RWA trading on Hyperliquid reached a new ATH of $2.6B in open interest, double the amount from two months ago. Demand for 24/7, onchain access to real world assets continues to grow.

In approximately one month, the active validator set will increase from 24 to 27 validators. The validator set will remain permissionless, as it currently is. Validators are encouraged to carefully understand the technology and familiarise themselves with testnet before proceeding with mainnet. Note that the self-delegation of 10k HYPE is locked by the protocol for one year. This lockup applies even if a validator is not part of the active set, and should be carefully considered before committing the stake.

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

I spent the past few days in Washington with @hyperliquidpc meeting with policymakers during the historic advancement of the Clarity Act. We discussed Hyperliquid, the benefits that it offers to American consumers, and the regulatory path to bring onchain derivatives markets into the United States. Some conversations were technical with an impressive baseline understanding of Hyperliquid. Discussions included how onchain trading is a financial innovation that has clear global user demand. Other conversations focused more on a first principles introduction to defi and the promise of onchain markets. It was encouraging to see bipartisan support for thoughtful regulation of crypto. I look forward to continuing discussions in DC and working hard to make American access to Hyperliquid a reality.

Today, Bloomberg reported on certain incumbent traditional exchanges raising concerns about the integrity and impact of markets for perpetual derivatives on Hyperliquid. These concerns are unfounded. Hyperliquid offers enhanced market transparency, publishing a complete onchain record of every transaction in real time, making it a uniquely hostile environment for insider trading or price manipulation. Hyperliquid’s transparency serves as a strong deterrent for misconduct and facilitates surveillance, detection, and investigation by regulators and law enforcement. Hyperliquid also offers 24/7 trading, an innovation that substantially increases market efficiency. Prices move whether traditional exchanges are open or not. Continuous trading eliminates gaps and discontinuities between legacy market hours, improving price discovery for all participants. Bloomberg correctly reports that U.S. law is not currently tailored for derivatives markets on public blockchains like Hyperliquid. We look forward to continuing our work with policymakers in Washington to bring onchain markets inside the regulatory perimeter.

The bipartisan passage of the Clarity Act out of the Senate Banking Committee is historic: the first time a comprehensive crypto market structure bill has advanced to the Senate floor. We appreciate all of the effort that went into this success, but more work is needed before the bill is ready to become law. We look forward to engaging on Capitol Hill and with the administration as the process continues.

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

has transitioned from an IPOP market and is now live with external pricing. 10x leverage, 24/7, 365.

Excited to see everyone come together for this historic moment. AQAv2 brings the protocol-aligned stablecoin model that @Nativemarkets trail-blazed to USDC with @Coinbase and @Circle's commitment to Hyperliquid. The community no longer has to choose between liquidity and alignment. Our industry will face adversity as we continue to grow. It gives me hope seeing titans of the industry come together to build for users and bring all of finance onchain.

Coinbase has announced its plan to activate AQAv2 on USDC as the treasury deployer, with Circle serving as the technical deployer responsible for CCTP and native cross-chain infrastructure. Both Coinbase and Circle have committed to stake HYPE to activate AQAv2. As part of this transition, Native Markets has agreed to terms granting Coinbase the right to purchase the USDH brand assets. With Coinbase, in its role as treasury deployer, sharing the vast majority of reserve yield revenue with the protocol, USDC will become the most aligned stablecoin on Hyperliquid. As a result, canonical outcome (HIP-4) markets will use USDC as the quote asset in a future network upgrade. User and builder feedback has been consistent that fragmentation leads to degraded experience; now, the community no longer needs to choose between liquidity and protocol alignment. The pioneering work of Native Markets in launching USDH as the first production-scale stablecoin sharing yield directly with a protocol in a purely onchain implementation made AQAv2 possible. The learnings and mechanics pioneered by USDH will live on in AQAv2. The Hyper Foundation will give grants to eligible HIP-3 deployers, HIP-1 deployers, and builders who integrated USDH, supporting teams through migration over the next months. These grants reflect an ongoing commitment to teams who choose to build on Hyperliquid and align with the protocol. USDH markets are fully functional but will sunset over time. USDH remains fully backed, with feeless conversions to USDC and fiat available to users during this transition.

The Hyperliquid protocol will implement Aligned Quote Asset v2 (AQAv2) on a future network upgrade. Based on user and deployer feedback, the AQAv2 spec will extend the designation of “aligned quote asset” to stablecoins that are not exclusive to Hyperliquid. Under AQAv2, stablecoin deployers share the vast majority of reserve yield revenue on their Hyperliquid supply with the protocol. AQAv2 will be a requirement for quote assets to be listed against HIP-4 and validator-operated perp markets on a future network upgrade. There is no trading fee or volume contribution benefit to AQAv2. Other quote assets will continue to be supported for other markets, including spot and HIP-3 perps. AQAv2 allows specification of a “technical deployer” and a “treasury deployer.” The treasury deployer will designate a treasury address which will share 100% of the AQA rate (the cost-adjusted onchain reference rate oracle) with the protocol through the onchain AQA mechanic. This is twice the rate of revenue share of the existing AQA spec. The treasury deployer must stake 500k HYPE, which is slashable if the treasury address does not have sufficient balance for onchain revenue to be deducted. The technical deployer must stake 500k HYPE and ensure reliable mint, redemption, and cross-chain transfer infrastructure for the aligned quote asset. Under AQAv2, the linked HyperEVM contract that connects to HyperCore will also rebalance with the treasury address. The HyperEVM balance corresponding to minted HyperCore tokens will be held in a ratio of 9:1 between treasury and technical deployer’s linked EVM contract addresses, respectively. More info will be added to the Docs.

