Decentralized perpetuals exchange Hyperliquid has been among crypto’s breakout projects in 2025, but rivals’ lucrative rewards systems are vying to lure investors away. Cantor Fitzgerald forecasts Hyperliquid’s HYPE (HYPE) token to surge to $200 by 2035. Hyunsu Jung, CEO of HYPE treasury company Hy

The HIP-3 trading platform saw its volume double to $10 billion, indicating rising investor confidence in decentralized markets. Trade[XYZ] emerged dominant in peak trading, while the Hyna project enhances ecosystem connectivity by supporting seven major cryptocurrencies without relying on live price feeds.

Title: Hyperliquid at the Crossroads: Robinhood or Nasdaq Economics Author: @shaundadevens Translation: Peggy, BlockBeats Editor's Note: As Hyperliquid's trading volume approaches that of traditional exchanges, what truly matters is no longer just "how large the volume is," but which level of the market structure it chooses to stand on. This article references the division of roles between "brokerages vs exchanges" in traditional finance to analyze why Hyperliquid actively adopts a low-fee market layer positioning, and how Builder Codes, HIP-3, while expanding the ecosystem, also create long-term pressure on platform fees. Hyperliquid's path reflects the entire crypto ecosystem's development.

Hyperliquid's market share plummeted from 80% to 20%. Is this due to a strategic transition or a failure in competition? This article will deeply analyze its transition from B2C to "liquidity AWS," and how HIP-3 and Builder Codes become key to breaking the ecosystem. The article is based on an original piece by esprit.hl, compiled, edited, and written by Foresight News. (Previous context: From on-chain pricing to unlisted giants: Hyperliquid opens a new battlefield for Pre-IPO contracts) (Additional background: Hyperliquid faces a "suicide attack" with a vault evaporation of $5 million, and a bigger disaster may be quietly approaching.) Table of Contents Phase One: Full Lead Period (Early 2023 – Mid 2025)

Author: Frank, PANews Since the launch of the HIP-3 growth model, this flagship product is rapidly becoming a new business growth engine for Hyperliquiid, not only driving explosive growth in market trading volume with a tenfold increase in monthly trading amount, but also injecting more innovative vitality and liquidity into the Perp DEX segment. Behind the surge in trading volume is HIP-3, which aims to become the underlying trading foundation for future decentralized markets. However, this transformation journey is far more rugged than the data suggests. The monthly trading volume has increased more than tenfold, with the main driving force being the growth model. The full name of the HIP-3 proposal is "Builder-Deployed Perpetuals." Its core idea is to decentralize the "market creation rights" from the core protocol team to the community and developers. Under the HIP-3 architecture, Hyperl

Hyperliquid leads perpetual DEXs with $8.06B daily volume and $6.51B open interest, outperforming Aster, Lighter, and EdgeX. HIP-3 allows users to create synthetic equity markets by staking HYPE, earning 50% of transaction fees for market creation. Growth mode cuts taker fees to 0.0045%–0.009%,

Hyperliquid has officially activated the custom markets HIP-3 and initial data shows strong growth. According to the platform's interface, these markets have generated over 500 million USD in trading volume in the past 24 hours, reflecting a swift uptake from traders seeking.

Written by: Zuo Ye When the time comes, the world works together; when luck fades, heroes are not free. Binance launched an Aster attack on Hyperliquid's OI and trading volume, with $JELLYJELLY and $POPCAT continuously attacking HLP, merely a minor issue. In the booming HIP-3 growth mode, the rumored BLP (lending protocol), and the active pledge of 1 million coins for $USDH .

1. Grayscale Dogecoin ETF approved, expected to start trading on NYSE on Monday link Grayscale's Dogecoin ETF (GDOG) has been approved to be listed on the NYSE and is expected to start trading on Monday; its XRP spot ETF is also expected to go live on the same day, and GLNK is anticipated to launch next week. 2. Hyperliquid launches HIP-3 growth mode, reducing new market fees by 90% to enhance liquidity link Hyperliquid has launched a new feature today called "HIP-3 Growth Mode"

Hyperliquid’s Ecosystem Fractures > “Wishing every day for a @YBSBarker technical co-founder to appear. When fortune comes, everything works together; when luck fades, even heroes are powerless. Binance launches Aster to attack Hyperliquid’s OI and trading volume, $JELLYJELLY and $POPCAT consecutively attack HLP, but these are merely minor ailments; Amidst the booming HIP-3 Growth Mode, the rumored BLP (lending protocol), and $USDH ’s proactive staking of 1,000,000 tokens

Hyperliquid introduces HIP-3 Growth Mode, significantly reducing taker fees, rebates, and volume-based contributions by over 90%. This permissionless feature enables anyone to activate it for easier market deployment.

