Hyperliquid.

Moderna () is now live. 10x leverage, 24/7, 365.

Someone recently shared this paper with me, which rigorously studies the execution improvement of visible TWAPs on Hyperliquid: "Trading in the Sunshine or in the Shade: Market Impact and Adverse Selection on Hyperliquid," by Davide Barone and Fabrizio Lillo. In physics, theorists can say all they want, but the case isn't closed until an experimentalist comes with the cold hard data. So thank you to the authors of this paper for their hard work! The paper demonstrates that liquidity net tightens as onchain TWAPs surface, improving the average execution of the TWAP order. This has been a deeply personal question for me. Even before building Hyperliquid, I've defended from first principles that transparent trading ought to improve execution for non-toxic flow. This is a corrollary of the efficient market hypothesis, but the amount of pushback always surprised me. I've quote tweeted a previous post where I make the argument in detail. Transparency and equal access bring improved execution over traditional private venues. It's an honor to build with everyone to upgrade the financial system with onchain technology.

Parameter updates following this transition: Max leverage: 10x Funding multiplier: 0.5x Discovery bound range: 20% Discovery bound resets: 2 For more information, see our docs: https://docs.trade.xyz/consolidated-resources/specification-index

has transitioned to a standard XYZ perpetual. 10x leverage, 24/7, 365.

Crowdstrike () is now live. 10x leverage, 24/7, 365.

Cloudflare () is now live. 10x leverage, 24/7, 365.

Roundhill's Magnificent Seven ETF () is now live. 10x leverage, 24/7, 365.

Reddit is now live. 10x leverage, 24/7, 365.

is now live. 10x leverage, 24/7, 365.

Capital markets thrive when price discovery is open and continuous. Hyperliquid was built for both. Our joint letter with @HyperliquidPC explains how pre-IPO perpetuals can complement the IPO process and support more informed capital formation.

is now live. 10x leverage, 24/7, 365.

Americans should have access to pre-IPO perpetuals. Cerebras opened 89% above its IPO price. SK Hynix 14%. SpaceX 11%. Each time, a public market on Hyperliquid signaled the gap before trading began.IPO modernization offers a chance to put that price signal to work for issuers and investors. Today, with @tradexyz , we filed a joint comment letter introducing pre-IPO perpetuals (IPOPs) to the SEC. Inside, we describe the five IPOP markets that trade[XYZ] has launched so far on Hyperliquid and outline the questions that the SEC must resolve before these markets can serve Americans. Read it here ⬇️

https://x.com/i/article/2089683815434272768

The stock market’s rulebook was built for 2005’s technology. The SEC is proposing to retire the trade-through rule and protect investors through best execution: a duty that follows your order to any venue, at any hour. Together with @DouroLabs we filed a joint comment supporting the rescission and recommending how best execution should work for tokenized securities trading onchain. Read it here ⏬

https://x.com/i/article/2089320810871656448

Product & Tech + Based on feedback, the HIP-1 spec will be extended. Existing deployers and teams interested in HIP-1 deployment are encouraged to share further feedback. For details, see the API announcements channel + Based on feedback, additional features for HIP-4 have been implemented. For details, see the message above + Hyper Foundation's non-validating node is open to high-quality infrastructure providers as a reliable peer. For details, see the API announcements channel Trading + HIP-3 markets reached a new ATH of $4.3B in open interest New Teams on the HyperEVM & HyperCore + Buoy Finance deployed a vault system for trading on HyperCore via HyperEVM custom vaults: https://x.com/BuoyFinance/status/2087948034206208083

Additional features for HIP-4 have been implemented: 1. Deployer actions now support registerAndAssociateNamedOutcomeFromTemplate which allows deployers to add additional named outcomes to a question after creation. The initial balances of the new named outcome match the outstanding fallback balances. See hyperliquid.gitbook.io/hyperliquid-docs/for-developers/api/hip-4-deployer-actions for details. 2. Template instantiations now require deployerFeeScale for questions and standalone outcomes. Similar to HIP-3, this is a multiplier on the base fee that deployers can configure to collect, bounded between 0 and 10. See hyperliquid.gitbook.io/hyperliquid-docs/trading/fees for more details on outcome fees. 3. shortString type hint has been added, which appears in templated side names so that interfaces can make useful assumptions about the respective fields. 4. Settlement details are now pruned from the L1 state. Applications depending on node API servers or read precompiles could separately index settlement details if needed in perpetuity. 5. Additional templates have been added to testnet. Template IDs are suffixed with an index. All but the largest index in each series are considered deprecated templates. On the next network upgrade, validator-deployed outcome markets will have fees enabled in preparation for point 2 above. The average outcome trading fee will be half that of non-outcome spot trading. See hyperliquid.gitbook.io/hyperliquid-docs/trading/fees for more details. The mainnet launch of HIP-4 will have conservative specs as a staged rollout. Initially, each deployer will be limited to 100 concurrent outcomes, with 500 outcome deployments per day. Once the tech is stabilized, deployer limits are expected to increase quickly to 1k concurrent outcomes and 5k deployments per day. Based on feedback, a design for further limit increases will be implemented.

