News

The CoreWriter system contract will be enabled on the next mainnet network upgrade. As a reminder, any testnet bugs related to the CoreWriter are eligible for mainnet level bug bounties: https://hyperliquid.gitbook.io/hyperliquid-docs/bug-bounty-program

Spot trading with multiple quote assets is live on testnet. The currently available quote assets are USDT and USDZZ (a testnet-only test token). Any feedback is greatly appreciated. The current focus is on the technology. A later announcement will be made around the requirements for becoming a quote asset.

By community request, you can now long or short $SYRUP 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/SYRUP

Biweekly update Product & Tech + The CoreWriter contract is in final stages of testing on testnet and receives mainnet level bug bounties according to https://hyperliquid.gitbook.io/hyperliquid-docs/bug-bounty-program + In response to builder feedback, the node binary supports serving a local HTTP API server. Combined with the streaming data from nodes, builders can index and analyze the blockchain state without relying on external API servers or being subject to rate limits. See: https://github.com/hyperliquid-dex/node. Any feedback is appreciated. + On the next network upgrade, L1 blocks will sort post-only orders before cancels and fill notifications and minimum order value error messages will remove the dollar sign and instead specify the quote asset for spot trading. For more details, see the API announcements channel New Teams on HyperEVM (in no particular order) + Mintify NFT marketplace and launchpad: https://x.com/Mintify/status/1934666580744364084 + Optfun 1 minute BTC options: https://x.com/opt_fun/status/1935843657355252219 + Zerion wallet: https://x.com/zerion/status/1937525649545265593 + Perpflow call trace visualizer: https://x.com/perpflow/status/1937146676671598929 + Enso API shortcuts to trigger swaps, deposits, etc.: https://x.com/EnsoBuild/status/1937249279439257899 + Dune Sim API data: https://x.com/DuneSim/status/1934596897483931917 + ZKP2P fiat on-ramp: https://x.com/zkp2p/status/1932392366498816272 New Teams on HyperCore (in no particular order) + BasedApp mobile app to trade on Hyperliquid and spend with a Visa credit card: https://x.com/basedapphq/status/1937410638755901703 + Neutral Trade funding arb vaults (deposit USDC on Solana): https://x.com/TradeNeutral/status/1932791865088356864 + Blockworks Research dashboard: https://blockworks.co/analytics/hyperliquid + Copypaste community member's Rust SDK: https://x.com/controlcthenv/status/1937253831416635483 Community Highlights + Community organized events took place at Permissionless, in London, for builders in Seoul, and with pickleball in Kuala Lumpur the past 2 weeks. Find out about upcoming community events through https://x.com/hypurr_co + Jeff did a podcast with The Chopping Block: https://youtu.be/xQK9TFbGyN0?si=Kxp40smhlc0PNTwr&t=44

