News linked to both this project and an event.
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.
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.
Odaily Report: Data shows that Hyperliquid auction cumulative spending has reached 346,005 HYPE, valued at approximately $27 million at current estimates.
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.
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
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)
According to a comment letter submitted by the Hyperliquid Policy Center (HPC) to the U.S. Securities and Exchange Commission (SEC) on October 19, the HPC generally supports the SEC's proposed Crypto Asset Regulation (File No. S7-2026-27) and urges its prompt adoption. The proposal includes a $5 million startup exemption (four-year term), a $75 million fundraising exemption (per 12 months), a safe harbor for investment contracts, and state-level advance applicability provisions for "qualified purchasers." The HPC also puts forward five recommendations: 1. Airdrops: Incorporate airdrop analysis into the final rule text and use "clear and specific consideration" as the criterion for determining a "monetary investment"; 2. Secondary Markets: Clarify the status of secondary market trading and intermediaries, enabling assets issued under exemptions to trade immediately outside the registration framework, and recommend exempting relevant trades and platform determinations under Section 36 of the Exchange Act; 3. Safe Harbor: Its use should not be construed as an admission that an investment contract or issuer status exists, and protections should extend through the period during which key management tasks are being performed; 4. Buybacks: Incorporate the SEC Division of Corporate Financing's recent buyback guidance into the rules, standardize the "central party" concept, and distinguish between programmatic buybacks and discretionary buybacks; 5. Federal Advance Applicability: Issuers meeting safe harbor conditions may opt out of reporting obligations or adopt a simplified annual certification to avoid state regulatory intervention. The HPC stated that without the aforementioned adjustments, the actual
Hyperliquid News posted on X that the Hyperliquid Policy Center is calling on the U.S. Securities and Exchange Commission (SEC) to exclude airdrops from the definition of securities.Its specific arguments include: codifying into rule the position the SEC proposed in March 2026 that free airdrops do not constitute a "money investment" and therefore are not investment contracts; extending this rule to announced airdrops, including periodic or recurring distributions, provided that the network is already operational, eligibility is based on usage or contribution (trading, validating, providing liquidity, governance), and the airdrop is not a means of fundraising. The Hyperliquid Policy Center holds that investment requires tangible and identifiable consideration, and that airdrops are rewards rather than investments; claim processes such as connecting a wallet, signing, paying gas fees, completing KYC/AML, or accepting terms of service should not be deemed consideration. Additionally, the rule should apply retroactively to past airdrops or cover Hyperliquid's native airdrop.
Odaily Report: Spencer Applebaum, General Partner and Co-Head of Venture Investments at Multicoin Capital, said that Multicoin Capital manages $2.7 billion in assets, will not follow institutions such as Paradigm in expanding its investment scope into AI and robotics, and will continue to focus on the digital asset sector. Regarding the "crypto + AI" concept, Applebaum said that some investors are looking for problems at the intersection of crypto and AI that do not actually exist. In response to the slowdown in capital deployment, he said that in 2023, most seed-round projects had post-money valuations of about $30 million and raised about $3 million, and that using a $422 million fund to invest in such rounds requires more time. In addition, the largest position of Multicoin Capital's hedge fund is the Hyperliquid-related token HYPE, all of which was purchased through the public market; the firm typically holds publicly traded assets for several years.
Citrini Research has stated that the barriers between traditional finance and the crypto industry are gradually dissolving, and with the proliferation of AI Agents, blockchain may be approaching a true inflection point for adoption.Citrini Research suggests that in the future, personal AI agents may be able to manage all of a user's financial assets, including allocating idle funds, executing investment decisions, and finding loan solutions. However, the existing financial system is built on manual processes, intermediaries, and compliance frameworks, making it difficult to adapt to round-the-clock, automated machine interaction needs.The firm believes that AI agents require financial infrastructure that is programmable, operates in real time, and requires no human intervention. After more than a decade of development, blockchain happens to possess characteristics such as asset digitization, on-chain settlement, and open financial applications. Previously, the crypto industry faced issues such as a complex user experience and a lack of real asset applications, but with the advancement of real-world asset (RWA) tokenization, traditional financial assets are gradually moving on-chain.Citrini Research points out that the development of tokenized equities, U.S. Treasuries, credit, and other assets, along with changes in the regulatory environment, is driving the convergence of traditional finance and crypto markets. The firm notes that recent developments — including Robinhood launching stock tokens, regulators exploring rules for tokenized assets, and on-chain markets such as Hyperliquid gaining attention from traditional finance — all indicate that the market is undergoing a shift.Citrini Research states that investors should focus not merely on whether assets will be tokenized, but rather on "who can capture the economic value in the tokenization wave." The firm believes that blockchain may ultimately become critical financial infrastructure in the AI agent era.