Famous traders decided to leave HyperLiquid after the 10·10 incident, calling for the cryptocurrency industry to shift from protecting protocols to protecting users and establishing a true risk buffer mechanism. This article is based on @TheWhiteWhale's piece "V2 A Difficult Personal Decision," organized, compiled, and written by BlockBeats. (Background: The Future of Hyperliquid: HIP-3 and HyperStone) (Supplementary Background: ERC-8021 Proposal Interpretation: Will Ethereum Copy Hyperliquid to Create a Wealth Myth for Developers?) The author of this article is a well-known trader who has been deeply involved in cryptocurrency trading for a long time, with over seventy thousand followers on the X platform, aiming to achieve a trading performance of 100 million dollars. In August of this year, he was at H.

In Brief TradeXYZ, Ventuals, and Felix have HIP-3, enabling permissionless perpetual futures markets on Hyperliquid with enhanced capital efficiency and on-chain governance. Co-founder of the decentralized exchange (DEX) Hyperliquid, Jeff Yan, announced that the non-custodial cryptocurrency tra

Co-founder of Hyperliquid, Jeff Yan stated that TradeXYZ, Ventuals, and Felix Protocol have introduced HIP 3, marking a significant step forward by enabling the deployment of perpetual (unlicensed perpetual futures market) on Hyperliquid. According to Yan, the development team has spent several months perfecting the transaction.

Written by: Yue Xiaoyu The future of Hyperliquid is in HIP-3, and the foundation of HIP-3 is HyperStone. 1️⃣ Hyperliquid is not just building an on-chain contract exchange, but is constructing an ecosystem, which has a high enough ceiling. The current RWA wave is surging, with US bonds on-chain, US stocks on-chain, and everything can be on-chain. However, these markets cannot be handled or absorbed by Hyperliquid alone, so it must rely on the power of the ecosystem. On October 13, 2025, the HIP-3 mainnet went live, achieving full decentralization of perpetual contract listings. From that day on, Hyperliquid was no longer a permissioned exchange, but became an open platform where anyone could launch their own market by staking 1 million HYPE. Simple

Analyzing how Hyperliquid transitions from centralized exchange to decentralized ecological platform through HIP-3 and HyperStone Oracle Machine. (Background: ERC-8021 proposal interpretation: Will it create a wealth myth for Ethereum developers replicating Hyperliquid?) (Background supplement: The myth of 100% win-rate Whale comes to an end, let's see how Hyperliquid's leveraged Whale empties itself?) The future of Hyperliquid lies in HIP-3, and the foundation of HIP-3 is in HyperStone. 1⃣ Hyperliquid is building a complete ecosystem. Hyperliquid is not just creating an on-chain Futures Trading exchange, but is constructing an ecosystem, where the ceiling is high enough for this endeavor. Now

The article discusses the process of de-mystifying traditional finance in the field of crypto assets, emphasizing its egalitarian and permissionless characteristics. The author points out that with the development of technology, ordinary users can also participate in complex financial operations, such as Perptual Futures, and that the Oracle Machine plays a key role in this. The implementation of on-chain Perptual Futures through the HIP standard appears to be more convenient, and it may bring new market opportunities and profit models in the future.

Taiwanese singer Maggi Big Brother Huang Licheng's complete journey from a peak of 45 million USD to total loss witnesses the rise and fall of an era chaser. On November 4th, he used the remaining 16,700 USD on the Hyperliquid platform to reopen a 25x leveraged long position with 100 ETH. After 24 hours, liquidation struck again, and the account balance was only 1,718 USD.

The story of "Brother Maqi" Huang Licheng showcases his rise from a pioneer of Chinese-language hip-hop to a major whale in the crypto market. He once reached a peak of $44.84 million in crypto investments, but later suffered heavy losses due to a market crash, nearly wiping out his account. From music entrepreneurship to tech investments, he has always seized opportunities at the right moment. Ultimately, he faced setbacks in the virtual currency field, leaving behind a trail of scars and lessons learned.

