Official Hyperliquid announcements and HIP-3 ecosystem updates, normalized into one chronological feed.
has transitioned from an IPOP market and is now live with external pricing. 10x leverage, 24/7, 365.
The Pre-IPO Perpetual (IPOP) Market for Quantinuum is now live. https://t.co/nkG9QX3uU0
Weekly Update Product & Tech + The permissionless validator set increased to 27 + USDT was added as a borrowable asset to portfolio margin Trading + HIP-3 markets reached a new ATH of $3.1B in open interest New Teams on the HyperEVM & HyperCore (in no particular order) + Talos integrated Hyperliquid for its institutional clients: https://x.com/talostrading/status/2059243635137196347 + Trust Wallet added support for HIP-4: https://x.com/TrustWallet/status/2060335232008474996 Community Highlights + hl.eco built a Hyperliquid dashboard: https://x.com/hl_eco/status/2058896726551867573 + The French HL community is organizing an event today in Paris: https://x.com/HyperliquidFR/status/2061354109882466762
RWA open interest on Hyperliquid reached a new ATH of $3B HIP-3 has set a new OI record every month since its launch in October 2025
We welcome today’s CFTC actions: approval of the first U.S.-listed perpetual derivatives contract, an accompanying Commission policy statement on the listing of perpetual derivatives, related interpretive guidance and no-action relief from the Market Participants Division, and a Staff Advisory on 24/7 Trading, Clearing, and Settlement, as a long-overdue acknowledgment that perpetual derivatives are a legitimate and essential tool for price discovery and risk management. For too long, regulatory ambiguity drove these markets offshore, depriving American traders and institutions of access to regulated venues and undermining U.S. competitiveness in the global derivatives markets. Today’s actions chart a new path forward. We look forward to engaging closely with the Commission to ensure that the framework it develops is workable not only for centralized intermediaries, but for the onchain protocols where the most significant perpetuals activity actually occurs.
.@CFTC Issues Policy Statement Concerning the Listing of Perpetual Contracts: https://www.cftc.gov/PressRoom/PressReleases/pr-9242-26
The Pre-IPO Perpetual (IPOP) Market for Quantinuum is now live.
USDT has been enabled as borrowable for portfolio margin on testnet, and will be enabled on mainnet on the next network upgrade. As a reminder, any bugs relating to portfolio margin are eligible for mainnet-level bug bounties.
Weekly Update Product & Tech + Hyperliquid now supports canonical outcome (HIP-4) markets based on offchain events, with the first markets being May CPI year-over-year change and the June federal funds rate change. HIP-4 markets also now use USDC as the quote asset + Updated Docs on Account Type and Portfolio Margin to help answer user questions: https://hyperliquid.gitbook.io/hyperliquid-docs/trading/account-abstraction-modes, https://hyperliquid.gitbook.io/hyperliquid-docs/support/faq/portfolio-margin Trading + BLAST, CHILLGUY, FTT, and TST were delisted New Teams on the HyperEVM & HyperCore (in no particular order) + Bounce deployed a leveraged token product: https://x.com/BounceTech/status/2056740906565320843 + MoonPay fiat onramp integrated HyperCore USDC: https://x.com/moonpay/status/2057814699480125807 + Worm terminal added support for HIP-4: https://x.com/wormwtf/status/2056414229193011698
Hyperliquid now supports canonical outcome markets based on offchain events. The markets are published by automated newsfeed software that validators run as part of their regular chain operations. Validators vote on deployment and settlement of canonical markets based on a variety of factors, including unambiguous rules, correctness, and subjective quality of the market.
Validators will vote on whether to delist BLAST, CHILLGUY, FTT, and TST around 25 May 2026 at 09:00 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.
Weekly Update Product & Tech + Coinbase and Circle announced their plans to activate AQAv2 on USDC. HIP-4 markets will use USDC as the quote asset in a future network upgrade. For more, see https://t.me/hyperliquid_announcements/548 + In approximately one month, the active validator set will increase from 24 to 27 validators. Note that the validator set will remain permissionless, as it currently is. Trading + HIP-3 markets reached a new ATH of $2.6B in open interest + Trade.xyz's CBRS market transitioned from pre-IPO perp (IPOP) to a regular perp, and SPCX IPOP was listed: https://x.com/tradexyz/status/2056159560470319515 New Teams on the HyperEVM & HyperCore (in no particular order) + Euler is transitioning HypurrFi lending in-house: https://x.com/eulerfinance/status/2055307187061231838 + Liquidiction added support for HIP-4: https://x.com/liquidictionhl/status/2050507593378861404
RWA trading on Hyperliquid reached a new ATH of $2.6B in open interest, double the amount from two months ago. Demand for 24/7, onchain access to real world assets continues to grow.
