Biweekly update

Trading
+ As a reminder, the new fee system and staking tiers will go live on May 5 at approximately 03:00 UTC. Staking and trading account linking is live on testnet. This allows users to apply the staking discounts from one account to a different trading account and is expected to go live on mainnet shortly after the new fee system and staking tiers. For more details see the Docs: https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees#staking-linking
+ HLP has a fourth component vault to split liquidations among two child vaults, as part of the learnings from JELLY. The illiquid asset liquidator has a stricter tolerance before ADL is triggered.
+ HYPER, ZORA, and INIT perps were listed

Product
+ UI redesign was released. There are some outstanding items to clean up. Appreciate your patience in the meantime and thank you to everyone who caught bugs in the new UI while it was on testnet.

Validators
+ The validator set was updated to 21 permissionless nodes. Anyone can register a validator, and the 21 largest by stake form the active set. The Delegation Program has been gradually rolling out.

EVM Updates
+ Read precompiles are live on the mainnet HyperEVM and allow builders to read state from HyperCore atomically from smart contracts on the HyperEVM. For example, lending protocols could use HyperCore oracle and mark prices as a reliable source of pricing information.
+ For spot assets linked on the HyperEVM, you can click the wallet icon next to the token on the info bar or Balances table to add it to your wallet extension. Clicking on the wallet icon for HYPE will add the HyperEVM as a custom network to your wallet extension. Note that this should work on Rabby and MetaMask, but not reliably on all wallet extensions.

New Teams Live on EVM (in no particular order)
+ Morpho smart contracts, with frontends operated by Felix and HyperBeat: https://x.com/morpholabs/status/1915405407251812787
+ GlueX token swap: https://x.com/GluexProtocol/status/1915089712714559687
+ Garden Finance to swap BTC and USDC from other chains to uBTC on HyperEVM:
https://x.com/garden_finance/status/1913240544307793960
+ Frontend to wrap and unwrap HYPE <> wHYPE: https://www.whype.xyz/
+ Fan App for chatting and trading: https://x.com/fanappX/status/1912899610433266054

Community Highlights
+ Check out various community events in Dubai this week during Token2049: https://lu.ma/9mk0pssf, https://lu.ma/x9axr5wb?tk=mxte1n, https://lu.ma/a1xxxlfw
+ Cypher lets you pay with your Hyperliquid balances at stores worldwide: https://x.com/Cypher_HQ_/status/1914378977634083241
+ Perpflow enables automated delta neutral strategies on Hyperliquid: https://x.com/perpflow/status/1912855014541836761
+ Kirby shared a HyperEVM directory: https://x.com/kirbyongeo/status/1915752654950596795

HyperliquidX twitter was compromised. Any new posts or links from the twitter account are fake. Do not click or engage with them. The account is being recovered.

hyperfoundation.org and hyperliquid.xyz are safe.

Testnet only: The Hyperliquid protocol will support builder-deployed perps (HIP-3), a key milestone toward fully decentralizing the perp listing process. An MVP of this feature is live on testnet. Feedback is appreciated during this testing phase. Note that numbers and specifications below are not finalized.

Builder-deployed perps share many features with HyperCore spot deployments:
+ Deployments allocate new performant onchain orderbooks on HyperCore.
+ Deployment gas is paid through a Dutch auction every 31 hours. A difference is that HYPE is the gas token used for perp deployments.
+ Deployers can set a fee share of up to 50%. A difference is that the deployer can configure additional fees on top of the base fee rate. Fee share applies to the total configured fee.
+ Deployments are fully permissionless.

The deployer of a perp market is also responsible for
+ Market definition, including the oracle definition and contract specifications
+ Market operation, including setting oracle prices, leverage limits, and settling the market if needed

Perp deployment composes with HyperCore multisig to support protocolized market deployment and operation.

To ensure high quality markets and protect users, deployers must maintain 1M staked HYPE. In the event of malicious market operation, validators have the authority to slash the deployer’s stake by conducting a stake-weighted vote during the deployer’s 7-day unstaking queue.

Technical details will be released shortly in the API docs and Python SDK. Users with more than 10k mainnet staked HYPE or previous bug bounty program recipients are welcome to reach out for a dedicated testnet deployment to test and share feedback.

Note that the frontends at app.hyperliquid-testnet.xyz and app.hyperliquid.xyz will not display builder-deployed perps initially, and will not feature a UI for perp deployment. Alternative interfaces may be built by the community. This will encourage specialization and further decentralization of the interfaces to access the Hyperliquid protocol.

