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

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

Beware of low liquidity, high volatility, and increased liquidation risk. Trading is on low leverage and isolated margin only. 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/ASTER

Proposal for permissionless aligned stablecoins [pending feedback, forwarded from governance forum]

The Hyperliquid protocol will support “aligned stablecoins” as a permissionless primitive for stablecoin issuers to leverage Hyperliquid’s unique distribution and scale together with the protocol. Aligned stablecoins offer lower trading fees, better market maker rebates, and higher volume contribution toward fee tiers when used as the quote asset for a spot pair or the collateral asset for HIP-3 perps.

Hyperliquid will continue to support a wide variety of permissionless quote assets for spot and perps trading. There will be continual technical developments to ensure that the Hyperliquid L1 is the most performant infrastructure for general purpose asset issuance, liquidity, and building.

To be clear, the motivation behind alignment is not to exclude any issuers, but rather to introduce an opt-in setting for new stablecoin teams to bootstrap their network effects and share upside proportionally with the protocol. Aligned stables and other assets serve different purposes and audiences, and will coexist and complement each other. In an ideal outcome, the next generation of payments and personal finance technologies are built on Hyperliquid. Similar to the builder-protocol synergy of permissionless spot listings, HIP-3, and builder codes, aligned stablecoins are part of the infrastructure to move all of finance onchain.

Aligned stable benefits, applied to spot and perp trading:
1. 20% lower taker fees
2. 50% better maker rebates
3. 20% more volume contribution toward fee tiers

Onchain requirements:
1. Enabled as a permissionless quote token
2. 800k additional staked HYPE by deployer, meaning a total of 1M staked HYPE including the 200k staked HYPE for the quote token deployment. This is to give builders and users assurance to use the aligned stablecoin.
3. 50% of the offchain yield shared with the protocol. Validators vote on the precise definition of this yield as stablecoin regulation develops. The intention is to reflect the yield earned by the issuer’s offchain assets. There will be follow-up work on the exact definition of risk-free rate, which will be updated according to an onchain stake-weighted median of validator reported values. A CoreWriter action will allow the deployer to reflect the exact minted balance from HyperEVM directly to HyperCore, which will allow a fully automated fee share mechanism as part of L1 execution.

Offchain requirements, enforced through onchain quorum of validator votes:
1. Fiat USD-backed stablecoin
2. Full supply natively minted on HyperEVM. Any supply on other chains or offchain must first be minted on HyperEVM as the source chain.
3. The issuer exclusively issues this one asset. The issuer may work on other products, but they must synergize with the aligned stablecoin. Examples include neobanks and payments denominated in the stablecoin.
4. The issuer cannot benefit from any other form of yield income or asset issuance. For example, this excludes issuers of other stablecoins. It also excludes indirect arrangements where the issuer receives external income in exchange for conversion of the aligned stablecoin into another asset.
5. The team building an aligned stablecoin must be independent and dedicated to building on Hyperliquid.

Offchain requirements will inevitably involve judgment, and the validator quorum is empowered to interpret them in line with the intent. The 1M staked HYPE can be slashed in accordance with the rules above.

Any feedback is appreciated. Note that the conditions above have not been finalized and community suggestions are welcome.

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

Trading is on low leverage and isolated margin only. 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/AVNT

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

Trading is on low leverage and isolated margin only. 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/STBL

By community request, you can now long or short $0G 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/0G

Upcoming events in Singapore for Token2049

Tuesday: Sep 30
+ Ethena x Based networking: https://luma.com/1n19ixnn
+ Liquid networking at VUE: https://luma.com/36x7jxpj
+ Hyperliquid Labs community event: https://luma.com/hl-community. Note that this event will be extremely oversubscribed. When you request to join, please share your project and role (if you're a builder) as well as the social media handle you use most in the Hyperliquid community to make it easier to assess

Wednesday: Oct 1
+ Community-organized brunch: https://luma.com/e35mi6m1
+ Kinetiq, IMC, and Maven 11 at Gardens By the Bay: https://luma.com/x63ddhcb
+ Flowdesk x Kinetiq rooftop drinks: https://luma.com/yx1lbgxv
+ Hypio, Hyperbeat, Optfun, and TIDEMRKT disconnect party: https://luma.com/l8kty2dh

Thursday: Oct 2
+ Based pickleball: https://luma.com/25b93x6x
+ Hypio, Hyperbeat, and Optfun meet-up: https://luma.com/l64pjve5

Friday: Oct 3
+ HypurrCo gathers: https://luma.com/lxmncmkq

As discussed in the Discord governance channel, validators will be voting on whether to delist OMNI and NEIROETH around 9:00 UTC on Sep 25.

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

HIP-3 on testnet is now available for mainnet level bug bounties. There are several medium severity "Easter egg" bugs intentionally left for people to find on testnet, as an added incentive for detectives to investigate. These "bugs" have simple fixes and will be resolved for mainnet launch regardless of whether someone finds them. As always, the first complete report of each bug is the only eligible one for the bug bounty program.

