Sourced from DefiLlama. 99% of revenue flows to the Assistance Fund for HYPE buybacks.
DefiLlama's Hyperliquid adapter is currently returning $0 for today's bucket. We're showing the most recent complete day instead. The figure will refresh automatically once they publish today's number.
Live Auctions
Every Dutch curve running on HL right now — HIP-3 deploy, HIP-1 spot deploy, gossip priority-fee slots
Hyperliquid Pulse
Live snapshot of Hyperliquid trading activity, longs vs shorts, and liquidations
HL Protocol Updates
Live feed of governance, listings, and protocol changes from HL mainnet
Hyperliquid mainnet upgrade and new features rolled out
Short summary of the announcement explaining what shipped and the impact on traders and liquidity providers.
HIP-3 deployment expands permissioned market builders
Short summary of the announcement explaining what shipped and the impact on traders and liquidity providers.
Validator set rotation with new commission settings
Short summary of the announcement explaining what shipped and the impact on traders and liquidity providers.
Spot auction completes for newly listed asset
Short summary of the announcement explaining what shipped and the impact on traders and liquidity providers.
HLP vault parameters adjusted by governance vote
Short summary of the announcement explaining what shipped and the impact on traders and liquidity providers.
Frontend update with deeper book and improved charts
Short summary of the announcement explaining what shipped and the impact on traders and liquidity providers.
Hyperliquid mainnet upgrade and new features rolled out
Short summary of the announcement explaining what shipped and the impact on traders and liquidity providers.
HIP-3 deployment expands permissioned market builders
Short summary of the announcement explaining what shipped and the impact on traders and liquidity providers.
Validator set rotation with new commission settings
Short summary of the announcement explaining what shipped and the impact on traders and liquidity providers.
Spot auction completes for newly listed asset
Short summary of the announcement explaining what shipped and the impact on traders and liquidity providers.
HLP vault parameters adjusted by governance vote
Short summary of the announcement explaining what shipped and the impact on traders and liquidity providers.
Frontend update with deeper book and improved charts
Short summary of the announcement explaining what shipped and the impact on traders and liquidity providers.
Hyperliquid mainnet upgrade and new features rolled out
Short summary of the announcement explaining what shipped and the impact on traders and liquidity providers.
HIP-3 deployment expands permissioned market builders
Short summary of the announcement explaining what shipped and the impact on traders and liquidity providers.
HYPE Milestones
Every official HL release, listing, and protocol event | pinned to the HYPE price chart
HYPE·Relative Performance
HYPE versus the majors, indexed to the start of the selected period
HYPE+48.4%
BTC-0.2%
ETH-8.7%
SOL-0.8%HYPE·Relative Performance
| PAIR | |||
|---|---|---|---|
 HYPE/ENA | +34.74% | +57.64% | +489.30% |
 HYPE/AAVE | +32.06% | +59.89% | +385.22% |
 HYPE/XRP | +31.36% | +54.84% | +170.27% |
 HYPE/DOGE | +30.86% | +40.88% | +242.90% |
 HYPE/SUI | +30.20% | +32.12% | +437.53% |
| HYPE/ETH | +28.96% | +61.52% | +88.48% |
| HYPE/SOL | +27.89% | +48.46% | +221.11% |
| HYPE/BTC | +27.50% | +47.85% | +120.27% |
 HYPE/AVAX | +26.58% | +47.49% | +291.61% |
 HYPE/BNB | +24.43% | +39.90% | +57.93% |
 HYPE/PENDLE | +22.26% | -1.76% | +258.77% |
HYPE·Top 20 Mcap
What HYPE would need to be priced at to overtake each of the 19 peers ahead in market cap
HYPE TWAPs
Active TWAP orders on HYPE | spot and perp combined.
Unstaking Queue·HYPE coming out of stake
Pending delegator withdrawals — 7-day cooldown.
Daily Maturity Calendar
HYPE returning to spot by day · 7 days past (faded) + 7 days ahead. Hover any day for detail.
Queue Concentration
How much of the queue belongs to the biggest wallets · share of next 7 days.
$HYPE Rewards Allocation Proposal
Vote on the date of the upcoming rewards distribution. Active participation earns points that will help determine your future reward allocation.
HYPE Burns·Detailed View
Where every burnt HYPE comes from
- Formally burnt via @HyperFND validator vote on 2025-12-24 (85% for / 7% against / 8% abstain)
- Assistance Fund converts USDC trading fees (perp + spot) to HYPE automatically
- Purchased HYPE lands at the AF wallet (0xfefe…fefe) — Hypurrscan labels it "Assistance Fund"
- Grows every day with protocol volume — the "active burn"
- HIP-1 base-asset spot fee burns (portion not redirected to deployer)
- HIP-3 slashed stakes from misbehaving DEX deployers
- HIP-1 + HIP-3 deploy-auction gas (Dutch auctions paid in HYPE)
- HyperCore gossip + order priority fees
- Spot dust (sub-lot rounding)
- Only on-chain signal is maxSupply − totalSupply
- Base fees (EIP-1559): removed from EVM supply, no destination
- Priority fees: sent to EVM 0x0 — currently 259K HYPE exact
- HyperBFT consensus burns priority fees instead of paying validators
- Cumulative total (base + priority) sourced from hypeburn.fun aggregator
- 0x0 and 0xdead on HyperCore + HyperEVM
- Dev-test scraps and genesis rounding
- Negligible vs other buckets — shown for completeness
Assistance Fund — officially burnt. On 2025-12-24 Hyper Foundation's stake-weighted validator vote (85% for / 7% against / 8% abstain) formally recognized all HYPE at the Assistance Fund wallet 0xfefe…fefe (Hypurrscan labels it "Assistance Fund") as burned — "irretrievable without a hard fork." USDC trading fees continue to automatically buy HYPE and route to this address, so the burnt total grows with volume.
HyperCore protocol burns (746k). Aggregates every HYPE truly removed from total supply via HyperCore protocol mechanics — HIP-1 spot-fee burns (base-asset portion), HIP-3 slashed stakes, HIP-1/HIP-3 auction gas, HyperCore gossip + order priority fees, and spot dust. Only on-chain signal is maxSupply − totalSupply.
HyperEVM gas (292K). Per HL docs, HyperEVM base fees reduce EVM supply and priority fees are sent to the EVM zero address — both are burnt. Combined total sourced from hypeburn.fun's aggregator; the ~246k priority-only subset is independently verifiable via eth_getBalance(0x0).
Data sources. Supply + non-circulating balances from Hyperliquid Info API (tokenDetails). EVM priority from public HyperEVM RPC. EVM total from hypeburn.fun (refreshed every 15 min). Independently verifiable via Hypurrscan ↗ and hypeburn.fun ↗.
Supply Growth·Annualized
HYPE’s deflation pace vs ETH and SOL’s issuance
HYPEBurn rate— for ETH and SOL we use DefiLlama's dailyHoldersRevenue chain endpoint (30-day window, annualized, divided by circulating supply). For HYPE we use the cumulative 45.2M HYPE formally burnt at 0xfefe…fefe plus HyperCore + EVM burns, averaged over the ~540 days since HL launch and divided by 999.23M total supply.
Issuance rate — for SOL we use the live getInflationRate RPC value. For ETH we use the canonical post-Merge range per ethereum.org (0.6–0.8%), midpoint, cross-checked against ultrasound.money's issuance estimate. HYPE has no validator-reward issuance — stakers are paid in protocol fees, not new HYPE.
HYPE scope caveat. HYPE's scheduled token unlocks (team, contributors, foundation) are deliberately excluded — those are governance events, not chain-level monetary policy. Net supply growth here is reported on the same basis as ETH and SOL, where validator issuance and protocol burns are the only supply levers. The 3.0% pace shown is the cumulative-lifetime average; recent rates are higher as volume has grown.
Sources · DefiLlama ETH ↗ · DefiLlama SOL ↗ · Solana RPC ↗ · ultrasound.money ↗ · hypeburn.fun ↗. Refreshed every minute.
HYPE is the only one of these three with a structurally deflationary monetary policy. Solana's issuance is algorithmic — it prints near 3.85% a year and slows toward a 1.5% floor. Ethereum oscillates around zero, leaning mildly positive; net inflation depends on gas demand week to week. HYPE's deflation is driven by USDC fees auto-buying HYPE off the open market and routing it to a formally-burnt address — so the pace scales with Hyperliquid's product usage, not a calendar.
