News

Weekly Update Trading + HIP-3 markets reached a new ATH of $1.1B in open interest. You can track HIP-3 metrics on https://www.flowscan.xyz/hip-3 and https://hyperscreener.asxn.xyz/hip3markets/overview New Teams on the HyperEVM & HyperCore + SonarX offers historical L2 data for HIP-3 DEXs via S3: https://x.com/SonarX_HQ/status/2027110302790094895 Community Highlights + Bloomberg featured two stories on price discovery and 24/7 trading on Hyperliquid: https://www.bloomberg.com/news/articles/2026-02-28/oil-gold-rally-on-hyperliquid-as-24-7-crypto-prices-iran-risk and https://www.bloomberg.com/news/articles/2026-03-02/crypto-s-24-hour-promise-gets-a-geopolitical-reality-check + Quicknode released 4 Hyperliquid SDKs in Python, TypeScript, Rust, and Go: https://x.com/Quicknode/status/2028534917404246133

Weekly Update Product & Tech + Cross margin has been enabled for HIP-3 DEXs on mainnet; HIP-3 deployers need to activate cross margin on a per asset basis for users to be able to use cross margin on that asset + app.hyperliquid.xyz has a page for users to remove previously approved builder codes: https://app.hyperliquid.xyz/builderCodes Trading + OM perps were delisted New Teams on the HyperEVM & HyperCore (in no particular order) + Hyperbeat launched USD+ as part of their Liquid Banking on the HyperEVM: https://x.com/hyperbeat/status/2023759219653034219 + Rosetta yield aggregator went live on the HyperEVM: https://x.com/rosetta_hl/status/2023385611399545183 Community Highlights + Hyperliquid Policy Center, led by Jake Chervinsky, was announced and is hiring: https://x.com/HyperliquidPC/status/2024115893786067190 + HL Global organized "Hypefest" in Denver: https://x.com/HLglobal_/status/2024522208996184202?s=20 + Jeff did a podcast with WSH: https://x.com/chameleon_jeff/status/2024680215960850578 + Quicknode open sourced their HyperCore CLI: https://x.com/Quicknode/status/2024142873961369660 + Enigma built an interface to export trade history that currently supports data up through Feb 2025, with plans to add support for older data: https://trade-export.hypedexer.com/?v=1

HPC is hiring. We’re building a world-class team to shape new rules for Americans to access decentralized markets. Open roles: - Chief of Staff - Head of Communications - Head of Government Relations - Policy Counsel Help us bring Hyperliquid home: https://hyperliquidpolicy.org/team#jobs

Cross margin for HIP-3 will be enabled on the next network upgrade. As a reminder, HIP-3 cross margin is only compatible with unified account and portfolio margin. Deployers are recommended to enable cross margin for 1-2 lower volume assets that meet the cross margin requirements outlined in the Docs: https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-3-builder-deployed-perpetuals. This will provide users and interfaces an opportunity to test the new user flow without disruption to the majority of volume. Interfaces should not support trading cross margin for DEX abstraction users, and instead prompt users to either use isolated margin or enable unified account. As a reminder, market makers and high volume traders should use standard account abstraction. In particular, cross margin is not compatible with DEX abstraction. Cross margin on standard accounts only shares collateral between positions within the same DEX. See https://hyperliquid.gitbook.io/hyperliquid-docs/trading/account-abstraction-modes and ⁠https://t.me/hyperliquid_announcements/516 for more details.

It was great to have a second conversation with @KevinWSHPod more than a year after the first. While the first conversation was a general introduction to Hyperliquid's mission and philosophy, the second goes deeper into technical points. We also discuss how the ecosystem and vision have expanded since then. Thanks for having me on!

Validators will vote on whether to delist OM around 8:00 UTC on 23 February. OM is being rebranded to MANTRA. If validators vote to delist an asset, the perps will settle to the 1 hour time weighted spot oracle price before delisting, and open orders will be canceled. Close any positions beforehand to avoid automatic settlement. After settlement, no new orders will be accepted.

