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Project Overview
Hyperliquid is a performant L1 optimized from the ground up. The vision is a fully onchain open financial system with user built applications interfacing with performant native components, all without compromising end user experience. The Hyperliquid L1 is performant enough to operate an entire ecosystem of permissionless financial applications – every order, cancel, trade, and liquidation happens transparently on-chain with block latency <1 second. The flagship native application is a fully onchain order book perpetuals exchange, the Hyperliquid DEX.
Base valuation of $128, with non-crypto trading accounting for about 30% on Hyperliquid
research firm Decentralised.co (DCo) has released a report stating that the share of non-crypto asset trading volume on Hyperliquid rose from zero in September 2025 to a peak of 51% in July 2026, and stood at approximately 30% in October 2026; on October 27, such trading accounted for 40% of the platform's $7.2 billion in daily trading volume, with single stocks being the largest trading category that day.The report uses a 2029 global futures and equities market size of $934 trillion as its base, with the base-case scenario assuming crypto trading volume grows to 3 times the current level, a 3% share of the non-crypto market, a blended fee rate of 0.006%, USDC yield falling to 3.6%, and HIP-4 contributing $100 million in revenue; on this basis, it estimates that 2029 revenue will rise from $944 million to $4.91 billion, corresponding to an HYPE price of $128 at a 40x valuation, $98 at a 30x valuation, and $165 under the optimistic scenario, with the current HYPE price at approximately $77. The report states that if the non-crypto fee rate falls to CME's 0.0004%, the base valuation would drop to $66; Binance has already listed 229 TradFi perpetual contracts this year, with average daily trading volume of $13.4 billion, higher than Hyperliquid's $2.3 billion.
High participation threshold for Anthropic IPO draws attention as Asian investors shift to indirect investment channels such as crypto derivatives
According to Bloomberg, Anthropic's planned IPO could reach a valuation of $1.5 trillion, with plans to invest approximately $800 billion in computing infrastructure that is expected to benefit TSMC, SK Hynix, and Samsung Electronics. Due to strong subscription demand and related restrictions, it has proven difficult for Asian investors to participate directly in the IPO, prompting them to turn to indirect investment channels such as crypto derivatives. According to reports, OKX and Binance have launched perpetual contracts tied to Anthropic's valuation, while perpetual contracts on the EntropyIO platform under Hyperliquid briefly implied valuations of around $1.88 trillion. However, Anthropic still faces risks including an uncertain path to profitability, high capital requirements for AI projects, and intense industry competition, and related "proxy" investments may also be influenced by factors from other sectors.
Hyperliquid cumulative auction spending reaches 346,000 HYPE, valued at approximately $27 million
Odaily Report: Data shows that Hyperliquid auction cumulative spending has reached 346,005 HYPE, valued at approximately $27 million at current estimates.
Grayscale Announces Crypto Asset Yield Rankings: HYPE Holders Lead in Yield, CAKE Ranks Highest in Adjusted Earnings Yield
According to BeInCrypto, Grayscale released a crypto asset valuation ranking evaluated based on two metrics: "Token Holder Yield" and "Adjusted Earnings Yield". HYPE topped holder yields at 8.0%, with Lighter (LIT) following closely at 7.9%, and PancakeSwap (CAKE) ranking third at 2.6%, followed sequentially by AERO, UNI, RAY, PENDLE, AAVE, JUP, and CRV. In terms of adjusted earnings yield, CAKE led at 14.4%, with LIT at 14.1% and HYPE at 9.8%, followed sequentially by RAY, AAVE, JUP, SKY, UNI, AERO, and PENDLE. The report showed that five assets on the list had negative holder yields, including AAVE, JUP, and CRV, with CRV at -5.5% and JUP at -2.6%. Grayscale calculates holder yield as staking rewards plus buybacks minus new token issuance, so holders face dilution when new issuance exceeds total yields. While JUP's adjusted earnings yield stands at 3.5%, its holder yield remains negative.