Biweekly update Product & Tech + The testnet HyperEVM L1Write system contract has been replaced with a new CoreWriter system contract at the same address. The new contract allows generalization to new HyperCore actions while keeping the system contract on HyperEVM static. It also includes a small gas charge to send HyperCore actions. See https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/hyperevm/interacting-with-hypercore for more details. Feedback is greatly appreciated. + See the API announcements channel for updates on HyperEVM streaming and L1 state snapshot file format + A Support section has been added to the Docs to help users with FAQ: https://hyperliquid.gitbook.io/hyperliquid-docs/support Trading + Margin tiers rollout was completed. For more information, see the Docs: https://hyperliquid.gitbook.io/hyperliquid-docs/trading/margin-tiers#mainnet-margin-tiers + SOPH and RESOLV perps were listed New Teams Live on HyperEVM (in no particular order) + Hyperdrive money market for borrow lend: https://x.com/hyperdrivedefi/status/192754542266433136 + LiquidLaunch LIQD staking: https://x.com/LiquidLaunchHL/status/1929572908977766604 + Beefy Finance yield aggregator: https://x.com/beefyfinance/status/1930959239255580958 + Hybra DEX: https://x.com/HybraFinance/status/1929808775877480526 + Farcaster's wallet: https://x.com/farcaster_xyz/status/1930377381895909714 + Gem Wallet: https://x.com/GemWalletApp/status/192510249969164723 + Biconomy account abstraction tooling: https://x.com/biconomy/status/1932110021082374558 + Definitive trading terminal: https://x.com/definitivefi/status/1929546029315354906 + Jumper, Symbiosis, and Interport bridges New Teams on HyperCore (in no particular order) + 0xPPL portfolio tracker integrated Hyperliquid: https://x.com/0xppl_/status/1929511816746717660 + Polaris added cross chain support to swap for HyperCore assets: https://x.com/Polaris_App/status/1930597241305358503 Community Highlights + HypurrCo Philippines hosted their first event today: https://x.com/HyperliquidPH/status/1932289770757276020 + HypurrCo and NLH are hosting a brunch and pickleball session in KL, Malaysia on June 19: https://x.com/hypurr_co/status/1925087664119939093 + HypurrCo is organizing an event at EthCC on July 4: https://x.com/hypurr_co/status/1929874132432572780 + Xulian shared recommendations on self-custody and keeping your assets safe: https://x.com/xulian_hl/status/1931291343265144896 + Jeff wrote about how transparency improves execution for whales in 2 posts: https://x.com/chameleon_jeff/status/1929753039969440212, https://x.com/chameleon_jeff/status/1928883871644528890

By community request, you can now long or short $RESOLV 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/RESOLV

As part of the gradual rollout of margin tiers referenced in ⁠previous announcements, margin tiers will be activated for BTC, ETH, SOL, XRP, HYPE, and FARTCOIN on June 2 around 03:30 UTC. HYPE and FARTCOIN max leverage will be increasing to 10x. If you have large positions on these assets, it's recommended to try the UI on testnet beforehand to familiarize yourself with the flow when position limits are hit at your current leverage. Note that margin tiers on testnet are much lower for ease of testing. If you need mock USDC and can verify your address, you can open a ticket in the Discord server. For more information, see the Docs: https://hyperliquid.gitbook.io/hyperliquid-docs/trading/margin-tiers#mainnet-margin-tiers

By community request, you can now long or short $SOPH 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/SOPH