Initial HIP-3 spec for mainnet (live on testnet)

1. The staking requirement for mainnet will be 500k HYPE. This requirement is expected to decrease over time as the infrastructure matures. Any amount staked above the most recent requirement can be unstaked. The staking requirement is maintained for 30 days even after all of the deployer's perps have been halted.
2. Any deployer that meets the staking requirement can deploy one perp dex. As a reminder, each perp dex features independent margining, order books, and deployer settings. A future upgrade may support multiple dex deployments sharing the same deployer and staking requirement.
3. Any quote asset can be used as the collateral asset for a dex. As a reminder, assets that fail to meet the permissionless quote asset requirements will lose quote asset status based on onchain validator vote. Such a vote would also disable perp dexs that use this asset as collateral.
4. HIP-3 deployers are not subject to slashing related to quote assets. On a future upgrade, dexs with disabled quote assets would support migration to a new collateral token. This is not expected to happen on mainnet, as quote token deployers have their separate staking and slashing conditions. In summary, the quote asset choice is important for trading fee and product considerations, but is not an existential risk for HIP-3 deployers.
5. The first 3 assets deployed in any perp dex do not require auction participation. Additional assets go through a Dutch auction with the same hyperparameters (including frequency and minimum price) as the HIP-1 auction. The HIP-3 auction for additional perps is shared across all perp dexs. Future upgrades will support improved ergonomics around reserving assets for time-sensitive future deployments.
6. Isolated-only margin mode is required. Cross margin will be supported in a future upgrade.
7. HIP-3 markets incorporate the usual sources of trading fee discounts, including staking discounts, referral rewards, and aligned collateral discount. From the deployer perspective, the fee share is fixed at 50%. From the user perspective, fees are 2x the usual fees on validator-operated perp markets. The net effect is that the protocol collects the same fee regardless of whether the trade is on an HIP-3 or a validator-operated perp. User rebates are unaffected, and do not interact with the deployer. Deployer configurability of fees will be supported in a future upgrade.
8. Aligned stablecoin collateral will automatically receive reduced fees once the alignment condition (which is being updated based on user and deployer feedback) is implemented.

HIP-3 Slashing (note: in all usages below, "slashing" is only in the context of HIP-3)

While slashing is ultimately by validator quorum, the protocol guidelines have been distilled from careful testnet analysis, user feedback, and deployer feedback. The guiding principle is that slashing is to prevent behavior that jeopardizes protocol correctness, uptime, or performance. A useful rule of thumb is that any slashable behavior should be accompanied by a bug fix in the protocol implementation. Therefore, HIP-3 should not require slashing in its final state. However, slashing is an important safety mechanism for a practical rollout of this large feature set.

Slashing is technical and does not distinguish between malicious and incompetent behavior. Relatedly, slashing does not distinguish between
1. A deployer that deviates from a well-designed contract spec
2. A deployer that faithfully follows a poorly designed contract spec
3. A deployer whose private keys are compromised

The key factor is the effect of the deployer's actions on the protocol. Note that any bugs discovered are generously covered by the bug bounty program, provided such discoveries meet the terms of that program, including being responsibly disclosed without being exploited. These reports are greatly appreciated.

Even attempted malicious deployer inputs that do not cause protocol issues are slashable. Similarly, inputs that do cause protocol issues but that are not irregular are not slashable. In particular, bugs under normal operation that are unrelated to the deployer inputs are not within scope of slashing. The interpretation of "irregular" inputs is to be determined by validator vote, and includes inputs that exploit edge cases or loopholes that circumvent system limits. All deployer transactions are onchain, and can be independently analyzed by any interested parties.

Some malicious behavior is valid by protocol definition, but incorrect by certain subjective interpretations. The slashing principle provides that the protocol should not intervene in subjective matters. The motivation is that while proof-of-stake blockchains could hard fork on undesirable state transitions, they very rarely do. Neutrality of the platform is an incredibly important feature to preserve. Relatedly, the slashed stake by the deployer is burned instead of being distributed to affected users. This is again based on proof-of-stake principles and prevents some forms of misaligned incentives between users and deployers. While the protocol layer does not enforce subjective irregularities, the downstream application and social layers can. Ultimately, the deployer's reputation and future success is always at stake.

The amount slashed in a given instance is ultimately a stake-weighted median of validator votes. However, as a general guideline, irregular inputs that cause invalid state transitions or prolonged network downtime can be slashed up to 100%. Irregular inputs causing brief network downtime can be partially slashed up to 50%. Invalid inputs that cause network degradation or performance issues can be partially slashed up to 20%.

Lastly, the slashing conditions are independent of the staker composition. Therefore, LST operators should carefully diligence deployers. LST operators should also carefully and clearly communicate slashing risks to their users. A self-bonding requirement for deployers could make sense.

In the most likely outcome, slashing never happens on mainnet. A large amount of technical work has gone into making HIP-3 a self-contained and technically robust system. Barring implementation issues, HIP-3 inherits Hyperliquid's carefully designed mathematical solvency guarantees.

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

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

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