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

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

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.

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.

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

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

Weekly Update Product & Tech + HIP-4 permissionless deployments were enabled on mainnet Trading + PONS perps were listed; VINE perps were delisted + HyENA's HIP-3 dex is sunsetting. See information on market wind-down here: https://docs.hyena.trade/ New Teams on HyperEVM & HyperCore + Pumpfun added support for HyperEVM: https://x.com/Pumpfun/status/2092613331299291421 Community Highlights + Bloomberg wrote about Trade[XYZ]'s markets: https://www.bloomberg.com/news/articles/2026-08-24/the-500-billion-experiment-to-build-24-7-markets-on-blockchain + The Hyperliquid community event will take place on the evening of October 5 in Singapore. Please register here: https://luma.com/HL2026Community

By community request, ethereum:0x07f5b6823751c2e2cd4560f28af75ff887102241 perps have been listed with up to 3x leverage.

By community request, $PONS 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/PONS

Perpetual contracts were not on the agenda at the @CFTC's first Innovation Advisory Committee meeting, but they still came up in every session, in a room with some of the biggest names in finance. Today, we submitted a statement supporting the Commission's work to bring perpetual futures markets onshore and keep them at the center of the innovation agenda. Read it here:

https://x.com/i/article/2092943651911483392

The Hyperliquid community event will take place on the evening of October 5, 2026 in Singapore: https://luma.com/HL2026Community This is a chance to spend time with the builders and users who've shaped the ecosystem over the past years. If you're with a project or institution, please share your team and role as well as social media handles when you register. The event will be extremely oversubscribed, so this will make it easier to review your request. Event details will be shared closer to the date.

Oil prices move 24/7. The markets that American businesses use to hedge them do not. Today, HPC and @tradexyz filed a joint comment letter asking the @CFTC to open a regulated path for energy perpetual contracts and 24/7 trading in the United States. During February's oil shock, roughly two-thirds of the weekend price move had already occurred onchain before U.S. futures reopened Sunday evening. The next crisis should find American businesses able to manage their risk in real time, under CFTC oversight.

https://x.com/i/article/2092582518595649536

The world's largest markets for perpetual contracts grew offshore because U.S. regulators hadn’t answered a basic question: are they futures or swaps? The CFTC began answering that question in May, allowing the first perpetuals to list on a U.S. exchange as futures contracts. Today, we asked both the @SECGov and @CFTC to confirm that equity perpetuals can be listed as security futures. That confirmation would provide the clarity necessary to bring these products onshore.

http://x.com/i/article/2091857718545965056

Weekly Update Product & Tech + HIP-1 spot annotations and deployer labels are now supported. For details, see the API announcements channel + HIP-4 templates on testnet are pending builder feedback; see the API announcements channel + See Docs re: infra providers' peering services that builders can connect to: https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/nodes/foundation-non-validating-node-for-infra-providers Trading + Validators will vote on whether to delist VINE around 9:30 UTC on 26 Aug based on stalequant's methodology. 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. New Teams on HyperEVM & HyperCore + Base app integrated Hyperliquid perps via builder codes: https://x.com/baseapp/status/2090122188074491951 + Trezor added support for HyperEVM: https://x.com/Trezor/status/2090813911217946848 Community Highlights + POTUS mentioned Hyperliquid in a recent press conference: https://www.bloomberg.com/news/articles/2026-08-19/trump-opens-door-to-hyperliquid-as-us-pulls-crypto-trade-onshore

1/ Over one weekend in March, WTI closed at $91.03 and reopened at $106.61, a 15.8% move. The onchain oil perpetual was open for all 49 hours in between. The benchmark was not. Today, we published research showing how 24/7 perpetuals like these expand U.S. derivatives markets.

http://x.com/i/article/2090785864418766848

Hyperliquid.