News

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

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

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

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

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

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

TWAP orders now support the following features, fully onchain: + Trigger price: TWAP order activates when mark price reaches your set level + Max/min price: TWAP order terminates when mark price crosses your max price (for buys/longs) or min price (for sells/shorts) + Longer running time: Extended to 7 days + Dynamic suborder intervals: Suborder intervals are no longer fixed at 30 seconds. The interval is calculated from the total size and running time set, with 30 seconds as the minimum + Lower minimum order size: $100 notional per TWAP order; minimum notional per suborder is still $10

Distributions for the July 27 SKHYNIX pricing event have gone out. Each eligible liquidation was measured against a reference price of $1,115.5. Where the resulting amount is under 10,000 USDC, wallets have been credited in full, and no action is needed. Where it exceeds 10,000 USDC, an initial 9,999 USDC has been credited. We are required to conduct enhanced due diligence for amounts in excess of 10,000 USDC. Please reach us through support at http://app.trade.xyz/support to complete this process before August 15. Thank you to our users for their patience this week.

Kioxia (TSE: 285A) and SoftBank Group (TSE: 9984) are halted limit-up on the Tokyo Stock Exchange. GigaDevice (SSE: 603986) has likewise encountered limit-up conditions in today's Shanghai session. XYZ markets for these assets have transitioned to internal pricing until their respective underlying exchanges reopen following the weekend - Kioxia and SoftBank with two discovery bound resets, GigaDevice with one. Discovery bounds remain unchanged at 10%. For more information on internal pricing mechanics, refer to our documentation.

Trade[XYZ] reached new all-time highs with $8.1B in 24h volume.

On July 27 at 23:01 UTC, SKHYNIX mark price dropped from $1,127.9 to $917.25. This print was based on an executed trade which was relayed by multiple independent data providers. The XYZ oracle was live in external pricing and tracking that venue, which serves as the primary Korean pre-market venue. The oracle system worked as intended according to its specification. While the system performed as designed, users are understandably upset about liquidations that were triggered. Market integrity is among Trade[XYZ]'s core values, and we understand the trust of our users has been, and will continue to be, earned. With these values in mind, we have decided to cover liquidation losses attributable to this anomaly. Eligibility requirements will be conveyed soon, and distributions are anticipated to be completed in the coming days. This is a one-time discretionary decision and is not a guarantee of similar future action. Going forward, our pricing systems will be further improved to handle tail events. We are accelerating our review of how prices are formed, including revisiting assumptions on external venues, and taking into consideration the price formation which occurs on our own orderbooks, which carry increasingly meaningful depth and signal in relation to external sources. We will share further information soon.

Weekly Update Product & Tech + TWAP orders now support trigger price and max/min price Trading + HIP-3 markets reached a new ATH of $3.9B in open interest New Teams on the HyperEVM & HyperCore (in no particular order) + Dune added support for HyperCore: https://x.com/Dune/status/2079916078961131615 + Oku integrated Hyperliquid perps via builder codes: https://x.com/okutrade/status/2079919154149171308 + Talis, an AI-based Hyperliquid trading app, is live on iOS: https://x.com/talistrade/status/2079978762028851632 Community Highlights + Bloomberg wrote about Trade[XYZ]'s CXMT market: https://www.bloomberg.com/news/articles/2026-07-27/asia-s-biggest-ipo-of-2026-puts-crypto-shadow-market-to-the-test

@tradexyz reached new all time highs across the board: - Cumulative trading volume: $408.4B - Cumulative weekend trading volume: $26.07B - 24hr peak volume: $5.6B - Open interest: $3.9B - Daily unique traders (24hr peak): 60.6k

Prediction markets topped $50 billion in trading volume last month, and the biggest names in traditional finance are moving in. Today, with @multicoin, we filed a joint comment supporting the @CFTC 's proposed prediction markets framework. These markets have grown up. The proposed framework gives them what they deserve: durable standards, known in advance, under one federal rulebook. Our comment expresses support for the Commission’s approach and offers two recommendations to make an already strong rulebook even more targeted. Read it here:

http://x.com/i/article/2081710542939357184

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

CXMT is expected to IPO on the Shanghai STAR Board on July 27. The CXMT perpetual market's discovery bounds will adjust to 50% on July 26 11PM UTC in anticipation of this event.

CXMT is expected to IPO on the Shanghai STAR Board on June 27. The CXMT perpetual market's discovery bounds will adjust to 50% on July 26 11PM UTC in anticipation of this event.