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Trasia Labs Completes $1.75 Million Seed Round, Multicoin Capital Participates
Trasia Labs has announced the completion of a $1.75 million seed funding round, with Multicoin Capital as the sole institutional investor. The project is a perpetual contract trading platform natively built on Hyperliquid, primarily targeting the Asian market. It is currently connected to the native perpetual market on Hyperliquid in a non-custodial manner, with plans to later launch its own perpetual contracts based on the HIP-3 protocol.
Zhipu’s valuation may struggle to withstand three simultaneous headwinds, with ZHIPU falling 15%—leading declines across the HIP-3 market
According to Hyperinsight monitoring, Zhipu AI (ZHIPU) has been declining continuously since hitting a peak of approximately 17x its IPO price on May 29; it fell another 15.22% over the past 24 hours to $256.81, leading declines in the Hyperliquid HIP-3 market.
SpaceX IPO drives Hyperliquid trading frenzy, SPCX perpetual sees $1.4 billion in daily volume
OdailyOdaily reported that after SpaceX was listed on Nasdaq last Friday at a valuation of over $1.7 trillion, trading volume surged for the SpaceX-related HIP-3 perpetual contract SPCX on Hyperliquid. Data shows that the xyz:SPCX trading pair reached a daily turnover of $1.4 billion, accounting for 30% of all HIP-3 trading volume that day.In comparison, during the three weeks before the SpaceX IPO, the average daily trading volume of xyz:SPCX was only about $26 million, indicating that the IPO event significantly amplified trading activity for on-chain equity-linked derivatives.Looking at the broader HIP-3 ecosystem, the cumulative turnover for equity-linked perpetual contracts in the first half of June has already exceeded $18.8 billion, significantly higher than the combined $7.66 billion for crude oil and Brent crude oil perpetual contracts.This suggests that as highly anticipated stocks like SpaceX enter the on-chain trading arena, platforms such as Hyperliquid are becoming key gateways for crypto users to gain exposure to traditional assets, with activity in equity perpetual contracts already surpassing that of some traditional commodity markets.
Ventuals Announces Business Shutdown to Integrate into Hyperliquid Ecosystem; Relevant Markets Begin Settlement
Ventuals today announced it will gradually shut down its operations and integrate into the Hyperliquid ecosystem team, marking the official conclusion of its 24/7 private market experiments. The platform, which focuses on trading pre-IPO private tech companies, had raised over 500,000 HYPE tokens and achieved a total trading volume of approximately $650 million.The platform's existing HIP-3 markets are now entering the settlement phase. Pre-IPO markets such as OpenAI and Anthropic are settling based on a 24-hour weighted average price, with corresponding prices of $1,341.80 and $1,618.90 respectively. Commodity and index markets including MAG7, semiconductors, and energy will be suspended in batches starting June 18, with open positions being auto-liquidated.vHYPE holders can redeem their staked assets at a 1:1 ratio and claim corresponding rewards. Withdrawal services will be initiated in batches starting June 19, with processing times ranging from 7 to 72 hours. The project has terminated its points and promotional activities and has clearly stated that no tokens will be issued. Officials require all users to complete fund withdrawals and wallet export operations by September 15.
Hyperliquid launches SpaceX perpetual contract, sparking regulatory gap controversy
decentralized derivatives platform Hyperliquid has launched a pre-listing perpetual contract for SpaceX (SPCX-USDC) via Trade.xyz, sparking controversy over a global regulatory gap. The contract provides leveraged trading without requiring users to hold any SpaceX stock or authorization from the company. Initially priced at $150, corresponding to an implied valuation of approximately $1.78 trillion, the contract surged to $216 shortly after launch.According to reports, the contract is settled in USDC, with prices derived from market oracles and not linked to SpaceX's actual financials or equity structure. SpaceX itself has neither authorized nor participated in this market, yet its valuation is being priced and traded in real-time on-chain, raising concerns that "decentralized derivatives are taking over price discovery for private companies." This market originates from Hyperliquid's HIP-3 mechanism, suggesting that private company valuations may increasingly be re-priced by on-chain derivatives, while regulatory frameworks have yet to establish corresponding standards. (Forbes)
Hyperliquid Co-founder: SK Hynix-Related Perpetual Contract Deployed and Operated by XYZ Team, Investigating the Incident
Hyperliquid co-founder iliensinc responded to the abnormal SK Hynix pricing incident on Trade.xyz this morning, stating that Hyperliquid is a permissionless blockchain, and different teams can deploy and operate markets based on its infrastructure. Among them, the xyz:SKHYNIX perpetual contract was deployed and is operated by the XYZ team. The XYZ team is currently investigating the situation and will release updates once a conclusion is reached.Iliensinc also explained that the HIP-3 market deployer is responsible for providing data such as the mark price, oracle, and external perpetual contract price. Taking the pricing mechanism of a BTC perpetual contract as an example, the protocol provides the median of the latest on-chain transaction price, the best bid price, and the best ask price as one of three price components. The other two prices are provided by the deployer, and together these three influence the final mark price.
