transitions, EVM interaction with the L1, and JSON-RPC. Please submit any findings via Discord ticket and include a minimal reproducible example in your report.

Product
+ As a reminder, there are now expiration times for agent wallets (also referred to as API wallets). API users should make sure to authorize new API wallets before expiration.

Community Highlights
+ Hyperliquid Labs hosted its first community event in Singapore. It was great meeting so many users and builders and hearing about their experiences with Hyperliquid. Product improvements are already underway based on user feedback from the conference week.
+ HypurrCo x hyper/active x Vegas x Theo hosted a lively community meetup in Singapore as well.
+ Hypurr plushies were spotted around Singapore as part of a scavenger hunt and have since spread out across the world as their new owners returned home
+ ASXN wrote a detailed report about their Hyperliquid thesis: https://newsletter.asxn.xyz/p/hyperliquid-the-hyperoptimized-order
+ This is just a small subset of what the community has worked on the past 2 weeks. You can find more research, user-built tooling, apps being developed, etc. in the Discord community research channel.

Trading
+ Open interest reached a new ATH of >$1B
+ POL, CATI, and CELO were listed

L1 Points
+ L1 points for weeks 15 and 16 (Sep 4-10 and Sep 11-17 were distributed). The last distribution will take place on Oct 4.

By community request, you can now long or short CATI with up to 5x leverage.

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/CATI

By community request, you can now long or short CELO with up to 5x leverage.

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/CELO

Hyperliquid reached a new all-time high in open interest of >$1B.

Thank you to everyone who joined the community event in Singapore yesterday! It was great meeting so many users and builders and hearing about their experiences with Hyperliquid.

Back to work today on improving the product.