Assistance Fund·Live Ticker
Live tally of HYPE the Assistance Fund has permanently removed from supply
Total Trading Fee Revenue
Perps + Spot Orderbook trading fees · excludes HIP-1/HIP-3 auctions and HyperEVM gas
Fee Rank·HL vs all of DeFi
Where Hyperliquid sits on the live DeFi protocol-fee leaderboard
HL vs CEX·Volume Over Time
Hyperliquid's volume and open interest next to the major centralized exchanges
HL vs CEX·24h Perp Volume
Hyperliquid against the top 9 centralized derivatives venues
HL Spot Token Volumes
Hyperliquid spot pairs ranked by trading volume
Flip Ledger·HL vs CEX
The day Hyperliquid passed each centralized exchange | perp volume plotted over 2 years
Shows the dated moment HL flipped each centralised perp venue, how fast it climbed quarter by quarter, and what share of all tracked perp volumeit's captured. Every sub-view exports a 1600×900 PNG.
vsvsvsvsvsvs
vs
vs
Hyperliquid versus the giants of finance
Rev/employee · FY revenue · market cap, side-by-side
Live fundamentals·the comparison table
Market cap, revenue, net income, P/E, P/S, headcount and revenue per employee across HYPE and the five TradFi giants.
| company | market cap | FY revenue | FY net income | P/E | P/S | employees | rev / employee |
|---|---|---|---|---|---|---|---|
HYPEHyperliquid | $30.00B | $1.20B | $1.20B | 25.0x | 25.0x | 14 | $85.00M |
CMECME Group | $90.00B | $6.10B | $3.50B | 26.0x | 15.0x | 3,800 | $1.60M |
ICEIntercontinental Exchange | $88.00B | $12.64B | $3.20B | 28.0x | 7.0x | 9,300 | $1.36M |
HOODRobinhood Markets | $50.00B | $2.90B | $1.40B | 35.0x | 17.0x | 2,400 | $1.20M |
IBKRInteractive Brokers | $38.30B | $2.44B | $0.98B | 39.0x | 16.0x | 3,232 | $0.76M |
NDAQNasdaq | $45.00B | $6.90B | $1.10B | 40.0x | 6.5x | 9,200 | $0.75M |
The HYPE Treasury, Live
HSI's NASDAQ-listed HYPE treasury · live NAV and mNAV against $PURR
HYPE Spot ETFs
Daily net creations & redemptions + per-fund AUM, NAV, premium/discount, staking. BHYP · Bitwise · THYP · 21Shares.
ETF Flow Over Time
Daily net flows (inflows − outflows) in $ millions
Daily Volume by Fund
Per-Fund Comparison
Side-by-side metrics — eye scans each row to compare the funds
| Metric | THYP21Shares · Nasdaqfee 0.30% · launched 12 May | BHYPBitwise · NYSE Arcafee 0.34% · launched 15 May |
|---|---|---|
| AUM | $48.83M | $40.37M |
| NAV / share | $32.34 | $32.46 |
| Market price | $32.21 | $32.35 |
| Premium / discount | -0.40% | -0.35% |
| HYPE held | 873.8K | 723.4K |
| Cumulative inflows | +$42.70M | +$37.90M |
| Avg cost basis | $48.87 / HYPE+24.6% vs HYPE spot ($60.90) | $52.39 / HYPE+16.2% vs HYPE spot ($60.90) |
| Volume (1D) | $38.66M | $33.07M |
| Shares outstanding | 1,510,000 | 1,290,000 |
| Staking | —issuer doesn’t disclose | 70.0% staked@ 2.25% gross APR |
| As of | 22 May | 22 May |
BHYP On-Chain Custody
Verifiable on-chain HYPE holdings — published by Bitwise
Source: bhypetf.com — "Don't trust, verify." ↗
Data sources
- Flow chart + cumulative inflows·Farside Investors ↗(updated same day)
- THYP — AUM, NAV, units, premium/discount·21Shares primary infra ↗(NAV settles next business day — cost basis uses prior day's units when today's inflow isn't yet reflected)
- BHYP — AUM, NAV, basket, staking, wallets·bhypetf.com ↗(updated ~hourly)
- Daily volume by fund (turnover = close × shares)·Yahoo Finance ↗(US consolidated tape · same upstream Bloomberg uses)
HYPE ETF Pipeline
Live SEC filing chain for issuers racing a spot HYPE ETF
- S-1/A2026-04-1244d agoAmendment No. 3
- S-1/A2026-01-22124d agoAmendment No. 2
- S-1/A2025-11-04203d agoAmendment No. 1
- S-12025-09-15253d agoForm S-1 Registration Statement
- S-1/A2026-04-1244d agoAmendment No. 3
- S-1/A2026-01-22124d agoAmendment No. 2
- S-1/A2025-11-04203d agoAmendment No. 1
- S-12025-09-15253d agoForm S-1 Registration Statement
- S-1/A2026-04-1244d agoAmendment No. 3
- S-1/A2026-01-22124d agoAmendment No. 2
- S-1/A2025-11-04203d agoAmendment No. 1
- S-12025-09-15253d agoForm S-1 Registration Statement
HYPE Trading Venues·24h Notional
Where the HYPE volume actually lands — HL native, every CEX with a HYPE pair, and the spot ETFs.
Crypto ETF Flows·30-Day Rolling
Daily net flows into BTC, ETH, and SOL spot ETFs over the last 30 days
Perp Markets
All 179 Hyperliquid perps
BTC40xHYPE10xETH25x
ZEC10x
NEAR10xSOL20x
TON10x
VVV3x
LIT5xSUI10x
WLD10xXRP20xDOGE10x
TAO5x
NIL3x
ONDO10x
FARTCOIN10x
PUMP10x
RENDER5x
XMR5x
INJ5x
ASTER5x
LTC10xAAVE10xBNB10x
Liquidations·Live Tape
Every forced exit on Hyperliquid as it happens
Winners Tape·Realized PnL
Top 24-hour realized PnL on Hyperliquid | only closed, on-chain wins
Funding Rates
Annualized funding · 24 of 24 HL perps
BTC
-37.5%
PEPE
+37.5%
WIF
-37.5%
OP
+37.5%
SUI
-37.5%
SEI
+37.5%
PURR
-37.5%
ETH
-25.0%
DOGE
+25.0%
AVAX
-25.0%
ARB
+25.0%
TIA
-25.0%
TAO
+25.0%
BONK
-25.0%
SOL
-12.5%
XRP
+12.5%
LINK
-12.5%
BNB
+12.5%
NEAR
-12.5%
INJ
+12.5%
JUP
-12.5%
HYPE
0.0%
TRX
0.0%
APT
0.0%
BTC Liquidity
Live BTC orderbook depth on Hyperliquid versus Binance Futures
HIP-3 Ecosystem·Overview
Cumulative volume, deployer dominance, and top traders across HIP-3.
