The Hyperliquid protocol will implement Aligned Quote Asset v2 (AQAv2) on a future network upgrade. Based on user and deployer feedback, the AQAv2 spec will extend the designation of “aligned quote asset” to stablecoins that are not exclusive to Hyperliquid. Under AQAv2, stablecoin deployers share the vast majority of reserve yield revenue on their Hyperliquid supply with the protocol. AQAv2 will be a requirement for quote assets to be listed against HIP-4 and validator-operated perp markets on a future network upgrade. There is no trading fee or volume contribution benefit to AQAv2. Other quote assets will continue to be supported for other markets, including spot and HIP-3 perps. AQAv2 allows specification of a “technical deployer” and a “treasury deployer.” The treasury deployer will designate a treasury address which will share 100% of the AQA rate (the cost-adjusted onchain reference rate oracle) with the protocol through the onchain AQA mechanic. This is twice the rate of revenue share of the existing AQA spec. The treasury deployer must stake 500k HYPE, which is slashable if the treasury address does not have sufficient balance for onchain revenue to be deducted. The technical deployer must stake 500k HYPE and ensure reliable mint, redemption, and cross-chain transfer infrastructure for the aligned quote asset. Under AQAv2, the linked HyperEVM contract that connects to HyperCore will also rebalance with the treasury address. The HyperEVM balance corresponding to minted HyperCore tokens will be held in a ratio of 9:1 between treasury and technical deployer’s linked EVM contract addresses, respectively. More info will be added to the Docs.

Weekly Update Product & Tech + Portfolio margin limits have been increased: max account value to activate PM has increased to $5M and supply and borrow limits have increased according to global utilization. See Docs for more: https://hyperliquid.gitbook.io/hyperliquid-docs/trading/portfolio-margin. + Outcome trading now supports multi-outcome markets (aka "questions"). Different outcomes within a multi-outcome market are tied via "split" and "negate" operations. "Split" and "merge" have also been implemented for binary markets. The first multi-outcome market is a recurring BTC price range market that settles daily at 06:00 UTC to the BTC-USDC mark price on Hyperliquid. See Docs for more: https://hyperliquid.gitbook.io/hyperliquid-docs/trading/contract-specifications#recurring-outcomes. Additional features and markets will continue to be rolled out in stages. New Teams on the HyperEVM & HyperCore (in no particular order) + Ledger integrated Hyperliquid via builder codes: https://x.com/Ledger/status/2052025614018675054 + Onchain cc by Bitso integrated Hyperliquid via builder codes: https://x.com/onchaincc/status/2052856236555517984 + Blockaid added support for HyperCore: https://x.com/blockaid_/status/2052114208704356824 + Predictefy added support for HIP-4: https://x.com/Predictefy/status/2053836555043942432 + Liminal launched limUSD, yield-bearing tokens: https://x.com/liminalmoney/status/2051679757129941346 + Arcex built a mobile app for trading on Hyperliquid: https://x.com/ArcexApp/status/2052172389253845506 Community Highlights + Phantom reached $20M in builder code revenue on Hyperliquid in less than a year: https://x.com/HyperliquidX/status/2053970679846834202 + BAYN made an interactive map of the Hyperliquid ecosystem: https://x.com/baynPSD/status/2051748336219349137 + HypeRPC / HYPE Global hosted an event in Miami during Consensus: https://x.com/hypeglobal_/status/2054443071107141785 + The Hyperliquid annual event will take place on October 5 in Singapore during Token2049 week - this date is being shared in advance so builders and users can plan travel + Jeff will be speaking at KBW in Seoul this fall: https://x.com/kbwofficial/status/2052790007392535019

Save the date: the Hyperliquid annual event will take place on October 5, 2026 in Singapore during the Token2049 week. Details will follow closer to the event. Sharing the date in advance so builders and users in the ecosystem can plan travel.

Outcome trading now supports multi-outcome markets (aka "questions"). Instead of independent binary markets, the different outcomes within a multi-outcome market are tied via "split" and "negate" operations for greater capital efficiency. "Split" and "merge" have also been implemented for binary markets. The first multi-outcome market is a recurring BTC price range market that settles daily at 06:00 UTC to the BTC-USDC mark price on Hyperliquid. Relative to the initial reference price, these markets support asymmetric upside and downside, as well as an intermediate price range. See Docs for more: https://hyperliquid.gitbook.io/hyperliquid-docs/trading/contract-specifications#recurring-outcomes. Additional features and markets will continue to be rolled out in stages. Feedback is greatly appreciated.