HyperLink announced on X that it has completed a $2.5 million funding round, with investors including Alliance, North Island Ventures, Reverie, Node Capital, Breed, and smartestmoney.hl. HyperLink stated that the protocol's routed trading volume reached $254 million last month, accounting for 0.1% of Hyperliquid's trading volume, with the next phase targeting 10% of trading volume.
Odaily News: Blockworks analyst Shaunda Devens posted on X that Polymarket's current FDV valuation of approximately $1.5 billion for Variational is somewhat overly optimistic. This pricing directly applies Hyperliquid and Lighter-level valuation-to-revenue multiples to a platform that still relies on points subsidies. By comparison, the median first-day "FDV / annualized revenue" ratio for recently launched Perp DEX tokens is only 6.3x (Variational is currently around 57x), and within the first month after TGE, trading volume typically drops sharply by a median of 54%.Shaunda added that if conservative assumptions based on historical precedents are adopted (using the median first-day "FDV/annualized revenue" ratio of 6.3x), Variational's fair valuation would be only $167 million, corresponding to a points price of $4.8–$5.4. Even using the highest recent ratio precedent (Lighter's approximately 21.1x), its valuation would still only be about $558 million, corresponding to a points price of $16–$18.However, Shaunda also explained: "To be clear, given that current market risk appetite is clearly in a Risk-on state, we do not believe Variational's valuation at TGE will fall to the extremely conservative range mentioned above. These historical multiples are listed to illustrate that current pre-market OTC pricing may be overly optimistic."
According to Solid Intel, the fully diluted valuation (FDV) of decentralized derivatives trading platform Hyperliquid has surpassed Nasdaq and the London Stock Exchange Group.
trade.xyz posted on X that it has launched Events, aiming to develop Hyperliquid into a unified trading system for trading financial assets and real-world outcomes. Users can deposit spot BTC into their unified trade.xyz account, borrow USDC through portfolio margin, open pre-IPO perpetual contract positions on SpaceX, use event markets to hedge against the upcoming SK Hynix earnings event, and pick the US Open champion. Events will cover sports, politics, economics, and financial markets; the initial Up/Down markets cover stocks, commodities, and pre-IPO assets, with liquidity provided by trade.xyz perpetual contracts on HIP-3, whose continuous price discovery mechanism serves as the source for contract settlement.
Odaily Odaily News: Nasdaq-listed digital asset treasury company Hyperliquid Strategies has increased its equity funding facility with New York investment bank and broker-dealer Chardan Capital Markets from $1 billion to $2.5 billion. The agreement allows Chardan to purchase newly issued common shares of Hyperliquid Strategies in stages, subject to conditions such as pricing and trading volume, and resell them on the public market.Hyperliquid Strategies has previously raised $647 million through this funding mechanism and expanded its treasury holdings to approximately 29.3 million HYPE tokens. The $2.5 billion figure represents the maximum capacity of the facility, not the amount already raised; the company's ability to obtain funds by issuing new shares may dilute existing shareholders' equity.Hyperliquid Strategies stated that although it shares the same name as Hyperliquid and holds its native token, it operates independently and has no affiliation with Hyperliquid. (Cointelegraph)
US-listed Hyperliquid Strategies Inc. (PURR), the HYPE treasury company, has amended its ChEF Purchase Agreement with Chardan Capital Markets, increasing the total committed amount for newly issued common shares from $1 billion to $2.5 billion. The amended agreement introduces a new trading cap mechanism: once cumulative sales exceed $1 billion, if the offering price falls below $12.02 per share, additional issuances will be capped at 42,641,847 shares, representing 19.99% of the outstanding shares prior to the amendment. Any additional issuances exceeding this cap require shareholder approval in accordance with Nasdaq rules, aimed at mitigating the dilutive impact on existing shareholders caused by low-priced offerings.