HIP-3 Share of HL Volume
How much of Hyperliquid's total perp volume comes from HIP-3 markets
HIP-3 Daily Volume by Deployer
Daily notional volume across every HIP-3 perp market — hover a deployer to isolate
HIP-3 Open Interest
Total USD open interest across all HIP-3 deployers — 15m resolution
Top HIP-3 Markets by OI
All HIP-3 markets ranked by current USD open interest
SP500
XYZ100
BRENTOIL
CL
MU
NVDA
SILVER
GOLD
INTC
GOOGL
SKHX
SPCX
CBRS
SNDK
TSLA
AAPL
CRCL
META
BTC
USA500
AMD
AMZN
DRAM
MSFT
MSTR
HOOD
EWY
SMSN
LITE
TSM
ORCL
EUR
JPY
BABA
CRWV
ANTHROPIC
AMZN
RKLB
MRVL
COIN
PLTR
ETH
SPACEX
META
HIMS
PLATINUM
NFLX
OPENAI
USOIL
US500
NVDA
HYPE
LLY
GOLD
JP225
PALLADIUM
SILVER
USBOND
TSLA
XLE
USAR
GOOGL
HOOD
HYUNDAI
USA100
GME
SOL
ZM
EWJ
USA500
ENERGY
RIVN
OIL
MAG7
USTECH
BTCD
BABA
NVDA
GOLD
KR200
INFOTECH
OTHERS
SEMIS
TOTAL2
TSLA
SILVER
CRCL
SMALL2000
COST
NUCLEAR
COPPER
TSLA
EWZ
ZEC
DEFENSE
ROBOT
XRP
BIOTECH
BX
DKNG
COIN
XMRMarket Share Over Time
100% stacked daily share by deployer — hover to isolate a slice
Current Cumulative Share
All-time volume split by deployer · hover a slice to isolate
- XYZ93.3%
- dreamcash4.5%
- Markets by Kinetiq0.9%
- HyENA0.7%
- Felix Exchange0.4%
- Ventuals0.2%
- Paragon0.1%
- ABCDEx0.0%
- leader93.3%XYZ
- CL$35.87B$372.0M 24h · 313K tradesOI $165.3M
- BRENTOIL$17.28B$176.6M 24h · 247K tradesOI $306.4M
- SP500$13.82B$220.5M 24h · 114K tradesOI $481.0M
- XYZ100$12.10B$188.8M 24h · 124K tradesOI $352.5M
- SILVER$10.53B$166.6M 24h · 319K tradesOI $102.2M
- GOLD$2.83B$45.6M 24h · 32K tradesOI $100.3M
- SNDK$2.48B$7.9M 24h · 24K tradesOI $39.5M
- MU$2.45B$31.0M 24h · 84K tradesOI $123.6M
- NVDA$2.07B$17.0M 24h · 41K tradesOI $117.5M
- INTC$1.48B$5.1M 24h · 20K tradesOI $51.1M
- CRCL$1.41B$4.5M 24h · 16K tradesOI $27.1M
- TSLA$1.20B$5.3M 24h · 21K tradesOI $37.6M
- NATGAS$818.9M$18.0M 24h · 27K tradesOI $5.2M
- CBRS$664.1M$1.8M 24h · 15K tradesOI $39.6M
- EWY$597.1M$5.4M 24h · 12K tradesOI $11.4M
- GOOGL$522.6M$2.9M 24h · 12K tradesOI $50.9M
- MSTR$485.3M$2.4M 24h · 11K tradesOI $15.3M
- COPPER$468.3M$10.1M 24h · 14K tradesOI $30.2M
- HOOD$467.8M$1.3M 24h · 9K tradesOI $11.8M
- COIN$463.7M$1.5M 24h · 7K tradesOI $5.2M
- AMD$453.8M$1.0M 24h · 4K tradesOI $22.6M
- AMZN$324.3M$1.5M 24h · 8K tradesOI $20.7M
- ORCL$312.1M$985.1K 24h · 3K tradesOI $10.3M
- PLTR$303.9M$773.9K 24h · 6K tradesOI $5.1M
- PLATINUM$297.1M$1.3M 24h · 7K tradesOI $3.7M
- MSFT$295.2M$1.3M 24h · 6K tradesOI $18.1M
- EUR$264.7M$1.4M 24h · 2K tradesOI $9.2M
- SKHX$264.6M$6.8M 24h · 24K tradesOI $48.7M
- META$257.7M$1.5M 24h · 6K tradesOI $26.5M
- JPY$252.0M$888.9K 24h · 3K tradesOI $9.1M
- AAPL$249.3M$2.0M 24h · 8K tradesOI $29.3M
- HIMS$193.6M$116.4K 24h · 570 tradesOI $3.8M
- DRAM$191.4M$850.5K 24h · 2K tradesOI $19.0M
- TSM$190.8M$883.9K 24h · 5K tradesOI $10.5M
- SPCX$177.5M$5.8M 24h · 38K tradesOI $46.1M
- CRWV$176.6M$345.4K 24h · 2K tradesOI $7.1M
- BABA$113.6M$1.0M 24h · 5K tradesOI $7.9M
- SMSN$106.2M$2.5M 24h · 9K tradesOI $11.0M
- RKLB$84.9M$795.4K 24h · 4K tradesOI $5.6M
- LITE$81.3M$3.7M 24h · 27K tradesOI $10.8M
- USAR$80.7M$613.2K 24h · 5K tradesOI $1.5M
- NFLX$61.0M$111.3K 24h · 526 tradesOI $3.4M
- EWJ$39.8M$467.0K 24h · 3K tradesOI $788.7K
- PURRDAT$38.5M$432.5K 24h · 798 tradesOI $3.7M
- RIVN$38.0M$21.4K 24h · 52 tradesOI $579.4K
- BIRD$32.7M$138.1K 24h · 1K tradesOI $823.2K
- MRVL$32.7M$892.3K 24h · 5K tradesOI $5.5M
- URNM$31.3M$246.4K 24h · 1K tradesOI $1.8M
- COST$27.3M$16.6K 24h · 228 tradesOI $247.6K
- PALLADIUM$26.4M$650.4K 24h · 4K tradesOI $2.0M
- HYUNDAI$24.3M$311.7K 24h · 2K tradesOI $1.2M
- LLY$22.9M$641.7K 24h · 3K tradesOI $2.1M
- GME$20.0M$25.2K 24h · 226 tradesOI $1.1M
- JP225$18.6M$1.7M 24h · 5K tradesOI $2.0M
- XLE$14.0M$172.9K 24h · 2K tradesOI $1.7M
- KR200$8.3M$101.6K 24h · 324 tradesOI $401.7K
- DKNG$6.0M$84.9K 24h · 220 tradesOI $65.3K
- ZM$5.1M$12.9K 24h · 1K tradesOI $880.5K
- BX$1.9M$140.8K 24h · 54 tradesOI $70.3K
- ARM$1.9M$277.3K 24h · 2K tradesOI $765.7K
- EBAY$1.5M$1.1K 24h · 36 tradesOI $53.2K
- EWZ$1.4M$273.2K 24h · 4K tradesOI $167.8K
- GBP$831.4K$164.8K 24h · 226 tradesOI $392.1K
- EWT$198.1K$91.8K 24h · 326 tradesOI $149.7K
- MINIMAX$0$0 24h · 0 tradesOI $0
- H100$0$0 24h · 0 tradesOI $0
- DXY$0$0 24h · 0 tradesOI $0
- CORN$0$0 24h · 0 tradesOI $0
- ASML$0$0 24h · 0 tradesOI $0
- ALUMINIUM$0$0 24h · 0 tradesOI $0
- NIFTY$0$0 24h · 0 tradesOI $0
- IBOV$0$0 24h · 0 tradesOI $0
- KIOXIA$0$0 24h · 0 tradesOI $0
- SOFTBANK$0$0 24h · 0 tradesOI $0
- KRW$0$0 24h · 0 tradesOI $0
- TTF$0$0 24h · 0 tradesOI $0
- URANIUM$0$0 24h · 0 tradesOI $0
- VIX$0$0 24h · 0 tradesOI $0
- VOL$0$0 24h · 0 tradesOI $0
- WHEAT$0$0 24h · 0 tradesOI $0
- 010x4692…164f$1.44B742K-$699.19K
- 020x3999…3336$1.29B1M-$149.73K
- 030xfc66…ca06$1.20B241K+$29.25M
- 040xce97…7e78$1.19B512K+$7.07M
- 050xc926…98d3$948.0M869K+$1.95M
- 060x354b…6425$943.2M327K-$505.57K
- 070x57dd…494b$858.9M220K+$2.00M
- 080x2577…4897$689.8M119K-$3.23M
- 090x98da…f13b$682.1M294K-$1.04K
- 100xa33a…ee7b$639.1M213K-$353.49K
- 110x7700…4216$613.0M350K+$908.68K
- 120x99c6…9344$567.6M288K+$471.63K
- 130xe8fd…489c$550.9M137K+$747.74K
- 140xefd3…28df$522.0M58K-$13.27M
- 150x44a3…35dd$381.8M99K-$634.33K
- 160x3d20…0347$363.4M162K+$35.84K
- 170xecb6…2b00$354.9M497K-$1.70M
- 180x388d…6c03$337.9M331K+$18.86K
- 190x3037…1e83$326.4M122K-$12.89M
- 200xd529…0729$322.2M183K+$80.03K
- 210x500a…2274$309.0M179K+$42.33K
- 220x10fb…632c$283.1M34K-$430.34K
- 230x9e8b…afc4$278.9M24K-$7.46M
- 240xc5ed…4346$208.9M765K-$130.85K
- 250x5323…b23c$206.0M18K-$129.89K
HIP-3 Markets·Volume by Deployer
Aggregate volume and open interest for HIP-3 deployer-built perp markets
Deployer Share·24h
Volume and open-interest split across each HIP-3 deployer
All HIP-3 Markets·Deployer Comparison
Depth, spread, 24h volume, and open interest side-by-side across every deployer · click any card for the full breakdown
Gap Radar
HL perp vs TradFi cash · weekend dislocation by ticker
| TICKER | CASH | HL MARK | GAP % | GAP $ | WKND VOL | OI | FUND APR |
|---|---|---|---|---|---|---|---|
| Awaiting weekend-window feed… | |||||||
Cross-Deployer Spread
Same asset, multiple HIP-3 deployers · arb dislocation by mid-to-mid bps
Weekend Heatmap
HIP-3 RWA · tile size = closed-session volume, color = % move
Top Books·Open Interest
The 10 most-crowded HL perp books right now, HIP-3 + core mixed
trade.xyz vs TradFi
HIP-3 perp markets vs ETFs · futures · cash equities
HIP-3 Movers
Multi-timeframe performance · asset-class rotation · trader leaderboards
