brian

@VeritasDYOR | @gryphsisacademy

[The Wall Street Journal @WSJ]

Hyperliquid, a decentralized crypto platform, is open 24 hours a day, seven days a week. The exchange has emerged this year as a go-to spot for Wall Street’s weekend warriors. https://t.co/3VCVCnxToh

[brian @brianzrc_]

@chameleon_jeff @nativemarkets @coinbase @circle Hyperliquid

[jeff.hl @chameleon_jeff]

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.

[Kinetiq @Kinetiq_xyz]

https://t.co/kZGnFKn6qA

[shaunda devens @shaundadevens]

Robinhood vs Hyperliquid Q1 results

Clear cyclical downtrend in crypto trading. Robinhood crypto revenue fell to $134 million (-39.4% QoQ), while Hyperliquid crypto trading revenue fell to $179.7 million (-31.0% QoQ).

Still, Hyperliquid’s crypto revenue was higher than Robinhood’s crypto line, while its RWA revenue grew +454.8% QoQ.

Users also grew 29.6% QoQ to 1.19M, versus Robinhood funded customers up roughly 1.5% QoQ.

HYPE’s discount to TradFi comps has largely been a cyclicality discount on crypto-linked cash flows. But with RWA now >30% of volumes, HIP-4 adding binary outcomes, and revenue volatility already roughly in line with Robinhood through the slowdown, that discount looks less justified.

At $192.3M of Q1 protocol income versus Robinhood’s $346 million of net income, HYPE looks incredibly cheap at a $9.5 billion circulating market cap against HOOD trading at $74 billion.

[Hyperliquid Policy Center @HyperliquidPC]

https://t.co/pDw0g23Bp9

[Colossus @colossusmag]

This is the story of Hyperliquid, the most profitable startup per employee on earth, told from a guarded office in Singapore.

Last year, its team of 11 generated $900 million in profit. It's 3 years old, has never taken a dollar of venture capital, and is beginning to change how century-old markets work.

Its founder, Jeffrey Yan (@chameleon_jeff), had never taken a physics class when he picked up a textbook at 16. Two years later, he won gold at the International Physics Olympiad. In 2019, he started trading with $10,000 from a living room in Puerto Rico—working off a television because he didn't own a monitor.

Within 3 years, he was running one of the largest anonymous crypto trading firms.

Then he shut it down. Yan was rich and free, but he had spent years inside crypto, watching it betray itself. Bitcoin's central premise was decentralization. Yet the biggest exchanges were centralized. Crypto kept reintroducing the dependence on trust it was built to eliminate. He set out to create what should have existed.

Hyperliquid is a blockchain with a trading exchange on top, and anyone can build on it. Yan's vision is to house all of finance. In 3 years, it has done over $4 trillion in volume. And in the past few months, it has begun to outgrow crypto.

Markets for oil, silver, and the S&P 500 now trade on Hyperliquid around the clock, weekends included, and are growing roughly 40% week on week. When the US and Israel bombed Iran on a Saturday in February, Hyperliquid was the venue traders turned to.

Hyperliquid's success has cost Yan his freedom. He works out of a secret office in Singapore and cannot travel without two bodyguards. Even the team's housekeeper doesn't know what they do.

In January, @domcooke spent a week at their office. Read his profile on Yan and @HyperliquidX below.

[jeff.hl @chameleon_jeff]

Huge congratulations to TradeXYZ and S&P for this historic partnership. I'm honored that these teams choose to build on Hyperliquid.

Seeing official S&P500 perpetual futures launch exclusively on Hyperliquid is a validation of everyone's past years of hard work: global access to decentralized finance, perpetual futures as 24/7 price discovery, and Hyperliquid upgrading the existing financial stack to house all of finance.

The S&P500 is synonymous with "the market," a single number that captures the essence of the largest economy in the world. Looking forward to tracking the world's most important financial gauge 24/7 on the most liquid permissionless markets.

