JayGee.hl

Meow
@hyperliquidx

[JayGee.hl @jaygee_hl]

Hyperliquid

[Hyperliquid @HyperliquidX]

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.

[jeff.hl @chameleon_jeff]

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.

[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.

[JayGee.hl @jaygee_hl]

Building the house of all finance 🗺️

🖌️:@Degen_Alfie Thank you for bringing this to life!

[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.

[Hyperliquid @HyperliquidX]

Happy Holidays!

Thank you to the community for your continued support as Hyperliquid builds toward housing all finance onchain.

[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.

[jeff.hl @chameleon_jeff]

Hyperliquid’s fully onchain liquidations cannot be compared with underreported CEX liquidations

Hyperliquid is a blockchain where every order, trade, and liquidation happens onchain. Anyone can permissionlessly verify the chain’s execution, including all liquidations and their fair execution for all users. Furthermore, anyone can verify the solvency of the entire system in real time. Transparency and neutrality are key reasons that fully onchain defi is the ideal infrastructure for global finance.

Some CEXs publicly document that they dramatically underreport user liquidations. For example on Binance, even if there are thousands of liquidation orders in the same second, only one is reported. Because liquidations happen in bursts, this could easily be 100x under-reporting under some conditions. Source below.

Hopefully the industry will see transparency and neutrality as important features of the new financial system, and others will follow.

[JayGee.hl @jaygee_hl]

Hope this gives everyone a better understanding of HLP and ADLs. Remember to be kind to yourself and the community always

[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.

[JayGee.hl @jaygee_hl]

Gmeow!

[JayGee.hl @jaygee_hl]

Final tips 🇸🇬
Singapore is super safe, but also has strict laws— and there are harsh penalties for breaking laws. Respect the rules:
🚫 No drugs, no vapes/e-cigs, no chewing gum
🚫 Don’t litter or jaywalk
✅ Be good like Hypurr @hypurr

With Token Week in full swing, look out for each other, be a considerate tourist and party responsibly 🥂. Enjoy Singapore! ✨

For those coming to the community meet-up, see you there!

[JayGee.hl @jaygee_hl]

GM @HyperliquidX community ☀️

Welcome to Singapore! Here are some top tips to make the most of your trip 👇

[JayGee.hl @jaygee_hl]

Things to do in Singapore 🌇🌴
If you’ve got time outside Token Week, check out:

-Gardens by the Bay & Flower Dome
- National Gallery & National Museum — for an art & culture fix
- Chinatown — heritage streets, temples & buzzing food stalls
- Zoos, oceanarium and much more

Running & Cycling in the city 🏃🚴‍♂️
The Marina Bay area has immaculate vibes — skyline, waterfront & Marina Barrage with ocean views.
If you run, go early! After 9am, the SG sun + humidity is savage.
If you want to bike, rent HelloRide/Anywheel bikes, be mindful of other folks

[Rabby Wallet @Rabby_io]

Rabby Perps is live — now on Rabby Mobile and Rabby Extension.

Trade with up to 40x leverage across 100 markets.

Go long or short anytime, anywhere.
Powered by @HyperliquidX

[OpenSea @opensea]

Another community joins the seas.

NFTs and spot, unlocked with HyperEVM.

Welcome aboard, @HyperliquidX!

Sailing now on OpenSea.

[JayGee.hl @jaygee_hl]

CoreWriter unlocks true composability between HyperCore and HyperEVM — Excited to see the applications that will be deployed with this.

[Hyperliquid @HyperliquidX]

The CoreWriter system contract was activated on mainnet two weeks ago.

CoreWriter and read precompiles allow trustless two-way communication between HyperCore and the HyperEVM, enabling builders to create an entirely new class of HyperEVM applications that interact with the liquidity and performance of HyperCore.

For example, LSTs on other chains are usually controlled by an offchain multi-sig because staking occurs outside of the VM. The next generation of Hyperliquid LSTs can be built using read precompiles and CoreWriter for an entirely onchain tokenized staking experience. Furthermore, these onchain LSTs can participate in staking-related functionality through actions initiated from the HyperEVM, such as onchain LST-holder governance to deploy HIP-3 assets.

As another example, borrow lend protocols can use read precompiles to incorporate prices from order books on HyperCore into more robust oracle prices. CoreWriter then allows these protocols to trustlessly liquidate undercollateralized positions on HyperCore order books.

The seamless composability of HyperCore and the HyperEVM will be essential to enabling builders and bringing finance onchain.

[Hyperliquid Community Hackathon @hl_hackathon]

Announcing the Hyperliquid Community Hackathon.

A 4-week, global online event to build the future of finance.
💰 Over $160,000 in prizes
⭐ Powered by 35+ Hyperliquid aligned sponsors
📅 Registration opens July 28
More details to come. Follow for updates.

Hyperliquid

[Rabby Wallet @Rabby_io]

Rabby Wallet now tracks your Hyperliquid balance.

Stay on top of your portfolio anytime, anywhere.

[Unit @unitxyz]

$PUMP will be live for deposits, withdrawals and trading on Hyperliquid at 17:00 UTC