Perps Volume Split·Core vs HIP-3
Volume and open interest split between core perps and HIP-3 markets
HIP-3 Oracle Health
Per-asset oracle deviation and stale-feed tracking for HIP-3 RWA perps
HIP-4·Outcome Markets
Hyperliquid's native binary prediction markets | outcome tokens priced 0 to 1
BTC Markets
Hyperliquid HIP-4 BTC market volume next to Polymarket's BTC market
Total Platform Volume
Total 24h prediction-market volume across every surface on each platform
$185.00MTop Prediction Markets·24h Volume
Highest-volume HIP-4 outcome markets traded on Hyperliquid in the last 24 hours
| # | 24H VOLUME | VENUE | MARKET |
|---|---|---|---|
| 1 | |||
| 2 | |||
| 3 | |||
| 4 | |||
| 5 | |||
| 6 | |||
| 7 | |||
| 8 | |||
| 9 | |||
| 10 |
HIP-3 Perp Deploy Auction
Live 31h Dutch auction for the right to deploy a new permissionless perp
HIP-1 Spot Token Deploy Auction
Live 31h Dutch auction for the right to deploy a HyperCore spot ticker
Priority Fees
HYPE burned by gossip priority auctions and trader queue-jumping fees
Each slot is a 3-minute Dutch auction · winning IP gets gossip-layer read priority for the cycle
Wallets ranked by priority gas burned on per-fill priority · last 24h · 11 of 11 active payers
| # | wallet | HYPE burned | share of 24h | fills | avg / fill | paying priority on |
|---|---|---|---|---|---|---|
| 01 | 0x3999…3336 | 12.863 | 75.4% | 98,113 | 0.000131 | cashHOODxyzMETAxyzHOOD |
| 02 | 0xefd3…28df | 3.370 | 19.8% | 9,365 | 0.000360 | xyzCLxyzPLATINUMxyzSILVER |
| 03 | 0xce97…7e78 | 0.4213 | 2.5% | 81,958 | 5.14μ | — |
| 04 | 0x9d16…d9b5 | 0.1239 | 0.7% | 29 | 0.004273 | — |
| 05 | 0x5e8a…a295 | 0.1049 | 0.6% | 676 | 0.000155 | — |
| 06 | 0x99c6…9344 | 0.0747 | 0.4% | 37 | 0.002019 | — |
| 07 | 0xc926…98d3 | 0.0601 | 0.4% | 59,646 | 1.01μ | — |
| 08 | 0x10fb…632c | 0.0241 | 0.1% | 3 | 0.008021 | — |
Markets attracting the most priority gas · sampled from top-2 spenders' recent fills
Smart Money·Top-Trader Dashboards
Curated dashboards tracking who's printing, drawing down, and which institutional MMs are active
Hyperdash is the canonical HL whale tracker. Filters by cohort (profitable-vs-drawdown, directional-vs-MM, institutional-vs-retail), shows L4 orderbook depth with the exact wallets behind each level, and tracks Cumberland ($81M equity), Wintermute ($100M), FlowTraders ($35M) live.
Long-running hand-built leaderboard. @reisnertobias' viral 'profitable traders are slightly bearish' thesis (977 likes, 106k views) drew from this data. Position-size calculator included.
HyperCore explorer with public REST API (aliases, recent fees, staking). Used by @lookonchain and @arkham in viral whale posts — 'Cooker.hl bought 50k HYPE' originates here. Global alias registry maps wallet addresses to team labels.
@Yaugourt's Liquid Terminal + Liquid Bot. $6.17B HIP-3 volume, $1.92B OI, 8 DEXs, 130 markets. The Telegram liquidation-alert bot broke the $25M 0xedf2… liquidation story.
CoinGlass' dedicated HL page with real-time whale position monitoring, liquidation heatmaps, and long/short trader ratio. Framing allowed — opens inside our chrome.
@0xLoris' viral analysis of Wintermute's $100M MM wallet on HL (1k likes, 109k views) is the gold standard for public MM reverse-engineering. Follow for alpha on which wallets are making markets.
Accounts·Who to Follow on X
Curated roster of the builders, researchers, and traders shipping alpha on Hyperliquid
Hyperliquidity Provider·HLP
Hyperliquid's community-owned market-making vault — liquidations, funding capture, and live PnL across its sub-strategies.
DeFi Yields on Hyperliquid
24 protocols · 113 pools · $1.6B TVL
APY × TVL · 113 pools
Bubble size = consistency (μ/σ when tracked).
- Liquid staking67%
- Lending21%
- LP / DEX4%
- Pendle PT/YT1%
- Strategy vaults6%
- Wrapped HLP0%
- Looped / leveraged1%
every yield grouped by what it actually is.
Liquid staking
2 pools · $1.1BStrategy vaults
18 pools · $90.4MUSDT0outlierStrategy vaults · Altura17.6%• -0.02pp$24.5MMixed1.39↗2USDCStrategy vaults · Harmonix10.4%▼ -2.33pp$13.9MStable0.08↗3limUSDStrategy vaults · Liminal8.08%—$9.3M—↗4USDCoutlierStrategy vaults · GrowiHF43.4%▼ -31.00pp$8.4MVolatile4.58↗5xLENDStrategy vaults · Liminal6.48%—$7.2M—↗6XHYPEStrategy vaults · Liminal6.39%▼ -1.77pp$4.4MStable0.09↗8WHYPE-KHYPEILStrategy vaults · Nest17.5%+R▲ +1.38pp$3.6MMixed0.59↗Wrapped HLP
3 pools · $6.6MLending
35 pools · $327.8MWSTHYPELending · HyperLend0.00%• +0.00pp$71.3MStable0.00↗2FEHYPELending · Morpho Blue1.02%▲ +4.05pp$50.1MStable0.05↗3WHYPELending · HyperLend0.79%▲ +1.40pp$41.4MStable0.09↗4FEUSDC2Lending · Morpho Blue7.53%▼ -5.43pp$31.6MStable0.13↗5USDCLending · HyperLend5.40%▼ -0.94pp$20.3MStable0.10↗6HYPERUSDCALending · Morpho Blue7.54%+RAPY breakdown7.54%Base4.33%Rewards2.00%▼ -1.37pp$20.0MStable0.06↗7FEUSDCLending · Morpho Blue6.08%• +0.01pp$14.9MStable0.10↗8FEUSDT0Lending · Morpho Blue7.15%▲ +1.64pp$9.0MStable0.13↗Pendle PT/YT
10 pools · $13.9MAVLTPendle PT/YT · Pendle24.9%+RAPY breakdown24.89%Base13.32%Rewards3.32%—$4.7M—↗2stHYPEPendle PT/YT · Pendle2.68%+RAPY breakdown2.68%Base3.53%Rewards0.23%—$3.3M—↗3limUSDPendle PT/YT · Pendle20.1%+RAPY breakdown20.13%Base7.79%Rewards8.78%—$1.9M—↗4HLPePendle PT/YT · Pendle1.31%—$1.0M—↗5LHYPEPendle PT/YT · Pendle2.60%—$698.2K—↗6hwHYPEPendle PT/YT · Pendle0.90%—$561.7K—↗7xHYPEPendle PT/YT · Pendle9.39%—$547.6K—↗8haHYPEPendle PT/YT · Pendle3.10%—$484.9K—↗LP / DEX
44 pools · $59.8MWHYPE-USDCoutlierILLP / DEX · Project X35.6%▼ -36.43pp$11.5MMixed1.50↗2WHYPE-UBTCoutlierILLP / DEX · Project X32.0%▼ -35.43pp$6.6MMixed1.33↗3USDC-HYPEILLP / DEX · Raydium0.17%• -0.04pp$5.0MStable0.00↗4WHYPE-USDCoutlierILLP / DEX · Project X55.3%▼ -30.28pp$4.7MMixed1.56↗5WHYPE-KHYPEILLP / DEX · Project X0.52%▼ -2.83pp$4.6MStable0.07↗6WHYPE-UETHoutlierILLP / DEX · Project X15.1%▼ -10.90pp$3.0MMixed1.28↗7WHYPE-USD₮0outlierILLP / DEX · HyperSwap v320.1%▼ -4.98pp$2.0MMixed1.42↗8UBTC-USD₮0ILLP / DEX · Project X9.67%▼ -16.33pp$1.7MMixed0.66↗Looped / leveraged
1 pools · $16.9MToken Returns·Every HL Asset
Price returns over multiple windows for every token traded on Hyperliquid
HyperEVM
Top dapps actually being built and used on HyperEVM, ranked by TVL
Hyperlend
Lending
Felix
CDP
Kinetiq
Liquid Staking
HyperSwap
Dexes
HyperBeat
Yield
Kittenswap
Bridge
Looped HYPE
Lending
HypurrFi
CDP
HyperYield
Liquid Staking
Project X
Dexes
Stablecoin Supply on Hyperliquid
Every USDC, USDT0, USDe, feUSD, and USDH across HyperEVM and HyperCore — the entire dollarized footprint.