Odaily News - PURR, a token related to the Hyperliquid ecosystem, rose approximately 15% after Hyperliquid Strategies published its "HYPE Treasury" and balance sheet updates.According to the disclosure, Hyperliquid Strategies has completed a $647 million equity financing round and increased its HYPE token reserve to 29.3 million tokens, valued at approximately $1.9 billion based on fiscal year-end prices—more than doubling from its previous size.The company stated that it subsequently invested an additional $773.4 million to acquire approximately 16.5 million HYPE tokens at an average purchase price of $46.77. The company said the continued expansion of its HYPE holdings is aimed at building a "fortress balance sheet" to strengthen long-term support for the Hyperliquid ecosystem.Market observers believe that sustained institutional allocation to HYPE assets has further reinforced expectations regarding the Hyperliquid ecosystem's value-capture capabilities, driving related ecosystem tokens like PURR higher. (The Block)
Odaily News: Digital asset investment platform Rockawayx has acquired digital asset hedge fund Relayer Capital, incorporating its directional long/short strategy into its approximately $2 billion investment platform. Relayer Capital founder Austin Barack will continue to oversee the strategy and assume the role of Chief Investment Officer of the newly renamed Rockawayx Liquid Opportunities Fund.Rockawayx CEO Viktor Fischer stated that the fund will invest in highly liquid crypto tokens and digital asset-related equities, with a focus on identifying assets that are mispriced relative to their business fundamentals, market position, or growth prospects. The fund is currently open to new external investors.Rockawayx disclosed that the strategy's estimated net return from the start of 2026 through August 21 stands at approximately 70%, outperforming a weighted portfolio of Bitcoin, Ethereum, and Solana by 86 percentage points. Major contributing positions include Venice AI, Hyperliquid, Grass Network, Pump.fun, and Zcash, with investment themes centered on AI and tokenized real-world asset markets.The acquisition adds a directional liquid strategy to Rockawayx's venture capital and market-neutral businesses. Rockawayx also operates infrastructure and onchain liquidity divisions, noting that these capabilities support its team in identifying blockchain market opportunities across stages—from early-stage funding and token issuance to public market trading. (Bitcoin.com News)
According to Bitcoin.com, Bitwise Chief Investment Officer Matt Hougan stated that the bullish thesis for 2026 is more fundamentally grounded than the crypto market cycles of 2014, 2018, and 2022, primarily driven by five structural changes: the advancement of regulatory frameworks, the scaling of stablecoin adoption, the tokenization of real-world assets, protocol tokens generating genuine revenue supported by buyback and burn mechanisms, and the demand for currency debasement triggered by expanding sovereign debt. Hougan noted that the total stablecoin market capitalization surpassed $300 billion by mid-2026, with steady usage across trading, payments, cross-border remittances, and settlements; meanwhile, asset tokenization is progressively transitioning from experimental phases into regulated financial infrastructure. He also highlighted Hyperliquid as a prime example, noting that the protocol generated over $800 million in revenue last year, allocating roughly 99% of it toward buybacks and burns of the HYPE token. On Bitcoin, Hougan suggested that rising government borrowing levels could further cement its role as a hedge against currency debasement, though he emphasized that the associated valuation models represent scenario analyses rather than definitive price forecasts.
EntropyIO announced the completion of a $14 million funding round, led by Ribbit Capital, along with $40 million in HYPE staking support. The first batch of markets has gone live on Hyperliquid.EntropyIO stated that it has launched the first liquid Anthropic trading market and plans to further expand into assets such as Pre-IPO startups, computing resources, public companies, and global indices to enable around-the-clock trading.Team members come from Citadel Securities, Optiver, Polymarket, and Millennium, and have developed a liquidity-weighted oracle that dynamically adjusts external oracle price weights based on executable market depth, aiming to improve price discovery and liquidity for new asset classes.