sup.hl

Hyperliquid

[Hyperliquid @HyperliquidX]

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.

[McKenna @Crypto_McKenna]

Below is our Institutional grade report on Hyperliquid where we attempt to re-evaluate our Thesis from the ground up.

We reflected on Hyperliquid's past growth becoming the No.1 Derivative DEX and revenue generating public blockchain in the digital asset space. Then proceeded to evaluate future growth tailwinds such as builder codes, aligned stablecoins and builder-deployed perpetuals via HIP-3.

Finally we published our valuation framework which includes modelling surrounding projected revenue for 2026 alongside a 1-yr increase in float via core contributor unlocks.

Hope you all enjoy

Hyperliquid

[jeff.hl @chameleon_jeff]

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.

[Edison @edison0xyz]

Awesome livestream by @LH_0302 🥂

Based Streams allows people to stream their trading setup and audiences can donate tokens to their favorite streamers.

Small hiccups at the start, and we will get to work to fix those things to make this more stable.

[Based @BasedOneX]

The first livestream on Based is complete!

Our launch got off to a slightly delayed start due to a DDoS attack that briefly overwhelmed our servers. The issue has since been resolved.

Moving forward, we’ll be implementing stronger safeguards to ensure streams go on smoothly.

[Hyperliquid @HyperliquidX]

Powered by Hyperliquid

[Ponyo @ponyo_fp]

“If building Hyperliquid isn’t just about money, then what is it really about?”

From @chameleon_jeff’s interviews, tweets, and the steps Hyperliquid has taken so far, I already knew he wasn’t driven purely by money. But I believe the impact Hyperliquid has had on this industry is so transformative that it marks a before-and-after moment (almost like dividing history into BC and AD).

That’s why, for this meetup, I set aside all the technical questions and wanted to ask this fundamental one.

“For me, money is just numbers. Life is too short. I want to spend it doing something meaningful. If people find Hyperliquid genuinely useful and it creates a positive impact on the industry, that brings me more joy than anything else.”

When Hyperliquid launched, I was at a point where continuing research was starting to feel draining. Too many projects talked about community and trust while acting differently behind the scenes — changing their words, failing to build anything real. That’s why Jeff’s answer resonated with me so deeply.

Huge thanks to @KORypto_JUN @christyhwchoi @SKYGG_Official for inviting me to this meetup and making it happen. Even got to take a selfie at the end!!!!

Hyperliquid.

[BasedPals @BasedPalsNFT]

O.o

Will be tracking

-Next 100 followers
-Next 100 likes
-Next 100 comments
-Next 100 RTs

BasedAF.

[sup.hl @choDavid10]

@BasedPalsnft based

[Unit @unitxyz]

Unit 24 hour spot BTC volumes of 704M have now surpassed Bybit, (493m) Coinbase (201m) and OKX (206m).

[PayPal @PayPal]

We're all in. Let's expand the Hyperliquid community together across our broad network of 400M+ PayPal and @Venmo accounts!

[Based @BasedOneX]

Introducing Flow Battle: Season 1

🔸Win up to $50,000 USD in prizes
🔸Exclusive NFTs up for grabs
🔸Premium Access to CMM
🔸Top 10 winners will walk away with prizes

Duration: 6th-16th Sept

Proudly Sponsored by

@CoinMarketMan
@hypertracker
@UpheavalFi
@ottionhl
@baldbrothers_
@Illiquid_nft

Community Partners: @hypurr_co

Pre-Register here: https://t.co/vm0yRxlPU0

Are you ready to flow?

Hyperliquid

[kook @KookCapitalLLC]

a pivotal piece of hype lore

the day binance mafia tried to destroy hyperliquid

fun fact; this attack was the switch flip for me on hype and i entered with size that day

i didn't know much about hyperliquid and i didn't have my own long term thesis (yet)

but i did know that if binance wanted to destroy something that badly, it must be very valuable

binance's attack was the push i needed to scale in and go deep on research

shortly after i knew hyperliquid would change the entire finance industry and more

thank you binance you changed my life ❤️

[Edison @edison0xyz]

https://t.co/XYFz57lmik

[ddx2 @0xddx2]

My HyperEVM project tier list:

S: @kinetiq_xyz @prjx_hl @hyperbeat

A: @hyperlendx @unitxyz

B: @HyperSwapX

When launched, it goes to section A: @NestExchange, @delpho_labs

[Upheaval @Upheavalfi]

In less than 1 week. Our $PUP token is up close to 10x

We followed Jeff's playbook

Bear in mind, this was a free airdrop

No one paid a dollar for it

0 team allocation, 0 insiders, 0 presale

Build for community, don't max extract

Congrats to those who held

Hyperliquid.

[Based @BasedOneX]

Introducing Based – the first true omnichannel trading experience on @HyperliquidX 🚀

No matter where you are, you can trade seamlessly across 4 powerful products:

🔸 Mobile App – iOS & Android
🔸 Web Terminal – Accessible & Intuitive
🔸 Telegram App – Trading Bot within Telegram
🔸 Desktop App – Incognito Trades & Highly Performant

Trade anytime, anywhere. One platform, every channel.

👉 Download Based now & start trading smarter: https://t.co/X1a1B5pZN6

[Hyperbeat @hyperbeat]

Introducing dnTokens, Tokenized Delta-Neutral Strategies utilizing @HyperliquidX, @unitxyz assets and HyperEVM.

- Tokenized delta-neutral strategies (dnHYPE, dnETH, dnPUMP & more)
- Real yield from perp funding + yield-bearing assets on spot leg
- Fungible, composable and capital efficient

Deposit stablecoins → mint dnTokens → earn automated delta-neutral yield -> Use dnTokens in Defi

Deposit now: https://t.co/QI4ZKDz7wn

[BitGo @BitGo]

BitGo custody for $HYPE is now live. Institutions can securely access HyperEVM with qualified custody, self-custody wallets, and scalable infrastructure for governance assets and dApps.

BitGo brings the security needed to participate in the highest-performance onchain trading ecosystem.

Learn more: https://t.co/OgBiPNhJgz

[Based @BasedOneX]

We’ve been quality assurance testing all day, deleting and re-downloading the app to make sure our users have the best possible experience.

This is what the trenches look like.