This is a cool dashboard: historical and realtime liquidity comparisons across venues. Hyperliquid is not only the most liquid venue for major crypto and RWA perps, it's more liquid by an *order of magnitude* for some of them like the S&P500. Thanks to the ASXN team for building this!

Weekly Update Product & Tech + HIP-3 now supports a continuous spectrum of deployer fee scales from 0.1 to 3, and the fee scale is configurable per-asset. For details, see the API announcements channel Trading + HIP-3 markets reached a new ATH of $4.1B in open interest New Teams on the HyperEVM & HyperCore (in no particular order) + xStocks deployed tokenized spot assets on HyperCore: https://x.com/xStocksFi/status/2086865169620099119 + Carrot Funding yield protocol migrated to HyperEVM: https://x.com/carrotfunding/status/2085027453727072497 Community Highlights + ASXN made a dashboard comparing perps liquidity on different venues: https://x.com/asxn_r/status/2085742057315094666 + Hyperliquid Research Collective (HRC) has a new website with consolidated research on the HL ecosystem: https://x.com/HyperliquidR/status/2087113648133333342 + The Indonesia community is organizing an event in Bali on August 19: https://x.com/hyperliquid_idn/status/2084213985281462597 + The Brazil community organized their first event in Rio on August 11: https://x.com/HyperliquidXBR/status/2086794412089024908

Farmers were the original beneficiaries of America’s derivatives markets. Futures trading was born in the grain trade in the 1800s, and federal oversight ran through the U.S. Department of Agriculture for five decades. The House and Senate Agriculture Committees oversee the CFTC to this day. On July 29, the @CFTC 's Agricultural Advisory Committee convened for the first time in more than two years. Today we filed a statement supporting the Committee’s work and the Commission’s phased approach to perpetual futures.

http://x.com/i/article/2085697034137251840

Roundhill's Neocloud ETF () is now live. 10x leverage, 24/7, 365.

is now live. 10x leverage, 24/7, 365.

Roundhill Photonics & Optics ETF () is now live. 10x leverage, 24/7, 365.

GE Vernova is now live. 10x leverage, 24/7, 365.

is now live. 10x leverage, 24/7, 365.

The Pre-IPO Perpetual (IPOP) Market for is now live. is a pre-IPO market reflecting the market-implied expected price per A-share of Unitree Technology Co., Ltd., expected to list on the Shanghai STAR Market (code 688836). Unitree designs and manufactures quadruped and humanoid robots and robotic arms. After the IPO, the oracle will convert the CNY share price to USD at the prevailing offshore USD/CNH rate.

Markets take weekends off. The news doesn't. New @blockworksres research measured 614 weekends of live 24/7 trading in equities, commodities, FX, and indices on Hyperliquid. The first hard data on what happens when markets simply keep going. The weekend markets held up: weekday-tight spreads, weekday-cost fills, while everything else was closed. And the weekend prices knew where markets would reopen. They cut the typical reopening miss in half, and on big moves they called the direction right 94.9% of the time. Read the full report:

Weekly Update Product & Tech + TWAP orders now support a) Longer running time: extended to 7 days b) Dynamic suborder intervals: suborder intervals are calculated from the total size and running time set, with 30 seconds as the minimum c) Lower minimum order size at $100 notional per TWAP order, with minimum notional per suborder still at $10 + The initial implementation of HIP-4 permissionless deployments is live on testnet. See https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/api/hip-4-deployer-actions for details. Additional features will be iteratively rolled out, including configurable fees and more testnet templates. Feedback is appreciated. New Teams on the HyperEVM & HyperCore (in no particular order) + HL Eco developed a HyperEVM explorer: https://x.com/hl_eco/status/2083891684136386860 + Mass App added onboarding options from any CEX to HyperCore: https://x.com/massdotmoney/status/2082455996820267465 Community Highlights + Panel recordings from HL Global's summit can be found on YouTube: https://x.com/HLglobal_/status/2081924713320964477