News

The @CFTC just took an important step toward adopting a federal rulebook for crypto market structure: the Commission proposed rules for exchanges that let Americans trade crypto with leverage, including a new type of CFTC registration that is fit for purpose. An exchange’s regulatory path would follow its product set: (1) state licensing for spot trading, backstopped by the CFTC's anti-fraud and anti-manipulation authority; (2) CFTC registration for leverage under rules written for crypto; and (3) the existing DCM framework for perps and other derivatives. Builders shipping code onchain, and the Americans using it, would know where they stand under federal law. Separately, the CFTC is working directly with builders to develop lawful pathways for onchain markets in the United States, and is drafting a policy so that developers who publish software but do not take orders, control execution, or hold customer assets would not have to register as brokers. Thank you to @ChairmanSelig and the CFTC staff for the effort behind today's proposal and for putting onchain markets on the agenda.

Yesterday, HPC responded to @EU_Finance’s review of MiCA, our first filing outside the U.S., urging the Commission to build on existing EU rules for onchain markets. The EU wrote the first rulebook for crypto-asset markets. Its review now asks which rulebook governs perpetual futures, one of the most traded derivative products in the world. Our position: perpetual futures belong under MiFID II, the EU’s framework for derivatives, regardless of how they are recorded or what asset class they reference. Applying MiFID II with attention to how onchain markets work will give EU investors access to regulated markets that are deeper, continuously margined, and verifiable by anyone. Read it here:

https://x.com/i/article/2105629196357660672

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

The Hyperliquid community event will take place on the evening of October 5 in Singapore: luma.com/HL2026Community This is a chance to spend time with the builders and users who've shaped the ecosystem The event is oversubscribed; you will only be able to attend if your RSVP was accepted. If your RSVP was accepted but you're no longer able to attend, please cancel your RSVP to make space for others

Weekly Update Trading + Open interest reached an ATH of $18B on Hyperliquid New Teams on HyperEVM & HyperCore + DoubleZero Edge now supports Hyperliquid data feeds: https://x.com/doublezero/status/2103122298253492244 + Near Protocol deployed NEAR spot on HyperCore: https://x.com/NEARProtocol/status/2102469065822593316 Community Highlights + Jeff is speaking at KBW on Wednesday, Sep 30 from 11-11:20am There will be many events organized by the community in Singapore during Token2049 week, including but not limited to: + Monday, Oct 5 from 6:30-10pm: Hyper Foundation community event: https://luma.com/HL2026Community + Tuesday, Oct 6 from 12-4pm: Kinetiq x DoubleZero networking event: https://luma.com/k9exlya9 + Wednesday, Oct 7 from 11-11:35am: Jeff will be speaking at Token2049 + Wednesday, Oct 7 from 3-7pm: Event.HL by HyperBeat & other teams: https://luma.com/3qsc5ehs + Thursday, Oct 8 from 11-4pm: HypurrCo Gathers: https://luma.com/mmrfj0pz

Trading for xyz:KIOXIA has resumed on the new share basis.

Trading on xyz:KIOXIA has been halted and all positions have been settled. For more details on the settlement and reopening procedure for Kioxia's 3-for-1 stock split, see here: https://docs.trade.xyz/perpetuals/corporate-actions/2026-09-28-kioxia-stock-split

In connection with Kioxia Holdings' 3-for-1 stock split, TradeXYZ will suspend trading and settle all open xyz:KIOXIA perpetual positions at approximately 06:35 UTC on Monday, 28 September 2026. To re-establish exposure after reopening, traders must open new positions and submit new orders. For more details on the settlement and reopening procedure for Kioxia's 3-for-1 stock split, see here: https://docs.trade.xyz/perpetuals/corporate-actions/2026-09-28-kioxia-stock-split

Today, the @CFTC took an important step toward bringing regulated onchain markets to the United States: firms can now keep required records on a public blockchain without being required to maintain a separate offchain copy. The CFTC also clarified that firms can invest customer funds in tokenized versions of investments that are already permitted. That matters because a regulated firm can now use a public blockchain as its system of record, where every entry is transparent, tamper-evident, and verifiable by anyone. Those are the assurances the CFTC’s recordkeeping rules exist to provide, and public blockchains deliver them by design. In July, HPC and @phantom asked the CFTC to provide this clarity. Today, the CFTC delivered.

Micron reports earnings after the close on Sep 30. Where will $MU trade on Oct 1 at 9:35am ET?

The Pre-IPO Perpetual (IPOP) Market for OURA is now live.