I’m excited to support the @HyperliquidPC launch. The Hyperliquid ecosystem needs a policy voice that represents our core values in DC. I’ve gotten to know @jchervinsky and seen his principled and unwavering support of defi over the years. There is no better person to advocate for Hyperliquid and defi broadly in this critical time in policy discussions. HPC will champion the message that Hyperliquid and defi align with core American values: transparency, fairness, and financial freedom for all. Since the chain’s genesis three years ago, Hyperliquid has pushed the limits of decentralized financial infrastructure. It’s been an honor to work with such a passionate and diverse group of builders toward the ambitious goal of housing all of finance in a fair and transparent system. However, this decentralized stewardship and development meant that Hyperliquid lacked a unified voice in important policy discussions until now. At this point, Hyperliquid has grown to where “housing all of finance” is more than a tagline. There is a tangible and urgent possibility of upgrading the tech stack of the existing financial system, bringing immense value and accessibility to everyone. Democratizing finance requires education and advocacy for laws that protect users and builders alike. Global financial regulation will be shaped in the United States, and we must work to ensure that these new policies thoughtfully embrace the potential of the new financial system enabled by Hyperliquid. I’m confident that the team at HPC will take on this challenge and push for a clear, regulated path for defi to thrive.

The Hyper Foundation will contribute 1M HYPE tokens to support the creation of the Hyperliquid Policy Center. The tokens will be unstaked later today. The Hyperliquid community will benefit from having representation in Washington, D.C., and we are confident that under Jake's leadership, the Hyperliquid Policy Center will have a meaningful impact in favor of clear regulations for decentralized finance. https://x.com/HyperliquidPC/status/2024115893786067190

We are Hyperliquid Policy Center. HPC is a research and advocacy nonprofit focused on advancing a clear path for decentralized finance to thrive in the USA. We will introduce policymakers to @HyperliquidX and bridge the gap between law and next-generation market infrastructure.

Weekly Update Product & Tech + Cross margin has been enabled for HIP-3 DEXs on testnet and is eligible for mainnet-level bug bounties. See more details in the previous announcement Trading + AZTEC perps were listed New Teams on the HyperEVM & HyperCore (in no particular order) + LlamaSwap DEX aggregator integrated the HyperEVM: https://x.com/defillama/status/2021226840900198579 + HyperSwap launched a trading terminal supporting spot and perps trading: https://x.com/HyperSwapX/status/2020905658116088041 + Trojan integrated Hyperliquid perps with a builder code: https://x.com/TrojanOnSolana/status/2021636658920337486 Community Highlights + HypurrCo hosted a gathering in Hong Kong during Consensus: https://x.com/hypurr_co/status/2022136547324441076 + HL Global is organizing an event on February 17 in Denver: https://x.com/HLglobal_/status/2019457302030413952 + Discord and TG now have Lunar New Year Hypurr stickers

Cross margin for HIP-3 For users: Cross margin has been enabled for HIP-3 DEXs on testnet. This is not enabled on mainnet yet, but is eligible for mainnet-level bug bounties as described here: https://hyperliquid.gitbook.io/hyperliquid-docs/bug-bounty-program. HIP-3 deployers must enable cross margin for a given asset before users can use cross margin to trade it. With unified account, all cross margined perps with the same collateral asset share margin, even across multiple DEXs. However, the assets across different DEXs will be protected up to their maintenance margin to avoid ADLs caused by large price moves on other DEXs. This novel “protected cross margin” system protects system solvency without sacrificing user experience. Cross margin is not intended for use with DEX abstraction, and interfaces should not allow these users to trade using cross margin. Users should use unified account or portfolio margin for the expected behavior of cross margin on HIP-3 assets. For HIP-3 deployers: Despite the system-level protection, users still take greater risk when using cross margin across DEXs with different deployers. To better protect users, mainnet validators will enforce that HIP-3 deployers only enable cross margin on assets that satisfy defined eligibility standards, including: sufficient observable liquidity, a reliable external oracle source, and resilience to price manipulation. In particular, each time the externalPerpPx of an asset moves more than 50% relative to the start of day price, validators will conduct a review to determine whether the deployer should be slashed due to manipulation. Assets where 50% daily moves are expected more than once a month are ineligible for cross margin and are subject to deployer slashing. For reference, cross, isolated, and isolated-only are margin modes: https://hyperliquid.gitbook.io/hyperliquid-docs/trading/margining#margin-mode, whereas portfolio margin, unified account, standard, and DEX abstraction are account abstraction modes: https://hyperliquid.gitbook.io/hyperliquid-docs/trading/account-abstraction-modes

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

On app.hyperliquid.xyz, the default USDC deposit option for unified account users is now CCTP instead of the Arbitrum bridge. There is no change for users not using unified account. All users can choose from available USDC options in the Deposit and Withdraw flow. This is part of the phased migration to deprecate the Arbitrum bridge and migrate to native USDC.