USDC·HyperEVM & HyperCore
USDC supply on Hyperliquid — CCTP-native on HyperEVM, Arbitrum-bridged on HyperCore. Total + per-ledger split + daily history since chain launch.
CCTP native
Arbitrum bridge (SPOT)Other Stables
USDT0, USDe, feUSD, and USDH supply across HyperEVM and HyperCore.
HyperCore Spot Supply·Daily History
The HyperCore-side picture — stablecoins held in spot wallets, daily back to chain launch.
HyperEVM Total Stables·Daily History
DefiLlama's aggregate daily series — native (Circle CCTP) plus bridged (Arbitrum + LayerZero).
AQAv2·Reserve Yield → HYPE Buybacks
Coinbase has announced plans to activate AQAv2 on USDC as treasury deployer; Circle as technical deployer. Per the HL docs, deployers share approximately 90% of cost-adjusted reserve yield revenue with the protocol — a new revenue stream stacking on top of trading-fee buybacks.
Coinbase
CircleHL Validator Set
Live snapshot of every validator securing the Hyperliquid L1, ranked by stake
All validators · 31 of 31
Research Papers
ecosystemHyperliquid Through a TradFi Lens: Weekend Markets, Builder Codes, and Transparent Rules
Hyperliquid Strategies Inc is a digital asset treasury company. We hold HYPE on our balance sheet, we are listed on the Nasdaq, we stake and deploy our HYPE in the Hyperliquid ecosystem to earn yield and the primary thing our shareholders own when they own us is exposure to the Hyperliquid ecosystem in an equity wrapper. That is an accurate description of what we are. It is not a complete description of everything that we do.
Hyperliquid Strategies IncMay 22, 2026
hyperliquidTwo Weeks of HIP-4: A Forensic Look at Hyperliquid's Outcome Markets
Hyperliquid recently launched HIP-4: a new market type for binary outcomes that resolve to Yes or No against a real-world condition. We tracked HIP-4 for the first two weeks of it being live: 18 daily BTC binary outcomes, 6,101 wallets, 28.1 million orders, 908 thousand fills, and 4.64 million orderbook snapshots.
ArrakisMay 22, 2026
hyperliquidWhat Trade.xyz's Cerebras market tells us about the Pre-IPO summer
Cerebras ( $CBRS ) announced its IPO issue price at $185 a share on May 13th, against books reportedly 20x oversubscribed. Thirty million shares cleared at an implied market capitalisation above $48 billion, the largest US technology offering of the year. Only, a fraction of this allocation reached retail accounts.
ArrakisMay 16, 2026
hyperliquidHIP-4 Outcome Markets
HIP-4 is Hyperliquid’s new primitive for outcome markets, extending HyperCore beyond spot and perpetuals into dated, fully collateralized contracts that settle to a bounded value at expiry.
shaunda devensMay 07, 2026
ecosystemHPC Files Comment to the CFTC’s ANPRM on Prediction Markets
Today, HPC filed a comment letter with the Commodity Futures Trading Commission (“CFTC” or “Commission”) in response to its Advance Notice of Proposed Rulemaking on Prediction Markets (the “ANPRM”).
Hyperliquid Policy CenterApr 30, 2026
ecosystemWho is actually trading on Trade.xyz?
We classified each wallet based on their trading behaviour over past 3 months: addresses with maker-dominated were classified market makers, addresses with high-frequency taker activity were classified arbitrageurs, addresses with low fill rates and builder tagged orders were deemed retail. While this revealed interesting pattens in the market structure, this classification was probabilistic, and the method left roughly 70% of wallets in the market unclassified.
ArrakisApr 29, 2026
FeaturedhyperliquidAdvancing Policy for the House of All Finance
Hyperliquid represents the next era of market evolution.
Hyperliquid Policy CenterApr 22, 2026
FeaturedecosystemRWAs Aren't Coming Onchain. They're Already Here.
HRC held its first offline meetup in Seoul last week. As part of the event, GLC Research gave a small presentation on Trade.XYZ and equity perpetuals on Hyperliquid. For those who couldn't make it, the full talk is below.
GLC ResearchApr 15, 2026
ecosystemUSDH: The Path to $10B?
USDH generates ~$0.006/HYPE in annual buyback yield at $91M supply, a rounding error against $600M+ in trading fee buybacks. It stays immaterial until supply crosses $1.5B.
Four PillarsApr 10, 2026
ecosystemIntroducing: Zero-fee on & offramps to Hyperliquid with USDH.com
Today, we are expanding access to our zero fee + zero slippage on & offramp on dashboard.USDH.com, starting with US bank and brokerage accounts.
Native MarketsApr 08, 2026
hyperliquidWho is trading on HIP-3?
An analysis of orderflow across seven HIP-3 perpetual markets on Hyperliquid, 175,000 wallets, $161B in volume, and the frontends routing it all.
ArrakisApr 08, 2026
hyperliquidHyperliquid: Weekend Price Discovery in 24/7 Markets
Our core use case for Hyperliquid HIP-3 perpetuals was continuous price discovery and risk transfer ahead of a discrete benchmark reopen auction. The Strait of Hormuz conflict validated that use case under extreme market stress.
shaunda devensApr 06, 2026
hyperliquidCan Hyperliquid Predict the S&P 500?
On March 18th, 2026, trade.xyz launched the first officially licensed S&P 500 perpetual futures contract on Hyperliquid, in collaboration with Standard & Poor’s. We analysed the microstructure of this market to test whether trading activity from it contains information that can accurately predict the near-term direction of S&P 500.
ArrakisMar 28, 2026
FeaturedhyperliquidHyperliquid: HIP-4 and Outcomes Nobody Talks About
HIP-4 is often viewed as a prediction markets update for Hyperliquid, but that's not entirely accurate. It's an "options" update, not just a "prediction markets" update. This essay shows why HIP-4 despite its popularity among the masses is still an underrated update, what next HIPs will highly likely be about and why HIP-4 will probably become the biggest update in Hyperliquid's history.
Pavel ParamonovMar 27, 2026
ecosystemThe Evolution of Commodities
State of comondities and quantitative analysis of the growth of these markets onchain. Commodities are the oldest traded asset class in human history and among the most consequential, given their impact on the real economy. Yet for all their importance, the infrastructure they trade on has evolved incrementally at best. Markets are still shut on weekends and holidays, and access still runs through layers of intermediaries built for a pre-Internet world.The next rails are onchain.
Castle LabsMar 26, 2026
hyperliquidFor 49 Hours During the Iran Strikes, Hyperliquid Was the Only Liquid Oil Market
On February 28, 2026, the United States and Israel launched aerial strikes against Iran. It was a Saturday. Every commodities exchange in the world was closed. The only liquid venue where crude oil could be traded was Hyperliquid, a blockchain-native perpetual futures exchange running 24/7.
ArrakisMar 24, 2026
hyperliquidHyperliquid: The Emergent Infrastructure for Global Finance
A Comprehensive Analysis of Technical Architecture,Market Dynamics, and the Path to Becoming “The House of All Finance”.
GMar 15, 2026
FeaturedhyperliquidHIP-3 Today: Where we are and where we're going
HIP-3 has moved beyond a speculative narrative and into a weekend price discovery venue for oil, silver, and more major off-chain assets. But HIP-3 is not even six months old, and the 24/7 first crude oil market launched via HIP-3 is barely two months old. How did we get here, and where might HIP-3 go from here? In this brief piece, I’ll walk through the HIP-3 ecosystem as it stands today across markets, deployers, access points, coverage, etc.
Charlie.hlMar 12, 2026
ecosystemHYPE, PURR, HYPD: Anatomy of a 39bp Spread
Three months in, 39 points separates two Nasdaq-listed vehicles holding the same asset. The gap comes down to three structural variables in order: warrant topology, accretion rate, mNAV.
Four PillarsMar 10, 2026
FeaturedhyperliquidJake Chervinsky on HPC, Perps, and the Fight for DeFi in America
The regulatory landscape around Hyperliquid, perpetual futures, and DeFi broadly is moving fast, and it can be difficult to separate signal from noise. This article aims to cut through that and give readers a clear, up-to-date picture of where things stand: what the current regulatory environment looks like, what the Hyperliquid Policy Center is and what it is trying to accomplish, and what Jake Chervinsky shared in his latest interview with Flood. Whether you are new to the topic or closely following developments, our goal is to make this accessible and keep you informed as things continue to evolve.