An address with a recent HYPE win rate of about 86% opened a HYPE short position of about $2.43 million
Odaily reports: According to Odaily monitoring, an address opened a HYPE short position between 04:18 and 08:17 on October 22, 2026, with a notional opening value of approximately $2.43 million and an average execution price of $81.1299. Its HYPE trading win rate between September 22 and October 22, 2026 was about 86% across 14 rounds; as of 14:29 on October 22, 2026, it held a 30,000 HYPE short position, valued at approximately $2.36 million based on a reference price of $78.711.Address: 0xdafc555a97b358bc09fccf4c0e583c1ec5838b16
Bitwise, Hyperliquid urge SEC to revise crypto rules, focusing on token classification, airdrops, and secondary market trading
Odaily reports: Asset management firm Bitwise Asset Management and the Hyperliquid Policy Center submitted comment letters to the U.S. Securities and Exchange Commission (SEC) on Monday, calling for changes to proposed crypto rules to clarify token classification, airdrops, and secondary market trading rules.The SEC's proposed Regulation Crypto Assets would establish exemptions for qualifying crypto fundraising and provide a conditional safe harbor for tokens related to investment contracts. Bitwise is asking for clear standards by which investment managers can determine whether a token is subject to securities laws.The Hyperliquid Policy Center is asking for an expansion of the safe harbor's scope and for clear rules on airdrops that reward network participants and on token buybacks. The organization also wants the SEC to clarify whether unregistered intermediaries can facilitate token trading, and whether tokens can be freely traded through on-chain protocols.Former SEC enforcement official John Reed Stark and Duke University finance scholar Lee Reiners, meanwhile, are calling for the proposal to be withdrawn, arguing that it exceeds the SEC's statutory authority and weakens investor protection. The SEC will decide whether to revise, adopt, or withdraw the rule after the public comment period ends, and the final rule must take effect after a Commission vote. (Cointelegraph)
ICE Reposts Trade[XYZ] Partnership Post, Clarifying Plan Awaits Regulatory Approval
ICE has once again published a post regarding its collaboration with Trade[XYZ], clarifying that bringing Hyperliquid perpetual contracts to the U.S. remains planned, and that related markets and leveraged trading require regulatory approval.
Deleted collaborative tweet, ICE still retains the repost of Trade.xyz promotional copy
The official ICE account has deleted its previously published tweet about the collaboration with Trade.xyz, while it still retains the repost of Trade.xyz's promotional copy. ICE is collaborating with Trade.xyz to launch perpetual contract products in the U.S. regulated market based on the Hyperliquid platform. The relevant markets will have independent clearing, customer identity verification, and anti-money laundering systems, and the products will be linked to stock indices, commodities, and currency prices. The products are still awaiting regulatory approval.
Don Wilson questions Hyperliquid's priority fee mechanism and position transparency
Don Wilson posted on X stating that after the New York Stock Exchange's parent company pushed to bring Hyperliquid into the U.S. market, he raised questions about the advantages of on-chain perpetual contracts, the transparency of positions and trades, whether the priority fee mechanism complies with CFTC core principles, and whether offshore and onshore order book liquidity can be merged. He noted that on-chain trading can reduce friction in an environment that requires no trust and identity verification, or receive purchased assets in real time through atomic transactions, but perpetual contracts themselves are not assets, so the latter advantage does not apply; he also asked whether Stan Druckenmiller regards real-time trackability of positions and trades as an advantage. Previously, ICE and trade[XYZ] announced plans to use Hyperliquid as infrastructure to deploy, after obtaining regulatory approval, a perpetual contract market covering crypto assets, equities, commodities, foreign exchange and other physical assets for U.S. traders, with ICE operating the regulated market and clearing architecture.
