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

As discussed in the Discord governance channel, validators will be voting on whether to delist MKR as part of the MKR -> SKY conversion around 10:00 UTC on Sep 5.

On the next network upgrade, to improve liquidity and reduce user friction, spot pairs between two spot quote assets will have 80% lower taker fees, maker rebates, and user volume contribution.

The USDH ticker, currently reserved by the protocol, will be released by a validator vote in a transparent, onchain process.
+ The USDH ticker is well-suited for a Hyperliquid-first, Hyperliquid-aligned, and compliant USD stablecoin.
+ After the next network upgrade, validators will be able to vote to allow a user address to purchase the USDH ticker. Voting is fully onchain through a Hyperliquid L1 transaction, in the same way that delisting votes work.
+ As USDH is a canonical ticker with high demand, validators will vote on the team best equipped to build a natively minted, Hyperliquid-first stablecoin. Teams interested in being considered for the ticker may submit a proposal in the USDH Discord forum and should include the user address which would deploy the USDH ticker if selected by a validator quorum. Note that the approved team must still participate in the usual spot deploy gas auction.

For context, spot quote assets will become permissionless in the future, starting with testnet. There will be a staking requirement and slashing criteria to be announced.

Weekly update

Product & Tech
+ The USDH ticker, currently reserved by the protocol, is being released by validator vote with discussion in the ⁠Discord server's USDH forum. The USDH ticker is well suited for a Hyperliquid-first, Hyperliquid-aligned, compliant, and natively minted USD stablecoin. Teams have until Sep 10 at 10:00 UTC to submit a proposal, and validators will state who they are voting for by Sep 11 at 10:00 UTC. Users have until Sep 14 at 10:00 UTC, when validator voting begins, to stake to a validator matching their vote. Voting is based on stake, and the Foundation will effectively abstain. For more details, see the previous announcement and the ⁠Discord forum.
+ Spot pairs between two spot quote assets now have 80% lower taker fees, maker rebates, and user volume contribution.
+ The referral claim action now claims rewards in all quote assets (currently USDC and USDT). A separate ledger update is recorded for each reward asset claimed.

Trading
+ LINEA hyperp was listed, and WLFI hyperp was converted to a regular perp
+ MKR perp was delisted

New Teams on the HyperEVM (in no particular order)
+ Dune analytics: https://x.com/Dune/status/1963240600687530392

New Teams on HyperCore (in no particular order)
+ Rabby wallet perps trading: https://x.com/Rabby_io/status/1964360621681414356
+ HyperSig multisig frontend dedicated to HyperCore: https://x.com/hypersig_/status/1963273147144396990
+ FalconX staking and custody: https://x.com/FalconXGlobal/status/1963225506020491627
+ HypeDexer historical data by Enigma validator: https://x.com/hypedexer/status/1964072412632535123
+ Jan's hypeburn.fun added a staking delegation breakdown: https://www.hypeburn.fun/staking

Over the past week, the community engaged with teams’ proposals for the USDH ticker for a Hyperliquid-first, Hyperliquid-aligned, compliant, and natively minted USD stablecoin. While USDH is no more than a reserved ticker at the protocol level, it has come to represent a community rallying around a common cause and a successful experiment in decentralized governance. Thoughtful dialogue, proposal iteration based on user feedback, and community stewardship are values that will continue to drive Hyperliquid forward as it strives for the goal of housing all of finance. Regardless of the vote’s result, it will be exciting to see many of these proposals go live and contribute to growing the Hyperliquid ecosystem. Thank you to all participants who dedicated their precious time to participate in this governance process.

Voting will begin on September 14 at 10:00 UTC. Each validator should share their intended vote in the Discord governance forum, if available, by September 11 at 10:00 UTC. Stakers have until September 14 at 10:00 UTC to stake to a validator who matches their vote.

Voting is fully onchain through a transaction on the Hyperliquid blockchain and based on stake. When quorum (2/3) is reached, the designated address will be able to bid on the ticker in the spot deploy gas auction. As a reminder, the Foundation validators will effectively abstain by voting for the team with the most non-Foundation votes based on validator commitments made on September 11 weighted by stake on September 14.

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

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

Weekly update

Product & Tech
+ Becoming a spot quote asset will become permissionless on mainnet, pending testnet testing. See the proposed criteria in the API announcements channel
+ HIP-3 markets will support using any quote asset as collateral, pending testnet testing. Read more in the API announcements channel
+ The ability to purchase the USDH ticker was awarded to the Native Markets team via onchain vote. Thank you to all participants - proposal teams, validators, and community members - who dedicated precious time to this very active and engaged governance process. Looking forward to many of these stablecoin proposals going live
+ A Stablecoin Swap modal was added to the app.hyperliquid.xyz Portfolio page to simplify the flow for users. This routes swaps to the spot order book

Trading
+ LINEA hyperp was converted to a regular perp
+ SKY perp was listed

New Teams on the HyperEVM (in no particular order)
+ Native USDC and CCTP V2 (Note that USDC on the HyperEVM and HyperCore are not linked. You cannot transfer USDC on the HyperEVM to HyperCore or vice versa yet): https://x.com/circle/status/1967928959947116873
+ QuickNode RPC adds archive, debug, and trace support: https://x.com/QuickNode/status/1965415063826903218
+ EO Network oracles: https://x.com/eoracle_network/status/1967544205405987001
+ Tangem wallet: https://x.com/Tangem/status/1967853412969799789
+ Bridge via Across and Layerswap: https://x.com/AcrossProtocol/status/1967980820779733412, https://x.com/layerswap/status/1962938791963873319
+ Fibrous DEX aggregator: https://x.com/FibrousFinance/status/1965124664901976220

Community Highlights
+ Winners were announced for the Hyperliquid Community Hackathon: https://x.com/hl_hackathon/status/1966756985568694302
+ Xulian did a whiteboarding session with LayerZero on Hyperliquid: https://x.com/LayerZero_Core/status/1966534692993212605

Upcoming events in Seoul for KBW
+ Sep 21-22 - HLH two-day hackathon hosted by HypeRPC (Imperator): https://luma.com/5wzngdgk
+ Sep 23 - Fireside chat with Jeff at KBW moderated by SKYGG's Christy: https://conference.playfablo.com/en/conference/KBW/session/2025-09-23
+ Sep 23 - HypurrCorea, HypurrCo, and Hyperliquid KR meet-up: https://luma.com/hwfhyz82
+ Sep 24 - Hyperbuilder, XTrade, ScalingX, Wallet V, D'CENT Wallet, Vectis Finance, Hyperwave, and SlashTrade meet-up: https://luma.com/rrhswu2t
+ Sep 25 - Hyperliquid KR, HypurrCo, B-Harvest, HypurrCorea, and HypeRPC meet-up: https://luma.com/mhpqyz0j