SPX6900 (SPX) spot deposits, withdrawals, and trading are now live on Hyperliquid through Unit Protocol.

Deposit SPX on http://app.hyperliquid.xyz or http://app.hyperunit.xyz

Trade spot SPX at https://app.hyperliquid.xyz/trade/SPX/USDC

Yesterday, the API servers experienced a significant spike in traffic, leading to order delays from approximately 14:10-14:47 UTC. The past weeks have seen back-to-back-to-back all-time highs in open interest as well as record highs in protocol revenue. While growing pains are challenging, they are a testament to Hyperliquid's momentum.

To be clear, there was no hack or exploit. The blockchain, consensus, and HyperEVM were unaffected. Blocks were produced at the usual rate despite congestion on the API servers.

The API returned error responses despite transactions being sent to the mempool and later included in blocks. This confused many users, and improvements are being rolled out to address this.

An update will be shared in the coming days once an appropriate refund methodology has been determined for users impacted by this particular issue. Refunds will be determined in an automated fashion; impacted users do not need to open a ticket at this time. Thank you to the community for their understanding as Hyperliquid continues to scale.

BONK spot deposits, withdrawals, and trading are now live on Hyperliquid through Unit Protocol.

Deposit BONK on https://app.hyperliquid.xyz/trade or https://app.hyperunit.xyz/

Trade spot BONK at https://app.hyperliquid.xyz/trade/BONK/USDC

Native USDC and CCTP V2 are coming to Hyperliquid

https://www.circle.com/blog/native-usdc-cctp-v2-are-coming-to-hyperliquid-what-you-need-to-know

As discussed in the Discord governance channel, using stalequant's methodology for reference, validators will be voting on whether to delist kDOGS, OGN, REQ, and STG around 10:00 UTC on Aug 4.

As mentioned previously, during the period from 14:10-14:47 UTC on July 29, orders were delayed due to API servers experiencing a significant spike in traffic. The API returned error responses despite transactions being sent to the mempool and later included in blocks.

This experience confused many users who did not realize their orders were executed. As such, the following methodology was used to refund users who:
1) Had orders filled from 14:09-14:48 UTC. For each user who made <$10k pnl during that period, the difference was taken between the entry price for orders filled from 14:09-14:48 UTC and the mark price at a single point in time in the 30-minute period afterward (14:48-15:18 UTC) for which the calculation was most favorable for that user. This methodology refunds users as if they had exited at the worst possible time in the 30 minutes following the affected period. In particular, this means that those who exited in those 30 minutes made positive closed pnl on the opened trades after incorporating the refund.
2) Paid funding at 15:00 UTC on assets whose funding rate was >40x larger than the previous hour. Those assets were kBONK, CFX, MKR, MOODENG, NXPC, RESOLV, and VINE. For these users, the sum of funding payments was taken across these seven assets and refunded.
Users who would receive <5 USDC across the two methodologies were not included. Note: sub-accounts were aggregated with the master account in both calculations above.

Users who would receive >=10k USDC need to go through KYB/KYC to receive their refund. 9,999 USDC has already been sent to these users, listed below. If they would like to receive the full amount, they should ⁠open a ticket in the Discord by August 18 to go through KYB/KYC. No action is needed from other users, whose refunds were already processed.

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Bi-weekly update

Product & Tech
+ The Hyper Foundation is running a non-validating node to provide low latency data access. For more information, see: https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/nodes/foundation-non-validating-node
+ For more technical updates, please reference the API announcements channel

Trading
+ OI reached a new ATH of $15.8B
+ BONK and SPX6900 spot trading, deposits, and withdrawals are now live, thanks to Unit
+ kDOGS, OGN, REQ, and STG were delisted based on onchain validator vote
+ Refunds were distributed for users who experienced issues during API server congestion on July 29. Please see the previous announcements for more details.

New Teams on HyperEVM (in no particular order)
+ Bridging: Axelar, Bungee, Hyperflow, Reactive Network
+ Pendle fixed yield: https://x.com/pendle_fi/status/1950526842634703177
+ Blueberry tokenized HLP: https://x.com/blueberryFDN/status/1946318593517392092
+ Spectra Finance fixed rates and yield leverage: https://x.com/spectra_finance/status/1948722798899183721
+ Alchemy RPC and WebSockets: https://x.com/Alchemy/status/1949909651056980272
+ Covalent indexing: https://x.com/Covalent_HQ/status/1949904401201762628

New Teams on HyperCore (in no particular order)
+ Dexari mobile app on iOS and Android: https://x.com/DexariDotCom/status/1948127961581773311
+ Pear Protocol pair trading: https://x.com/pear_protocol/status/1949845049405329886
+ Porto by Anchorage institutional self-custody wallet: https://x.com/Anchorage/status/1948421357827760469
+ FalconX institutional custody: https://x.com/FalconXGlobal/status/1949871718597640380

Community Highlights
+ Circle announced that it will support native USDC on Hyperliquid in the future: https://x.com/circle/status/1950905110214914364
+ Allium shared a Hyperliquid dashboard: https://x.com/ethanyish/status/1952380455757721720
+ The community online hackathon began on July 28, with discussion in the builders channel in the Discord server: https://x.com/hl_hackathon/status/1949832493634355350
+ There was a community organized event in Hanoi, Vietnam and a co-working day in London: https://x.com/hyperbuilder_hl/status/1951220757872476415, https://x.com/pear_protocol/status/1951318351088853587
+ Jeff will be speaking at KBW in Seoul in September: https://x.com/kbwofficial/status/1947642810599149732

By community request, you can now long or short $PROVE 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/PROVE

Hyperliquid reached new all-time highs with $29B in 24h volume and $7.7M in 24h fees.