Analyst: HYPE Sets Record with $16.2 Billion in Single-Day Binance Spot Trading Volume
Odaily reports: Crypto analyst Darkfost posted that HYPE's spot trading volume on Binance yesterday hit an all-time high of $16.2 billion, far exceeding the platform's monthly average daily trading volume of approximately $3.6 billion. Driven by this, HYPE's price rose from $81 to $97, a single-day gain of about 24%. The surge in trading volume is related to the announcement of a partnership between TradeXYZ and Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE). The two parties plan to launch a 24/7 perpetual futures market in the United States built on Hyperliquid's technical infrastructure, covering equities, commodities, foreign exchange, and cryptocurrencies, subject to regulatory approval.Under the arrangement, ICE will operate the regulated market, while TradeXYZ will handle market design and implementation. The news was subsequently shared by Stanley Druckenmiller in his first-ever post on X. Darkfost noted that the news was quickly priced in by the market, but it was not entirely without warning—Trump had previously stated that Mike Selig, chairman of the U.S. Commodity Futures Trading Commission (CFTC), is working to bring Hyperliquid into the U.S. market in a compliant and legal manner.
ICE, trade[XYZ], and Hyperliquid Announce Partnership Structure, Trading Still Requires Regulatory Approval
jeff.hl posted on X stating that ICE, trade[XYZ], and Hyperliquid are jointly opening a new chapter. According to the announcement he cited, Hyperliquid provides the underlying technical infrastructure through HIP-3, trade[XYZ] is responsible for designing and implementing the markets, and ICE operates the regulated market and clearing structure; the existing trade[XYZ] HIP-3 markets remain unchanged, and trading still requires regulatory approval. jeff.hl also said that about a year ago he spoke with ICE CEO Jeff Sprecher and joked that if he saw ICE building on Hyperliquid technology, it would mean success.
Bloomberg: Trader Suspected of Manipulating Prices via Hyperliquid Crude Oil Perpetual Contracts, Involved Over $170 Million in Orders
Odaily Report: Market monitoring firm Solidus Labs has identified that a trader placed over $170 million in anomalous orders through two accounts on Hyperliquid during the period of severe international oil price volatility between March 8 and 10, suspected of using "spoofing" to influence market prices. The accounts in question placed large orders on one side of the order book before quickly canceling them, while simultaneously executing trades on the other side. Solidus stated that the trader profited approximately $119,000 during the relevant period, but their true identity and subjective intent to manipulate the market have not yet been confirmed.In one case, the trader rapidly canceled approximately $17 million in sell orders while executing approximately $425,000 in buy orders, with the Brent crude oil perpetual contract price showing significant fluctuations before and after the cancellation. Hyperliquid Labs emphasized that all orders, cancellations, and trade records on the platform are publicly recorded on-chain and available for real-time review; the relevant contract issuer Trade.xyz also stated that the platform has order limits and continuous monitoring mechanisms in place. This incident has once again raised market concerns about trading regulation on crypto derivatives platforms and their potential impact on traditional commodity markets. (Bloomberg)
XPL Flash Crash Triggers Cascading Long Liquidations, Hyperliquid HLP Vault Takes Over Positions and Loses $556K
Odaily reports: According to on-chain data monitoring, today's XPL price flash crash resulted in a loss of approximately $556,000 for Hyperliquid's HLP vault. Prior to this, 16 wallets funded through centralized exchanges had been continuously building XPL long positions since October 29, collectively holding approximately 269 million XPL with a notional exposure of about $23 million. Of these, 14 wallets received funds transferred via Binance approximately two months ago, and 12 of them withdrew about 2.02 million USDC before the price decline to reduce margin exposure.As XPL rapidly dropped from $0.086431 to $0.069429, a cascade of long position liquidations was triggered. Following the liquidations, the HLP vault passively took over approximately 160.39 million XPL long positions at an average cost basis of $0.07592, with a notional value of about $12.18 million. The HLP vault ultimately closed the positions at $0.0725, recording a loss of approximately $556,000.
Worth approximately $27.19 million, a whale unstaked 304,600 HYPE after 3 months of inactivity
: According to Onchain Lens monitoring, a whale who previously bought HYPE from Galaxy Digital unstaked 304,600 HYPE after 3 months of inactivity, worth approximately $27.19 million.
a16z-associated entity allegedly transferred 118,000 HYPE, valued at approximately $10.7 million.
On-chain analyst Ai Yi has tracked that a16z-affiliated entities have transferred 118,000 HYPE in batches to Wintermute, Galaxy Digital, and Cumberland since yesterday. Valued at approximately $10.7 million based on an average price of $90.72, the specific purpose remains unclear.
