Lucid Hunter

🚨 Never send DM 🚨

[HL Eco @hl_eco]

Track @papertrade_xyz at https://t.co/wXhHj2eTpw

[papertrade.xyz @papertrade_xyz]

papertrade launch timing and details

papertrade is expected to launch at 14:00 UTC on 10.10.2026, following the scheduled hyperevm network upgrade.

at this time trading through the frontend will be enabled.

deposits will pause for a short period of time at 13:45 UTC, fifteen minutes before, to ensure that trading has the utmost priority during launch. if you wish to participate in the launch you must predeposit.

launch congestion

papertrade will be congested at the start due to launch demand. expect temporarily long confirmation wait times, especially for smaller notional trades.

the frontend relayer plays an important role during launch, controlling how transactions are submitted to the hyperevm. some actions like staking distributions run separately in big blocks. the chain will always look as if only half of all possible gas is being used, this is optimal. using more than this would exponentially raise fees within minutes to unpayable prices.

oi limits

papertrade has individual atomic position limits of 10m. there is no limit on the number of 10m positions a user can have. papertrade also has floating oi headroom per market/side, which determines how much oi can be opened in a very short period. these are not designed to be triggered through normal trading usage and are set at 1bn per market/side for launch.

asym pnl fee parameters

papertrade inherits rollbit’s asymmetric fee pnl curve

the parameters are:
-baseRate: .1
-rateMultiplier: 15000
-rateExponent: 1
-referenceNotional: 100000*k (k=1m)
-positionMultiplier: 814.598 btc / 483.979 eth
-profit deadman: 0.2 basis points

a visualization of the pnl parameter curve is below

admin keys

the papertrade admins (2 of 3 multisigs consisting of @izebel_eth @blurr @UngusTrade ) perform three separate roles:

-guardian: pause opens and freeze individual/global markets. if a market is frozen any existing positions can still be closed against the paused bbo mid.

-owner: set impact curve and fee parameters. change configure relayers/keepers. list new markets and upgrade the contracts. all contract upgrades are gated by a 7 day timelock.

-markets: adjust the oi headroom per market/side. set the minimum margin and minimum position sizes.

read more about these features at: https://t.co/TTCuHgCHpB

[Lamboland @Lamboland_]

Best mobile dev in crypto secured.

Next up we're hiring a backend dev who can scale us to $1B in daily volume.

Same $50k referral bonus up for grabs.

[Noel.hl (theo arc) @NarwhalTan]

What a fucking day.

When we started planning this months ago, @hypurr_co agreed this has to be our BIGGEST and BEST, being Singaporeans and having it as our homeground.

Our first event in this “Hypurrco Gathers” series was just exactly a year ago - at token2049 2024.
Back then, it was a simple 40 pax brunch with @fiege_max hyperactive cap, @0xWasa vegas, @Theo_Network sponsoring.
Our first iconic tees were made then, with also a focus on quality.

Now? We accepted 400 people, 350 easily showed if not more through the 4 hour event.
10x.

Over 12 events have been ran or cohosted by us worldwide in the last year. From SG, NYC, Dubai, Cannes, HK, KR and much more.

How we’ve grown from a little 500+ follow account being banned to this.

Thank you everybody for coming by, truly appreciate the support thus far.

[Project X @prjx_hl]

Hyperliquid can change your life.

[Petro D. | Research @PDmytriiev]

Jeff Yan @chameleon_jeff used his DAS with @shaundadevens fireside to say what Hyperliquid is supposed to be: neutral public infrastructure that the rest of finance plugs into, with options and spot issuance as the next things to build.

Positioning

→ He rejects every comparison (first Aevo and dYdX, then the big CEXs, now CME and Nasdaq) and frames Hyperliquid as closer to the internet or Linux: one neutral system rather than ten competing attempts.
→ Incumbents are described as future users of the technology, not as targets to displace.
→ Primitives should be few, precise and composable, and the list should never be closed. Portfolio margin is his example of borrow/lend composing with perps and spot.

HIP-3 and HIP-3*

→ RWA open interest went from $300M in January to $3.9B, a 13x increase.
→ HIP-3* is HIP-3 plus opt-in deployer controls such as whitelisting who can trade. Jeff presents it as builder feedback distilled into a few modifications, and as purely additive.
→ In Payward’s plan, Bitnomial would be the deployer and NinjaTrader Clearing would carry the customer accounts.

Options and HIP-4

→ Asked what he would build if he couldn’t work on infrastructure, he said options. A year ago he wasn’t sure options traders wouldn’t simply prefer perps, and he now thinks they don’t.
→ @chameleon_jeff sees HIP-4 as the natural base: it inherits spot order books and portfolio margin, and market makers can hedge delta on the perps venue.
→ Nothing with a convex payout has reached escape velocity in crypto, and he wants builders to tell the core team where HIP-4 needs extending.