Weekly Update Product & Tech + HyperCore will support outcome trading (HIP-4), a primitive that enables options and prediction markets. Development is currently underway on testnet + app.hyperliquid.xyz now defaults new accounts to unified account mode, which merges spot and perps balances for the same quote asset. DEX abstraction will be discontinued in approximately 1 week. Market makers and high volume automated users should disable DEX abstraction and use standard mode for higher L1 rate limits. See https://hyperliquid.gitbook.io/hyperliquid-docs/trading/account-abstraction-modes for details on account abstraction modes Trading + HIP-3 markets reached a new all-time high of $5.5B in 24-hour volume New Teams on the HyperEVM & HyperCore (in no particular order) + Ripple Prime clients can now trade on Hyperliquid, marking Ripple's first defi integration: https://x.com/Ripple/status/2019048504576864658 + FalconX prime brokerage clients can now trade on Hyperliquid: https://x.com/FalconXGlobal/status/2021012720498192676 + Zerion integrated Hyperliquid perps via builder codes: https://x.com/zerion/status/2019080961758241053 + Silhouette launched shielded trading of HYPE/USDC: https://x.com/silhouette_ex/status/2019006577575895336 + Coinbase added support for spot HYPE: https://x.com/CoinbaseMarkets/status/2019454256567181688 Community Highlights + Chris Ling shared an open source CLI to interact with Hyperliquid: https://x.com/chrisling_dev/status/2018332220117934193

In the next few days, app.hyperliquid.xyz will default new users to unified account mode. There is no breaking change for existing users, but the change will apply to new sub-accounts created by existing users. As a reminder, spot and perps balances are merged under unified account. This is generally a much requested UX improvement, but a phased rollout is to adequately inform users who may be implicitly relying on separate USDC spot and perps balances.

HyperCore will support outcome trading (HIP-4). Outcomes are fully collateralized contracts that settle within a fixed range. They are a general-purpose primitive that are useful for applications such as prediction markets and bounded options-like instruments. There has been extensive user demand in both of these areas, and builders will likely think of novel applications as well. Outcomes bring non-linearity, dated contracts, and an alternative form of derivative trading that does not involve leverage or liquidations. The outcome primitive expands the expressivity of HyperCore, while composing with other primitives such as portfolio margin and the HyperEVM. Outcomes are a work in progress and currently only being tested on testnet. Canonical markets based on objective settlement sources will be deployed once technical development is complete. Canonical markets will be denominated in USDH. Pending user feedback, the infrastructure will be extended to permissionless deployment.

Weekly Update Product & Tech + Unified account mode is live on mainnet and merges spot and perps balances for each quote asset. This is a prerequisite for supporting cross margin for HIP-3 DEXs and completing the portfolio margin implementation. See previous announcement for details Trading + HIP-3 markets reached new all-time highs of $1B in open interest and $4.8B in 24-hour volume. You can track HIP-3 metrics on https://www.flowscan.xyz/hip-3 and https://hyperscreener.asxn.xyz/hip3 New Teams on the HyperEVM & HyperCore (in no particular order) + Kraken added support for spot HYPE: https://x.com/krakenfx/status/2016529599937531954 + Bungee enabled USDC HyperCore deposits from 50+ chains: https://x.com/BungeeExchange/status/2016895533655478492

Since last week, HIP-3 markets reached new all-time highs of $1B in open interest and $4.8B in 24-hour volume.

“Unified account” mode is live on mainnet for pre-alpha testing. Unified account is an improved account setting in which spot and perps balances of all quote assets are merged. Unified account mode has been a much requested feature in its own right, and is also a prerequisite for supporting cross margin for HIP-3 DEXs and completing the portfolio margin implementation. Under unified account mode, a notable change is that USDC spot balances will no longer be separate from USDC perp balances. All USDC deposits from any source will immediately count towards margin requirements and protect against liquidations. The same will be true for all collateral assets as cross margin is enabled on HIP-3 DEXs. Ultimately unified account will be a reasonable default setting for most interfaces, but is suggested to be tested with small accounts during pre-alpha. On app.hyperliquid.xyz, users can try unified account mode in the settings menu. To return to legacy mode, all positions must be closed and open orders must be canceled. Unified account and portfolio margin will be rate limited on the L1. After 50k daily user actions (e.g., placing an order or sending an asset) with portfolio margin or unified account active, users will only be able to close positions until the account disables portfolio margin and unified account. Market makers and high volume automated users should manually manage individual DEX balances instead.