Hyperliquid (HYPE) users are debating the HIP-5 proposal, which suggests redirecting a portion of daily fees to support ecosystem projects, potentially slowing buybacks and impacting price stability. Despite this, Hyperliquid maintains a strong position in the market, leading in buybacks and attracting significant trading volume. If current trends continue, HYPE's price could rise significantly.

RedStone, a decentralized oracle network, has just announced HyperStone – a new data oracle specifically designed for Hyperliquid's HIP-3 framework, enabling the creation of permissionless perpetual markets (perpetual). HyperStone provides fast and accurate data sources at the organizational level, g

“On-chain US stocks” still Follow attention in the crypto market’s downturn, TradeXYZ drives innovation in real-world asset trading through the HIP-3 upgrade. Although this field faces technical, liquidity, and regulatory risks, several projects are actively competing to achieve broader marketplace access and services.

HYPE jumps 12% after Hyperliquid unveils a $1B accumulation plan. Trading volume and open interest surge, signaling renewed investor confidence. Hyperliquid’s SEC filing and HIP-3 upgrade strengthen its long-term growth outlook. Hyperliquid’s HYPE stole the spotlight on October 23 with a

Perpetual stocks are considered a potential blue ocean in the on-chain Marketplace, but current demand remains weak. Ostium's daily trading volume is significantly lower compared to cryptocurrency perpetual Futures, reflecting a mismatch in the audience and infrastructure limitations. Although Hyperliquid's HIP-3 upgrade may promote development in this area, retail users' interest remains limited, and attention should be given to how to attract offline traders.

Stock Perptual Futures have high potential, but the market demand is weak, making it difficult to break through at present. Although Hyperliquid's HIP-3 upgrade provides opportunities for its development, audience misalignment and regulatory constraints have led to slow adoption in the short term. The potential users are primarily retail Options traders, but the market size is limited by investor habits and legal clarity.

The on-chain perpetual futures exchange Hyperliquid recently launched the "Equity Perps (" through the HIP-3 upgrade, allowing users to trade the first index product XYZ100-USD on-chain 24 hours a day. On one hand, it challenges the position of traditional brokers, but at the same time, there are concerns about its tax, liquidity, and regulatory risks. On-chain Nasdaq? Hyperliquid from cryptocurrency to stock Perptual Futures Hyperliquid contributor @ThinkingUSD announced yesterday that stock Perptual Futures have been opened on the main interface, with the first listed trading pair being the XYZ100 Perptual Futures. In the future, individual stocks such as NVDA, TSLA, PLTR, and HOOD will be gradually listed. He called this the "destination of all financial services," along with the comment from the netizen below "Hyperl

Hip-hop superstar Snoop Dogg will collaborate with the famous NFT project "Bored Ape Yacht Club" (BAYC) to launch limited edition animated avatars on the digital collectibles platform @mint on Telegram. This collaboration will feature Snoop Dogg's legendary bored ape Dr. Bombay and will be issued through the TON blockchain, symbolizing the deep integration of Web3 culture with mainstream social platforms. (Background: Former Nike and Apple marketing executive joins, is TON poised for explosive growth?) (Background supplement: Exclusive interview with Manuel Stotz, head of TON's first reserve company "VERB": 558 million raised in 30 days.) Global icon Snoop Dogg and Bored Ape.

The luxury real estate benchmark "Tao Zhu Yin Yuan" in the Xinyi Planning District of Taipei has recently recorded its first transaction at real price, with a unit on the 17th floor selling for a total price of 1.2 billion yuan, translating to a unit price exceeding 3 million yuan per ping. This is seen as a formal crossing of the symbolic range proposed by former Central Bank Governor Peng Huai-nan, which set the "reasonable upper limit for luxury housing unit prices at 3 million yuan per ping." Domestic media pointed out that the buyer of this unit is Huang Li-cheng, a singer-turned-crypto assets investor. Huang Licheng has transitioned from Secret Silver and Treasure Island Finance to issuing the meme coin "Diao", estimating his assets to surpass 10 billion. Huang Li-Cheng was born in Huwei, Yunlin, and his family was already a major landowner in the area. At the age of 2, he moved to California, USA with his family. After returning to Taiwan, in addition to the hip-hop group L.A. Boyz, his personal career has also expanded into the music industry with MACHI Entertainment, nightclubs, restaurants, streetwear brands, e-sports, entertainment, and live streaming platforms like 17 Live and SWAG. Before entering the encryption

