Hyperliquid
A DeFi platform built on perpetual futures, now rivaling traditional exchanges.
Spot, futures, and outcome markets in one place.
US access could be the next catalyst for $HYPE
Read the full article from @LowBeta on the Stack: https://t.co/uQEUE3w35R
> Paradigm asked me to OTC some $HYPE. Fred Ehrsam sounded stressed. Said the desks are completely dry and clients keep asking for exposure. He paused for a second and whispered: “we should’ve bought more at $12.”
> Multicoin partners allegedly asked Kyle why they owned 47 different governance tokens but no $HYPE for so long. Nobody has seen him since. Insider sources claim Multicoin’s investment process now starts with one question: “What would Kyle do?” Then they do the opposite.
> Sequoia called me today at 3am asking if I’d lend them some $HYPE liquidity. Apparently every founder in crypto suddenly became a Hyperliquid maxi overnight. The partner on the phone sounded exhausted. He got hundreds of emails saying ”Hyperliquid”.
> a16z begged me to unlock some spot $HYPE. They said every dip gets bought instantly and their traders can’t source enough inventory anymore. Chris Dixon asked me what’s the best way to farm a potential s3. I answered that they get a multiplier if they send their spot hype to 0x0000000000000000000000000000000000000000.
> Jump Trading offered me “strategic partnership opportunities” if I’d part ways with my $HYPE bag. I said no. They immediately increased the bid.
> Goldman Sachs heard the rumours that their SpaceX IPO deal will be frontrun by Hyperliquid traders. They asked if my $HYPE position was “negotiable.” I told them it depends. They asked what price. I said: “higher.”
> Jane Street tried to calculate fair value for $HYPE. They asked me what’s the underlying of a Hyperliquid? After 14 spreadsheets and 3 models they concluded: “there’s not enough spot available.”
> BlackRock called asking for “just a small allocation.” They said pension funds are suddenly asking about Hyperliquid during meetings. One analyst reportedly called it “the AWS of liquidity.” I told them to think bigger. It’s the House of all finance.
Hyperliquid
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.
Today we��re expanding our support for @HyperliquidX by becoming the platform’s official treasury deployer of USDC.
Onchain markets operate 24/7 and require collateral that is always available, instantly transferable, and deeply liquid - USDC delivers exactly that.
Alongside this, we’ve also significantly increased our position of staked HYPE.
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.
Ringing the opening bell for @HypeStrat this morning with @dschamis and @red_thr33. So proud of our team!
Hyperliquid is quickly becoming the house of all finance and through $PURR US investors can be part of that growth story.
E159: @Hyperliquidx: Housing all of Finance
@chameleon_jeff came back on the When Shift Happens Podcast to talk about the Hyperliquid journey since the TGE and what the future holds for one of the most loved and prolific protocols in the space
Hyperliquid
Timestamps
0:00 Intro
2:01 Singapore
2:27 Reminiscing on the Token Launch
5:00 Was This Scale Of Wealth Expected?
6:28 Doing The Right Thing In Crypto
9:07 The Responsibility that comes with Billions of $
11:10 @JupiterExchange@KASTxyz
11:51 Bringing Hyperliquid to the masses
15:21 Pre TGE and Post TGE: Operational difference
20:13 Choices on what to build Internally vs Externally
22:05 How to build a reliable team
24:51 Did the Team celebrate the HYPE wealth Generation event?
26:45 How to test talents for High Integrity
28:31 How much does the Hyperliquid team sleep?
30:05 Employee Vesting Fears
31:41 Dealing with FUD
32:28 How Does Jeff Personally Handle FUD
35:02 Token "Buybacks" critics
37:20 Why Hyperliquid can't have Discretionary "Buybacks"
39:04 HyperEVM, explained Simply
40:00 @paradex@zodl_app
40:41 HyperEVM: Success so Far?
44:05 HIP-3, explained Simply
47:44 What makes Hyperliquid's approach different
48:19 Why Should People Care?
51:33 Bring All Finance On Chain
52:08 Why Is The Hyperliquid Approach Better?
53:47 Key Numbers showing that Hyperliquid Is Doing it right
59:01 What Has the @unitxyz team demonstrated with spot trading on Hyperliquid in 2025
1:03:29 HIP-4: Outcome Markets
1:08:01 @Trezor@bitwise@SuiNetwork
1:08:58 What does "Housing All Of Finance" mean?
