News linked to both this project and an event.
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.
CME Group, the operator of the largest U.S. derivatives exchange, sued the Commodity Futures Trading Commission (CFTC) and its Chairman Mike Selig last month, opposing the regulator's approval for prediction market platform Kalshi and cryptocurrency exchange Coinbase to launch crypto perpetual contracts. Non-US perpetual contracts achieved a trading volume of $60 trillion last year. CME argues that the CFTC misclassified the relevant products and improperly applied the law, claiming that futures should have an expiration date, whereas perpetual contracts allow traders to establish leveraged positions on the future price of an asset without an expiration limit. CME also contends that the products harm its longer-dated futures business and that the CFTC failed to adequately consider the impact. The dispute between the parties intensified during the early stages of the Iran conflict, when demand rose for 24-hour crude oil perpetual contracts on offshore DeFi exchanges like Hyperliquid, as well as for on-chain prediction market trading related to the crude oil market. CME subsequently applied to accelerate the launch of 24-hour West Texas Intermediate crude oil futures trading but was blocked by the CFTC. Kalshi, after launching its first related product last month, stated that its trading volume exceeded $1 billion in less than a week. The CFTC is currently advancing the U.S. perpetual contracts market through policy statements and case-by-case reviews, rather than through new rulemaking procedures.
The Crypto Innovation Council (CCI) announced that Etherealize, Hyperliquid Policy Center, and Tools for Humanity (TFH) have officially joined. CCI stated that the new members will enhance its technical expertise in the fields of on-chain finance, institutional finance, and digital identity to better support policy making.
Odaily News on July 14, Bitcoin ETFs recorded net inflows of $181 million, and Ethereum ETFs recorded net inflows of $58.34 million. No outflows were observed for either Bitcoin or Ethereum ETFs on that day. BlackRock's IBIT saw net inflows of $139 million, Fidelity's FBTC posted net inflows of $21.07 million; all net inflows into Ethereum ETFs came from BlackRock's ETHA. HYPE, XRP, and Solana ETFs had no trading activity on the day. Morgan Stanley submitted a proposed amended filing for spot Ethereum and Solana ETFs, with the document covering service providers such as Coinbase Custody and staking provisions. Japanese policymakers are advancing reforms aimed at classifying crypto assets under the Financial Instruments and Exchange Act.
According to the memorandum, on July 14, 2026, staff from the SEC Crypto Task Force held a meeting with representatives from the Hyperliquid Policy Center, Highland Labs Pte. Ltd. (Hyperliquid Labs), XYZ Ltd., and Sullivan & Cromwell LLP to conduct an in-depth discussion on topics such as regulatory approaches for crypto assets and the technical architecture and market ecosystem of the Hyperliquid Protocol.
Hyperliquid and non-custodial wallet Phantom have jointly submitted a comment letter to the U.S. Commodity Futures Trading Commission (CFTC), calling for updates to regulatory rules for on-chain trading infrastructure. The two parties argue that current CFTC rules were designed for the traditional financial system, which relies on centralized intermediaries, and are not applicable to DeFi. They suggest clarifying that developing software for on-chain trading protocols does not require registration as an exchange or clearing agency, and that non-custodial wallet front-ends should not need to register as introducing brokers. They also propose allowing regulated institutions to use blockchain for trading and clearing operations. Previously, the CFTC and the U.S. SEC jointly released a request for comment in June, seeking industry input on regulatory rules affecting financial innovation. (The Block)
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.
According to CoinDesk, Wall Street bank Cantor Fitzgerald issued a research report indicating that the crypto market is entering the final phase of the current bear cycle. As of June 10, Bitcoin has declined approximately 51% from its 2025 peak, with 252 days having passed since the peak. Synthesizing the past three market cycles, BTC bottoms on average 384 days after the peak; based on this, the low point of this cycle is projected to appear around the end of October. Analysts also noted that the model is not a precise timing tool, and macro, regulatory, and geopolitical risks remain. Regarding network value assessment, Cantor believes Hyperliquid is the prime example of fee-driven token economics, Bitcoin remains the benchmark monetary asset, and Ethereum serves as the primary collateral layer for on-chain finance; Solana, Sui, XRP, and Zcash each possess differentiated advantages, but still need to prove that their ecosystem growth can translate into sustained token demand.
According to an official announcement, Hyperliquid stated that it has been added to the Monetary Authority of Singapore’s (MAS) Investor Alert List (IAL). Hyperliquid clarified that inclusion on this list does not constitute a ban, enforcement action, or a determination of misconduct; rather, the list serves primarily to alert the public that certain entities may be mistakenly perceived as licensed, authorized, or regulated by MAS.