Hyperliquid faces fierce competition from the next generation of Perptual Futures DEX, with liquidity under challenge, but with its infrastructure and ecosystem layout, it is still expected to maintain a leading position in the market. This article is sourced from Ponyo, authored by Four Pillars, and organized, translated, and written by ODIG Invest and PANews. (Background: Hyperliquid launches HIP-3 upgrade: allowing anyone to create a "Perptual Futures market", $HYPE rises in response) (Background supplement: a big pump of 10 times in two days, this might be the most abstract Perp DEX on Solana) Decentralized Exchanges (DEX) are one of the most revolutionary innovations in the crypto market. They not only change people's perception of "trading" but also redefine the roles of liquidity, trust, and Financial Intermediary. With performance improvements, P

Author: Coinmonks Compiled by: Plain Blockchain At the beginning of this year, a clear public signal indicated a shift in focus. In early October, Hyperliquid launched permissionless listing (HIP-3). Now, builders can list perpetual Futures by staking 500,000 HYPE, with restrictions such as validator penalties and open interest limits. This move coincides with a new high in decentralized perpetual Futures market share against centralized exchanges, fueling the narrative that "on-chain is winning." Meanwhile, CZ (founder of Binance) responded to rumors related to Hyperliquid on X, even engaging with a widely discussed post about "shorting $10 billion on Hyperliquid." Whether you interpret this as concern or simple rumor control, Binance's founder

The construction process of a crypto assets arbitrage bot, from initial attempts to the final profit of 5 million dollars. This article is based on a piece written by CBB and organized, translated, and drafted by Odaily. (Previous Summary: Hyperliquid launched HIP-3 upgrade: allowing anyone to create "Perptual Futures market", $HYPE responded with a pump) (Background Supplement: A big pump of 10 times in two days, this might be the most abstract Perp DEX on Solana) Let's turn the clock back to March 2025, when the crypto assets market looked bleak, impacted severely by tariff conflicts, and we started to think about where the next potential opportunity might be. At that time, 40% of Hyperliquid (HYPE) had not yet been allocated to the community, and we thought this could be an opportunity point. Previously, in 2

The decentralized derivatives exchange Hyperliquid, after experiencing an astonishing rise this year, recently launched the HIP-3 upgrade. This move not only expands it from a traditional perpetual contract (Perpetual Swap, abbreviated as Perp) DEX into a brand new, composable Decentralized Finance (DeFi) Lego ecosystem, but also changes the way traditional finance interacts with Blockchain. HIP-3 innovatively applies perpetual contract tools to unprecedented on-chain assets such as Pre-IPO equity, traditional stocks, and Computing Power resources, sparking widespread attention in the industry.

Author: Rhythm Worker Hyperliquid's performance this year has already been impressive. But Hyperliquid's true ambition goes far beyond this. The recently launched HIP-3 upgrade has transformed Hyperliquid from a Perp dex into a new type of composable financial Lego. Currently, the HIP-3 ecosystem includes more than 20 projects, covering various verticals such as trading front-end, liquidity staking, DeFi protocols, AI infrastructure, and prediction markets. A distinct feature of this ecosystem is that most projects are still in the testnet phase, team members often use pseudonyms, and financing mainly relies on self-funding, which seems to perfectly align with Hyperliquid's rejection.

Hyperliquid will launch the HIP-3 protocol on the Mainnet in October 2025, allowing anyone to deploy a Perptual Futures market by staking 500,000 HYPE Tokens (approximately 20 million USD) without the need for committee approval. This revolutionary mechanism eliminates the traditional gatekeeper role and addresses risks through a three-layer defense system of economic deterrence, isolated Margin, and validators oversight.

