News

Open interest reached an all-time high of $18B on Hyperliquid Note: Two-sided OI is calculated as the sum of long and short positions

Weekly Update Product & Tech + Trailing stops are now available for perp markets. See the Support Docs for more: https://hyperliquid.gitbook.io/hyperliquid-docs/support/faq/trailing-stops New Teams on HyperEVM & HyperCore (in no particular order) + 1inch deployed on HyperEVM: https://x.com/1inch/status/2098051597364334669 + BitGo's self-custody wallet added support for HyperCore: https://x.com/BitGo/status/2098044479878074500 Community Highlights + The French community is organizing a meet-up in Paris on Sep 23: https://x.com/HyperliquidFR/status/2099465233018294519 + HypurrCorea is organizing a day of events on Sep 28 in Seoul a) Institution-focused seminar from 2-5:30pm: https://luma.com/eei081l4 b) Community dinner & mingle from 6:30-10pm: https://luma.com/5ltxvfi7 + HypurrCo designed Hypurr NFT cards: https://x.com/hypurr_co/status/2099502182542524809

Trailing stops are now available for perp markets. A trailing stop's trigger price follows the mark price as it moves in favor of the position. When the mark price retraces from its best level by the selected distance or percentage, it triggers a market order for the selected size. For long positions, the trigger price follows the highest mark price reached since activation; for short positions, it follows the lowest. An optional activation price determines when tracking begins. Without one, tracking begins immediately at the current mark price. See the Support Docs for more.

Most tech giants in the 2000s built their infrastructure and product as one entangled unit. Amazon had the foresight to separate out AWS as an API layer, of which Amazon retail was the first of many users. Today, AWS generates more profit than all of Amazon's other business lines combined. Hyperliquid is built with the same philosophy. Housing all of finance requires thoughtfully designed, open financial primitives. Each primitive should obey the Unix principle of "Do one thing and do it well." Talented builders then have the foundation to chain these together to create magical applications. HyperCore borrowing is an example to highlight this philosophy in action. Most other platforms implement portfolio margin by marking an account's collateral to market value with an LTV haircut, creating borrowed assets without an explicit lender. This system is simpler to implement, but misses a golden opportunity for composability. Hyperliquid instead begins with a borrow/lend protocol on HyperCore. Every borrowed asset is sourced from a supplier, so risk is isolated within the borrow/lend primitive instead of platform-wide. HyperCore's portfolio margin system is implemented as an orchestration layer that composes borrow/lend, with other primitives such as perps, spot, and outcome trading. This decomposition has several nice corollaries: 1. Today's announcement of manual borrowing is not a new feature, but simply an extension of the underlying primitive. Borrowers on day one have access to 400M and growing of supplied liquidity. 2. Portfolio margin users earn interest on their idle stablecoin collateral. This is not a new feature, but a natural byproduct of composing trading with lending. 3. System safety is easier to reason about when perp and borrow/lend margining are independent. In the same way that math theorems almost prove themselves when the right abstractions are defined, composable designs just feel right.

Manual borrows are live on Hyperliquid Portfolio margin and manual borrows use the same underlying HyperCore infrastructure, with $269M in assets borrowed today. Users can supply HYPE and BTC as collateral to borrow quote assets (USDC and USDT). Borrowed quote assets pay interest, and supplied quote assets earn interest, with rates set by utilization. See the Support Docs for more: https://hyperliquid.gitbook.io/hyperliquid-docs/support/faq/manual-borrows

iShares 20+ Year Treasury Bond ETF (TLT) is now live. 20x leverage, 24/7, 365.

Chevron (CVX) is now live. 10x leverage, 24/7, 365.

Now live on Events: Anthropic IPO Confirmed by Date

The 2X Long SNDK Daily ETF (SNXX) is now live. 10x leverage, 24/7, 365.

KraneShares China Technology & Semiconductor STAR 50 Index ETF (KSTR) is now live. 10x leverage, 24/7, 365.

Help shape Events by trade[XYZ]. Join our group to suggest new events, share feedback, and tell us what markets you want to see: https://t.me/eventsbyxyz

Introducing Events by trade[XYZ]. With Events, we’re advancing our vision of Hyperliquid as the universal exchange—a single, composable system for trading financial assets and real-world outcomes. A user can deposit spot BTC, borrow USDC through portfolio margin, open a pre-ipo SpaceX perp position, hedge an upcoming SK Hynix earnings event with an events market, and pick the US Open winner—all from a single unified account on trade[XYZ]. Events will span sports, politics, economics, and financial markets, with an expanding range of categories and contract formats. Our initial Up/Down markets cover equities, commodities, and pre-IPOs, powered by the depth and liquidity of trade[XYZ] perpetuals on HIP-3. These perpetuals provide continuous price discovery and serve as the resolution source, so each contract is grounded in XYZ's liquid market prices rather than an external oracle.