Bi-weekly update

Trading
+ Reached new ATHs in 24h volume: $29B, OI: $16B, and 24h fees: $7.7M
+ PROVE perps were listed

New Teams on HyperEVM (in no particular order)
+ Anchorage institutional custody for HYPE: https://x.com/anchorage/status/1955645436410417418
+ Seda oracles for crypto and tradfi: https://x.com/sedaprotocol/status/1952746416310210956
+ Rysk finance covered calls: https://x.com/ryskfinance/status/1953421264988623279
+ Theo thBILL basket of US Treasury bills: https://x.com/theo_network/status/1954205977965690910
+ Hyperstable borrow pools: https://x.com/HyperstableX/status/1953487403273916618
+ Matcha Meta and Ooga Booga DEX aggregators: https://x.com/matchametaxyz/status/1955333880938119421, https://x.com/0xoogabooga/status/1955332822714970342
+ Squid multichain router: https://x.com/squidrouter/status/1956012858967204116

New Teams on HyperCore (in no particular order)
+ BasedApp mobile app on iOS: https://x.com/basedapphq/status/1956026623104573740
+ Liquid mobile app on iOS: https://x.com/liquidperps/status/1952701122952507613

Community Highlights
+ HypeRPC's hackathon in Seoul opened up for registrations: https://x.com/hlh_build/status/1952671705467650497
+ There was a community organized event at Sunway University in Malaysia: https://x.com/Hyperliquid_MY/status/1956244363862008313
+ Jeff shared some recommendations for MMs on Hyperliquid: https://x.com/chameleon_jeff/status/1954125933885173895

Spot trading against multiple quote assets has been activated on Hyperliquid mainnet. The USDT0 team completed their deployment today, which automatically deployed the HYPE/USDT pair.

HIP-1 base asset deployments can specify any quote asset as their first spot pair deployment. Permissionless pair deployments between existing base and quote assets follow an independent Dutch auction with the same cadence as the existing HIP-1 deployments.

This is an important technical step in generalizing the Hyperliquid protocol. A mechanism for additional quote asset deployments will be added in a future network upgrade. See Docs for more: https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/api/info-endpoint/spot#retrieve-information-about-the-spot-pair-deploy-auction

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

Beware of low liquidity, high volatility, and increased liquidation risk. 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/YZY

By community request, Hyperliquid has listed XPL-USD hyperps. You can now long or short the unlaunched $XPL token with up to 3x leverage.

As a reminder, hyperps do not rely on any external data for the oracle price. Hyperps trade like perpetual contracts that users are familiar with, but do not require an external spot or index oracle price. Instead, the funding rate is determined relative to a moving average of the hyperp mark price.

Trading is on low leverage and isolated margin only. Beware of low liquidity, high volatility, potentially extreme funding, and increased liquidation risk. Note: $XPL-USD will convert to a vanilla perp upon CEX spot listing. See Docs for more.

$XPL-USD is a hyperp contract that poses higher than normal risk. Do not trade contracts you are unfamiliar with and do not understand the risks for. Read the Docs to learn more about the hyperp mechanism. NFA.

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

By community request, Hyperliquid has listed WLFI-USD hyperps. You can now long or short the unlaunched $WLFI token with up to 3x leverage.

As a reminder, hyperps do not rely on any external data for the oracle price. Hyperps trade like perpetual contracts that users are familiar with, but do not require an external spot or index oracle price. Instead, the funding rate is determined relative to a moving average of the hyperp mark price.

Trading is on low leverage and isolated margin only. Beware of low liquidity, high volatility, potentially extreme funding, and increased liquidation risk. Note: WLFI-USD will convert to a vanilla perp upon CEX spot listing. See Docs for more.

WLFI-USD is a hyperp contract that poses higher than normal risk. Do not trade contracts you are unfamiliar with and do not understand the risks for. Read the Docs to learn more about the hyperp mechanism. NFA.

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

Spot volumes on Hyperliquid reached a new 24h ATH of $3.4B. This was driven largely by growth in BTC and ETH deposits and spot volume, facilitated by Unit Protocol.

This makes Hyperliquid the second largest venue to trade spot BTC across both centralized and decentralized exchanges, with $1.5B 24h volume on BTC alone.

On the next network upgrade:
+ The hyperp funding rate will change from 1/20 to 1/100 of the normal funding rate
+ The permissionless validator set will increase from 21 to 24 as previously announced
+ HLP's fee share will be decreased to 1%, with the remainder going to the assistance fund

As liquidity continues to deepen by a wide variety of market participants, HLP's volume share has declined to a negligible percentage of Hyperliquid's volume. This is a healthy development reflecting the protocol's liquidity network effects. As a reminder, fees on Hyperliquid are directed entirely to the community.