Original Title: After 2 Days of Launch, What Potential Alphas are There on Hyperliquid's HIP3? Original author: Rhythm Little Worker Source of the original text: Reprint: Mars Finance Hyperliquid's performance this year has been impressive enough. But Hyperliquid's true ambition goes far beyond that. The recently launched HIP-3 upgrade transforms Hyperliquid from a Perp dex into another new composable financial Lego. Currently, the HIP-3 ecosystem includes more than 20 projects, covering multiple verticals such as trading front-end, liquidity staking, DeFi protocols, AI infrastructure, and prediction markets. A distinct characteristic of this ecosystem is that most projects are still in the testnet phase, team members often use pseudonyms, and funding mainly relies on self-raised capital, which seems to perfectly align with Hyperli.

Author: KarenZ, Foresight News Imagine this: Hyperliquid is inviting you, "Hey, as long as you have enough strength, you can create your own Perp DEX!" HIP-3 is such a feature. On October 13, Hyperliquid officially activated HIP-3 on the mainnet, allowing any qualified developer to autonomously deploy and operate perpetual contract markets. This marks a key step for Hyperliquid towards a fully decentralized contract listing process. In simple terms, Hyperliquid's HIP-3 is a rule system that "allows you to become the boss and independently open a perpetual contract market." Core Gameplay: How to Open a Perpetual Contract Market? What are the entry requirements? Hyperliquid Settings

On October 14, the crypto market faced pressure again, with BTC falling to about $112,000 and ETH dropping below the $4,000 mark. The DeFi zone was slightly impacted, with a total TVL of $156.315 billion, down 0.80% in 24 hours. However, DEX trading volume remained high, with daily transactions around $23.762 billion, and Uniswap, PancakeSwap, and Meteora continued to lead. On the project side, Hyperliquid completed the HIP-3 upgrade, the Enso Mainnet officially launched and started the ENSO Airdrop, and Meteora updated its tokenomics, becoming the focus of market attention.

HIP-3 allows anyone to deploy a Perptual Futures market on HyperCore, but a stake of 500,000 HYPE is required to ensure market quality. Only one Token can be launched every 31 hours, and the deployer is responsible for market setup, with 50% of the market fees being theirs. If malicious behavior occurs, the stake will be reduced.

Author: encryption Vaidya Coin Listing Cost Calculation According to the HIP-3 proposal, the costs of launching new markets on Hyperliquid mainly include the following parts: Margin cost: Opening a market requires 500,000 HYPE, which is currently valued at approximately 40 USD, equivalent to a margin of 20 million USD. If calculated based on an annualized opportunity cost of 10%, it would be 2 million USD/year. Ticker cost: assumed to be 5000-10000 dollars, negligible. Oracle + Gas cost: approximately $80,000 - $90,000 per year. Therefore, the total cost for a new market in the first year is approximately $2.1 million (if costs cannot be shared across multiple tickers). This means that anyone who wants to deploy a new contract market on Hyperliquid

As of October 13, 2025, Hyperliquid is gearing up for its HIP-3 upgrade, a game-changing protocol enhancement that enables permissionless creation of perpetual futures markets on its custom L1 chain.

Written by: imToken "Derivatives are the holy grail of DeFi"; it has been widely agreed in the market since 2020 that on-chain perp protocols are the ticket to the second half of DeFi. But the reality is that for the past 5 years, whether constrained by performance or cost, perp DEX has always faced a difficult trade-off between "performance" and "decentralization." During this period, the AMM model represented by GMX, while achieving permissionless trading, has struggled to compete with CEX in terms of trading speed, slippage, and depth. Until the emergence of Hyperliquid, which achieved a seamless experience comparable to CEX on a fully self-custodied blockchain with its unique on-chain order book architecture, the recent HIP-3 proposal has further pushed the boundaries of Crypto and

Headline ▌Hyperliquid mainnet launches permissionless spot pricing assets, USDH becomes the first enabled asset. Hyperliquid announces the launch of its mainnet with permissionless spot quote assets. Stable asset deployers can enable the "quote asset" status as required on-chain. Any quote asset can serve as a quote asset in the first spot trading pair of HIP-1; new trading pairs between existing base and quote assets can be deployed through permissionless Dutch auctions, independent of the HIP-1 token auction. Native Markets has deployed USDH as the first permissionless quote asset, and the HYPE/USDH trading pair is now live, with plans to deploy more permissionless trading pairs as soon as possible. ▌Jump Crypto proposes to remove the block computation limit on Solana. Jump