$10.7M HYPE Suspected Selloff, a16z-Linked Entity Transfers 118,000 HYPE
Odaily — According to on-chain analyst Ai Yi, an a16z-linked entity (0xb5E...F...) has been suspected of selling off $10.7 million worth of HYPE since yesterday. Following the disclosure of the Binance hack news, the entity transferred 118,000 HYPE in batches to Wintermute, Galaxy Digital, and Cumberland at an average price of $90.72, with the purpose unknown. The most recent transfer occurred 10 hours ago.
Expected profit of $8.03 million, a whale/institution transferred 912,383 HYPE to FalconX
Odaily report: According to on-chain analyst Yu Jin's monitoring, a whale/institution consolidated and transferred 912,383 HYPE to institutional trading platform FalconX 2 hours ago, valued at $82.09 million. These HYPE were accumulated 1 to 2 months ago through Coinbase Prime and FalconX at an average price of approximately $81; they were transferred out today at $90, with an expected profit of $8.03 million.
Ignas: Assets like HYPE and ZEC Show Independent Price Action, Crypto Market Still Has Structural Opportunities
DeFi researcher Ignas posted on X stating that during the current market downturn, the "buy the dip" sentiment commonly seen in the past has rarely appeared on social media. Although some market participants believe that Bitcoin holding the $77,000 to $80,000 range is a bullish signal, most crypto traders may already hold substantial token positions, and some investors would rather wait for price confirmation of an uptrend before buying than bottom-fish amid panic. Assets decoupled from Bitcoin's price action such as HYPE, as well as "conviction tokens" like ZEC and revenue-generating assets like HYPE, remain attractive. However, there is currently insufficient potential buying interest—retail investors who previously favored crypto assets are now being buffeted by volatility in assets such as AI stocks, gold, and quantum computing, and crypto ETF fund flows have also turned to net outflows over the past 30 days.
$10.7M HYPE Suspected Selloff, a16z-Linked Entity Transfers 118,000 HYPE
Odaily — According to on-chain analyst Ai Yi, an a16z-linked entity (0xb5E...F...) has been suspected of selling off $10.7 million worth of HYPE since yesterday. Following the disclosure of the Binance hack news, the entity transferred 118,000 HYPE in batches to Wintermute, Galaxy Digital, and Cumberland at an average price of $90.72, with the purpose unknown. The most recent transfer occurred 10 hours ago.
Three Wall Street Firms Recommend Buying Crypto Stocks on the Dip, Say Binance Hack Unlikely to Derail Market Recovery
Odaily report: Analysts from three Wall Street firms—Cantor Fitzgerald, TD Cowen, and Compass Point—all believe that despite Binance suffering an approximately $6.3 billion hack, there is currently insufficient evidence to suggest the incident will threaten the broader crypto market, and the market's prior recovery trend is unlikely to be interrupted as a result.Cantor Fitzgerald analyst Ramsey El-Assal noted that Tether has frozen over $1.5 billion in stolen assets, Circle has frozen approximately $800 million, and Ripple has frozen about $200 million, with Binance stating that the total frozen stolen funds currently amount to roughly $3 billion. He believes the crypto industry is gradually improving its ability to respond to such security incidents and expects crypto-related stocks such as Coinbase, Robinhood, and Strategy to rebound once market panic subsides, recommending that investors buy on the dip.TD Cowen analyst Lance Vitanza believes the attack exposed security weaknesses in Binance's own transaction signing infrastructure rather than flaws in the underlying technology of cryptocurrencies like Bitcoin, and that the market sell-off may present an opportunity to accumulate Bitcoin and shares of listed companies holding Bitcoin.Compass Point analysts believe Binance has sufficient liquidity to cover the funding gap, and expect its excess USDT reserves, BTC reserves, and USDC funds to be adequate to absorb the losses. However, the firm also warned that Binance compensating customers could put pressure on stablecoin supply and may drive users to migrate from centralized exchanges to competing platforms such as Coinbase, Bullish, and Hyperliquid. (CoinDesk)
Following the liquidation of its ETH long position, Maji deposited an additional 250,000 USDC to open a leveraged long, with the position valued at approximately $5.88 million.
