MON spot deposits, withdrawals, and trading are now live on Hyperliquid through Unit Protocol. Deposit MON on https://app.hyperliquid.xyz/trade or https://app.hyperunit.xyz/ Trade spot MON at https://app.hyperliquid.xyz/trade/MON/USDC

Weekly update Product & Tech + Growth mode was enabled for HIP-3. If an HIP-3 deployer activates growth mode for an asset, fees are reduced by 90% compared to previous HIP-3 fees. See more details in the previous announcement. Trade[XYZ] activated growth mode for their perp assets, lowering baseline taker fees to 0.009%. + Deployers of legacy tokens pre-dating the implementation of deployer fee share can increase the fee share once from zero to a positive value. After this one-time change, the fee share can only decrease. See https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/api/deploying-hip-1-and-hip-2-assets for details + Aligned quote tokens were enabled on mainnet. Native Markets upgraded USDH to be an aligned quote token. Assets using USDH as a quote asset now have 20% lower taker fees, 20% higher maker rebates, and 20% higher volume contribution toward fee tiers New Teams on the HyperEVM & HyperCore (in no particular order) + EtherFi card added support for the HyperEVM: https://x.com/ether_fi/status/1991150096168165490 + Phantom integrated trading, sending, and receiving HyperEVM tokens: https://x.com/phantom/status/1991206504956039522 + Derive enabled HYPE as collateral for options: https://x.com/DeriveXYZ/status/1991478151445467142 + Anchorage added support for HYPE staking through its custody solution: https://x.com/Anchorage/status/1991903174589030516 + SafePal wallet integrated HyperCore perps trading and the HyperEVM: https://x.com/iSafePal/status/1991052824931897476 Community Highlights + Hyperliquid Germany organized a community meet-up in Berlin: https://x.com/Hyperliquid_GER/status/1991576805002850349 + Hyperliquid Indonesia organized a community meet-up in Jakarta: https://x.com/Hyperliquid_IDN/status/1991680411001581899?s=20 + Hyperliquid India is organizing an event in Bangalore on Nov 30: https://x.com/Hyperliquid_In/status/1990323368672039114 + nof1's Alpha Arena season 1.5 compares LLMs trading on Hyperliquid: https://nof1.ai/, https://x.com/jay_azhang/status/1991256354657366251

Growth mode for HIP-3 To bootstrap novel markets, HIP-3 deployers can activate growth mode to reduce fees by 90%. Growth mode applies on top of other multipliers, such as aligned stablecoin collateral fee benefits and staking discounts. @tradexyz enabled growth mode today for their perp assets, lowering baseline taker fees to 0.009%.

Congrats to Native Markets on pioneering the first aligned stablecoin on Hyperliquid! Looking forward to seeing a novel and compliant stablecoin grow with the protocol, bringing value to the entire ecosystem and onboarding the next wave of non-crypto users.

HIP-3 growth mode In order to bootstrap novel markets, the next network upgrade will allow HIP-3 deployers to activate growth mode on a per asset basis. Like other HIP-3 deployer actions, activating growth mode is permissionless. When growth mode is active, there will be a ≥90% reduction on the all-in fees. Rebates and volume contributions will also be ≥90% lower. Growth mode applies on top of other multipliers, such as aligned stablecoin collateral fee benefits and staking discounts. Growth mode parameters may be adjusted based on user feedback. The following two conditions apply for growth mode: 1. The deployer fee scale must be set between 0 and 1. As a reminder, deployer fee scale is the amount the deployer keeps as a percentage of the user’s fees before applying aligned stablecoin collateral discount, if applicable. See docs on deployer fee scale for more information: https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/api/hip-3-deployer-actions. This will also be enabled on mainnet on the next network upgrade and is already available on testnet. Setting growth mode has a 30 day cooldown per asset. 2. The markets must be entirely disjoint from existing validator-operated perps to prevent parasitic volume. For example, the following are not eligible for growth mode: + Crypto perps against any collateral + Perps on crypto indexes, ETFs, or other baskets of crypto assets + Perps on mathematical combinations including crypto assets, such as a linear combination of BTC and another asset’s price + Perps on vehicles or wrappers that hold primarily crypto assets + Perps tracking gold price, because PAXG-USDC already tracks gold price This list of examples is illustrative and not comprehensive. Similar to delistings, the ultimate decider for disabling ineligible growth mode perps is onchain validator vote. In summary, the baseline all-in taker rate under growth mode will be between 0.0045%-0.009% (5-10x lower than the 0.045% baseline fee for validator-operated perps) for non-aligned collateral assets and 0.0036%-0.0081% for aligned collateral assets. At the highest volume and staking tier, the taker fee will be 0.00144%-0.00288% for non-aligned collateral assets.