"Derivation is the holy grail of DeFi," and regarding the on-chain perp protocol being the ticket to the second half of DeFi, the market reached a consensus as early as 2020. But the reality is that over the past 5 years, whether constrained by performance or cost, perp DEX has always made difficult trade-offs between "performance" and "decentralization". During this period, the AMM model represented by GMX has achieved permissionless trading, but it is difficult to compete with CEX in terms of trading speed, slippage, and depth. Until the emergence of Hyperliquid, which achieved a seamless experience comparable to CEX on a fully self-custodied blockchain with its unique on-chain order book architecture, the recently passed HIP-3 proposal has further pushed the boundaries between Crypto and

Hyperliquid This generation of Perp DEX has fundamentally changed compared to the previous generation of Perp DEX represented by "GMX, DYDX". Because it is still fundamentally a Perp DEX, we will continue to discuss it under the title of Perp DEX. Starting with "Perp DEX", it quickly rose to prominence and became known to many. Hyperliquid is an L1 public chain, similar to Ethereum and Solana. Hyperliquid has a grand vision to serve as a blockchain for all finance and to provide a high-performance on-chain financial trading infrastructure. Hyperliquid offers both perpetual contract trading and spot trading, and is currently promoting the stablecoin USDH. Its development path can be glimpsed from the HIP, from HIP-1, HIP-2 to HIP-3, and recently the community has proposed HIP-4. HIP-4 aims to do

Recently, Hyperliquid has been quite active, first allowing anyone to create perpetual contract markets with HIP-3, then sparking discussions with the stablecoin bidding, and now, they have thrown out a heavyweight proposal—HIP-4, preparing to officially enter the prediction market. This is not just about adding a new feature; behind it is Hyperliquid's grand ambition to evolve from a simple perpetual contract exchange to a more foundational and modular financial infrastructure. Let's take a deep yet accessible look at what HIP-4 is, what it aims to do, and how it will shake up the landscape of prediction markets. Hyperliquid partners with Kalshi Hyperliquid has already become the absolute leader in the on-chain perpetual contract space, holding nearly 80% of the market share. However, for any successful project,

93% of the transaction fees are directly returned to the token holders, and cash flow valuation shows that $HYPE is severely undervalued. This article is sourced from a piece by G3ronimo, organized, compiled, and written by Deep Tide TechFlow. (Background: Is Hyperliquid going to create a prediction market? Interpretation of the HIP-4 proposal: The new business model of DEX giants) (Background information: Circle has announced its investment in $HYPE and is considering becoming a validation node; USDC has been deployed on Hyperliquid) HyperLiquid has evolved into a mature encryption-native exchange, where most of the net fees are programmatically distributed directly to token holders through the "Assistance Fund" (AF). This design makes $HYPE one of the few that can be based on cash flow.

Hyperliquid has launched a new proposal HIP-4, planning to add the "Event Perpetuals" prediction market feature, allowing users to bet on specific events. This proposal has been participated in by multiple experts, showing that Hyperliquid seeks collaboration and differentiation. The popularity of the prediction market has prompted its expansion, while the reusable technology architecture enhances user experience and adds new narratives to the HYPE ecosystem, testing new business opportunities while lowering risks.

On September 16, four authors jointly submitted the Hyperliquid Improvement Proposal 4 (HIP-4), which plans to introduce a new "Event Perpetuals" mechanism that allows the prediction market to run natively on Hyperliquid's order book infrastructure. Notably, one of the proposal authors is John Wang, the cryptocurrency director at Kalshi, which has garnered significant attention in the fields of crypto assets derivation and prediction markets.

Headline ▌Native Markets wins the token name for Hyperliquid stablecoin USDH Last Sunday, after a community vote, Native Markets officially announced that it has successfully claimed the USDH token symbol as one of the teams that submitted the proposal for the issuance and management of the Hyperliquid US Dollar Stablecoin (USDH). Native Markets founder Max Fiege posted on the X platform that the project will launch the first Hyperliquid Improvement Proposal (HIP) for USDH in the coming days, while also issuing an ERC-20 token based on the Ethereum network. He also outlined the next steps:

Story Highlights Ethena Labs withdraws from Hyperliquid’s USDH stablecoin race Native Markets is now leading while critics question the fairness Ethena will continue innovating with hUSDe, savings, hedging, and HIP-3 markets on Hyperliquid