Pantera Capital: Hyperliquid's Potential Market Size Reaches $10 Trillion in Daily Trading Volume, Regulation Remains the Biggest Risk
crypto venture capital fund Pantera Capital stated in a post that Hyperliquid's total addressable market is approximately $10 trillion in daily notional trading volume, including around $200 billion in 0DTE options and leveraged ETF trading, approximately $2 trillion in commodity derivatives trading, and around $8 trillion in foreign exchange derivatives trading.Pantera indicated that if Hyperliquid can consistently capture a low-single-digit percentage share of the aforementioned markets, its revenue potential could reach five times current levels. According to estimates, if the HIP-3 market achieves an annualized notional trading volume of $3.65 quadrillion and captures a 1% market share, under the assumptions of a combined fee rate of 2 basis points and Hyperliquid's economic split of 50%, the platform's revenue could reach approximately $3.7 billion.However, Pantera pointed out that regulation remains the biggest risk for Hyperliquid. Perpetual contracts are currently not fully open in the United States, and if the US promotes the legalization of related products in the future and introduces regulated platforms, Hyperliquid could face more intense competition, with some US user trading volume potentially shifting to compliant trading venues. Pantera believes Hyperliquid could also launch a regulated version targeting the US market in the future.
Grayscale: Hyperliquid Could Evolve into an On-Chain Financial Infrastructure Giant, Challenging the Traditional Derivatives Market
digital asset management firm Grayscale stated in its latest report that the decentralized trading platform Hyperliquid is rapidly evolving from a crypto perpetual contract exchange into a blockchain-based financial infrastructure platform. In the future, it may even challenge the traditional derivatives trading and exchange systems, growing into a "financial services giant."The report shows that Hyperliquid generated approximately $800 million in revenue in 2025, with a full-year perpetual contract trading volume of about $2.9 trillion and open interest of roughly $7 billion, capturing a significant share of the crypto derivatives market. Grayscale believes the platform is no longer limited to crypto trading. Through the HIP-3 and HIP-4 systems, it is expanding into tokenized stocks, commodities, and prediction markets, gradually building a 24/7 on-chain trading infrastructure.In another report, FalconX also pointed out that Hyperliquid is competing with traditional derivatives exchanges like the CME Group, as well as prediction market platforms such as Kalshi and Polymarket, and is making progress in new markets like Pre-IPO.The report also emphasized that regulation remains a key variable. Although Hyperliquid currently restricts access for US users, as the regulatory framework gradually clarifies and institutions like Coinbase, Robinhood, and Kraken explore perpetual contract products, this sector may see broader growth potential in the future. (CoinDesk)
Hyperliquid launches SpaceX perpetual contract, sparking regulatory gap controversy
decentralized derivatives platform Hyperliquid has launched a pre-listing perpetual contract for SpaceX (SPCX-USDC) via Trade.xyz, sparking controversy over a global regulatory gap. The contract provides leveraged trading without requiring users to hold any SpaceX stock or authorization from the company. Initially priced at $150, corresponding to an implied valuation of approximately $1.78 trillion, the contract surged to $216 shortly after launch.According to reports, the contract is settled in USDC, with prices derived from market oracles and not linked to SpaceX's actual financials or equity structure. SpaceX itself has neither authorized nor participated in this market, yet its valuation is being priced and traded in real-time on-chain, raising concerns that "decentralized derivatives are taking over price discovery for private companies." This market originates from Hyperliquid's HIP-3 mechanism, suggesting that private company valuations may increasingly be re-priced by on-chain derivatives, while regulatory frameworks have yet to establish corresponding standards. (Forbes)
FalconX: Hyperliquid is Challenging Traditional Exchanges and Prediction Markets