Staking and trading account linking is now on mainnet. This allows users to apply the staking discounts from one account to a different trading account. As a reminder, the new fee schedule and staking discounts will take affect at approximately May 5 3:00 UTC.

IMPORTANT: Please test staking and trading account linking on testnet first before proceeding on mainnet. Staking links are permanent and cannot be reverted. Do not try this for the first time on mainnet. If you don't see the "Link Staking" button on https://app.hyperliquid.xyz/portfolio, try a hard refresh.

Trading fees are assessed onchain at the end of each day in UTC. If you would like your staking discount to take affect with the new fee schedule at May 5 3:00 UTC, make sure to stake beforehand.

For details, see the Docs: https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees#staking-linking

Hyperliquid reached a new all-time high in open interest of >$4.9B.

By community request, you can now long or short $DOOD with up to 3x leverage.

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/DOOD

USDT0 is now live on Hyperliquid. Transfers between HyperEVM and HyperCore are seamless, and USDT0 is fully fungible across both environments.

You can bridge USDT0 from any supported USDT0 chains directly to the HyperCore orderbook: https://usdt0.to/transfer

Read more here: https://mirror.xyz/tetherzero.eth/ldnjpSDr50XVtJHSEG5zXBFPhh4g4b0Xc8mPDBCHREk

Hyperliquid reached a new all-time high in open interest of >$5.6B.

Biweekly update

Trading
+ The new fee system, staking tiers, and staking account linking went live on May 5. For more details see the Docs: https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees#staking-linking
+ OI reached a new ATH of $6.5B
+ USDC TVL reached a new ATH of $2.8B
+ DOOD perps were listed

Tech
+ Builder-deployed perps (HIP-3) are live on testnet. Read more in the previous announcement here: https://news.1rj.ru/str/hyperliquid_announcements/354

New Teams Live on HyperEVM (in no particular order)
+ Gelato: dev tooling: https://x.com/gelatonetwork/status/1917982839217524863
+ Valantis: token swap across DEXs on the HyperEVM using GlueX: https://x.com/ValantisLabs/status/1919427929097850987
+ D2 Finance: BTC yield vaults: https://x.com/D2_Finance/status/1919489791911199080
+ Curve: new stable pools: https://curve.fi/dex/hyperliquid/pools/
+ LayerZero: bridge to HyperEVM: https://x.com/LayerZero_Core/status/1920848296219996251

Community Highlights
+ USDT0 went live on HyperCore and HyperEVM: https://usdt0.to/
+ Ethena deployed USDe on HyperCore and HyperEVM: https://x.com/ethena_labs/status/1919373849097109991
+ Defi App integrated Hyperliquid perps: https://x.com/defidotapp/status/1917977308960317621
+ Pocket Pro mobile app went live: https://x.com/pp_trading/status/1919426454263136749
+ VOOI built an AI trading assistant: https://x.com/vooi_io/status/1919309830071734363
+ Taiwanese community members are hosting an event on May 14 in Xinyi, Taipei: https://lu.ma/b405usd2
+ HypurrCo made a Reddit community: https://www.reddit.com/r/hyperliquid1/

Hyperliquid reached a new all-time high in open interest of >$6.7B.

Staking referral program

Builder and referral codes on HyperCore will be upgraded with a staking referral program. Builders and referrers who stake HYPE will be able to keep a percentage of their referred users’ trading fees, up to a maximum of 40% for builders and referrers at the highest staking tier. All builders and referrers with staked HYPE will automatically enjoy these benefits once the feature is enabled on mainnet.

Furthermore, builders and referrers will be able to share up to 50% of the staking referral revenue back to the referred user. This allows referrers to offer better than the default rates to new users.

User feedback is greatly appreciated.

What are builder codes and referral codes?
Builder codes allow interfaces routing through Hyperliquid to charge a custom fee on a per-order basis. This additional fee is called a builder fee and goes 100% to the builder. The new staking referral program is strictly more revenue for builders.

Referral codes are applied when a user joins via a referral link. Unlike builder codes, referral codes are tied to users and apply regardless of how the user trades in perpetuity. Note that builder codes override referral codes for that order, and referral codes are disabled after the user trades $1B cumulative volume.

How it works
The staking referral program interacts with staking tier fee discounts and the VIP tier fee schedule. If a builder or referrer has a higher staking tier than their referred user on a trade, they keep up to 100% of the difference. The percentage kept by the builder or referrer decreases as the volume tier of the referred user increases, starting at 100% for VIP 0 and ending at 40% for VIP 6. See Docs for more: https://hyperliquid.gitbook.io/hyperliquid-docs/referrals/staking-referral-program.