[WSJ Markets @WSJmarkets]

The owner of the S&P 500 index is licensing the world’s most tracked stock index for the launch of a derivative contract that trades around the clock on the crypto exchange Hyperliquid https://t.co/2naz9XWGoK

[trade.xyz @tradexyz]

S&P Dow Jones Indices and trade[XYZ] have joined forces to launch the first official S&P 500 perpetual contract, available exclusively on Hyperliquid.

For 69 years, the S&P 500 has been a defining reference point for global finance. Until now, access to that benchmark has been shaped by market hours, intermediaries, and geography. Today, that changes.

The S&P 500 perp is now available 24/7/365, anchored by the official index data required for deep liquidity and institutional confidence at scale. 

SPDJI helped define modern indexing. They are stewards of an iconic benchmark, the standard against which portfolios across the globe are measured. We are honored to bring that legacy on-chain.

Trade[XYZ] is bringing the world's most iconic assets towards a future of global, continuous markets — a future powered by Hyperliquid.

[Hyperliquid @HyperliquidX]

Over the past 2 weeks, RWA trading on Hyperliquid has repeatedly broken records, surpassing $1.3B in open interest and $1.4B in weekend volume.

When traditional markets are closed, Hyperliquid is the premier venue for 24/7 price discovery on oil, metals, indices, and other essential assets. This is an important step towards housing all of finance.

[MLM @mlmabc]

The Hyperliquid Assistance Fund surpassed $1B in total buybacks today, a little over 15 months after $HYPE went live.

This means a total of 41.71M HYPE, currently worth $1.35B, has been burned forever, representing 4.17% of the total supply.

https://t.co/RwHkp4woCS

[VeritasResearch @VeritasDYOR]

https://t.co/hgMJRhX7SM

[Hyperliquid Policy Center @HyperliquidPC]

We are Hyperliquid Policy Center.

HPC is a research and advocacy nonprofit focused on advancing a clear path for decentralized finance to thrive in the USA.

We will introduce policymakers to @HyperliquidX and bridge the gap between law and next-generation market infrastructure.

[jeff.hl @chameleon_jeff]

I’m excited to support the @HyperliquidPC launch. The Hyperliquid ecosystem needs a policy voice that represents our core values in DC. I’ve gotten to know @jchervinsky and seen his principled and unwavering support of defi over the years. There is no better person to advocate for Hyperliquid and defi broadly in this critical time in policy discussions. HPC will champion the message that Hyperliquid and defi align with core American values: transparency, fairness, and financial freedom for all.

Since the chain’s genesis three years ago, Hyperliquid has pushed the limits of decentralized financial infrastructure. It’s been an honor to work with such a passionate and diverse group of builders toward the ambitious goal of housing all of finance in a fair and transparent system. However, this decentralized stewardship and development meant that Hyperliquid lacked a unified voice in important policy discussions until now.

At this point, Hyperliquid has grown to where “housing all of finance” is more than a tagline. There is a tangible and urgent possibility of upgrading the tech stack of the existing financial system, bringing immense value and accessibility to everyone. Democratizing finance requires education and advocacy for laws that protect users and builders alike. Global financial regulation will be shaped in the United States, and we must work to ensure that these new policies thoughtfully embrace the potential of the new financial system enabled by Hyperliquid. I’m confident that the team at HPC will take on this challenge and push for a clear, regulated path for defi to thrive.

[kirbycrypto @kirbyongeo]

In my 9 years in the space, this is one of the rare times I've seen founders that are completely and unequivocally aligned with their vision.