Biweekly update Product + SOL and FARTCOIN spot trading, deposits, and withdrawals are now live, thanks to Unit + The spot deployment auction changed from fees in USDC to HYPE + Added order rejection reasons to Order History Trading + Margin tiers were activated for various assets, ensuring more orderly liquidations of large positions by beginning liquidations with more margin available. For more information see previous announcements and the Docs: https://hyperliquid.gitbook.io/hyperliquid-docs/trading/margin-tiers + Margin transfer requirement was decreased from 20% to 10% to allow users more flexibility in withdrawing unrealized pnl while still providing the necessary safety buffer for platform stability. + OI reached a new ATH of $10.1B + 24h fees reached a new ATH of $5.6M + USDC TVL reached a new ATH of $3.5B + LAUNCHCOIN and NXPC perps were listed Tech + On the next network upgrade, the HyperEVM small block duration will be decreased from 2 seconds to 1 second, which will increase HyperEVM throughput. Note that optimizing throughput to scale and meet user demand is consistently a top technical priority and further optimizations will be released incrementally. + For more updates, see the ⁠API Announcements channel New Teams Live on HyperEVM (in no particular order) + Rabby Wallet and DeBank added support for the HyperEVM. If you're running into issues with your current wallet, consider switching to Rabby Wallet + HypurrFi adopted the https://www.hyperscan.com/ Blockscout explorer from tomkysar + Felix vanilla markets powered by Morpho went live for HYPE, BTC, USDT0, and USDe: https://usefelix.xyz/vanilla-borrow + Hyperbeat Morpho vaults went live for HYPE, ETH, USDe, and USDT0: https://x.com/0xHyperBeat/status/1925920585684578670 + Hpump (from HypurrFun) went live: https://x.com/Hypurrfun/status/1926934934200991971 + Mantle ETH (mETH) went live on HyperSwap: https://x.com/mETHProtocol/status/1925220218135261598 + Hyperstable (USH) mint and borrow went live: https://x.com/HyperstableX/status/1922625421666865437 + PiP launched an NFT collection: https://drip.trade/collections/pip + Mura.hl made a TG channel to check HyperEVM gas: https://x.com/murda0x/status/1925918313663672561 New Teams Live on HyperCore + Liminal added delta-neutral yield strategies for BTC, ETH, SOL, and FARTCOIN: https://x.com/liminalmoney/status/1924923678782869587 + Jumper added support for bridging to HyperCore: https://jumper.exchange/ Community Highlights + Hyperliquid Labs submitted two comment letters to the US CFTC in response to its RFCs on perpetuals and 24/7 trading: https://hyperfnd.medium.com/defi-as-a-more-open-transparent-and-efficient-financial-system-c2c9e9fa2081 + Jeff did a podcast with Bell Curve: https://www.youtube.com/watch?v=xHGKv0Cx7ao + A Bloomberg Surveillance podcast mentioned Hyperliquid: https://x.com/HyperliquidX/status/1922910069869408264 + HypurrCo and NLH are hosting a brunch and pickleball session in KL, Malaysia on June 19: https://x.com/hypurr_co/status/1925087664119939093 + HypurrCo's YouTube channel made walkthrough tutorials on bridging to HyperCore and the HyperEVM: https://www.youtube.com/@HypurrCollective + Hyperdash has been a popular dashboard to track user positions during ATH activity: https://hyperdash.info/

On the next network upgrade, the HyperEVM small block duration will be decreased from 2 seconds to 1 second, which will increase HyperEVM throughput. Note that optimizing throughput to scale and meet user demand is consistently a top technical priority. Further optimizations will be released incrementally. This change is already live on testnet, and feedback is appreciated as always. More details about the dual-block system on HyperEVM can be found here: https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/hyperevm/dual-block-architecture

Hyperliquid reached new all-time highs again: + Open interest: $10.1B + 24h fees: $5.6M + USDC TVL: $3.5B Welcome to all new members of the ecosystem.

The HyperFND X account has been secured. The Hyperliquid blockchain and all other social media channels were unaffected and remain secure. A thorough investigation is being conducted with the assistance of X's security team. Security best practices were and continue to be in place for the account. There was no compromise of internal systems, email, or associated credentials. Hardware 2FA was untouched. Sincere thanks to X’s team for their swift action and support. As a warning not just for users of Hyperliquid, but any project, if an announcement looks suspicious, do not interact. First verify it against other social media channels, e.g., Discord, Telegram. Legitimate posts will never require urgency. Remember to stay vigilant.

As part of the gradual rollout of margin tiers referenced on March 21, margin tiers will be activated for the following assets on May 25 around 03:30 UTC: kPEPE, SUI, WLD, TRUMP, LTC, ENA, POPCAT, WIF, AAVE, kBONK, LINK, CRV, AVAX, ADA, UNI, NEAR, TIA, APT, BCH, LDO, TON, MKR, ONDO, JUP, INJ, kSHIB, SEI, TRX, BNB, DOT For more information, see the Docs: https://hyperliquid.gitbook.io/hyperliquid-docs/trading/margin-tiers#mainnet-margin-tiers

The following update is brought to you by The Hyper Foundation. The second round of HYPE claims will begin at 07:30 UTC on May 31st. Please be advised that the allocations for this distribution round are strictly based on Season 2 Points, with Season 3 points to be announced at

The following post is from The Hyper Foundation The Hypurr NFT Genesis Collection on the HyperEVM chain has been deployed. The minting event is now live and will continue for 48 hours, concluding on May 26th at 11:59 AM UTC. This collection comprises 5,000 distinct NFTs, each

HyperFND twitter account was compromised. The Hyperliquid blockchain is unaffected. Do not interact with any links or tweets from that account.