Weekly update Product & Tech + Testnet-only, but eligible for mainnet bug bounty program: HIP-3 deployers can set the margin mode of perps to either noCross or strictIsolated. Both margin modes only allow isolated margin, but strictIsolated also does not allow removing margin from open positions (previously "isolated only" mode). HIP-3 deployers can also set a fee scale, which can be larger or smaller than the default. See https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/api/hip-3-deployer-actions for details. + Misc UI improvements to app.hyperliquid.xyz, e.g., improve onboarding for non-USDC perps, show market cap in the token selector for more spot assets, etc. Trading + Felix deployed their HIP-3 perp dex with USDH perps + Ventuals deployed their HIP-3 perp dex with USDH perps + ICP and AERO perps were listed + CC hyperp was converted to a regular perp + Max leverage was reduced for various assets; see post above for more details New Teams on the HyperEVM & HyperCore (in no particular order) + Ledger wallet supports HyperCore and the HyperEVM: https://x.com/Ledger/status/1987913372185080166 + Hypedexer offers live HyperCore indexing with historical trade data: https://x.com/hypedexer/status/1986731491725119610 + Zerion supports HyperEVM NFTs: https://x.com/zerion/status/1989323904058524096 Community Highlights + ASXN released a comprehensive dashboard at https://hyperscreener.asxn.xyz/home: https://x.com/asxn_r/status/1988703570997440978. stats.hyperliquid.xyz will begin redirecting to this dashboard in approximately 1 week

Congratulations to @tradexyz, @ventuals, and @felixprotocol on their HIP-3 launches! It's exciting to see things come together after months of hard work building on the core protocol and deployer sides. Permissionless perp deployments are a massive step in Hyperliquid's journey to house all of finance. On Hyperliquid, hungry and ambitious builders step up to reinvent core pillars of finance. Perps will bring unprecedented capital efficiency and price discovery to global markets. HIP-3 empowers any builder to upgrade financial markets by leveraging Hyperliquid's battle-tested onchain infrastructure. Thank you to the builders working to push the frontiers of onchain finance. Thank you to the users for being there from day one with your support.

Based on stalequant's methodology (https://github.com/stalequant/stalequant.github.io/blob/main/build_delisting_recos.py) and community request, max leverage was reduced to 3x for AIXBT, ALT, BABY, BIO, BLUR, BRETT, GMT, GMX, GOAT, GRASS, IO, ME, MELANIA, MEME, MEW, MOODENG, MOVE, kNEIRO, OM, ORDI, PNUT, POPCAT, PROMPT, SUSHI, TURBO, USUAL, VINE, and ZEREBRO and 5x for WIF. Note that max leverage decreases do not affect the liquidation price of open positions until they are modified. To reduce positions that exceed initial margin requirements under the new max leverage, use reduce-only orders. The first non-reduce-only order that modifies a position will subject it to the new max leverage and maintenance margin requirements. As a reminder, maintenance margin is half of the initial margin at max leverage. E.g., if max leverage is 10x, the maintenance margin is 5%.

The Arbitrum bridge's automatic locking was triggered by a conservative set of conditions, and the bridge was unlocked after the situation was thoroughly investigated within ~25 minutes. Funds are safe. The Hyperliquid blockchain itself was not impacted and experienced no downtime.

By community request, you can now long or short 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/AERO

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

By community request, you can now long or short 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/ICP

Weekly update Product & Tech + The HyperEVM small block gas limit was increased from 2M to 3M + HIP-3 deployers can configure sub-deployers for fine-grained permissioning of deployer actions. See Docs for more: https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/api/hip-3-deployer-actions Trading + CC hyperps were listed and AI16Z was delisted + Max leverage was increased for ZEC to 10x Community Highlights + Community events are taking place in Bangkok on Nov 9 (https://x.com/Hyperliquid_TH/status/1986092898287505613), Vancouver on Nov 13 (https://x.com/hyperliquid_ca/status/1980686448212021377) and Jakarta on Nov 13 (details to be shared by https://x.com/Hyperliquid_IDN)

Validators will vote on whether to delist AI16Z around 8:30 UTC on Nov 6. AI16Z is being rebranded to ELIZAOS. If validators vote to delist an asset, the perps will settle to the 1 hour time weighted spot oracle price before delisting, and open orders will be canceled. Close any positions beforehand to avoid automatic settlement. After settlement, no new orders will be accepted.