a report released by FalconX shows that the crypto derivatives platform Hyperliquid is expanding from perpetual contracts to pre-IPO trading, prediction contracts, and tokenized real-world assets, beginning to compete with traditional exchanges and prediction market operators. The report indicates that Hyperliquid's HIP-3 market allows users to trade stocks, commodities, forex, and pre-IPO contracts 24/7, with traders already using it for pre-IPO speculation on companies such as Cerebras, Anthropic, and SpaceX. The HIP-4 outcome market allows traders to place binary bets on political, economic, and crypto events.In terms of capital inflows, the HYPE spot ETFs launched by 21Shares and Bitwise have attracted a combined $53 million in inflows within just a few trading days. Hyperliquid's USDC partnership with Coinbase and Circle is expected to generate up to $160 million in annual protocol revenue. FalconX warns that CME and ICE have expressed concerns to regulators about potential market manipulation risks on the Hyperliquid market. Nevertheless, Hyperliquid continues to lead the decentralized perpetual contract market in terms of trading volume, revenue, and total value locked. (CoinDesk)
Hyperliquid Policy Center Urges CFTC to Open Compliance Routes for Decentralized Prediction Markets
the Hyperliquid Policy Center (HPC) has announced it has formally submitted a comment letter regarding the Commodity Futures Trading Commission's (CFTC) Advance Notice of Proposed Rulemaking (ANPRM) on prediction markets. The HPC advocates for establishing clear compliance pathways for decentralized prediction markets built on public, permissionless blockchains, while simultaneously refining the regulatory framework for centralized prediction markets.In its comment letter, the HPC calls on the CFTC to develop more flexible, function-oriented rules tailored to decentralized market structures; to establish clear legal channels for U.S. market participants to access decentralized prediction markets; and to support U.S. leadership in the field of decentralized finance innovation.The HPC states that prediction markets are a natural extension of the federal derivatives framework. They help participants directly manage their economic risk exposure to real-world events and aggregate dispersed information through continuously updated market prices. Their price discovery capabilities have been widely validated and, in some cases, outperform traditional polling and expert forecasts.The HPC points out that decentralized prediction markets based on public blockchains offer advantages such as transparency, non-custodial operation, and high resilience. They do not rely on centralized operators to hold user funds, nor do they present single points of failure. All transactions are recorded in real-time on a public ledger, facilitating both regulatory oversight and market surveillance, while market access standards are more transparent and uniform.The HPC emphasizes that the current rulemaking process should not codify reliance on single exchange operators, custodial intermediaries, or traditional settlement monitoring mechanisms. Doing so would prevent U.S. users from legally participating in decentralized prediction markets. The HPC states it will continue to promote compliant access to Hyperliquid and HIP-4 Outcome Markets for U.S. market participants, and will maintain ongoing communication with the CFTC.
成HIP-3市场未实现盈利最高持有者，Arda6951持有4010万美元SKHYNIX
据 HyperliquidNews 监测，随着近期 BRENTOIL 上涨，交易员 Arda6951 不再是 HIP-3 市场中 BRENTOIL 仓位未实现盈利最高持有者。其已增加 BRENTOIL 空头仓位，目前持有 23.3 万枚 BRENTOIL，高于此前 16.8 万枚。受 SKHYNIX 仓位影响，Arda6951 目前成为所有 HIP-3 市场未实现盈利最高持有者。其当前持有价值 4010 万美元的 SKHYNIX，占总未平仓合约的 8%，未实现盈利 366 万美元，并获得 123 万美元资金费收入。该巨鲸当前历史盈利为 93.6 万美元，已从 5 月 14 日 1010 万美元回撤中恢复。
Since Strategy’s first token sale, MSTR has nearly halved; top short-position whales are sitting on $1.32 million in unrealized profits.
According to Hyperinsight monitoring, MicroStrategy (MSTR), the Bitcoin treasury proxy stock, continues to face downward pressure. Since the company’s first Bitcoin sale this year—selling 32 BTC in late May to cover preferred stock dividends—MSTR’s share price has fallen 48% cumulatively. Over the past 24 hours alone, it dropped another 13.8%, trading at $84 on Hyperliquid—the lowest level in two years—and leading declines across the HIP-3 market. The company’s unrealized losses on its Bitcoin holdings have now exceeded $13 billion.