According to on-chain analyst Ember (@EmberCN)'s monitoring on October 30, Maji's ETH long positions were entirely liquidated during the morning sell-off triggered by the Binance hack. In the afternoon, he deposited an additional 250,000 USDC to continue opening longs, and currently holds long positions worth approximately $5.88 million on Hyperliquid, covering ETH, HYPE, and BTC.
Behind the Market Sentiment Index: Kraken, Hyperliquid, and OKX Become Market Focus After Binance Hack Incident
Odaily Report: Joe Vezz, CEO of social monitoring platform LunarCrush, posted on X platform stating, "According to monitoring, after the Binance hacking incident, Kraken's related market sentiment index rose by 10 points; subsequently, Hyperliquid's related index rose by 4 points; OKX's related index rose by 3 points.
STRK short positions show a total unrealized profit of $4.46 million; Binance hacker begins selling STRK
Odaily reports: According to Onchain Lens monitoring, the Binance hacker has begun selling STRK; two Hyperliquid traders hold STRK short positions with a combined unrealized profit of $4.46 million, of which one trader has an unrealized profit of $1.61 million and the other trader has an unrealized profit of $2.85 million.
After Binance hacker sold off 217.5 million ENA, a wallet deposited 2 million USDC into Hyperliquid and opened a 3x leveraged long position
Odaily News: According to Lookonchain monitoring, after the Binance attacker completed the sell-off of all 217.5 million ENA (worth approximately $33.93 million), a newly created wallet address (0xedc0) began going long on ENA.The address deposited 2 million USDC into Hyperliquid, then opened a long position of 22.78 million ENA with 3x leverage, with the position value at approximately $4.09 million.
ICE Reposts Trade[XYZ] Partnership Post, Clarifying Plan Awaits Regulatory Approval
ICE has once again published a post regarding its collaboration with Trade[XYZ], clarifying that bringing Hyperliquid perpetual contracts to the U.S. remains planned, and that related markets and leveraged trading require regulatory approval.
Deleted collaborative tweet, ICE still retains the repost of Trade.xyz promotional copy
The official ICE account has deleted its previously published tweet about the collaboration with Trade.xyz, while it still retains the repost of Trade.xyz's promotional copy. ICE is collaborating with Trade.xyz to launch perpetual contract products in the U.S. regulated market based on the Hyperliquid platform. The relevant markets will have independent clearing, customer identity verification, and anti-money laundering systems, and the products will be linked to stock indices, commodities, and currency prices. The products are still awaiting regulatory approval.
Don Wilson questions Hyperliquid's priority fee mechanism and position transparency
Don Wilson posted on X stating that after the New York Stock Exchange's parent company pushed to bring Hyperliquid into the U.S. market, he raised questions about the advantages of on-chain perpetual contracts, the transparency of positions and trades, whether the priority fee mechanism complies with CFTC core principles, and whether offshore and onshore order book liquidity can be merged. He noted that on-chain trading can reduce friction in an environment that requires no trust and identity verification, or receive purchased assets in real time through atomic transactions, but perpetual contracts themselves are not assets, so the latter advantage does not apply; he also asked whether Stan Druckenmiller regards real-time trackability of positions and trades as an advantage. Previously, ICE and trade[XYZ] announced plans to use Hyperliquid as infrastructure to deploy, after obtaining regulatory approval, a perpetual contract market covering crypto assets, equities, commodities, foreign exchange and other physical assets for U.S. traders, with ICE operating the regulated market and clearing architecture.