Analysis shows that Hyperliquid achieves extremely high efficiency under the “protocol-level infrastructure” model: revenue is nearly equivalent to net profit, and operating costs are close to minimal, reflecting a structural characteristic where “revenue does not scale linearly with headcount.” However, this current advantage exists at a stage where regulatory and compliance costs have not yet been fully realized; should compliance pressures increase in the future, profitability may contract.
approximately one month after the launch of the first spot HYPE ETFs, early trading data has been robust, indicating demand from institutional investors for Hyperliquid-related exposure.Currently, three issuers offer HYPE investment products through regulated brokerage channels, including 21Shares' THYP, Bitwise's BHYP, and Grayscale's HYPG. The cumulative trading volume for these three products since their launch has neared $900 million, with net inflows reaching $153 million.However, trading activity is not evenly distributed among the products. BHYP and THYP account for the majority of the volume, while the later-launched HYPG is still in its volume ramping phase.Unlike some tokens that primarily rely on speculative demand, HYPE's value proposition is more directly linked to Hyperliquid's trading activity. Approximately 97% of Hyperliquid's transaction fees flow into the Assistance Fund, creating a linkage between trading volume and token demand through an automatic buyback mechanism.
According to The Block, the Hyperliquid Policy Center and Paradigm have jointly written a letter to the U.S. Department of the Treasury urging revisions to a proposed anti-money laundering rule, stating that it could impose strict liability on stablecoin issuers for secondary-market transactions over which they lack substantive control.
Odaily News, June 9th — BitMEX co-founder Arthur Hayes stated in his latest article "Reality Test" that if oil prices continue to rise due to the US-Iran conflict, it could trigger a collapse of the AI stock bubble and drag the entire crypto market down.Hayes said that if traffic restrictions in the Strait of Hormuz persist deep into the second quarter, spot prices for hydrocarbons and other key commodities could rise in the third quarter. If oil prices continue to climb and inflationary pressures impact the US midterm elections, Trump might pivot to a tough stance targeting data center construction, AI regulation, and taxation. Hayes believes the market could anticipate Trump limiting AI capital expenditure and taxing AI companies, thereby triggering the burst of the AI stock bubble.Hayes also noted that since November 2022, the scale of AI-related debt issuance has been approximately $1.5 trillion, and US M2 has increased by roughly the same amount during the same period. He believes the three factors that could pop the AI bubble include rising energy costs, the market's inability to absorb three major AI-related IPOs — namely SpaceX, Anthropic, and OpenAI — and Trump's shift to opposing AI. In terms of portfolio, Hayes stated that Maelstrom's stock portfolio holds significant positions in US-listed energy producers; he has sold AI-related stocks and offloaded non-core crypto assets, having dumped HYPE, NEAR, and WLD last week, as well as selling ZEC due to the Orchard Pool vulnerability. He still holds Bitcoin and ETH and will execute tactical short trades via derivatives.
MetaMask has officially launched Agent Wallet, a self-custody wallet designed for AI agents. It enables automated trading, perpetual contracts, and liquidity provision on Ethereum, multiple EVM-compatible chains, and the Hyperliquid network. The product is equipped with multiple security mechanisms, including transaction simulation, spending limits, and address whitelisting. It integrates with Blockaid's risk scanning, requiring user secondary confirmation for high-risk transactions. The platform also introduces a transaction guarantee service, offering up to $10,000 in compensation for compliant and secure transactions. Currently, the product is only being tested by a small group of users via the command line, with plans for a full public release this summer. (The Block)
Bitwise Chief Investment Officer Matt Hougan stated that as U.S. stocks continue to rise, AI stocks attract significant capital, and the regulatory outlook for the U.S. "Clarity Act" remains uncertain, crypto assets are transitioning from past momentum trading to longer-term fundamental "contrarian bets."Hougan pointed out that against the backdrop of the Nasdaq 100 index rising 43% year-over-year and AI concepts dominating market attention, the appeal of allocating crypto assets for institutional investors has diminished. However, this does not mean the crypto industry is disappearing; rather, the investment logic is changing, requiring a longer-term perspective and stronger fundamental judgment.He also noted that the current "crypto winter" differs from the past, as funds are no longer simply flowing into large-cap assets like Bitcoin but are beginning to reward projects with independent fundamental narratives. For instance, Hyperliquid, BNB, Zcash, and Stellar have all seen notable gains recently, indicating that the market is placing greater emphasis on the actual progress and differentiated logic of specific projects.
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)
Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, is calling on regulators to create a level playing field, allowing licensed institutions to offer around-the-clock on-chain perpetual contracts. ICE executives stated that while platforms like Hyperliquid are already conducting such trading, traditional institutions are restricted by regulations and unable to follow suit.ICE has engaged in discussions with Hyperliquid to explore areas of synergy between traditional finance and the crypto industry. Additionally, ICE recently partnered with OKX to launch crude oil-related perpetual contracts, while also teaming up with institutions to build a blockchain-based securities trading system, comprehensively deploying 24/7 on-chain trading operations. (Cointelegraph)
According to The Block, Jeffrey Sprecher, Chairman and CEO of Intercontinental Exchange (ICE), stated that ICE has met with the Hyperliquid team on multiple occasions to evaluate the possibility of entering the on-chain perpetual futures market—currently dominated by Hyperliquid—and has engaged with regulators to seek a “level playing field” for related business activities. Sprecher said ICE wants clarity on whether such business is legal; if it is, the company is willing to participate further; if not, it questions why existing participants are not subject to equivalent regulatory pressure. The report adds that ICE is also exploring potential synergies between its existing business and the on-chain perpetual futures market.
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)
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)