Open interest reached an all-time high of $18B on Hyperliquid Note: Two-sided OI is calculated as the sum of long and short positions

Weekly Update Product & Tech + Trailing stops are now available for perp markets. See the Support Docs for more: https://hyperliquid.gitbook.io/hyperliquid-docs/support/faq/trailing-stops New Teams on HyperEVM & HyperCore (in no particular order) + 1inch deployed on HyperEVM: https://x.com/1inch/status/2098051597364334669 + BitGo's self-custody wallet added support for HyperCore: https://x.com/BitGo/status/2098044479878074500 Community Highlights + The French community is organizing a meet-up in Paris on Sep 23: https://x.com/HyperliquidFR/status/2099465233018294519 + HypurrCorea is organizing a day of events on Sep 28 in Seoul a) Institution-focused seminar from 2-5:30pm: https://luma.com/eei081l4 b) Community dinner & mingle from 6:30-10pm: https://luma.com/5ltxvfi7 + HypurrCo designed Hypurr NFT cards: https://x.com/hypurr_co/status/2099502182542524809

Trailing stops are now available for perp markets. A trailing stop's trigger price follows the mark price as it moves in favor of the position. When the mark price retraces from its best level by the selected distance or percentage, it triggers a market order for the selected size. For long positions, the trigger price follows the highest mark price reached since activation; for short positions, it follows the lowest. An optional activation price determines when tracking begins. Without one, tracking begins immediately at the current mark price. See the Support Docs for more.

Most tech giants in the 2000s built their infrastructure and product as one entangled unit. Amazon had the foresight to separate out AWS as an API layer, of which Amazon retail was the first of many users. Today, AWS generates more profit than all of Amazon's other business lines combined. Hyperliquid is built with the same philosophy. Housing all of finance requires thoughtfully designed, open financial primitives. Each primitive should obey the Unix principle of "Do one thing and do it well." Talented builders then have the foundation to chain these together to create magical applications. HyperCore borrowing is an example to highlight this philosophy in action. Most other platforms implement portfolio margin by marking an account's collateral to market value with an LTV haircut, creating borrowed assets without an explicit lender. This system is simpler to implement, but misses a golden opportunity for composability. Hyperliquid instead begins with a borrow/lend protocol on HyperCore. Every borrowed asset is sourced from a supplier, so risk is isolated within the borrow/lend primitive instead of platform-wide. HyperCore's portfolio margin system is implemented as an orchestration layer that composes borrow/lend, with other primitives such as perps, spot, and outcome trading. This decomposition has several nice corollaries: 1. Today's announcement of manual borrowing is not a new feature, but simply an extension of the underlying primitive. Borrowers on day one have access to 400M and growing of supplied liquidity. 2. Portfolio margin users earn interest on their idle stablecoin collateral. This is not a new feature, but a natural byproduct of composing trading with lending. 3. System safety is easier to reason about when perp and borrow/lend margining are independent. In the same way that math theorems almost prove themselves when the right abstractions are defined, composable designs just feel right.

Manual borrows are live on Hyperliquid Portfolio margin and manual borrows use the same underlying HyperCore infrastructure, with $269M in assets borrowed today. Users can supply HYPE and BTC as collateral to borrow quote assets (USDC and USDT). Borrowed quote assets pay interest, and supplied quote assets earn interest, with rates set by utilization. See the Support Docs for more: https://hyperliquid.gitbook.io/hyperliquid-docs/support/faq/manual-borrows

iShares 20+ Year Treasury Bond ETF (TLT) is now live. 20x leverage, 24/7, 365.

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

Now live on Events: Anthropic IPO Confirmed by Date

The 2X Long SNDK Daily ETF (SNXX) is now live. 10x leverage, 24/7, 365.

KraneShares China Technology & Semiconductor STAR 50 Index ETF (KSTR) is now live. 10x leverage, 24/7, 365.

Help shape Events by trade[XYZ]. Join our group to suggest new events, share feedback, and tell us what markets you want to see: https://t.me/eventsbyxyz

Introducing Events by trade[XYZ]. With Events, we’re advancing our vision of Hyperliquid as the universal exchange—a single, composable system for trading financial assets and real-world outcomes. A user can deposit spot BTC, borrow USDC through portfolio margin, open a pre-ipo SpaceX perp position, hedge an upcoming SK Hynix earnings event with an events market, and pick the US Open winner—all from a single unified account on trade[XYZ]. Events will span sports, politics, economics, and financial markets, with an expanding range of categories and contract formats. Our initial Up/Down markets cover equities, commodities, and pre-IPOs, powered by the depth and liquidity of trade[XYZ] perpetuals on HIP-3. These perpetuals provide continuous price discovery and serve as the resolution source, so each contract is grounded in XYZ's liquid market prices rather than an external oracle.

Today, we filed an amicus brief in CME v. Selig with a @CooleyLLP team led by former Solicitor General Elizabeth Prelogar, urging the court to grant the @CFTC's motion to dismiss. For years, Americans were pushed offshore to trade perpetual futures. This spring, the @CFTC opened the door at home. In June, CME sued to close it. That anticompetitive effort must fail.

https://x.com/i/article/2085461180223770624

"We have a window of opportunity here where we can actually move the needle and get these products into the United States in a regulated fashion, and then build up the most liquid markets in the world." @jchervinsky on The Rollup. Full interview below.

By community request, $USELESS perps have been listed 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/USELESS

Weekly Update Product & Tech + Manual borrowing on HyperCore is live on mainnet. As a reminder, HyperEVM smart contracts can access HyperCore borrow/lend functionality from CoreWriter and read precompiles + HIP-3* spec was shared New Teams on HyperEVM & HyperCore + Chainalysis added support for HyperEVM: https://x.com/chainalysis/status/2095568202663092401 Community Highlights + New Hypurr stickers were added to TG and Discord: https://t.me/addstickers/Hypurrliquid