Analyst: HYPE Sets Record with $16.2 Billion in Single-Day Binance Spot Trading Volume
Odaily reports: Crypto analyst Darkfost posted that HYPE's spot trading volume on Binance yesterday hit an all-time high of $16.2 billion, far exceeding the platform's monthly average daily trading volume of approximately $3.6 billion. Driven by this, HYPE's price rose from $81 to $97, a single-day gain of about 24%. The surge in trading volume is related to the announcement of a partnership between TradeXYZ and Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE). The two parties plan to launch a 24/7 perpetual futures market in the United States built on Hyperliquid's technical infrastructure, covering equities, commodities, foreign exchange, and cryptocurrencies, subject to regulatory approval.Under the arrangement, ICE will operate the regulated market, while TradeXYZ will handle market design and implementation. The news was subsequently shared by Stanley Druckenmiller in his first-ever post on X. Darkfost noted that the news was quickly priced in by the market, but it was not entirely without warning—Trump had previously stated that Mike Selig, chairman of the U.S. Commodity Futures Trading Commission (CFTC), is working to bring Hyperliquid into the U.S. market in a compliant and legal manner.
Elon Musk retweeted Stan Druckenmiller's tweet disclosing his investment in Trade.xyz, commenting "Interesting"
Odaily reports: Elon Musk retweeted Wall Street legendary investor Stan Druckenmiller's tweet disclosing his investment in Trade.xyz, and said "Interesting."Earlier news: Stan Druckenmiller (@standuquesne) posted his first tweet, stating that he has become an investor in Trade.xyz. Trade.xyz is collaborating with Intercontinental Exchange (ICE) and plans to bring Hyperliquid-based 24/7 perpetual futures to the United States. Stan Druckenmiller stated that as a market participant, he looks forward to using this product to improve his investment process.
Stan Druckenmiller Announces as an Investor in Trade.xyz
Stan Druckenmiller (@standuquesne), Chairman and Chief Investment Officer of Duquesne Family Office, posted his first tweet, stating that he has become an investor in Trade.xyz. Trade.xyz is collaborating with Intercontinental Exchange (ICE) to bring Hyperliquid-based 24/7 perpetual futures to the United States. Stan Druckenmiller said that as a market participant, he looks forward to using this product to improve his investment process.
Related news
XPL Flash Crash Review: 16 Related Wallets Withdraw Collateral, HLP Loses $550,000
Quote Markets members recap the XPL flash crash: 16 linked wallets withdrew their margin prior to the plunge, causing the HLP liquidation vault to passively take positions and incur a loss of approximately $556,000; however, these wallets also lost around $711,000 on Hyperliquid.
This week, ENA, BTW, KITE, and other tokens will see significant token unlocks.
HYPE will unlock on November 5, valued at approximately $15.72 million, accounting for 0.08% of the circulating supply; AVAX will unlock on November 8, valued at approximately $14.42 million, accounting for 0.30% of the circulating supply.
Hyperliquid's total withdrawals surpass $100 billion
According to data disclosed by HyperliquidNews, total withdrawals on the Hyperliquid platform have surpassed $100 billion.
XPL Flash Crash Triggers Cascading Long Liquidations, Hyperliquid HLP Vault Takes Over Positions and Loses $556K
Odaily reports: According to on-chain data monitoring, today's XPL price flash crash resulted in a loss of approximately $556,000 for Hyperliquid's HLP vault. Prior to this, 16 wallets funded through centralized exchanges had been continuously building XPL long positions since October 29, collectively holding approximately 269 million XPL with a notional exposure of about $23 million. Of these, 14 wallets received funds transferred via Binance approximately two months ago, and 12 of them withdrew about 2.02 million USDC before the price decline to reduce margin exposure.As XPL rapidly dropped from $0.086431 to $0.069429, a cascade of long position liquidations was triggered. Following the liquidations, the HLP vault passively took over approximately 160.39 million XPL long positions at an average cost basis of $0.07592, with a notional value of about $12.18 million. The HLP vault ultimately closed the positions at $0.0725, recording a loss of approximately $556,000.
Hyperliquid Platform Traders Surpass 3 Million
Odaily reports, according to data disclosed by HyperliquidNews, the number of traders on the Hyperliquid platform has surpassed 3 million, reflecting the continued expansion of the user base of this decentralized derivatives trading platform.
Worth $4.06 million, Galaxy Digital OTC deposits 47,000 HYPE to OKX
that, according to Onchain Lens monitoring, Galaxy Digital OTC deposited 47,000 HYPE to OKX 4 hours ago, worth $4.06 million, possibly for selling.