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

The XPL hyperp has converted to a regular perp. You can now long or short $XPL with up to 10x 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/XPL

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

Biweekly update

Product & Tech
+ Permissionless spot quote assets are live on mainnet. Stablecoin deployers can enable quote asset status, subject to the onchain requirements outlined in the Docs.
Any quote asset can be specified as the quote asset in the first spot pair of an HIP-1 deployment. Additional asset pairs between existing base and quote assets can also be deployed through a permissionless Dutch auction. This auction is independent from the HIP-1 token auction. Native Markets deployed USDH as the first permissionless quote asset. Users can now trade HYPE/USDH, with more permissionless pair deployments possible in the future.
+ HIP-3 on testnet is available for mainnet level bug bounties. The initial mainnet spec is described in the previous announcement.
+ Updated the Docs to include a Builder Tools section: https://hyperliquid.gitbook.io/hyperliquid-docs/builder-tools

Trading
+ ASTER, AVNT, APEX, HEMI, STBL, and 0G perps were listed
+ XPL hyperp was converted to a regular perp
+ OMNI and NEIROETH were delisted
+ XPL spot trading, deposits, and withdrawals went live via Unit Protocol

New Teams on the HyperEVM (in no particular order)
+ Rabby swaps: https://x.com/rabby_io/status/1971548219252547897
+ Kintsu liquid staking: https://x.com/kintsu_xyz/status/1967952624621387810
+ Gas Network gas estimation: https://x.com/gasdotnetwork/status/1968346758284824982

New Teams on HyperCore (in no particular order)
+ Artemis open sourced their Hyperliquid data: https://x.com/artemis/status/1970640312474444126
+ QuickNode added support for HyperCore data streams: https://x.com/QuickNode/status/1970880929582498099

Community Highlights
A big thank you to everyone who organized and was part of the different community events this week in Seoul, including:
+ HLH hackathon hosted by HypeRPC and B-Harvest: https://x.com/hlh_build/status/1970442533651259491
+ Fireside chat at KBW with Jeff and SKYGG's Christy: https://x.com/christyhwchoi/status/1970479698288271683
+ HypurrCorea, HypurrCo, and Hyperliquid KR meet-up: https://x.com/SKYGG_Official/status/1970513940804444294
+ Hyperliquid in pink themed builder meet-up: https://x.com/hyperbuilder_hl/status/1972158209046835218
+ Hyperliquid KR Meow-Gather: https://x.com/Hyperliquid_KR/status/1971917662952542223
+ Local meet & greet with Jeff

Look forward to seeing many of you in Singapore this week!

Hypurr NFTs have been deployed on the HyperEVM.

Participants had the opportunity to opt in to receive a Hypurr NFT after the HyperEVM went live as part of the Genesis Event in November 2024. The HyperEVM launched in February 2025 as the general programmability interface to the Hyperliquid L1. The HyperEVM is not a standalone EVM. Rather, it allows developers to trustlessly tap into the liquidity on HyperCore. Read precompiles allow smart contracts on the HyperEVM to read L1 state, and the CoreWriter contract allows HyperEVM smart contracts to send actions on HyperCore. This two-way communication between Core and EVM secured by the same HyperBFT consensus protocol unlocks powerful new primitives. Many novel applications have been built on the HyperEVM exploring these possibilities, including LSTs, lending, and vault tokenization protocols.

The goal of the Hypurr NFT collection was to share a memento with those who believed in and contributed early on to Hyperliquid’s growth. Each NFT is unique and captures the different moods, hobbies, tastes, and quirks of the Hyperliquid community, as depicted by Hypurr.

There are a total of 4,600 NFTs in the collection. 4,313 NFTs went to Genesis Event participants, 144 went to the Hyper Foundation, and 143 went to core contributors, including Hyperliquid Labs, NFT artists, and other contributors.

Ownership and use of Hypurr NFTs are subject to the Hypurr NFT Terms and License available here: https://hyperfoundation.org/nftTerms. Participants who opted in to receive a Hypurr NFT as part of the Genesis Event were screened according to the Foundation's risk-based program. In addition, clustering analysis was conducted to protect against sybil behavior and cap the total number of NFTs received by any given user.

Contract address: 0x9125E2d6827a00B0F8330D6ef7BEF07730Bac685.

To be clear: No action is required. You do not need to mint. The NFT collection has already been distributed. As always, beware of scams and impersonations.

Thank you so much to everyone who came to the event in Sentosa yesterday. For many people, it was their first time in Singapore and first time attending any crypto event.

We’re grateful to have such a passionate community contributing to Hyperliquid. It’s inspiring to see many people start out as users, believe in the mission, grow to love the ecosystem, and become builders.

2Z spot deposits, withdrawals, and trading are now live on Hyperliquid through Unit Protocol.

Deposit 2Z on https://app.hyperliquid.xyz/trade or https://app.hyperunit.xyz/

Trade spot 2Z at https://app.hyperliquid.xyz/trade/2Z/USDC

By community request, you can now long or short $2Z 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/2Z

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