If you didn't know...
1) Jeff self-funded the entire team at Hyperliquid for a few years.
2) They didn't raise any capital and preserved a clean tokenomics structure. Users/community were not exit liquidity for the first time.
3) They treasure fairness and integrity. No projects, or outsiders were given any insider knowledge on product releases, or updates. You can see that in the price action, no hidden accumulation before they release any news.
4) 97% of fees directed to the AF, which buys back $HYPE, effectively burning it forever.
5) They could have structured the tokenomics however they wanted, but decided to allocate 69.89% to the community.
6) They spent 0 on marketing. They just built a really solid product that people loved to use, and showed their value of their community through an airdrop.
7) As above, they took a full year to work on and design the HypurrNFTs , some were even personalized to the recipients of the airdrop.
8) Now, they are entitled to pretty huge unlocks. But decide to only unstake a portion of it (1.4%), and even restaked it.

There is a greater goal then just making money.

Hyperliquid's goal is and always has been to build a blockchain to house all of finance. With a goal that ambitious, these are essential and crucial steps. If anyone has the moral integrity and technical capability, it is Jeff and the entire Hyperliquid team.

[Hyperliquid @HyperliquidX]

HyperCore will support outcome trading (HIP-4). Outcomes are fully collateralized contracts that settle within a fixed range. They are a general-purpose primitive that are useful for applications such as prediction markets and bounded options-like instruments. There has been extensive user demand in both of these areas, and builders will likely think of novel applications as well.

Outcomes bring non-linearity, dated contracts, and an alternative form of derivative trading that does not involve leverage or liquidations. The outcome primitive expands the expressivity of HyperCore, while composing with other primitives such as portfolio margin and the HyperEVM.

Outcomes are a work in progress and currently only being tested on testnet. Canonical markets based on objective settlement sources will be deployed once technical development is complete. Canonical markets will be denominated in USDH. Pending user feedback, the infrastructure will be extended to permissionless deployment.

[jeff.hl @chameleon_jeff]

Hyperliquid has quietly achieved an important milestone of becoming the most liquid venue for crypto price discovery in the world. See below for side by side comparison of BTC perps on Binance (left) and Hyperliquid (right).

With HIP-3 teams leading the way, Hyperliquid has also grown to become the most liquid venue for perps on tradfi assets. Thank you to everyone's hard work as we upgrade the financial system and house all of finance.

[VeritasResearch @VeritasDYOR]

https://t.co/JTu3HzoorW

[Hyperliquid @HyperliquidX]

Hyperliquid today looks very different from Hyperliquid a year ago. This time last year, the HyperEVM hadn’t even launched, and there were only a handful of early believers building exclusively on Hyperliquid. Now, there are hundreds of teams building, dozens of regional communities with local events, and trillions more in volume traded.

This was achieved without any external funding and giving all protocol fees to the community. Hyperliquid was built with a strong belief in returning to the core ethos of crypto  -  changing entrenched and predatory practices to be fair and permissionless.

This art piece is meant to celebrate Hyperliquid’s growing ecosystem and commemorate how far we’ve come as a community in building the house of all finance. You’ll find many of your favorite apps and teams interwoven in the piece if you zoom in. A special thank you to @Degen_Alfie for bringing the community to life. Many great teams didn’t make it due to limited space and time, but your contributions have not gone unnoticed!

Notable product and tech releases in 2025 included:
+ HyperEVM launch with HyperCore composability via precompiles and CoreWriter
+ Spot assets bridged by Unit
+ Fully permissionless validator set
+ Native utility to staking, with fee discounts for traders and permissionless HyperCore deployment capabilities for builders
+ Permissionless spot quote assets
+ Hypurr NFTs
+ USDH governance vote and launch by Native Markets
+ HIP-3 permissionless perp deployment
+ Native USDC integration
+ Portfolio margin pre-alpha launch
+ Assistance Fund HYPE officially burned

Compared to 2024, ATHs in 2025 reached:
+ $32B in 24h volume from $15B in 2024
+ $16B in open interest from $4B
+ $6B in TVL from $2B
+ $20M in 24h protocol revenue from $3.5M
+ 1.4M users from 300k

Excited to see what the ecosystem looks like another year from now. Thank you to all the builders, users, and supporters who have come together to push forward Hyperliquid’s vision.