Today, we filed an amicus brief in CME v. Selig with a @CooleyLLP team led by former Solicitor General Elizabeth Prelogar, urging the court to grant the @CFTC's motion to dismiss. For years, Americans were pushed offshore to trade perpetual futures. This spring, the @CFTC opened the door at home. In June, CME sued to close it. That anticompetitive effort must fail.

https://x.com/i/article/2085461180223770624

"We have a window of opportunity here where we can actually move the needle and get these products into the United States in a regulated fashion, and then build up the most liquid markets in the world." @jchervinsky on The Rollup. Full interview below.

By community request, $USELESS perps have been listed 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/USELESS

Weekly Update Product & Tech + Manual borrowing on HyperCore is live on mainnet. As a reminder, HyperEVM smart contracts can access HyperCore borrow/lend functionality from CoreWriter and read precompiles + HIP-3* spec was shared New Teams on HyperEVM & HyperCore + Chainalysis added support for HyperEVM: https://x.com/chainalysis/status/2095568202663092401 Community Highlights + New Hypurr stickers were added to TG and Discord: https://t.me/addstickers/Hypurrliquid

BitMine Immersion Technologies, Inc. (BMNR) is now live. 10x leverage, 24/7, 365.

SHEIN has transitioned to a standard XYZ perpetual. 10x leverage, 24/7, 365.

Weekly Update Product & Tech + HIP-4 permissionless deployments were enabled on mainnet Trading + PONS perps were listed; VINE perps were delisted + HyENA's HIP-3 dex is sunsetting. See information on market wind-down here: https://docs.hyena.trade/ New Teams on HyperEVM & HyperCore + Pumpfun added support for HyperEVM: https://x.com/Pumpfun/status/2092613331299291421 Community Highlights + Bloomberg wrote about Trade[XYZ]'s markets: https://www.bloomberg.com/news/articles/2026-08-24/the-500-billion-experiment-to-build-24-7-markets-on-blockchain + The Hyperliquid community event will take place on the evening of October 5 in Singapore. Please register here: https://luma.com/HL2026Community

By community request, ethereum:0x07f5b6823751c2e2cd4560f28af75ff887102241 perps have been listed with up to 3x leverage.

By community request, $PONS perps have been listed 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/PONS

Our joint comment letter with @HyperliquidPC asks the @CFTC to open a regulated U.S. path for energy perpetuals and 24/7 trading. During this year’s oil shocks, our energy markets stayed open while benchmark markets were closed. They gave the world a live price as events unfolded. On many weekends, trade[XYZ] was the primary venue for price discovery. The events that shape our global economy rarely wait for markets to open. 24/7 markets are a natural evolution for a global economy in constant flux. The U.S. has an opportunity to lead by giving perpetuals a clear and credible regulatory home.

State Street SPDR S&P Biotech ETF (XBI) is now live. 10x leverage, 24/7, 365.

The Pre-IPO Perpetual (IPOP) Market for SHEIN is now live. SHEIN is a pre-IPO market reflecting the market-implied expected price per Class B ordinary share of SHEIN Global Holdings Limited, expected to list on HKEX (code 0625). SHEIN is an online fashion and lifestyle retailer selling own-brand apparel and third-party marketplace products. After the IPO, the oracle will convert the HKD share price to USD at the prevailing USD/HKD FX rate.

Perpetual contracts were not on the agenda at the @CFTC's first Innovation Advisory Committee meeting, but they still came up in every session, in a room with some of the biggest names in finance. Today, we submitted a statement supporting the Commission's work to bring perpetual futures markets onshore and keep them at the center of the innovation agenda. Read it here:

https://x.com/i/article/2092943651911483392

The Hyperliquid community event will take place on the evening of October 5, 2026 in Singapore: https://luma.com/HL2026Community This is a chance to spend time with the builders and users who've shaped the ecosystem over the past years. If you're with a project or institution, please share your team and role as well as social media handles when you register. The event will be extremely oversubscribed, so this will make it easier to review your request. Event details will be shared closer to the date.

Oil prices move 24/7. The markets that American businesses use to hedge them do not. Today, HPC and @tradexyz filed a joint comment letter asking the @CFTC to open a regulated path for energy perpetual contracts and 24/7 trading in the United States. During February's oil shock, roughly two-thirds of the weekend price move had already occurred onchain before U.S. futures reopened Sunday evening. The next crisis should find American businesses able to manage their risk in real time, under CFTC oversight.

https://x.com/i/article/2092582518595649536