In approximately one month, the active validator set will increase from 24 to 27 validators. The validator set will remain permissionless, as it currently is. Validators are encouraged to carefully understand the technology and familiarise themselves with testnet before proceeding with mainnet. Note that the self-delegation of 10k HYPE is locked by the protocol for one year. This lockup applies even if a validator is not part of the active set, and should be carefully considered before committing the stake.
The Pre-IPO Perpetual (IPOP) Market for SpaceX is now live.
I spent the past few days in Washington with @hyperliquidpc meeting with policymakers during the historic advancement of the Clarity Act. We discussed Hyperliquid, the benefits that it offers to American consumers, and the regulatory path to bring onchain derivatives markets into the United States. Some conversations were technical with an impressive baseline understanding of Hyperliquid. Discussions included how onchain trading is a financial innovation that has clear global user demand. Other conversations focused more on a first principles introduction to defi and the promise of onchain markets. It was encouraging to see bipartisan support for thoughtful regulation of crypto. I look forward to continuing discussions in DC and working hard to make American access to Hyperliquid a reality.
Today, Bloomberg reported on certain incumbent traditional exchanges raising concerns about the integrity and impact of markets for perpetual derivatives on Hyperliquid. These concerns are unfounded. Hyperliquid offers enhanced market transparency, publishing a complete onchain record of every transaction in real time, making it a uniquely hostile environment for insider trading or price manipulation. Hyperliquid’s transparency serves as a strong deterrent for misconduct and facilitates surveillance, detection, and investigation by regulators and law enforcement. Hyperliquid also offers 24/7 trading, an innovation that substantially increases market efficiency. Prices move whether traditional exchanges are open or not. Continuous trading eliminates gaps and discontinuities between legacy market hours, improving price discovery for all participants. Bloomberg correctly reports that U.S. law is not currently tailored for derivatives markets on public blockchains like Hyperliquid. We look forward to continuing our work with policymakers in Washington to bring onchain markets inside the regulatory perimeter.
The bipartisan passage of the Clarity Act out of the Senate Banking Committee is historic: the first time a comprehensive crypto market structure bill has advanced to the Senate floor. We appreciate all of the effort that went into this success, but more work is needed before the bill is ready to become law. We look forward to engaging on Capitol Hill and with the administration as the process continues.
has transitioned from an IPOP market and is now live with external pricing. 10x leverage, 24/7, 365.
Cerebras Systems, Inc. (CBRS) is expected to IPO tomorrow, May 14, 2026. Shortly after Nasdaq's IPO Cross executes and CBRS opens for continuous trading, Trade[XYZ]'s CBRS will transition to a stand…
Excited to see everyone come together for this historic moment. AQAv2 brings the protocol-aligned stablecoin model that @Nativemarkets trail-blazed to USDC with @Coinbase and @Circle's commitment to Hyperliquid. The community no longer has to choose between liquidity and alignment. Our industry will face adversity as we continue to grow. It gives me hope seeing titans of the industry come together to build for users and bring all of finance onchain.
Coinbase has announced its plan to activate AQAv2 on USDC as the treasury deployer, with Circle serving as the technical deployer responsible for CCTP and native cross-chain infrastructure. Both Coin…
Coinbase has announced its plan to activate AQAv2 on USDC as the treasury deployer, with Circle serving as the technical deployer responsible for CCTP and native cross-chain infrastructure. Both Coinbase and Circle have committed to stake HYPE to activate AQAv2. As part of this transition, Native Markets has agreed to terms granting Coinbase the right to purchase the USDH brand assets. With Coinbase, in its role as treasury deployer, sharing the vast majority of reserve yield revenue with the protocol, USDC will become the most aligned stablecoin on Hyperliquid. As a result, canonical outcome (HIP-4) markets will use USDC as the quote asset in a future network upgrade. User and builder feedback has been consistent that fragmentation leads to degraded experience; now, the community no longer needs to choose between liquidity and protocol alignment. The pioneering work of Native Markets in launching USDH as the first production-scale stablecoin sharing yield directly with a protocol in a purely onchain implementation made AQAv2 possible. The learnings and mechanics pioneered by USDH will live on in AQAv2. The Hyper Foundation will give grants to eligible HIP-3 deployers, HIP-1 deployers, and builders who integrated USDH, supporting teams through migration over the next months. These grants reflect an ongoing commitment to teams who choose to build on Hyperliquid and align with the protocol. USDH markets are fully functional but will sunset over time. USDH remains fully backed, with feeless conversions to USDC and fiat available to users during this transition.
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.
Cerebras Systems, Inc. () is expected to IPO tomorrow, May 14, 2026. Shortly after Nasdaq's IPO Cross executes and opens for continuous trading, Trade[XYZ]'s will transition to a standard equity perpetual with external pricing.