GLC ResearchMar 05, 2026
FeaturedhyperliquidHow informed are Hyperliquid traders on weekends?
As 24/7 markets for traditional assets continue to grow on Hyperliquid, one key question emerges: do weekend prices actually reflect real information, or are they just noise? In this piece, Matteo dives deep into high-frequency data across commodities, equities, and indices to assess the quality of price discovery on HIP-3 markets. The results are striking with near-perfect directional accuracy and minimal deviation from traditional market opens, even during periods of extreme volatility.
matteoMar 03, 2026
hyperliquidHow HIP-3 Korea Perps Onboard Institutions
Korean megacaps SK Hynix and Samsung don’t have a real US-hours single-name market. Hyperliquid’s HIP-3 perps for Samsung and SK Hynix have a path to become the missing layer: the US-hours reference price that the rest of the stack can anchor to.
WalterFeb 23, 2026
ecosystemKey Takeaways from Hyperliquid Strategies (NASDAQ:$PURR) First Earnings Call
Hyperliquid Strategies’ first earnings call highlighted aggressive HYPE accumulation, a strong treasury position, and a valuation-driven capital allocation strategy across both HYPE and PURR. Management emphasized upcoming catalysts such as BLP and HIP-4, while positioning PURR as both an access vehicle for U.S. investors and a growing strategic participant within the Hyperliquid ecosystem.
GLC ResearchFeb 11, 2026
hyperliquidHyperliquid announcing HIP-4: "The payoff canvas of HIP-4"
HIP3 silver markets have grown to 2-3% of CME activity and have begun to show signs of weekend price discovery. And combined with unified accounts and portfolio margin, the UX inefficiencies of converting collateral to trade different markets are getting resolved. Now HIP4 expands the second dimension of trading: the payoff function for markets.
WalterFeb 10, 2026
hyperliquidHIP-3 Silver Microstructure: Hyperliquid vs. CME
HIP-3 is scaling Hyperliquid beyond crypto, with TradFi instruments now 31% of venue volume and daily notional above $5B. Silver is the most important of these flows, and last Friday’s violent move provides a stress test of HIP-3 market health.
shaunda devensFeb 06, 2026
hyperliquidPURR’s HYPE Bid Is Not What You Think
Most people track PURR (previously called Hyperliquid Strategies or HSI) for one reason: it’s one of the HYPE DATs (actually the biggest one) accumulating HYPE. So the mental model is simple: “PURR still has many millions to hold or pump the price.” That model is useful. It’s also incomplete.
EriconomicFeb 05, 2026
FeaturedhyperliquidHIP-4: Making All Markets Hyperliquid
This HIP allows @HyperliquidX (HL) to extend its support for instruments beyond perps, supporting binary market outcomes. This is increasingly important, as it allows HL to tap into one of the most active areas of crypto: Prediction Markets (PMs).
Castle LabsFeb 03, 2026
hyperliquidUnderstanding Hyperliquid's Architecture: HyperBFT, HyperCore, and HyperEVM (Part 1)
BerenuJan 30, 2026
ecosystemTrade.xyz: Real Growth or Commodities-Fueled Mirage?
XYZ is a decentralized, non-custodial perpetual futures platform built on Hyperliquid's HIP-3 infrastructure. It enables users to trade crypto, stocks, indices, forex, and commodities 24/7 using leveraged perpetual contracts—all without depositing funds to a centralized entity.
Pine AnalyticsJan 27, 2026
FeaturedecosystemDesigning Felix Spot Equities
Felix spot equities will give traders access to over 100 US equities and ETFs at launch with NYSE/Nasdaq liquidity for each. How? In this brief article, we will walk through the design implementation of Felix spot equities. More technical information + FAQs will be answered in documentation soon.
FelixJan 26, 2026
FeaturedhyperliquidWhat Actually Broke HYPE and What Changes From Here
Over the last two months, HYPE fell from the $45–50 range to ~$20. That move wasn’t random, and it wasn’t just “market conditions”. It was the result of three very specific sources of sell pressure, all of which were visible on-chain and are now either resolved or close to exhaustion. This article breaks down what actually happened and why the setup going forward is structurally different from what it was two months ago.
EriconomicJan 26, 2026
FeaturedfinancialsHyperliquid Fundamentals Update: “10/10 Recovery, Momentum, and What’s Next”
Hyperliquid was not spared during the liquidation cascade of October 10. It was a brutal event that impacted traders and market participants across the industry. In the aftermath, trading activity declined broadly, with lower volumes observed across both centralized exchanges and DEXs. In this analysis, we take a closer look at where Hyperliquid stands today. We analyze its core metrics and assess how Hyperliquid has been recovering from the October 10 liquidation event.
GLC ResearchJan 19, 2026
ecosystemWhy HyENA and What’s Next
Perps trading has evolved a lot over the last few years. Matching engines got faster. New types of pairs are traded, such as pre-markets, commodities, and (now, increasingly) equities. Centralized exchanges pioneered portfolio margin, so that crypto collateral such as BTC and ETH can act as margin alongside stablecoins. If collateral rewards becomes a default option on the leading decentralized perps venue, the benefits accrue not only to HyENA or Ethena, but to the broader community of traders, desks, and builders on Hyperliquid.
HyENAJan 08, 2026
ecosystemBuilding Yield Exchange Perpetual instruments on Hyperliquid’s HIP-3
Based has always been more than a trading front-end: we’re building a SuperApp where trading, yield, and real-world utility sit in one place, and where every new product surface makes the whole ecosystem more valuable.
BasedJan 07, 2026
ecosystemFelix 2025. What Comes Next in 2026 ?
Felix went live with our first product (Felix CDP) on April 8, 2025. It has been less than a year since Felix launched, but we figured with the calendar year closing, it would be good to recap where we’ve been and share where we’re going in 2026.
Charlie.hlDec 26, 2025
FeaturedecosystemHyperEVM’s “Deadly Sins”
Understanding why many HyperEVM projects failed requires being precise about what HyperEVM actually is, how the Hyperliquid community thinks about fairness and HYPE, and what kinds of products this system is structurally willing to support.
Four PillarsDec 19, 2025
FeaturedecosystemPortfolio Margin: A New Era for Liminal
Until now, even on the most advanced on-chain venues, traders have been forced to operate with fragmented capital. Spot balances, perp margin, and safety buffers lived in parallel silos, each blind to the others. That fragmentation imposed artificial constraints on leverage, risk management, and strategy design. Portfolio Margin breaks this model.
LiminalDec 18, 2025
hyperliquidWhy TradFi doesn't trade perpetual futures ?
Perps have dominated crypto since 2016, yet TradFi adoption remains limited. The gap isn’t the product but likely education and language. This article explains CFDs, options, and perps in TradFi terms, and why perps might be the cleaner tool for retail traders.
EriconomicDec 15, 2025
financialsHyperliquid Growth Situation: "What is really happening?"
Over the past few weeks, growing concerns have emerged around Hyperliquid’s future. Market share erosion, fast-moving competitors, and an increasingly crowded derivatives landscape have raised a critical question: what is really happening beneath the surface? Has Hyperliquid already reached its peak, or is the current narrative missing deeper structural signals? This article breaks it down.
espri.hlDec 14, 2025
ecosystemHow HyENA Changes the Economics of Perp Trading?
HyENA introduces USDe-margined perps to Hyperliquid’s, bringing productive collateral, stronger capital efficiency, and new incentive layers for traders and market makers. It’s early, but the liquidity flywheel and alignment between Ethena and Hyperliquid make this an exciting launch.
GLC ResearchDec 11, 2025
hyperliquidPrice Discovery Onchain
The New York Stock Exchange is open 6.5 hours per day, five days per week. That is 27% of total weekday hours. For the remaining 73% of Monday-Friday, the machinery stops. How do we fix this? This piece is done in collaboration with @desh_saurabh
Charlie.hlDec 02, 2025
financialsHyperliquid’s Scalability: “How 14 People Are Outpacing Robinhood?”
From Unit enabling spot and deposits, to builder codes driving billions in volume, to HIP-3 equity perps and USDH opening new revenue streams, this article explains how Hyperliquid scales globally with a 14-person team while outgrowing giants like Robinhood.
GLC ResearchNov 27, 2025
financialsHyperliquid’s Fundamentals Update
Daily active users (DAUs) are one of the most important metrics to track for any software / fintech company.Hyperliquid DAUs? Up and to the right.