Weekly Update Product & Tech + Misc UX improvements to Portfolio Margin. Please continue testing and sharing feedback on Portfolio Margin; note that it is still in pre-alpha with low caps Trading + Dreamcash (cash) deployed their HIP-3 dex with USDT perps + HIP-3 OI reached an ATH of $790M and HIP-3 volume reached an ATH of $1.8B + Normal isolated margin mode is available for HIP-3 perps instead of strict isolated mode, based on deployer settings + SKR perps were listed New Teams on the HyperEVM & HyperCore (in no particular order) + Quicknode supports HyperCore data via gRPC, Streams, JSON-RPC and WebSockets: https://x.com/Quicknode/status/2013636303318065307 + The Arena SocialFi mobile app integrated Hyperliquid perps: https://x.com/TheArena/status/2014767867275645086 Community Highlights + mlm received Hypurr #55 as a thank you for his work sleuthing onchain and protecting the community: https://x.com/Hypurr/status/2013505742909677787 + ZachXBT received a 10k HYPE donation as a thank you for his efforts helping different members of the Hyperliquid ecosystem: https://t.me/investigations/303 + Hyperliquid Germany is hosting a meet-up in Berlin on Jan 29: https://x.com/Hyperliquid_GER/status/2012103743261585884 + Hyperliquid France hosted an event on Jan 19: https://x.com/HyperliquidFR/status/2014001662281826368

Hyperliquid has quietly achieved an important milestone of becoming the most liquid venue for crypto price discovery in the world. See below for side by side comparison of BTC perps on Binance (left) and Hyperliquid (right). With HIP-3 teams leading the way, Hyperliquid has also grown to become the most liquid venue for perps on tradfi assets. Thank you to everyone's hard work as we upgrade the financial system and house all of finance.

HIP-3 open interest reached an all-time high of $790M, driven recently by a surge in commodities trading. HIP-3 OI has been hitting new ATHs each week. A month ago, HIP-3 OI was $260M.

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

Weekly Update Product & Tech + As part of mainnet pre-alpha portfolio margin, enabled USDH as borrowable and UBTC as collateral. See previous announcement for details + Various updates to HIP-3 deployers based on deployer and user feedback. See the API Announcements channel for details + Added support for staking on mobile to https://app.hyperliquid.xyz/staking Trading + Markets by Kinetiq (km) deployed their HIP-3 dex with USDH perps + FOGO and LIT were converted from hyperps to regular perps + XMR, AXS, and DASH perps were listed New Teams on the HyperEVM & HyperCore (in no particular order) + KuCoin wallet added support for the HyperEVM: https://x.com/KuCoin_Web3/status/2011706183665783252 Community Highlights + Purrposeful node used its December staking commissions to donate computers and desks to a school in Thailand: https://x.com/purrposefulnode/status/2010269854805401675 + Quicknode wrote an article on accessing and reading Hyperliquid data: https://x.com/Quicknode/status/2011799716669898772?s=20

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

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

As part of mainnet pre-alpha portfolio margin, USDH has been added as borrowable, and UBTC has been added as collateral. To recap, the initial limits for pre-alpha are: + Master account >$5M in weighted volume required before enabling portfolio margin + USDH: 5M USDH global supply cap, 1M USDH global borrow cap, 50k USDH user supply cap, 1k USDH user borrow cap + USDC: 5M USDC global supply cap, 1M USDC global borrow cap, 5k USDC user supply cap, 1k USDC user borrow cap + HYPE: 200k HYPE global supply cap, 200 HYPE user supply cap + BTC: 100 BTC global supply cap, 0.1 BTC user supply cap The pre-alpha phase is for feedback and should ideally be tested on a small sub-account with <$1k in value. Bug reports are eligible for generous mainnet bug bounties. Feedback is also greatly appreciated.

The LIT hyperp has converted to a regular perp. You can now long or short $LIT 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/LIT

The FOGO hyperp has converted to a regular perp. You can now long or short $FOGO 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/FOGO

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