News

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

EWZ is now live. 20x leverage, 24/7, 365.

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

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

Weekly Update Product & Tech + Outcome markets (HIP-4) are live on mainnet as a limited-feature initial release. The first market is a recurring binary outcome that settles daily at 06:00 UTC to the BTC mark price on Hyperliquid. For more, see the previous announcement + Reminder that DEX abstraction will be discontinued in a network upgrade after May 17 to give builders additional time to migrate. See https://hyperliquid.gitbook.io/hyperliquid-docs/trading/account-abstraction-modes for more Trading + MEGA hyperp was converted to a regular perp + Trade.xyz launched pre-IPO perps (IPOP): https://x.com/tradexyz/status/2050221965378761045 New Teams on the HyperEVM & HyperCore (in no particular order) + Trust Wallet integrated Hyperliquid via builder codes: https://x.com/TrustWallet/status/2049475221397160113 + Markets.xyz iOS app was released: https://x.com/markets_xyz/status/2048752260457378033 + Arkham integrated the HyperEVM: https://x.com/arkham/status/2049151291679785135 + HyperSwap terminal added support for HIP-4: https://x.com/HyperSwapX/status/2050534899682017307 + Outcome xyz added support for HIP-4: https://x.com/Outcomexyz/status/2050540249311547796 + Stratium added support for HIP-4: https://x.com/StratiumX/status/2050529712586494333 Community Highlights + Bloomberg featured a story on HIP-4: https://x.com/business/status/2049466941006368933

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

DRAM is now live. 20x leverage, 24/7, 365.

XLE is now live. 20x leverage, 24/7, 365.

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

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

The OI cap for CBRS has been increased to $10M. For additional market details, including the estimated fully diluted share count, see the CBRS specification index here: https://docs.trade.xyz/consolidated-resources/specification-index-ipops

Outcome markets (HIP-4) are live on mainnet as a limited-feature initial release. As a reminder, outcomes are fully collateralized contracts that settle within a fixed range, useful for applications such as prediction markets and bounded options. They do not involve leverage or liquidations. The initial goal is to validate the technical implementation. The first market is a recurring binary outcome that settles daily at 06:00 UTC to the BTC mark price on Hyperliquid. See Docs for more: https://hyperliquid.gitbook.io/hyperliquid-docs/trading/contract-specifications#recurring-outcomes. Additional features and markets will be rolled out in stages. Any feedback is greatly appreciated.

Perpetual Renaissance

Introducing Pre-IPO Perpetuals (IPOP). The weeks before an IPO are some of the most consequential in a company’s price history, and historically, the least observable. Private market quotes are stale and gated and Public markets haven’t started trading yet. Peak interest coincides with an absence of prices. We’re introducing IPOP markets on XYZ to change that.

Validators will vote on whether to delist MAV, MAVIA, MEW, PROMPT, SCR, TST, USTC, YZY, ZEREBRO on May 5 around 9:00 UTC, based on stalequant's methodology and community request. If validators vote to delist an asset, the perps will settle to the 1 hour time weighted spot oracle price before the scheduled delisting voting time, and open orders will be canceled. Close any positions beforehand to avoid automatic settlement. After settlement, no new orders will be accepted.

The Internal Pricing mechanism will be updated to use an EMA time constant of 30 minutes. This change will go into effect today at 4PM ET and will apply to all XYZ markets. One can expect the oracle to be more responsive, and for the funding to normalize more quickly during internal pricing sessions. To learn more about this change and how the internal pricing mechanism supports 24/7 price discovery, refer to our documentation here: https://docs.trade.xyz/perp-mechanics/oracle-price#internal-pricing

Prediction markets work better onchain. Our comment letter to the @CFTC explains why, and makes the affirmative case for a pathway for Americans to access decentralized prediction markets. Read about HPC’s submission here:

http://x.com/i/article/2049822591372730368

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

Weekly Update Product & Tech + Order priority fees are live on mainnet for all perps. See https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/api/priority-fees for details Trading + CHIP perps were listed + VIRTUAL spot trading, deposits, and withdrawals went live via Unit Protocol New Teams on the HyperEVM & HyperCore + Blockchain.com integrated Hyperliquid via builder codes: https://x.com/blockchain/status/2046591643092922752 Community Highlights + Hyperliquid TR is hosting an event in Istanbul on May 2: https://x.com/Hyperliquid_TUR/status/2046662850324689262 and a community event is also taking place in Dubai on May 1: https://x.com/_LetMeDo_/status/2047269323543105854

Non-custodial front-end interface providers are not brokers, as the SEC rightly clarified in its excellent Staff Statement on April 13. Today, HPC joined DEF (@fund_defi) and dozens of others in requesting that the SEC formalize that Statement in notice-and-comment rulemaking.

Cross margin has been enabled for Brentoil.

Onchain perpetuals are the next evolution in derivatives markets, but U.S. law provides no pathway for Americans to participate. HPC exists to change that. Read more about our mission to advance new rules for decentralized markets in the United States:

http://x.com/i/article/2046950317682520064

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

Weekly Update Product & Tech + Reminder that DEX abstraction will be deprecated two network upgrades from now. See https://hyperliquid.gitbook.io/hyperliquid-docs/trading/account-abstraction-modes for details. Builders should take this opportunity to entirely discontinue DEX abstraction in their integration. Unified account is likely the best default for most users, as it merges spot and perps balances and supports cross margin for HIP-3. Automated traders should use Standard abstraction for the highest rate limits. Community Highlights + Community events are taking place in HK (April 21), Jakarta (April 23), SF (April 23), and Bangkok (April 24) over the next week: https://x.com/kirbyongeo/status/2044728325067993319

Hyperliquid entered the Congressional record for the first time today. @ChairmanSelig testified before the House Agriculture Committee and received a question about "decentralized exchanges like Hyperliquid." He said: "[O]ur goal is always going to be to onshore those markets and to have the markets subject to our regulation here in the United States and accessible to our U.S. persons here in the U.S. ..." We appreciate Chairman Selig's commitment to ensuring Americans can benefit from decentralized markets. It will take some effort to adapt the commodities laws, but we're confident this CFTC and its capable staff are up to the task.

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

HPC commends the SEC Staff and the Crypto Task Force for today's staff statement on front-end interfaces and broker-dealer registration. This is an important step toward regulatory clarity for crypto builders and market participants. The guidance reflects a commonsense principle: software developers who do not perform the customary functions of intermediaries should not be regulated as such. We look forward to continued engagement with the Commission on these issues.

Thanks @domcooke for spending months on researching and writing this piece. Einstein once said, "If you can't explain it simply, you don't understand it well enough." By that measure, Dom has blown me away with how deeply he came to understand Hyperliquid and what we're all building together. When someone asks what "housing all of finance" means, I'm proud to point them to this piece. I hope readers appreciate just how much Dom and his team put into their work. It reflects the thoughtful craft that is in Hyperliquid's DNA. Special thanks to @patrick_oshag for taking a bet on Hyperliquid's story.