As a reminder, validators vote on the delisting of validator-operated perps. If validators vote to delist an asset, the perps will settle to the 1 hour time weighted spot oracle price before delisting. This is a settlement mechanism used by many CEXs. Users who wish to avoid automatic settlement should close their positions beforehand. See: https://hyperliquid.gitbook.io/hyperliquid-docs/trading/delisting

By community request, Hyperliquid has listed CC-USD hyperps. You can now long or short the unlaunched Canton Network 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: CC-USD will convert to a vanilla perp upon CEX spot listing. See Docs for more. CC-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/CC

Weekly update Product & Tech + HIP-3 perps are shown on app.hyperliquid.xyz. New deployers must share links to a Docs page with contract specifications before their perps can be shown. + DEX abstraction for HIP-3 perps is enabled automatically when users connect to app.hyperliquid.xyz. When DEX abstraction is enabled, users can trade HIP-3 perps from their existing perps and spot balances. + A Spanish language option was added in the Globe icon dropdown of app.hyperliquid.xyz Trading + MEGAETH hyperp was listed + MET hyperp was converted to a regular perp + LAUNCHCOIN was delisted New Teams on the HyperEVM & HyperCore (in no particular order) + Based released live-streaming and copy trading on HyperCore: https://x.com/BasedOneX/status/1981534082732630276 + SubQuery supports indexing of the HyperEVM: https://x.com/SubQueryNetwork/status/1980197641490223559 + Bitget wallet integrated the HyperEVM: https://x.com/BitgetWallet/status/1983096405473538055 Community Highlights + Hyperliquid Labs is hiring backend and frontend engineers. Apply here: https://jobs.ashbyhq.com/Hyperliquid%20Labs + Jeff spoke on TBPN: https://www.youtube.com/live/eej68BhIK_Q?si=z5-tabgpSJuazlH4&t=5768 + Community meet-ups took place in Nigeria (https://x.com/hyperliquidNGx/status/1982750234296844338) and Melbourne (https://x.com/HyperliquidAu/status/1982674050188189714) + KNTQ (Kinetiq) is airdropping to Hypurr NFT holders: https://x.com/KinetiqFND/status/1981005133275373603

On the next app.hyperliquid.xyz frontend update: + Validator-operated perps will be renamed to clarify the collateral asset. For example, ETH perps will be displayed as ETH-USDC instead of ETH-USD. This is a display-only change. No contract specifications have changed. + HIP-3 perps will be shown. These markets are deployed independently onchain by third-parties through a permissionless mechanism. New deployer perps will be initially added to the "all" list, and may be moved to "strict" pending user adoption and liquidity. New HIP-3 deployers must share links to a docs page with contract specifications before their perps can be shown. As a reminder, inclusion of a market in “strict” does not mean it is lower risk, nor does it imply endorsement or evaluation. Users should always assess risks independently before trading any market. + DEX abstraction for HIP-3 perps will be enabled automatically when users connect, unless the user has explicitly opted out of DEX abstraction (for example, on another frontend or in the settings dropdown). When DEX abstraction is on, users can trade HIP-3 perps from their existing perps and spot balances.

Validators will vote on whether to delist LAUNCHCOIN around 07:00 UTC on Oct 25. If the asset is delisted, all positions will be settled at mark price, and open orders will be canceled. Close any positions beforehand to avoid automatic settlement. After settlement, no new orders will be accepted.

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

Thanks to @TBPN for having me on! It was a fun conversation about the origin story, principles, and vision for Hyperliquid

By community request, Hyperliquid has listed MEGA-USD hyperps. You can now long or short the unlaunched MegaETH 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: MEGA-USD will convert to a vanilla perp upon CEX spot listing. See Docs for more. MEGA-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/MEGA

Weekly update Product & Tech + trade.xyz's XYZ100 market was the first HIP-3 deployment: https://x.com/tradeperps/status/1977741981414572186 + An "abstracted" account mode was added to HIP-3 dexs to improve UX. See ⁠the post in the API Announcements channel for more details Trading + Leverage was updated for various assets: PAXG, PUMP, ASTER, BIGTIME, GRIFFAIN, NXPC, SAGA, SCR, and SOPH New Teams on the HyperEVM (in no particular order) + Morpho lending: https://x.com/morpholabs/status/1977721385641550144 + Gondi NFT lending: https://x.com/gondixyz/status/1978481458483536307 + Blockaid transaction screening and monitoring: https://x.com/blockaid_/status/1978087495553171960 + Polymarket deposits & withdrawals: https://x.com/Polymarket/status/1978219148975980825 + Backpack wallet: https://x.com/backpack/status/1979423645454995736 + Avail crosschain deposits: https://x.com/AvailProject/status/1976316777727676872 Community Highlights + nof1's Alpha Arena compares 6 LLMs trading on Hyperliquid: https://x.com/jay_azhang/status/1979603796947820927, https://nof1.ai/ + Jeff's fireside chat with Hart (Across) from Token2049 was uploaded: https://x.com/HyperliquidX/status/1978834364256440433 + Monad (MON) is airdropping to Hypurr NFT holders: https://blog.monad.xyz/blog/the-mon-airdrop