Ventuals: HIP-3 Decentralized Exchange Has Completed Shutdown
Ventuals posted on X platform, stating that the HIP-3 decentralized exchange has been fully shut down, and the vHYPE withdrawal process has now been initiated. The approximately 380,775 HYPE tokens that were previously in the queue have been processed around 10:00 AM Eastern Time today, and all previously submitted vHYPE withdrawal requests have been included in this batch.According to the rules, users can claim HYPE 7.5 days after the processing is completed, which is expected to be available from approximately 10:00 PM Eastern Time on June 26.
On the first day of MINIMAX’s on-chain contract launch, a trader shorted the stock at 10x leverage; the stock price has recently been under pressure amid expectations of token unlocks.
According to Hyperinsight monitoring, the Hyperliquid HIP-3 ecosystem launched MINIMAX (MiniMax) perpetual contract trading today. As of press time, approximately $480,000 in open positions have been established for MINIMAX, with the current price at $60.70. Notably, a trader has opened a short position on MINIMAX with 10x leverage, amounting to $178,000 in position size, at an average entry price of $60.60.
Ventuals Announces Business Shutdown to Integrate into Hyperliquid Ecosystem; Relevant Markets Begin Settlement
Ventuals today announced it will gradually shut down its operations and integrate into the Hyperliquid ecosystem team, marking the official conclusion of its 24/7 private market experiments. The platform, which focuses on trading pre-IPO private tech companies, had raised over 500,000 HYPE tokens and achieved a total trading volume of approximately $650 million.The platform's existing HIP-3 markets are now entering the settlement phase. Pre-IPO markets such as OpenAI and Anthropic are settling based on a 24-hour weighted average price, with corresponding prices of $1,341.80 and $1,618.90 respectively. Commodity and index markets including MAG7, semiconductors, and energy will be suspended in batches starting June 18, with open positions being auto-liquidated.vHYPE holders can redeem their staked assets at a 1:1 ratio and claim corresponding rewards. Withdrawal services will be initiated in batches starting June 19, with processing times ranging from 7 to 72 hours. The project has terminated its points and promotional activities and has clearly stated that no tokens will be issued. Officials require all users to complete fund withdrawals and wallet export operations by September 15.
FalconX: Hyperliquid is Challenging Traditional Exchanges and Prediction Markets
a report released by FalconX shows that the crypto derivatives platform Hyperliquid is expanding from perpetual contracts to pre-IPO trading, prediction contracts, and tokenized real-world assets, beginning to compete with traditional exchanges and prediction market operators. The report indicates that Hyperliquid's HIP-3 market allows users to trade stocks, commodities, forex, and pre-IPO contracts 24/7, with traders already using it for pre-IPO speculation on companies such as Cerebras, Anthropic, and SpaceX. The HIP-4 outcome market allows traders to place binary bets on political, economic, and crypto events.In terms of capital inflows, the HYPE spot ETFs launched by 21Shares and Bitwise have attracted a combined $53 million in inflows within just a few trading days. Hyperliquid's USDC partnership with Coinbase and Circle is expected to generate up to $160 million in annual protocol revenue. FalconX warns that CME and ICE have expressed concerns to regulators about potential market manipulation risks on the Hyperliquid market. Nevertheless, Hyperliquid continues to lead the decentralized perpetual contract market in terms of trading volume, revenue, and total value locked. (CoinDesk)
tradeparagon adds ticker listing request feature for VIP users
Odaily News: HyperliquidNews posted on X platform, stating that HIP-3 DEX @tradeparagon has introduced a new feature for VIP users, who can now request tickers they wish to have listed.
Hyperliquid HIP-4 permissionless deployment is now live on testnet
Odaily News: HyperliquidNews posted on X platform, stating that HIP-4 permissionless deployment has gone live on the testnet.