Based on user feedback, portfolio margin limits have been increased. The maximum account value to activate portfolio margin has increased from $500k to $5M. Supply and borrow limits have also been increased according to global utilization. See docs for more: https://hyperliquid.gitbook.io/hyperliquid-docs/trading/portfolio-margin.

Weekly Update Product & Tech + Outcome markets (HIP-4) are live on mainnet as a limited-feature initial release. The first market is a recurring binary outcome that settles daily at 06:00 UTC to the BTC mark price on Hyperliquid. For more, see the previous announcement + Reminder that DEX abstraction will be discontinued in a network upgrade after May 17 to give builders additional time to migrate. See https://hyperliquid.gitbook.io/hyperliquid-docs/trading/account-abstraction-modes for more Trading + MEGA hyperp was converted to a regular perp + Trade.xyz launched pre-IPO perps (IPOP): https://x.com/tradexyz/status/2050221965378761045 New Teams on the HyperEVM & HyperCore (in no particular order) + Trust Wallet integrated Hyperliquid via builder codes: https://x.com/TrustWallet/status/2049475221397160113 + Markets.xyz iOS app was released: https://x.com/markets_xyz/status/2048752260457378033 + Arkham integrated the HyperEVM: https://x.com/arkham/status/2049151291679785135 + HyperSwap terminal added support for HIP-4: https://x.com/HyperSwapX/status/2050534899682017307 + Outcome xyz added support for HIP-4: https://x.com/Outcomexyz/status/2050540249311547796 + Stratium added support for HIP-4: https://x.com/StratiumX/status/2050529712586494333 Community Highlights + Bloomberg featured a story on HIP-4: https://x.com/business/status/2049466941006368933

Outcome markets (HIP-4) are live on mainnet as a limited-feature initial release. As a reminder, outcomes are fully collateralized contracts that settle within a fixed range, useful for applications such as prediction markets and bounded options. They do not involve leverage or liquidations. The initial goal is to validate the technical implementation. The first market is a recurring binary outcome that settles daily at 06:00 UTC to the BTC mark price on Hyperliquid. See Docs for more: https://hyperliquid.gitbook.io/hyperliquid-docs/trading/contract-specifications#recurring-outcomes. Additional features and markets will be rolled out in stages. Any feedback is greatly appreciated.

Validators will vote on whether to delist MAV, MAVIA, MEW, PROMPT, SCR, TST, USTC, YZY, ZEREBRO on May 5 around 9:00 UTC, based on stalequant's methodology and community request. If validators vote to delist an asset, the perps will settle to the 1 hour time weighted spot oracle price before the scheduled delisting voting time, and open orders will be canceled. Close any positions beforehand to avoid automatic settlement. After settlement, no new orders will be accepted.

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

Weekly Update Product & Tech + Order priority fees are live on mainnet for all perps. See https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/api/priority-fees for details Trading + CHIP perps were listed + VIRTUAL spot trading, deposits, and withdrawals went live via Unit Protocol New Teams on the HyperEVM & HyperCore + Blockchain.com integrated Hyperliquid via builder codes: https://x.com/blockchain/status/2046591643092922752 Community Highlights + Hyperliquid TR is hosting an event in Istanbul on May 2: https://x.com/Hyperliquid_TUR/status/2046662850324689262 and a community event is also taking place in Dubai on May 1: https://x.com/_LetMeDo_/status/2047269323543105854

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/CHIP

Weekly Update Product & Tech + Reminder that DEX abstraction will be deprecated two network upgrades from now. See https://hyperliquid.gitbook.io/hyperliquid-docs/trading/account-abstraction-modes for details. Builders should take this opportunity to entirely discontinue DEX abstraction in their integration. Unified account is likely the best default for most users, as it merges spot and perps balances and supports cross margin for HIP-3. Automated traders should use Standard abstraction for the highest rate limits. Community Highlights + Community events are taking place in HK (April 21), Jakarta (April 23), SF (April 23), and Bangkok (April 24) over the next week: https://x.com/kirbyongeo/status/2044728325067993319