Powered by Hyperliquid

Debunking the FUD that Hyperliquid prioritizes protocol revenue over traders On 10/10, Hyperliquid ADLs net made users hundreds of millions of dollars by closing profitable short positions at favorable prices. If more positions had been backstop liquidated, HLP could have made hundreds of millions of dollars more in pnl, while being exposed to an irresponsible amount of risk. ADL passed on HLP's potential pnl to users while decreasing HLP's exposure, a win-win. As a reminder the ADL queue on Hyperliqid has always followed a similar formula to what most CEXs use, incorporating both leverage used and unrealized pnl on the open position. Finally, thanks to everyone for the feedback on ADL. Suggestions generally increase complexity, such as partially offsetting long and short positions in historically correlated assets. I don't know of other major venues that use more complex logic for the ADL queue. Simple formulas are more robust and understandable by users. Nonetheless, there is research being done on whether there can be substantial improvements that merit more complexity.

Based on stalequant's methodology (https://github.com/stalequant/stalequant.github.io/blob/main/build_delisting_recos.py) and community request, max leverage was increased for PAXG (10x), PUMP (10x), and ASTER (5x) and reduced to 3x for BIGTIME, GRIFFAIN, NXPC, SAGA, SCR, and SOPH. Note that max leverage decreases do not affect the liquidation price of open positions until they are modified. To reduce positions that exceed initial margin requirements under the new max leverage, use reduce-only orders. The first non-reduce-only order that modifies a position will subject it to the new max leverage and maintenance margin requirements. As a reminder, maintenance margin is half of the initial margin at max leverage. E.g., if max leverage is 10x, the maintenance margin is 5%.

On Hyperliquid, there is no listing fee, no listing department, and no gatekeepers. Spot deployment on Hyperliquid is permissionless. Anyone can deploy a spot asset by paying a gas fee in HYPE. Deployers can choose to receive up to 50% of trading fees on their spot pairs. Everything is transparent and verifiable onchain. The full defi lifecycle includes building a project, launching a token, and trading that token. Every step of that journey can be done permissionlessly on Hyperliquid.

Weekly update Product & Tech + HIP-3 was enabled on mainnet. There is no immediate change for users. Deployers who meet the onchain requirements can deploy perps for trading once ready. See Docs for more: https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-3-builder-deployed-perpetuals + Hyperliquid had zero downtime, no latency issues, and no bad debt during the weekend's market volatility + Added filters by quote asset (USDC, USDH, USDT) for Spot in the token selector Trading + Reached new ATH in 24h volume: $32B + MET and MON hyperps were listed New Teams on the HyperEVM + Chainlink released a HyperEVM testnet RPC: https://x.com/chainlink/status/1976377162304287117 New Teams on HyperCore (in no particular order) + MetaMask added support for perps trading through Hyperliquid: https://x.com/metamask/status/1975910330669957326 + Rainbow wallet integrated perps trading through Hyperliquid: https://x.com/rainbowdotme/status/1975234405074673691 + Supercexy added conditional orders using 2 different assets (e.g., If BTC >$120k, close ETH long): https://x.com/try_supercexy/status/1975850627562373528 Upcoming Community Events + Hyperliquid UAE is hosting a meet-up on Oct 16 in Dubai: https://x.com/Hyperliquidae/status/1976604861618909565 + Hyperliquid Australia is hosting a meet-up on Oct 23 in Melbourne: https://x.com/HyperliquidAu/status/1975776248816410856

Hyperliquid’s fully onchain liquidations cannot be compared with underreported CEX liquidations Hyperliquid is a blockchain where every order, trade, and liquidation happens onchain. Anyone can permissionlessly verify the chain’s execution, including all liquidations and their fair execution for all users. Furthermore, anyone can verify the solvency of the entire system in real time. Transparency and neutrality are key reasons that fully onchain defi is the ideal infrastructure for global finance. Some CEXs publicly document that they dramatically underreport user liquidations. For example on Binance, even if there are thousands of liquidation orders in the same second, only one is reported. Because liquidations happen in bursts, this could easily be 100x under-reporting under some conditions. Source below. Hopefully the industry will see transparency and neutrality as important features of the new financial system, and others will follow.