As an example: Alice has 100k staked HYPE, which gives a trading fee discount of 30%. Bob has 100 staked HYPE, which gives a trading fee discount of 10%, and Bob is at VIP 1. If Bob uses Alice’s builder or referral code, Alice can keep (30% - 10%) * 90% = 18% of the fees that Bob pays. Alice could share with Bob up to 9% of his fees. In other words, Bob could receive up to a 9% trading fee discount using Alice’s builder or referral code.

Rollout
The staking referral program will be enabled in the coming days on testnet. The mainnet release will follow based on user feedback and stress testing. Note that the rollout on both testnet and mainnet will be incremental. In particular, the option to share up to 50% of staking referral revenue back to the referred users will come in a subsequent upgrade.

SOL and FARTCOIN deposits, withdrawals, and spot trading are now live on Hyperliquid through Unit Protocol

Trade SOL: https://app.hyperliquid.xyz/trade/0x49b67c39f5566535de22b29b0e51e685

Trade FARTCOIN: https://app.hyperliquid.xyz/trade/0x7650808198966e4285687d3deb556ccc

By community request, you can now long or short $LAUNCHCOIN with up to 3x leverage.

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/LAUNCHCOIN

The Bloomberg Surveillance Podcast yesterday touched upon crypto, notably in regards to:
+ Transparent, verifiable onchain revenue in projects like Hyperliquid
+ Crypto as a breeding ground for the next generation of finance

Listen more here - the clip begins at 51:31: https://bloomberg.com/news/audio/2025-05-14/bloomberg-surveillance-tariffs-and-the-dollar-podcast

The article referenced: https://www.bloomberg.com/news/newsletters/2025-05-13/hyperliquid-grows-into-a-major-player-in-crypto-derivatives

By community request, you can now long or short $NXPC with up to 5x leverage.

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/NXPC

Margin tiers will go live on mainnet around ~06:00 UTC on May 22.

As described previously in the API announcements channel, margin tiers define the max leverage allowed as a function of notional position. Initially, margin tiers will be activated for DOGE, ARB, and OP perps on mainnet. For more information, see the Docs: https://hyperliquid.gitbook.io/hyperliquid-docs/trading/margin-tiers

User feedback is greatly appreciated. As a reminder, the onchain implementation of margin tiers on testnet receives mainnet level bug bounty payouts according to https://hyperliquid.gitbook.io/hyperliquid-docs/bug-bounty-program. Note that while UI feedback is appreciated, it is not within scope of the Bug Bounty program.

Rabby Wallet and DeBank have integrated the HyperEVM.

This means that you no longer have to add the HyperEVM as a custom network to Rabby Wallet.

Hyperliquid reached a new all-time high in open interest of >$8B.

Hyperliquid hit multiple all-time highs today, including:
+ Open interest: $8.9B
+ 24h fees: $5.4M
+ USDC TVL: $3.2B

With Hyperliquid, anyone can see trades onchain, in real-time.

Thank you to the community for building helpful tools to make this easy, such as: https://hyperdash.info and https://hypurrscan.io

The spot deployment auction will change from USDC to HYPE on the next network upgrade. The transition will use a one-time USDC to HYPE price conversion to minimally impact users. This change is live on testnet for testing.

The following post is from Hyperliquid Labs.

Hyperliquid Labs is committed to the advancement of defi and its promise in delivering a more open, transparent, and efficient financial system for all. As a contributor to the Hyperliquid blockchain, we believe in defi’s ability not only to meet but to exceed the demands of modern financial markets.

In this spirit, Hyperliquid Labs submitted two comment letters to the United States’ Commodity Futures Trading Commission (CFTC) in response to its recent Requests for Comment on perpetual derivatives and 24/7 trading. We commend the CFTC for its proactive engagement on these topics, understanding of which is fundamental to the evolution of global markets. We believe that Hyperliquid exemplifies how core defi principles can be put into practice to enhance market efficiency, market integrity, and user protection.

Supporting defi in the U.S. with open dialogue and a clear regulatory framework is an opportunity to ensure the U.S. remains a leader in financial innovation while robustly protecting users. Hyperliquid Labs, alongside the broader Hyperliquid community, is committed to being a constructive partner in this journey. We thank the CFTC for its leadership in exploring these critical market innovations and for the opportunity to contribute our perspective.

Read more here: https://hyperfnd.medium.com/defi-as-a-more-open-transparent-and-efficient-financial-system-c2c9e9fa2081