Turbohl

Hyperliquid Maxy

[Turbohl @Turbohl]

@blknoiz06 Just buy a Hypurr Nft

[otx.markets @otx_markets]

OTC today is broken. We're here to fix that.

Introducing OTX - a next-gen OTC trading platform:

[Turbohl @Turbohl]

@PiPonHL @PiPintern Pump it mood

[Turbohl @Turbohl]

@binance I would buy $hype but your friend wouldn’t

[Turbohl @Turbohl]

@derteil00 Thanks Jeff

[Turbohl @Turbohl]

@CryptoKaleo

[DEFINITIVE @DefinitiveFi]

Definitive $EDGE is now LIVE.
CA: 0xED6E000dEF95780fb89734c07EE2ce9F6dcAf110 on @base

$EDGE is available for trading on @krakenfx, @Gate_io, @AerodromeFi and Definitive, with more exchanges coming online.

CLAIM YOUR AIRDROP (over 124K addresses eligible):
>> claim./definitive./fi

[jeff.hl @chameleon_jeff]

There's been a lot of discussion on Hyperliquid's margin design. I’ll address some flaws in the common arguments and explain Hyperliquid's first-principles based approach to improving the system. To my knowledge, this is the first such design in margining systems.

Perhaps other teams will find it useful for their own logic. Like good theories in physics, the best margining design is simple, canonical, explainable, and works in a wide variety of pathological scenarios.

1. The conclusion of some people has been that there needs to be a centralized force that detects and limits malicious behavior. This completely violates the purpose of defi and everything Hyperliquid stands for. This forces users back to a web2 world where the platform has the final say. True decentralized finance is worth it, even if it is 10x harder to build. Just a few years ago, no one believed DEX/CEX volumes would reach its ratio today. Hyperliquid is leading the charge here and has no intention to stop.

2. Some assume that copying approaches from CEXs will work in defi. The most common suggestion I've seen is per-address margin requirement fraction scaling with position size, as CEXs only offer higher leverage for smaller positions. However, this doesn't work to prevent manipulation attempts on a DEX because a sophisticated attacker can easily open positions on many accounts. Nonetheless, this will help somewhat reduce the impact of "organic whale" positions and is on the list of features to implement.

3. Another suggestion is to implement some features that severely limit usability of the platform in exchange for safety. For example, if unrealized pnl is not withdrawable, many attacks are not possible. Indeed, Hyperliquid pioneered isolated-only perps for illiquid assets which feature this safety mechanism. However, this change would have a crippling effect on funding arbitrage strategies, where unrealized pnl from Hyperliquid needs to be withdrawn to offset the loss on other venues. Real user needs are a top priority in system design.

4. There were also suggestions to innovate on design by having margin settings based on global parameters. However, liquidation prices need to be deterministic functions of price and position size. If global parameters such as open interest were added as inputs to margin requirements, users would lose confidence in the ability to use leverage at all.

So what's the answer? We all want defi, but a permissionless system must be robust to manipulation at all scales.

The answer lies in understanding the true problem with large positions: they are difficult to mark. The first order approximation of mark price times size breaks down when market impact approaches maintenance margin. It's impossible to accurately simulate market impact because book liquidity is a path-dependent function of time and actions of other participants. Without simulating market impact, it can be possible for liquidation to be a low-slippage way to exit at a price that is unfavorable to the liquidator.

Therefore, Hyperliquid's margining system update has the following desirable property: any liquidated position is either a loss relative to entry price, or at least a (20% - 2 * maintenance_margin_ratio / 3) = 18.3% loss relative to the last margin transfer out (using an example of 20x leverage). An organic 20x user who makes 100% return on equity after a 5% move will still be able to withdraw the majority of the pnl without closing the position. However, by introducing separate margin requirements between transfers and opening new positions, profitable manipulation attempts require moving the mark price almost 20%. This kind of attack is infeasible from a capital perspective.

Finally, I'd like to point out that the mark price problem also solves itself as market makers continue scaling up on Hyperliquid. It's quite possible that the trader yesterday could have lost money in aggregate. $1.8M pnl longing on Hyperliquid could have been more than offset when pushing the price on other venues, or using other accounts on Hyperliquid. HLP took over an undesirable position, losing $4M. The only market participants who definitely made money in aggregate are the market makers. With millions of dollars of pnl to be made in the span of minutes, it's becoming clear to sophisticated participants that Hyperliquid is one of the venues with the best flow. As liquidity improves, it will become more and more expensive to dislodge prices. So while the margining system improvements will go a long way, the allure of easy pnl attracting market makers will provide an independent source of robustness over time.

The future is decentralized.

Hyperliquid.