Weekly Update Product & Tech + Gossip and order priority fees are now live on mainnet. See https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/api/priority-fees for details. Note that the maximum order priority fee was reduced from 20 bps to 8 bps based on user feedback. Order priority fees currently only apply to IOC orders on HIP-3 assets. Trading + The vault creation gas fee increased from 100 USDC to 10k USDC. This is meant to gradually deprecate legacy HyperCore vaults, which have been feature frozen for ~2 years. Vaults can be tokenized in a more configurable way as smart contracts on the HyperEVM using precompiles and CoreWriter. New Teams on the HyperEVM & HyperCore (in no particular order) + USDH launched zero-fee and zero-slippage fiat on and offramp: https://x.com/nativemarkets/status/2041901395566030923 + Hyperbeat launched their full liquid banking product: https://x.com/hyperbeat/status/2041878671179321849 + Azura integrated Hyperliquid via builder codes: https://x.com/AzuraTrade/status/2042301690125435200 Community Highlights + Colossus magazine published a profile on Jeff and Hyperliquid. A big thank you to Dom Cooke for telling this story: https://colossus.com/article/beyond-the-sky-jeffrey-yan-hyperliquid/ + Shaunda shared a dashboard to track Trade[XYZ] off-hours data: https://x.com/shaundadevens/status/2042956575564833007 + Hyperliquid IDN is hosting an event in Jakarta on April 23: https://x.com/hyperliquid_idn/status/2032587275620724895 + HypurrCo shared the latest info on regional chapters: https://x.com/hypurr_co/status/2042793135751991316

Weekly Update Product & Tech + A Hyperliquid mobile app is live on the Google Play Store as an initial MVP for testing. The initial MVP is intentionally limited in scope to iterate on user feedback re: feature prioritization and device-specific issues. Please share feedback in the Discord server + Testnet outcome trading of binary markets is eligible for mainnet-level bug bounties, effective immediately. Multi-outcome markets and frontend feedback are not in scope Trading + HIP-3 markets reached a new ATH of $2.3B in open interest + Accounts with >$10k in trading account value can now activate portfolio margin without any volume requirement. This allows new users to begin trading using portfolio margin immediately + Max leverage was reduced to 5x for INJ, LDO, OP, SEI, and TIA New Teams on the HyperEVM & HyperCore (in no particular order) + SushiSwap integrated Hyperliquid via builder codes: https://x.com/SushiSwap/status/2039789742233936354 + Ripple Prime integrated HIP-3 perps trading for institutional clients: https://x.com/mikehiggins/status/2038667689044971757?s=20 Community Highlights + Hyperliquid HK is hosting an event during the Web3 Festival on April 21: https://x.com/Hyperliquid_HK/status/2039722504412078418

Based on stalequant's methodology (https://stalequant.com/delisting_reco/index.html) and community request, max leverage was reduced to 5x for INJ, LDO, OP, SEI, and TIA. 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 the next network upgrade, accounts with more than $10k in trading account value will be able to activate portfolio margin without any volume requirement. This allows new users to begin trading using portfolio margin immediately. Accounts with $5M in master account weighted volume will still be able to activate portfolio margin. This has not changed.

A Hyperliquid mobile app is live on the Google Play Store as an initial MVP for testing. Android users can access the app here: https://play.google.com/store/apps/details?id=xyz.hyperliquid.app The initial MVP is intentionally limited in scope, only including notifications for fills. It is meant to be an incremental upgrade from the PWA to iterate on early feedback re: feature prioritization and device-specific issues. During this testing period, there will be a limited number of downloads. Feedback is greatly appreciated. Note that this is an initial MVP. If you wish to disable notifications, you can uncheck "Enable Push Notifications" in the Settings dropdown. Additional work is planned to improve notification configuration. Important: Do not interact with fake apps in the Play Store and only use the link above.

Weekly Update Trading + HIP-3 markets reached a new ATH of $1.8B in open interest New Teams on the HyperEVM & HyperCore (in no particular order) + Hydromancer offers free historical data for Hyperliquid: https://x.com/hydromancerxyz/status/2036448548863017158 + MetaMask added support for the HyperEVM: https://x.com/metamask/status/2037214177966907641 Community Highlights + Jeff spoke at an HBS class studying Hyperliquid: https://x.com/MoneroMahesh/status/2037157748505276657 + At the Digital Asset Summit (DAS), Shaunda gave a talk on Hyperliquid and Jake (HPC), MC (Native Markets), and Bob (HSI) moderated by Rajiv (Framework) discussed Hyperliquid on a panel: https://x.com/shaundadevens/status/2037657887351222310, https://www.youtube.com/watch?v=zioOQWNTs9Q + Hyperliquid FR is hosting an event during Paris Blockchain Week on April 15: https://x.com/Yaugourt/status/2037628083977531759