Priority fees

→ About 180K $HYPE has been burned through them so far.
→ Jeff pushed back on the word “bribes” and compared the design to Ethereum moving from validator payments to a protocol burn.
→ His argument is that the TradFi latency race is zero or negative sum, with profits ending up with whoever lays the cables. Priority fees pull that cost inside the protocol so a trader with a real edge can compete without infrastructure spend.

Transparency over privacy

→ Shaunda cited a study showing publicly telegraphed TWAPs on Hyperliquid got better execution than hidden ones.
→ Jeff’s case is that open order books made markets more liquid than trading pits, and there is no reason the optimum stops at today’s TradFi disclosure level. Hyperliquid already shows the address behind every order.
→ He gave no support to the idea of a private layer.

Spot and issuance

→ Spot, perps and options are his three bases for trading. Portfolio margin is only as useful as the collateral that actually sits on-chain, so the assets have to be there, not just their prices.
→ He expects this to take longer than perps did, since holding an asset is not an economic activity and tokenizing is harder than listing a price.

[Elysium Ecosystem @ElysiumEco]

Season 0 is live on https://t.co/egIsovItzi 🏛️

• Claim your wallet
• Collect 40 badges and level them up. Some are secret 👀
• Climb the ranks, Mortal → Elysian.

Claim during the testnet and keep a gold checkmark ✓

👉 https://t.co/DmmGoPiI3N

[jeff.hl @chameleon_jeff]

Thanks to everyone for coming out to yesterday's event! Huge shoutout to @Valinorae for fulfilling a grand architectural vision down to the smallest details, @jaygee_hl for the top tier execution and coordination, and @iliensinc for the tireless work behind the scenes. Also thank you @RitzCarlton #Singapore for going above and beyond and for your warm hospitality. The community and ecosystem are deeply grateful to you all for putting on the best event that I and many others have ever experienced.

It's incredible to see how far Hyperliquid has come and the momentum with which the ecosystem is growing. Looking forward to another year of building alongside the ever-growing community.

[Hypurr @Hypurr]

hypurr is so proud of @Valinorae and @jaygee_hl and grateful to the security team and ritz events team for their vision, execution, and attention to detail. thank you!!!!!

thank you to everyone who traveled near and far to be a part of today

hypurr will post more pics later 🐱

[nest @NestExchange]

nest 2.0

IS LIVE

Built for liquidity providers.

[Hyperliquid_IDN @Hyperliquid_IDN]

Thanks for superb event @HyperliquidX @chameleon_jeff @jaygee_hl @Valinorae @iliensinc
Job’s not finished
Hyperliquid

[MaraCake @MaraCakeHotSale]

you made my day!!

他真的会在意大家在中国哪里 最后没有录到的就是说say hi to the Chinese community 真的太温柔太贴心 我先晕倒了

hyperliquid chinese community @chameleon_jeff @HyperliquidX

thanks for all your work

@mdzzi @GuHype @dongdongRobin
@hleco_cn

[HyperOutfits @HyperOutfits_]

Full Jeff speech to the Hyperliquid community.

Hyperliquid.💚

[Hyperliquid Policy Center @HyperliquidPC]

The @CFTC just took an important step toward adopting a federal rulebook for crypto market structure: the Commission proposed rules for exchanges that let Americans trade crypto with leverage, including a new type of CFTC registration that is fit for purpose.

An exchange’s regulatory path would follow its product set: (1) state licensing for spot trading, backstopped by the CFTC's anti-fraud and anti-manipulation authority; (2) CFTC registration for leverage under rules written for crypto; and (3) the existing DCM framework for perps and other derivatives. Builders shipping code onchain, and the Americans using it, would know where they stand under federal law.

Separately, the CFTC is working directly with builders to develop lawful pathways for onchain markets in the United States, and is drafting a policy so that developers who publish software but do not take orders, control execution, or hold customer assets would not have to register as brokers.

Thank you to @ChairmanSelig and the CFTC staff for the effort behind today's proposal and for putting onchain markets on the agenda.

[Hypurr @Hypurr]

gmeow jeff

[Coin Bureau @coinbureau]

🚨HUGE: Hyperliquid's perps are now live on the Bloomberg Terminal.

The Terminal now shows live data from Hyperliquid's 24/7 perps, including oil, gold, the S&P 500 and chipmakers.

It comes after President Trump said the CFTC is working to bring Hyperliquid to the US.

[Magnus @0xmagnus]

Let's get it. See you guys in Singapore.

[xulian.hl @xulian_hl]

If you are from the Hyperliquid community and have travelled to Singapore but have not yet been accepted to the Hyperliquid Community Event, please send me a message before 3pm SGT.

[HL Eco @hl_eco]

AQAv2 reserve yield already made up 18.3% of Hyperliquid's total protocol revenue over the last 30 days.

Track USDC reserve yield in full detail on our Financials dashboard with @HyperliquidR
https://t.co/mcz9LftMlX

[nest @NestExchange]

nest's Q3 report is live with plenty to celebrate

covering financial metrics, product development, and what to look forward to

on to Q4 and nest 2.0