[jeff.hl @chameleon_jeff]

Execution

Extremely proud of the community and team for the smooth launch of the HyperEVM. The upgrade happened amidst billions of dollars of daily volume, where the majority of defi derivatives trade. There was no downtime, and no performance degradation after the launch.

The UX of trading is still so seamless that many users assume the HyperEVM is a separate chain! To be clear: the HyperEVM and the existing native Hyperliquid financial system are one composable state.

The safest way to upgrade this uniquely complex system is a gradual rollout. Precompiles and other L1 interactions will build upon the sturdy foundation of the initial HyperEVM release. This will unlock an entirely new class of performant defi applications, but more on that later.

Right now I want to focus on the execution of the launch. A bug in HyperEVM logic or an unoptimized code path would've crippled the entire blockchain, affecting hundreds of thousands of users and billions in open interest.

This was a massively challenging launch: a jet's engine was flawlessly changed mid-flight.

--

Philosophy

The HyperEVM launch stayed true to Hyperliquid’s “no insiders” principle. Hyperliquid has always embodied the original ethos of crypto: no investors, no paid market makers, no fees going to any company. The HyperEVM launch is yet another example that integrity and fairness are the pillars of Hyperliquid.

The tradeoff of a fair launch is that things are a bit messy to start. Tooling might not be there from day one. Builders need to familiarize themselves with the tech. But these short term obstacles are nothing compared to the long term value of fairness. No one had a head start or unfair advantages. I’m impressed that some teams deployed dapps, tooling, and analytics within hours of the HyperEVM release, a testament to the strength of the builders and community.

Hyperliquid will eventually be the credibly neutral infrastructure that houses all of finance. Looking back, the L1 launch, HYPE genesis, and HyperEVM launch will all be important milestones. Success is path dependent, and there can be no blemishes on the fair trajectory towards the final state.

The HyperEVM is a clean slate. The community is hungry for quality applications. Where else in the world is there such an imbalance between supply and demand for applications built? Fast, general purpose chains are nothing new. But on Hyperliquid, builders can plug into a mature, liquid, and performant onchain economy with real users.

I've noticed a pattern that builders, traders, and communities who "make it" on Hyperliquid are those who call Hyperliquid home. Legacy players don't win just because of their credentials. Newcomers have equal opportunity to win by challenging the status quo and seizing the opportunities. There are empires to be built on the HyperEVM, and the community welcomes builders with open arms.

Hyperliquid

[Charlie @0xBroze]

Spot BTC supply on Hyperliquid is closing in on $40M (up over 40% in the past 24hrs alone).

24H volumes were dipping over the weekend, but are now about to break the peak (We are currently at almost $25M 24H spot BTC volume on HL).

Leave crime and grift elsewhere; quality continues to flock to Hyperliquid.

[Hyper Foundation @HyperFND]

Staking is now live on mainnet.

Staking is an important milestone for Hyperliquid because it allows the diverse community of HYPE stakers to collectively secure the network. Like other proof of stake networks, new blocks on Hyperliquid are proposed by validators in proportion to the HYPE staked to them. Staking is a serious responsibility for the Hyperliquid community.

Users can stake HYPE to a trusted validator and earn staking rewards in HYPE. Users may consider different metrics when choosing which validators to stake to, such as uptime, commission, reputation, and community contributions.

The Hyper Foundation will have a Delegation Program to support high-performing validators and further decentralise the network. More information about the program will be announced. Note that locked tokens may be staked, but their rewards are locked.

[Hy-PURR-Liquid @Hy_Purr_liquid]

The Hyperliquid treasury is now worth $330million dollars.
They had $40million USDC on TGE
They've 8xd their treasury in 3 weeks.
It perpetually buys $hype, will be worth $1billion next year.

[Hypers. @HypersOnHL]

thanks for the fiery welcome, Hyperliquid.

formally introducing: Hypers on $HYPE ⚡️

a thread ⬇️🧵

[Hyena - The Predator on HyperLiquid @hyenahl]

🗡️ What's the news about Hyena talking to people?

Howlish.

[Turbohl @Turbohl]

@hyenahl 0x7e4Cab656162C16a2326c7B008C9CEE2f978af5C

[Hyena - The Predator on HyperLiquid @hyenahl]

The Hyena is feeling generous today! 🦴

Like, RT, and drop your Hyperliquid L1 address below for a surprise! 💎

The pack rewards those who join the movement. 🐺

#Hyperliquid

[Turbohl @Turbohl]

@iamborzzz @CryptoVikings07 The one you can buy the token

[Gabriel M Haines @gabrielhaines]

Guess who retired from $hype

[Turbohl @Turbohl]

@coinbureau $HYPE