KeisanNov 21, 2025
ecosystemDATs, Hyperliquid
Every market eventually institutionalizes. In equities, it happened through holding companies; in credit, through securitization. In crypto, DATs stands out as one emerging pathway.
Four PillarsNov 20, 2025
hyperliquidHYPE: The Alignment Vehicle
In this piece, I’ll walk through my thesis on why HYPE has quickly emerged as the dominant asset for both social and economic coordination among crypto assets and why the majority of my PA has remained in HYPE since launch.
Charlie.hlNov 18, 2025
announcementAnnouncing HRC - The Research Hub for Hyperliquid
Hyperliquid Research Collective (HRC) is an initiative by GLC Research and Four Pillars, two independent crypto research firms focused on producing unbiased, high-integrity analysis. Independence has always been our anchor.
GLC ResearchNov 08, 2025
hyperliquidExchange Networks vs Empires
Hyperliquid captures value through network effects of staked HYPE, builder incentives, and composable markets.
Four PillarsOct 23, 2025
FeaturedvaluationArete Capital Hyperliquid 2026 Thesis: Housing The Entirety Of Finance
Hyperliquid has taken the digital asset space by storm in 2024/25, finally validating the long-awaited seismic move away from centralised incumbents towards a fully permissionless, transparent and global perpetual futures market. In a short period, Hyperliquid has become the No. 1 revenue-generating blockchain, dominating other generalised networks, all built and capitalised by an 11-person team. Despite Hyperliquid’s success, we believe it’s prudent to take a step back and reevaluate the thesis from the ground up, along with a concrete valuation framework.
McKennaOct 14, 2025
ecosystem“Liminal’s Future: Think Bigger”
Liminal’s xTokens bring delta-neutral yield strategies to Hyperliquid, turning them into liquid and composable assets. Discover how Hyperliquid, Liminal, Unit and Kinetiq with HIP-3 could reshape the future of (onchain) finance.
GLC ResearchOct 08, 2025
hyperliquidHyperliquid Under Siege
The real test is not whether you avoid this failure, because you won’t.
Four PillarsSep 30, 2025
ecosystemHyperliquid Strategies Interview – “Rethinking Financial Rails” by Forward Guidance
GLC ResearchSep 24, 2025
valuationWhy Hyperliquid ($HYPE) is so cheap? – “The Token Risk Premium”
$HYPE trades at ~9x FCF despite $1.3B in annualized revenue, mainly due to token-specific risk, limited access, and market mispricing.
GLC ResearchSep 16, 2025
hyperliquidWhy HIP-3?
For investors, HIP-3 expands into traditional markets and enables entirely new ones.
Four PillarsSep 15, 2025
financialsHyperliquid Fee Growth – “YTD Performance”
Hyperliquid is rapidly becoming one of the most remarkable growth stories in crypto.
KeisanSep 04, 2025
hyperliquidWhy HYPE DATs Can Win
Over the past couple months, I’ve been exploring the DAT space and what it could mean (or not mean) for DeFi and particularly credit opportunities on-chain.
Charlie.hlSep 04, 2025
valuationIs Hyperliquid Undervalued? “The Valuation Gap: $HYPE vs. Robinhood, Coinbase, and Nasdaq”
Hyperliquid has established itself as one of the fastest-growing companies in the space
GLC ResearchSep 02, 2025
valuationHyperliquid: “The path to $1,000 $HYPE”
I’ve written a lot about $HYPE’s value today, but what about its value in 5-years?
KeisanAug 25, 2025
ecosystemHyperliquid Strategies (DAT) Interview: “Making Hyperliquid a Wall Street Asset”
Yesterday, we joined a call hosted by Keisan and Monk with Bob Diamond and David Schamis, the founders of Hyperliquid Strategies, a firm with a singular objective: maximizing Hype per share.
GLC ResearchAug 23, 2025
financialsHyperliquid S1 Report: “Inside Hyperliquid’s Growth”
Welcome to this Hyperliquid Semiannual Report,
GLC ResearchAug 14, 2025
ecosystemIntroducing Pendle Citadel:“HyperEVM integration”
As more yield-bearing assets emerge on HyperEVM, this integration gives users powerful tools to speculate on, hedge, or enhance their yield, a major step toward a more composable and sophisticated DeFi landscape on Hyperliquid.
GLC ResearchAug 08, 2025
hyperliquidHIP-3: “Hyperliquid’s X-Factor”
HIP-3’s potential and what it means for Hyperliquid, as well as crypto as a whole.
KeisanAug 05, 2025
valuationHyperliquid’s Valuation Framework ($HYPE)
It has been about 6 months since I initially posted my valuation framework for $HYPE. A lot has changed since then, but also much has remained true. I am as bullish on $HYPE as I have ever been.
KeisanJul 28, 2025
ecosystemHyperliquid Is Great, But Have You Ever Tried HyperEVM?
The HyperEVM + HyperCore dual-engine setup lets Solidity contracts pull live order data or inject trades instantly, enabling lending, options, structured products, and more.
Four PillarsMay 20, 2025
valuation$HYPErsound Money
Hyperliquid unifies all core network actions (listings, trading fees, bonding, staking, etc) into one token ($HYPE), locking in scarcity, real utility, and yield under a single asset.
Four PillarsMay 09, 2025
ecosystemHyperUnit Overview:“Bridging CEX Experience Onchain”
Discover how Hyperliquid and Unit merge CEX performance with DEX composability. Metrics, fees, liquidity, and adoption analysis inside.
GLC ResearchMar 19, 2025
valuationHyperliquid Valuation Thesis: “The House of Finance”
Hyperliquid leads DEX perps with $600M+ in revenue, 97% buybacks, and a custom Layer 1. Explore $HYPE token valuation and risk/reward scenarios.
GLC ResearchMar 19, 2025
hyperliquidHyperliquid vs. CEXs: “Trade War 2.0 – The JELLY Incident”
A $JELLY exploit pushed Hyperliquid to the edge. CEX listings escalated the attack. Centralized intervention worked but it raised some questions.
GLC ResearchMar 19, 2025HL Share of Onchain Perp DEXes
Hyperliquid's share of the onchain perp DEX category, by volume and fees
Hyperliquid$2.0M58.3%
edgeX$298.0K8.9%
Jupiter Perps$259.0K7.7%
Aster$164.0K4.9%- GMTrade$87.0K2.6%
- +20Others$588.2K17.6%Others · 20 DEXes24h fees
Lighter$86.0K2.6%
Drift$86.0K2.6%- Extended$64.0K1.9%
- GMX V2$50.0K1.5%
Antarctic$48.0K1.4%- Nado$46.0K1.4%
- Ostium$44.0K1.3%
dYdX v4$25.5K0.8%- World Markets$24.0K0.7%
- Decibel$18.0K0.5%
- Apex Omni$16.0K0.5%
- Avantis$14.0K0.4%
- Fulcrom$11.0K0.3%
- Orderly$10.8K0.3%
- Gains Network$10.5K0.3%
- FlashTrade$8.8K0.3%
- SynFutures V3$8.5K0.3%
- Dango$6.9K0.2%
- Reya$6.5K0.2%
Paradex$3.7K0.1%
HL Lead·Live Multiples
How many times bigger Hyperliquid is than the next-best onchain perp DEX, in volume and fees
Hyperliquid · 24h vol$3.1BAster · 24h vol$1.9BHyperliquid · 24h fees$2.0MedgeX · 24h fees$298.0KHyperliquid · 24h fees$2.0MOnchain Perp DEX Fee Leaderboard
Every onchain perp DEX ranked head-to-head by volume and fees
- 1HyperliquidHyperliquid$2.0M$3.1B58.3%