The following post is from Hyperliquid Labs. Hyperliquid Labs is committed to the advancement of defi and its promise in delivering a more open, transparent, and efficient financial system for all. As a contributor to the Hyperliquid blockchain, we believe in defi’s ability not only to meet but to exceed the demands of modern financial markets. In this spirit, Hyperliquid Labs submitted two comment letters to the United States’ Commodity Futures Trading Commission (CFTC) in response to its recent Requests for Comment on perpetual derivatives and 24/7 trading. We commend the CFTC for its proactive engagement on these topics, understanding of which is fundamental to the evolution of global markets. We believe that Hyperliquid exemplifies how core defi principles can be put into practice to enhance market efficiency, market integrity, and user protection. Supporting defi in the U.S. with open dialogue and a clear regulatory framework is an opportunity to ensure the U.S. remains a leader in financial innovation while robustly protecting users. Hyperliquid Labs, alongside the broader Hyperliquid community, is committed to being a constructive partner in this journey. We thank the CFTC for its leadership in exploring these critical market innovations and for the opportunity to contribute our perspective. Read more here: https://hyperfnd.medium.com/defi-as-a-more-open-transparent-and-efficient-financial-system-c2c9e9fa2081

The spot deployment auction will change from USDC to HYPE on the next network upgrade. The transition will use a one-time USDC to HYPE price conversion to minimally impact users. This change is live on testnet for testing.

Hyperliquid hit multiple all-time highs today, including: + Open interest: $8.9B + 24h fees: $5.4M + USDC TVL: $3.2B With Hyperliquid, anyone can see trades onchain, in real-time. Thank you to the community for building helpful tools to make this easy, such as: https://hyperdash.info and https://hypurrscan.io

Hyperliquid reached a new all-time high in open interest of >$8B.

Rabby Wallet and DeBank have integrated the HyperEVM. This means that you no longer have to add the HyperEVM as a custom network to Rabby Wallet.

Margin tiers will go live on mainnet around ~06:00 UTC on May 22. As described previously in the API announcements channel, margin tiers define the max leverage allowed as a function of notional position. Initially, margin tiers will be activated for DOGE, ARB, and OP perps on mainnet. For more information, see the Docs: https://hyperliquid.gitbook.io/hyperliquid-docs/trading/margin-tiers User feedback is greatly appreciated. As a reminder, the onchain implementation of margin tiers on testnet receives mainnet level bug bounty payouts according to https://hyperliquid.gitbook.io/hyperliquid-docs/bug-bounty-program. Note that while UI feedback is appreciated, it is not within scope of the Bug Bounty program.

By community request, you can now long or short $NXPC 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/NXPC

The Bloomberg Surveillance Podcast yesterday touched upon crypto, notably in regards to: + Transparent, verifiable onchain revenue in projects like Hyperliquid + Crypto as a breeding ground for the next generation of finance Listen more here - the clip begins at 51:31: https://bloomberg.com/news/audio/2025-05-14/bloomberg-surveillance-tariffs-and-the-dollar-podcast The article referenced: https://www.bloomberg.com/news/newsletters/2025-05-13/hyperliquid-grows-into-a-major-player-in-crypto-derivatives

By community request, you can now long or short $LAUNCHCOIN 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/LAUNCHCOIN

SOL and FARTCOIN deposits, withdrawals, and spot trading are now live on Hyperliquid through Unit Protocol Trade SOL: https://app.hyperliquid.xyz/trade/0x49b67c39f5566535de22b29b0e51e685 Trade FARTCOIN: https://app.hyperliquid.xyz/trade/0x7650808198966e4285687d3deb556ccc