Today, the XPL hyperp experienced a period of significant volatility, where the mark price increased by ~2.5x over several minutes. Throughout this period, the Hyperliquid blockchain functioned as designed without any technical issues, first executing liquidations against the order book and then falling back to auto-deleveraging (ADL) as per its public specifications. Hyperps use isolated-only margining, meaning pnl from all users are isolated from all positions on other assets. All liquidations and ADLs affected only XPL positions, and the protocol incurred no bad debt.

Pre-launch markets are inherently unpredictable. The robust mark price formula for hyperps correctly prevented an instant spike, requiring several minutes of elevated order book prices before triggering liquidations.

Hyperliquid is a permissionless protocol with different markets, each with unique risk profiles. Users are strongly encouraged to read the documentation to understand the mechanics of markets like hyperps and to apply appropriate risk management before trading. All hyperps include a warning for users to beware of low liquidity, high volatility, and increased liquidation risk.

Lastly, some users expressed a desire to short using a highly collateralized position. After the next network upgrade, the mark price of hyperps will be capped at 10x the 8-hour mark price EMA. This condition has never been close to being hit, but provides a mathematical formula for bounds on liquidation prices for overcollateralized shorts. The 8-hour EMA is already reported onchain and in the API as the oracle price for hyperps. Note that this would not have changed any of today’s liquidations or ADLs, but is intended to encourage liquidity provision during periods of volatility. Different suggestions from users all come with a different set of risk vectors. The best solution is to onboard more liquidity for these markets to reduce the effects of volatility.

Based on user feedback, hyperp mark prices will use the normal mark price formula incorporating external pre-launch perp prices for the same asset if available. This has no noticeable effect on the vast majority of users and instances, but improves robustness of the system. To be clear, this does not affect funding rates or realized pnl. Thank you to the users who shared constructive feedback based on their interactions with hyperp markets.

Bi-weekly update

Trading
+ Reached new ATH in 24h spot volume: $3.5B
+ YZY perps and XPL and WLFI hyperps were listed

Product and Tech
+ Spot trading against multiple quote assets was activated on mainnet. HIP-1 base asset deployments can specify any quote asset as their first spot pair deployment. Permissionless pair deployments between existing base and quote assets follow an independent Dutch auction with the same cadence as the existing HIP-1 deployments.
+ The permissionless validator increased to 24.
+ Misc UI improvements: TIF is preserved when dragging orders to modify them on the TV chart, clicking "Close All" closes positions in a batch instead of one-by-one, etc.

New Teams on the HyperEVM (in no particular order)
+ HyperDrive HYPED LST token: https://x.com/hyperdrivedefi/status/1960371692485980387
+ OpenSea NFT marketplace: https://x.com/opensea/status/1961528220500762930
+ Rarible NFT marketplace: https://x.com/rarible/status/1961144207365812717
+ Hyperpie meme launchpad: https://x.com/Hyperpiexyz_io/status/1958404525422723563
+ Swype.fun card to spend USDT and use different apps' vaults on the HyperEVM: https://x.com/BrahmaFi/status/1957794882325774337
+ Bitgo custody: https://x.com/BitGo/status/1960415778811076682
+ Wormhole and Mayan bridge: https://x.com/wormhole/status/1961429051484377355, https://x.com/mayanfinance/status/1961431890281246976

New Teams on HyperCore
+ Supercexy PWA and desktop version for trading: https://x.com/try_supercexy/status/1959689737461268781

Community Highlights
+ Hyperliquid Taiwan is hosting a meet-up in Taipei on Sep 5: https://x.com/Hyperliquid_TW/status/1960612916752998569
+ Hyperliquid Malaysia is hosting a HyperEVM workshop at Taylor's University on Sep 11: https://x.com/Hyperliquid_MY/status/1960241437402165758
+ HypurrCo is hosting brunch on Oct 3 during Token2049 Singapore: https://x.com/hypurr_co/status/1958516939828908169
+ Jeff did an interview with Colin from Wu Blockchain: https://x.com/WuBlockchain/status/1957248243701809322

By community request, Hyperliquid has listed LINEA-USD hyperps. You can now long or short the unlaunched $LINEA token with up to 3x leverage.

As a reminder, hyperps do not rely on any external data for the oracle price. Hyperps trade like perpetual contracts that users are familiar with, but do not require an external spot or index oracle price. Instead, the funding rate is determined relative to a moving average of the hyperp mark price.

Trading is on low leverage and isolated margin only. Beware of low liquidity, high volatility, potentially extreme funding, and increased liquidation risk. Note: LINEA-USD will convert to a vanilla perp upon CEX spot listing. See Docs for more.

LINEA-USD is a hyperp contract that poses higher than normal risk. Do not trade contracts you are unfamiliar with and do not understand the risks for. Read the Docs to learn more about the hyperp mechanism. NFA.

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

The WLFI hyperp has converted to a regular perp. You can now long or short $WLFI 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/WLFI