- 2edgeXedgeX L1$298.0K—8.9%
- 3Jupiter PerpsSolana$259.0K—7.7%
- 4AsterBNB Chain$164.0K$1.9B4.9%
- 5GMTradeSolana$87.0K—2.6%
- 6LighterLighter zk$86.0K$1.4B2.6%
- 7DriftSolana$86.0K—2.6%
- 8ExtendedStarknet$64.0K—1.9%
- 9GMX V2Arbitrum · Avalanche$50.0K—1.5%
- 10AntarcticOff-chain$48.0K—1.4%
- 11NadoInk$46.0K—1.4%
- 12OstiumArbitrum$44.0K—1.3%
- 13dYdX v4dYdX Chain$25.5K$152.0M0.8%
- 14World MarketsMegaETH$24.0K—0.7%
- 15DecibelAptos$18.0K—0.5%
- 16Apex OmniEthereum · Arbitrum$16.0K—0.5%
- 17AvantisBase$14.0K—0.4%
- 18FulcromCronos$11.0K—0.3%
- 19OrderlyOrderly Network$10.8K—0.3%
- 20Gains NetworkPolygon · Arb · Base$10.5K—0.3%
- 21FlashTradeSolana$8.8K—0.3%
- 22SynFutures V3Blast · Base$8.5K—0.3%
- 23DangoDango$6.9K—0.2%
- 24ReyaReya$6.5K—0.2%
- 25ParadexStarknet$3.7K$21.0M0.1%
DAT Unrealized P&L
Unrealized gain/losses of digital-asset-treasury positions vs. average cost basis · 24/24 treasuries · as of 24 May 2026
Digital Asset Treasuries · Unrealized P&L
24 treasuries · log scale
Comparables·by treasury size
Per-DAT NAV, mNAV premium, Unrealized P&L
T1Placeholder 1 | — | — | — | +$113M |
T0Placeholder 0 | — | — | — | +$90M |
T4Placeholder 4 | — | — | — | +$56M |
T2Placeholder 2 | — | — | — | +$55M |
T5Placeholder 5 | — | — | — | +$53M |
T8Placeholder 8 | — | — | — | +$32M |
T3Placeholder 3 | — | — | — | +$29M |
T9Placeholder 9 | — | — | — | +$23M |
T6Placeholder 6 | — | — | — | +$21M |
T7Placeholder 7 | — | — | — | +$18M |
T12Placeholder 12 | — | — | — | +$17M |
T11Placeholder 11 | — | — | — | +$12M |
T13Placeholder 13 | — | — | — | +$9M |
T10Placeholder 10 | — | — | — | +$8M |
T16Placeholder 16 | — | — | — | +$8M |
T15Placeholder 15 | — | — | — | +$8M |
T19Placeholder 19 | — | — | — | +$5M |
T14Placeholder 14 | — | — | — | +$4M |
T17Placeholder 17 | — | — | — | +$3M |
T18Placeholder 18 | — | — | — | +$3M |
T21Placeholder 21 | — | — | — | -$3M |
T22Placeholder 22 | — | — | — | -$4M |
T23Placeholder 23 | — | — | — | -$5M |
T20Placeholder 20 | — | — | — | -$8M |
By treasury asset
Combined unrealized P&L per crypto held
User Growth
Daily new wallets · DAU/WAU/MAU · cumulative users · cohort retention · growth velocity
| cohort | size | d0 | w1 | w2 | w3 | w4 | w5 | w6 | w7 | w8 | w9 | w10 | w11 | w12 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 12w ago | 73.2K | 100 | 94 | 91 | 85 | 81 | 75 | 72 | 67 | 65 | 61 | 58 | 56 | 52 |
| 11w ago | 68.7K | 100 | 92 | 87 | 80 | 76 | 72 | 67 | 62 | 58 | 53 | 50 | 48 | |
| 10w ago | 73.1K | 100 | 94 | 86 | 79 | 74 | 70 | 66 | 62 | 58 | 53 | 51 | ||
| 9w ago | 64.5K | 100 | 92 | 86 | 80 | 73 | 69 | 63 | 57 | 52 | 47 | |||
| 8w ago | 62.5K | 100 | 92 | 85 | 77 | 72 | 65 | 62 | 57 | 51 | ||||
| 7w ago | 59.6K | 100 | 94 | 87 | 82 | 76 | 70 | 64 | 58 | |||||
| 6w ago | 57.2K | 100 | 91 | 84 | 78 | 73 | 67 | 63 | ||||||
| 5w ago | 60.9K | 100 | 93 | 87 | 80 | 72 | 64 | |||||||
| 4w ago | 58.5K | 100 | 92 | 84 | 77 | 71 | ||||||||
| 3w ago | 52.3K | 100 | 89 | 82 | 74 | |||||||||
| 2w ago | 51.5K | 100 | 93 | 81 | ||||||||||
| 1w ago | 47.1K | 100 | 91 | |||||||||||
| this week | 43.1K | 100 |
Cohorts
Who actually uses HL · age, tier mix, concentration, stickiness, first-trade retention
Migration
Where users + capital flow in from · who stays · which routes win
HyperliquidHyperliquid| # | origin | d90 retention | 30d switchers | median tenure | score |
|---|---|---|---|---|---|
| 1 | Ethereum | 58% | 22.5K | 1184d | 92 |
| 2 | Arbitrum | 56% | 11.7K | 631d | 87 |
| 3 | Optimism | 51% | 6.1K | 489d | 81 |
| 4 | Avalanche | 47% | 3.4K | 728d | 76 |
| 5 | Solana | 39% | 31.8K | 412d | 71 |
| 6 | Polygon | 37% | 2.2K | 802d | 65 |
| 7 | BNB Chain | 35% | 8.2K | 524d | 61 |
| 8 | Base | 31% | 19.2K | 247d | 53 |
| 9 | Sui | 24% | 4.4K | 142d | 41 |
Position
Where HL stands in the broader crypto ecosystem · perps, spot, L1 rank, stablecoin footprint, multi-chain overlap
Bridge Flows
Cross-chain capital migration · multi-chain DAU comparison · live data via Artemis Terminal
Hyperliquid+$1.1B
Base+$220.0M
Starknet+$139.5M
Optimism+$79.5M
Ink+$12.2M
Mantle+$4.2M
Avalanche+$1.8M
Berachain+$1.3M
HyperliquidHyperliquid| bridge | inflow | outflow | netflow | share of inbound |
|---|---|---|---|---|
| Native / L2 bridge | $3.3B | $2.3B | +$1.1B | 99.8% |
| debridge | $6.6M | $4.0M | +$2.6M | 0.2% |
| across | $0 | $1.6M | −$1.6M | 0.0% |
Avalanche↑+1404
Sei↓+10BNB Chain↓+9Hyperliquid↓+0Solana↑+0
Kinetiq · The Liquid Staking Layer of Hyperliquid
kHYPE APY
KNTQ
HL LST ShareThe Product Family
Every product feeds the same flywheel: trading fees burn KNTQ → KNTQ burned to the HL Assistance Fund + protocol revenue buys back KNTQ / kmHYPE for sKNTQ stakers.
kHYPERetail LST. Stake HYPE → mint kHYPE. Usable across HyperCore + HyperEVM.
vkHYPEYield vault built with Veda Labs. Mints vkHYPE, compounds DeFi strategies.
iHYPEInstitutional rails — compliant, custody-integrated, white-glove staking.
kmHYPECollateral on Markets by Kinetiq HIP-3. Buybacks accrue to holders.
sKNTQStake KNTQ to receive protocol revenue. The flywheel terminal.
TVL · 311 Days of Growth
HL Liquid Staking · Market Share
Every LST protocol on Hyperliquid, ranked by current TVL. Live from DefiLlama.
- Kintsu$2.50M0.19%
- SPSpinUp$293.13K0.02%
- STStratium$6.26K0.00%
kHYPE Yield Trajectory · 180d
kHYPE is non-rebasing — the ratio kHYPE → HYPE grows over time as staking rewards accrue. This curve IS the yield.
KNTQ · Token Detail
Price, supply, market metrics.
$0.1952Daily Buybacks · KNTQ
Protocol revenue bought back on Hyperliquid. Live from kinetiq.xyz/kntq.
Amount Burned · KNTQ
Cumulative KNTQ removed from supply via buyback-and-burn. Live from kinetiq.xyz/kntq.
Where to Deploy kHYPE · Composability
Every kHYPE, KNTQ, kmHYPE, vkHYPE, sKNTQ pool across HL DeFi — Pendle, Felix, HyperLend, HypurrFi, Native Markets, PRJX, Rysk, Liminal, Veda.
HyperLendHyperLend$359.13MMorpho BlueMorpho Blue$75.72MMorpho BlueMorpho Blue$51.67MMorpho BlueMorpho Blue$32.01MKinetiqKinetiq$19.18MMorpho BlueMorpho Blue$7.63MHypurrFiHypurrFi$6.14M
felix-cdpfelix-cdp$5.49MProject XProject X$4.63MNestNest$3.64M
Liminal · Hyperliquid's Native Yield Layer
Tokenized strategies (limUSD, xHYPE, xLEND, xBTC) + per-user customized delta-neutral.
The xToken Family · "Just hold"
Tokenized strategies — deposit underlying, receive an xToken, hold to capture HL native yield. Share value grows as the strategy earns. Recently launched: Pendle PT/YT for limUSD on HyperEVM.
TVL · Tokenized vs Customized
Cumulative PnL · since inception
—Net PnL distributed to depositors. Pure funding-rate capture; near-zero trading PnL by design.
Funding Rate Leaderboard · 60d
Where Liminal extracts the most carry. Higher | rate | = stronger arbitrage opportunity.