Cerebras Systems, Inc. () is expected to IPO tomorrow, May 14, 2026. Shortly after Nasdaq's IPO Cross executes and opens for continuous trading, Trade[XYZ]'s will transition to a standard equity perpetual with external pricing.

Weekly Update Product & Tech + Portfolio margin limits have been increased: max account value to activate PM has increased to $5M and supply and borrow limits have increased according to global utilization. See Docs for more: https://hyperliquid.gitbook.io/hyperliquid-docs/trading/portfolio-margin. + Outcome trading now supports multi-outcome markets (aka "questions"). Different outcomes within a multi-outcome market are tied via "split" and "negate" operations. "Split" and "merge" have also been implemented for binary markets. The first multi-outcome market is a recurring BTC price range market that settles daily at 06:00 UTC to the BTC-USDC mark price on Hyperliquid. See Docs for more: https://hyperliquid.gitbook.io/hyperliquid-docs/trading/contract-specifications#recurring-outcomes. Additional features and markets will continue to be rolled out in stages. New Teams on the HyperEVM & HyperCore (in no particular order) + Ledger integrated Hyperliquid via builder codes: https://x.com/Ledger/status/2052025614018675054 + Onchain cc by Bitso integrated Hyperliquid via builder codes: https://x.com/onchaincc/status/2052856236555517984 + Blockaid added support for HyperCore: https://x.com/blockaid_/status/2052114208704356824 + Predictefy added support for HIP-4: https://x.com/Predictefy/status/2053836555043942432 + Liminal launched limUSD, yield-bearing tokens: https://x.com/liminalmoney/status/2051679757129941346 + Arcex built a mobile app for trading on Hyperliquid: https://x.com/ArcexApp/status/2052172389253845506 Community Highlights + Phantom reached $20M in builder code revenue on Hyperliquid in less than a year: https://x.com/HyperliquidX/status/2053970679846834202 + BAYN made an interactive map of the Hyperliquid ecosystem: https://x.com/baynPSD/status/2051748336219349137 + HypeRPC / HYPE Global hosted an event in Miami during Consensus: https://x.com/hypeglobal_/status/2054443071107141785 + The Hyperliquid annual event will take place on October 5 in Singapore during Token2049 week - this date is being shared in advance so builders and users can plan travel + Jeff will be speaking at KBW in Seoul this fall: https://x.com/kbwofficial/status/2052790007392535019

HPC strongly supports @ChairmanSelig's vision for the future of onchain markets: “I think it’s really critical that we set in place clear regulations and clear statutory protections for software developers, for people who hold their own crypto assets through self-custody or using a custodial wallet, exchanging your assets... That’s what this administration is really focused on.” Clear rules protecting developers and self-custodial users are the foundation of any workable framework for onchain markets.

Today, @SECPaulSAtkins laid out his priorities for providing clarity to onchain markets, including this on clearing and settlement: "When settlement is near-instantaneous and counterparty risk is managed algorithmically, the traditional clearing agency model requires fresh analysis." Onchain clearing and settlement is one of the most significant financial infrastructure innovations of our generation. HPC is encouraged to see a Chairman willing to map these systems to existing legal frameworks on their own terms, rather than force them into legacy categories built for legacy architecture.

Save the date: the Hyperliquid annual event will take place on October 5, 2026 in Singapore during the Token2049 week. Details will follow closer to the event. Sharing the date in advance so builders and users in the ecosystem can plan travel.

Outcome trading now supports multi-outcome markets (aka "questions"). Instead of independent binary markets, the different outcomes within a multi-outcome market are tied via "split" and "negate" operations for greater capital efficiency. "Split" and "merge" have also been implemented for binary markets. The first multi-outcome market is a recurring BTC price range market that settles daily at 06:00 UTC to the BTC-USDC mark price on Hyperliquid. Relative to the initial reference price, these markets support asymmetric upside and downside, as well as an intermediate price range. See Docs for more: https://hyperliquid.gitbook.io/hyperliquid-docs/trading/contract-specifications#recurring-outcomes. Additional features and markets will continue to be rolled out in stages. Feedback is greatly appreciated.

Based on user feedback, portfolio margin limits have been increased. The maximum account value to activate portfolio margin has increased from $500k to $5M. Supply and borrow limits have also been increased according to global utilization. See docs for more: https://hyperliquid.gitbook.io/hyperliquid-docs/trading/portfolio-margin.

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

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

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

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

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

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

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

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

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

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

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