Weekly Update Product & Tech + Fiat onramping is live for initial testing on app.hyperliquid.xyz, powered by Swapped Trading + S&P Dow Jones Indices partnered with Trade[XYZ] to launch the first and only officially licensed S&P500 perpetual derivative on Hyperliquid, enabling 24/7 trading of the S&P500: https://x.com/tradexyz/status/2034260987197444255, https://www.wsj.com/finance/s-p-500-owner-jumps-into-24-7-futures-for-index-on-crypto-exchange-6c65696b, https://www.bloomberg.com/news/articles/2026-03-18/booming-crypto-exchange-gets-official-s-p-data-in-tradfi-push + HIP-3 markets reached new ATHs of $1.7B in open interest and $5.9B in 24h volume New Teams on the HyperEVM & HyperCore + Coinbase added support for USDC on the HyperEVM: https://x.com/CoinbaseMarkets/status/2033596658949198067 Community Highlights + Hype Global (Imperator) and Hyperliquid FR are hosting an event for builders during ETHCC in Cannes on March 31: https://x.com/hypeglobal_/status/2035273993834701186. + See more upcoming events with HypurrCo here: https://x.com/hypurr_co/status/2036008468801544571

Fiat onramping is live for testing, powered by swapped.com. Users can now use app.hyperliquid.xyz without existing crypto assets. Options including credit card and bank transfer are supported in certain geographies. To try it out, select "Fiat" as the asset in the deposit modal. Fiat onramping is in initial phases of testing only. Feedback is greatly appreciated. Offramps, other payment methods, and other onchain assets will be added in the future.

Weekly Update Product & Tech + HIP-4 is live on testnet for user feedback. See https://t.me/hyperliquid_announcements/526 for more + Portfolio Margin limits have been increased. See https://t.me/hyperliquid_announcements/525 for more Trading + HIP-3 markets reached a new ATH of $1.4B in open interest + ZEC spot trading, deposits, and withdrawals went live via Unit Protocol New Teams on the HyperEVM & HyperCore (in no particular order) + Velo integrated Hyperliquid via builder codes: https://x.com/velo_xyz/status/2032443978260595199 + Byreal integrated Hyperliquid perps: https://x.com/byreal_io/status/2031273743016919070 + HyperLend launched compliance-gated private pools and dedicated credit facilities for institutions: https://x.com/hyperlendx/status/2030978006261322051 Community Highlights + Traditional news outlets have continued coverage of 24/7 price discovery on Hyperliquid, with WSJ: https://www.wsj.com/finance/commodities-futures/oil-futures-perpetual-contracts-d5496e5a, Bloomberg: https://www.bloomberg.com/news/articles/2026-03-09/oil-trades-are-booming-on-24-7-crypto-exchange-hyperliquid, Fortune: https://fortune.com/2026/03/14/hyperliquid-iran-oil-trade-weekend-markets-24-7/, and FT: https://www.ft.com/content/04ff96ba-90bb-4111-8a8b-cc5bcd05d0db + Rajiv built a fee dashboard with views by market and address: https://x.com/rajivpoc/status/2031829619104731185

HIP-4 is live on testnet. The first set of outcomes are recurring binary options on HyperCore mark prices. The interface at app.hyperliquid-testnet.xyz shows these outcome markets under "Predict" in the asset selector. As a reminder, outcomes are fully collateralized contracts that settle within a fixed range. They introduce non-linearity and dated contracts, and do not involve leverage or liquidations. Multi-outcome markets are also supported but are not part of the initial release plan. The initial mainnet release will be 1-day binary markets on BTC and HYPE. The first priority is to validate the technical implementation while avoiding complexities around outcome creation and settlement. The outcome trading API is similar to spot, with the key differences highlighted here: https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/api/asset-ids. Feedback and bug reports are appreciated.

Portfolio margin will transition from pre-alpha to alpha phase on the next network upgrade. The limits should be suitable for portfolios under $500k, rather than only testing accounts. The new requirements for portfolio margin are: + Master account >$5M in weighted volume required before enabling portfolio margin + USDH: 500M USDH global supply cap, 100M USDH global borrow cap, 5M USDH user supply cap, 1M USDH user borrow cap + USDC: 500M USDC global supply cap, 100M USDC global borrow cap, 5M USDC user supply cap, 1M USDC user borrow cap + HYPE: 1M HYPE global supply cap, 50k HYPE user supply cap + BTC: 400 BTC global supply cap, 20 BTC user supply cap