TLDR: During recent volatility, Hyperliquid had 100% uptime with zero bad debt. This was Hyperliquid’s first cross-margin ADL in more than 2 years of operation. ADL does not change the outcome for any liquidated users. While some specific ADL providing trades were unfavorable, the aggregate effect of ADL was that traders realized significant pnl by closing positions at favorable prices that were only briefly available. -- It’s sad to see some people attack Hyperliquid to deflect from their own platforms’ issues. Solvency and uptime are the two most important properties of a financial system. These are table stakes for any trading system, and gaslighting to convince users otherwise is unethical and irresponsible. Below is more analysis on how Hyperliquid’s margining system handled the extreme volatility. Background on liquidations For a perps system to be solvent, every position must be backed by a minimum amount of collateral. This is called the “maintenance margin.” When positions do not meet the maintenance margin requirement, they are taken over by the system to be liquidated. Earlier today, many altcoins dropped by more than 50% in a short period of time. When this happens, long positions at 2x or higher leverage must be liquidated, or else the system accrues bad debt. There were billions of dollars worth of positions liquidated on Hyperliquid in a matter of minutes. In a permissionless system, each user chooses their own position sizing and collateralization. Any system that does not liquidate the necessary users is irresponsibly gambling with other users’ funds. On Hyperliquid, every order, trade, and liquidation is transparently verifiable onchain. Many other venues significantly under-report liquidation data. This cannot be compared apples-to-apples against the fully onchain picture of Hyperliquid. Background on HLP HLP is a protocol vault with permissionless deposits that 1) provides order book liquidity and 2) performs backstop liquidations. The first role is negligible, with HLP trading less than 1% market share. The focus of this post is liquidations. Liquidations are first attempted against the order book, and any user can provide liquidity to these market liquidations. Backstop liquidations occur when the order book does not have enough liquidity to absorb an undercollateralized position. In this case, HLP takes over the position along with its collateral. For improved risk management, HLP is split into several child vaults, and each liquidation is only sent to one child vault. Background on ADL Auto-deleveraging (ADL) is the liquidation mechanism of last resort, when market and backstop liquidations do not work. See Doug’s thread (link in reply) for a thorough explanation on the details of ADL. Every ADL event has two sides: the “triggered” side is undercollateralized, while the “providing” side is decided as a function of profitability and leverage used. Similar to backstop liquidations, even though providers to ADL are profitable on average, there are no guarantees for any specific event. Some ADL providing trades were unfavorable, such as when only some components of long/short portfolio were closed. The system is designed to minimize ADLs because they are unpredictable even if ADL providing trades are profitable on average. Because HLP is a non-toxic backstop liquidator, ADL is a rare settlement of last resort. As far as I know, this was the first cross-margin ADL event on Hyperliquid mainnet (ADL is more common for isolated-only assets such as hyperps, which are not backstop liquidated by HLP). Summary of events Over the course of 20 minutes, HLP backstop liquidated billions of dollars worth of positions. HLP's philosophy has always been to provide liquidity of last resort. Contrary to misconceptions, HLP is a non-toxic liquidator that does not pick profitable liquidations. Instead HLP is a public good for maintaining system solvency. In particular, Hyperliquid has no liquidation fees. HLP’s design, including its multi-component child vault system, is the product of countless simulations, and allows HLP to maximally serve the benefit of the protocol while managing its own risk. In fact, the liquidator child vaults of HLP themselves became undercollateralized in the course of backstop liquidating as many user positions as possible. This is by design, where child vaults are isolated from the other components of the overall strategy. HLP is treated no differently from other users when participating in ADL. In aggregate, HLP's child vaults were the largest addresses on the triggered side of ADL by more than an order of magnitude. The addresses on the providing side of ADL against HLP’s child vaults realized hundreds of millions of dollars in additional profit relative to the prices shortly before and after the dislocation. On other venues, the liquidation engine is not transparent and therefore may not be subject to the same strict margin requirements as for normal users. On these venues, the exchange could have backstop liquidated more positions, bearing increased solvency risk to extract hundreds of millions in business revenue. This is not an acceptable tradeoff for Hyperliquid. Finally, I know that this is a difficult time for many traders, and I hope the community can continue to support each other and grow together. As a contributor to Hyperliquid, I’ll continue to work my hardest to build the best possible platform that can house all of finance. Times like this highlight the importance of transparency and fairness in the financial system.