1:10:51 Why Hyperliquid is not a crypto company
1:12:23 Why Does Hyperliquid have A Stablecoin USDH (@nativemarkets)
1:14:39 What Is @Kinetiq_xyz & Why Does It Matter?
1:16:15 Why Is What @Hyperlendx Is Building Important For HyperLiquid
1:23:39 Where did Fairness cost the most?
1:24:47 What should Hyperliquid be Remembered for?
1:25:24 Why should people stay in Crypto when there's an AI brain drain?
1:28:10 Closing Thoughts
The Hyper Foundation is proposing a validator vote to formally recognize the Assistance Fund HYPE as burned, removing the tokens permanently from the circulating and total supply.
For context, the Assistance Fund converts trading fees to HYPE in a fully automated manner as part of the L1 execution. The Assistance Fund uses the system address 0xfefefefefefefefefefefefefefefefefefefefe. Similar to the zero address, the Assistance Fund system address has never had a private key with control over its funds. Funds are mathematically irretrievable without a hard fork.
By voting ���Yes,” validators agree to treat the Assistance Fund HYPE as burned. No onchain action is required, as the tokens are already in a system address with no private key. This vote is binding social consensus to never authorize a protocol upgrade to access this address.
Voting process:
+ Validators should signal their intent in the governance forum by December 21 at 04:00 UTC (i.e., reply with Yes or No)
+ Users can stake to a validator who matches their view by December 24 at 04:00 UTC
+ The result will be based on stake-weighted consensus as of December 24 at 04:00 UTC
After 4 months of development, RubiFi, the world’s first democratized market making platform, launches today.
We’re opening three vaults, all professionally managed by System9, an institutional market maker:
-BTC/USDT
-ETH/USDT
-HYPE/USDT
Vault parametres:
-minimum deposit: $990
-initial cap: $160,000 per vault
-deposit assets: dual asset only (50% base token + 50% quote token)
-deposits will be on HyperEVM
All vault accounting is fully handled by the smart contract:
-Deposits, NFT minting
-Share calculations, profit calculations, fee logic, corewriter actions and withdrawals are all executed on-chain.
-Fee discounts from staking RUB are time-weighted (e.g., staking for 15 hours applies discounts only for those 15 hours).
-Fees apply only to profits, never principal. Staking RUB reduces the platform fee taken from profits.
Tiers:
Rubber (0 RUB staked) - 55% platform fee on profits
Bronze (0.00002 RUB staked) - 50% fee
Silver (0.00020 RUB staked) - 40% fee
Gold (0.001 RUB staked) - 30% fee
Platinum (0.002 RUB staked) - 20% fee
Diamond (0.01 RUB staked) - 10% fee
To execute cross-CEX arbitrage, the vault uses a 5-member multisig responsible only for operational transfers between the vault and CEX institutional accounts.
System9 will run their proven Cross-CEX Arbitrage strategies across major venues:
-HYPE: Hyperliquid - Gate & MexC
-BTC & ETH: Hyperliquid - Bullish & Binance
Since USDC linking is not yet integrated, stable deposits are in USDT. For execution on Hyperliquid, USDT will be swapped to USDC because those pairs have the highest liquidity.
Single side asset deposits will be enabled once USDC linking is live on Mainnet.
CEX balance endpoints are expected to be completed by the end of this week.
Once ready, the analytics page will display vault balances and positions, updated hourly.
Trading Epochs
Each epoch runs 7 days, starting at 2:00 AM UTC.
Followed by:
-24h withdrawal window
-24h deposit window
Because funds must move to and from CEXs for these strategies, withdrawals are only possible during the designated 24h window, which will be clearly shown in the frontend via a countdown timer.
We may raise the vault caps after the first epoch.
More details on RubiFi managed vaults will be announced next week.
USDC linking enables vast functionality, improvements in our backend, and capital efficiency + the ability to add vaults for every spot asset on Hypercore. We have confidence that Hyperliquid and Circle will ship this on Mainnet within the next 2 weeks.
Right now approximately 300 wallets have been whitelisted to use the platform. We will be increasing the whitelisted wallet amount throughout the week, in accordance with deposit caps.
A big thank you to the team at @zenith256
I commend their thoroughness and competence with regard to CoreWriter and our unique vault architecture
Extremely proud of @Sorari_1 and grateful to have him on the team. All flags were resolved, not just acknowledged, an impressive feat!