Hyperliquid Co-founder: SK Hynix-Related Perpetual Contract Deployed and Operated by XYZ Team, Investigating the Incident
Hyperliquid co-founder iliensinc responded to the abnormal SK Hynix pricing incident on Trade.xyz this morning, stating that Hyperliquid is a permissionless blockchain, and different teams can deploy and operate markets based on its infrastructure. Among them, the xyz:SKHYNIX perpetual contract was deployed and is operated by the XYZ team. The XYZ team is currently investigating the situation and will release updates once a conclusion is reached.Iliensinc also explained that the HIP-3 market deployer is responsible for providing data such as the mark price, oracle, and external perpetual contract price. Taking the pricing mechanism of a BTC perpetual contract as an example, the protocol provides the median of the latest on-chain transaction price, the best bid price, and the best ask price as one of three price components. The other two prices are provided by the deployer, and together these three influence the final mark price.
Hyperliquid Testnet Launches Stars Feature, Allowing Deployers to Create Whitelist DEX for Trading
Rajiv Patel-O’Connor posted on X, stating that a new feature called "stars" has been observed on the Hyperliquid testnet. This feature allows deployers to create DEXs authorized by an HIP-3 address whitelist for trading. Currently, the testnet whitelist has a cap of 10,000 addresses. Addresses not on the whitelist can only submit reduce-only orders or fund their accounts.
Trade[XYZ] 46% has covered ticker costs on HIP-3 markets, with GOLD generating over $4.6 million in fees
HyperliquidNews posted on X platform, stating that to launch a HIP-3 market, a deployer must lock 500,000 hyperliquid:native and purchase a ticker for each created market. As the largest HIP-3 deployer, Trade[XYZ] has purchased 103 tickers and launched 87 markets. The minimum cost of a ticker is 500 hyperliquid:native, currently valued at approximately $31,400. HIP-3 revenue comes from transaction fees generated by each market, with 50% going to the deployer and 50% to the Assistance Fund, which uses the proceeds to buy back and burn hyperliquid:native. To encourage trading activity in HIP-3 markets, Hyperliquid has introduced Growth Mode, reducing transaction fees by 90%; deployers can choose whether to enable it, with few exceptions. Despite the fee reduction, 40 of Trade[XYZ]'s 87 launched markets have generated revenue exceeding 500 hyperliquid:native, meaning they have at least covered the initial ticker cost, accounting for 46% of all launched markets. This data only calculates ticker costs and does not include other operating expenses. As long as trading activity continues, each ticker will continue to generate revenue. Some tickers have generated millions of dollars in fees for Hyperliquid and Trade[XYZ] respectively. For example, GOLD has generated over $4.6 million in fees for each party. GBP is currently the ticker with the lowest profitability, generating $610 in revenue for Trade[XYZ] so far.
Selini Capital unstakes 504,000 HYPE worth $31.7 million, netting nearly $20 million in profit
Odaily reports, according to Selini Capital's monitoring, it has just requested to unstake 504,000 HYPE, valued at $31.7 million. The address deployed the HIP-3 Dreamcash market. After announcing the closure of this market, Selini is unstaking the HYPE required to deploy and maintain the market, having netted nearly $20 million in profit from this investment.
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tradeparagon adds ticker listing request feature for VIP users
Odaily News: HyperliquidNews posted on X platform, stating that HIP-3 DEX @tradeparagon has introduced a new feature for VIP users, who can now request tickers they wish to have listed.
Hyperliquid HIP-4 permissionless deployment is now live on testnet
Odaily News: HyperliquidNews posted on X platform, stating that HIP-4 permissionless deployment has gone live on the testnet.
Hyperliquid HIP-3 Adds New NAVER Perpetual Contract Market
Odaily News: HyperliquidNews posted on X platform that TradeParagon has purchased the HIP-3 ticker NAVER (KRX:035420) for 516.99 HYPE (approximately $28,400).
A new all-time high: HIP-3 open interest reaches $3.92 billion
Odaily News: HyperliquidNews posted on platform X that the open interest for HIP-3 has reached $3.92 billion, setting a new all-time high.
HyperliquidNews states that the information source is the HIP-3 related page on Loris.tools
: HyperliquidNews posted on X platform, stating that the information source is the HIP-3 related page of Loris.tools.
A new all-time high: HIP-3 accounts for 71.18% of Hyperliquid's total trading volume
Odaily News: HyperliquidNews posted on platform X, stating that HIP-3 accounts for 71.18% of Hyperliquid's total trading volume, setting a new all-time high.