Staking referral program Builder and referral codes on HyperCore will be upgraded with a staking referral program. Builders and referrers who stake HYPE will be able to keep a percentage of their referred users’ trading fees, up to a maximum of 40% for builders and referrers at the highest staking tier. All builders and referrers with staked HYPE will automatically enjoy these benefits once the feature is enabled on mainnet. Furthermore, builders and referrers will be able to share up to 50% of the staking referral revenue back to the referred user. This allows referrers to offer better than the default rates to new users. User feedback is greatly appreciated. What are builder codes and referral codes? Builder codes allow interfaces routing through Hyperliquid to charge a custom fee on a per-order basis. This additional fee is called a builder fee and goes 100% to the builder. The new staking referral program is strictly more revenue for builders. Referral codes are applied when a user joins via a referral link. Unlike builder codes, referral codes are tied to users and apply regardless of how the user trades in perpetuity. Note that builder codes override referral codes for that order, and referral codes are disabled after the user trades $1B cumulative volume. How it works The staking referral program interacts with staking tier fee discounts and the VIP tier fee schedule. If a builder or referrer has a higher staking tier than their referred user on a trade, they keep up to 100% of the difference. The percentage kept by the builder or referrer decreases as the volume tier of the referred user increases, starting at 100% for VIP 0 and ending at 40% for VIP 6. See Docs for more: https://hyperliquid.gitbook.io/hyperliquid-docs/referrals/staking-referral-program. As an example: Alice has 100k staked HYPE, which gives a trading fee discount of 30%. Bob has 100 staked HYPE, which gives a trading fee discount of 10%, and Bob is at VIP 1. If Bob uses Alice’s builder or referral code, Alice can keep (30% - 10%) * 90% = 18% of the fees that Bob pays. Alice could share with Bob up to 9% of his fees. In other words, Bob could receive up to a 9% trading fee discount using Alice’s builder or referral code. Rollout The staking referral program will be enabled in the coming days on testnet. The mainnet release will follow based on user feedback and stress testing. Note that the rollout on both testnet and mainnet will be incremental. In particular, the option to share up to 50% of staking referral revenue back to the referred users will come in a subsequent upgrade.

Hyperliquid reached a new all-time high in open interest of >$6.7B.

Biweekly update Trading + The new fee system, staking tiers, and staking account linking went live on May 5. For more details see the Docs: https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees#staking-linking + OI reached a new ATH of $6.5B + USDC TVL reached a new ATH of $2.8B + DOOD perps were listed Tech + Builder-deployed perps (HIP-3) are live on testnet. Read more in the previous announcement here: https://t.me/hyperliquid_announcements/354 New Teams Live on HyperEVM (in no particular order) + Gelato: dev tooling: https://x.com/gelatonetwork/status/1917982839217524863 + Valantis: token swap across DEXs on the HyperEVM using GlueX: https://x.com/ValantisLabs/status/1919427929097850987 + D2 Finance: BTC yield vaults: https://x.com/D2_Finance/status/1919489791911199080 + Curve: new stable pools: https://curve.fi/dex/hyperliquid/pools/ + LayerZero: bridge to HyperEVM: https://x.com/LayerZero_Core/status/1920848296219996251 Community Highlights + USDT0 went live on HyperCore and HyperEVM: https://usdt0.to/ + Ethena deployed USDe on HyperCore and HyperEVM: https://x.com/ethena_labs/status/1919373849097109991 + Defi App integrated Hyperliquid perps: https://x.com/defidotapp/status/1917977308960317621 + Pocket Pro mobile app went live: https://x.com/pp_trading/status/1919426454263136749 + VOOI built an AI trading assistant: https://x.com/vooi_io/status/1919309830071734363 + Taiwanese community members are hosting an event on May 14 in Xinyi, Taipei: https://lu.ma/b405usd2 + HypurrCo made a Reddit community: https://www.reddit.com/r/hyperliquid1/

Hyperliquid reached a new all-time high in open interest of >$5.6B.