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

Weekly Update Trading + HIP-3 markets reached a new ATH of $1.2B in open interest New Teams on the HyperEVM & HyperCore (in no particular order) + Superform added HyperEVM vaults: https://x.com/superformxyz/status/2028850931505467741 + Based launched an AI interface with x402 payments: https://x.com/BasedOneX/status/2029181231984984148 Community Highlights + Bloomberg featured another story on 24/7 price discovery on Hyperliquid this weekend: https://www.bloomberg.com/news/articles/2026-03-07/crypto-markets-track-war-risk-as-iran-conflict-endures + Hyperliquid Strategies (HSI) rang the opening bell at NASDAQ: https://x.com/rediamondjr/status/2029224093371814346 + MMT added heat maps for TP/SL and liquidations: https://x.com/MMT_Official_/status/2028509083079241964

Weekly Update Trading + HIP-3 markets reached a new ATH of $1.1B in open interest. You can track HIP-3 metrics on https://www.flowscan.xyz/hip-3 and https://hyperscreener.asxn.xyz/hip3markets/overview New Teams on the HyperEVM & HyperCore + SonarX offers historical L2 data for HIP-3 DEXs via S3: https://x.com/SonarX_HQ/status/2027110302790094895 Community Highlights + Bloomberg featured two stories on price discovery and 24/7 trading on Hyperliquid: https://www.bloomberg.com/news/articles/2026-02-28/oil-gold-rally-on-hyperliquid-as-24-7-crypto-prices-iran-risk and https://www.bloomberg.com/news/articles/2026-03-02/crypto-s-24-hour-promise-gets-a-geopolitical-reality-check + Quicknode released 4 Hyperliquid SDKs in Python, TypeScript, Rust, and Go: https://x.com/Quicknode/status/2028534917404246133

Weekly Update Product & Tech + Cross margin has been enabled for HIP-3 DEXs on mainnet; HIP-3 deployers need to activate cross margin on a per asset basis for users to be able to use cross margin on that asset + app.hyperliquid.xyz has a page for users to remove previously approved builder codes: https://app.hyperliquid.xyz/builderCodes Trading + OM perps were delisted New Teams on the HyperEVM & HyperCore (in no particular order) + Hyperbeat launched USD+ as part of their Liquid Banking on the HyperEVM: https://x.com/hyperbeat/status/2023759219653034219 + Rosetta yield aggregator went live on the HyperEVM: https://x.com/rosetta_hl/status/2023385611399545183 Community Highlights + Hyperliquid Policy Center, led by Jake Chervinsky, was announced and is hiring: https://x.com/HyperliquidPC/status/2024115893786067190 + HL Global organized "Hypefest" in Denver: https://x.com/HLglobal_/status/2024522208996184202?s=20 + Jeff did a podcast with WSH: https://x.com/chameleon_jeff/status/2024680215960850578 + Quicknode open sourced their HyperCore CLI: https://x.com/Quicknode/status/2024142873961369660 + Enigma built an interface to export trade history that currently supports data up through Feb 2025, with plans to add support for older data: https://trade-export.hypedexer.com/?v=1

Cross margin for HIP-3 will be enabled on the next network upgrade. As a reminder, HIP-3 cross margin is only compatible with unified account and portfolio margin. Deployers are recommended to enable cross margin for 1-2 lower volume assets that meet the cross margin requirements outlined in the Docs: https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-3-builder-deployed-perpetuals. This will provide users and interfaces an opportunity to test the new user flow without disruption to the majority of volume. Interfaces should not support trading cross margin for DEX abstraction users, and instead prompt users to either use isolated margin or enable unified account. As a reminder, market makers and high volume traders should use standard account abstraction. In particular, cross margin is not compatible with DEX abstraction. Cross margin on standard accounts only shares collateral between positions within the same DEX. See https://hyperliquid.gitbook.io/hyperliquid-docs/trading/account-abstraction-modes and ⁠https://t.me/hyperliquid_announcements/516 for more details.

Validators will vote on whether to delist OM around 8:00 UTC on 23 February. OM is being rebranded to MANTRA. 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.

The Hyper Foundation will contribute 1M HYPE tokens to support the creation of the Hyperliquid Policy Center. The tokens will be unstaked later today. The Hyperliquid community will benefit from having representation in Washington, D.C., and we are confident that under Jake's leadership, the Hyperliquid Policy Center will have a meaningful impact in favor of clear regulations for decentralized finance. https://x.com/HyperliquidPC/status/2024115893786067190