Hyperliquid Announcements

On the next network upgrade, to improve liquidity and reduce user friction, spot pairs between two spot quote assets will have 80% lower taker fees, maker rebates, and user volume contribution. The USDH ticker, currently reserved by the protocol, will be released by a validator vote in a transparent, onchain process. + The USDH ticker is well-suited for a Hyperliquid-first, Hyperliquid-aligned, and compliant USD stablecoin. + After the next network upgrade, validators will be able to vote to allow a user address to purchase the USDH ticker. Voting is fully onchain through a Hyperliquid L1 transaction, in the same way that delisting votes work. + As USDH is a canonical ticker with high demand, validators will vote on the team best equipped to build a natively minted, Hyperliquid-first stablecoin. Teams interested in being considered for the ticker may submit a proposal in the USDH Discord forum and should include the user address which would deploy the USDH ticker if selected by a validator quorum. Note that the approved team must still participate in the usual spot deploy gas auction. For context, spot quote assets will become permissionless in the future, starting with testnet. There will be a staking requirement and slashing criteria to be announced.

As discussed in the Discord governance channel, validators will be voting on whether to delist MKR as part of the MKR -> SKY conversion around 10:00 UTC on Sep 5.

The WLFI hyperp has converted to a regular perp. You can now long or short $WLFI with up to 5x leverage. Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA. https://app.hyperliquid.xyz/trade/WLFI

By community request, Hyperliquid has listed LINEA-USD hyperps. You can now long or short the unlaunched $LINEA token with up to 3x leverage. As a reminder, hyperps do not rely on any external data for the oracle price. Hyperps trade like perpetual contracts that users are familiar with, but do not require an external spot or index oracle price. Instead, the funding rate is determined relative to a moving average of the hyperp mark price. Trading is on low leverage and isolated margin only. Beware of low liquidity, high volatility, potentially extreme funding, and increased liquidation risk. Note: LINEA-USD will convert to a vanilla perp upon CEX spot listing. See Docs for more. LINEA-USD is a hyperp contract that poses higher than normal risk. Do not trade contracts you are unfamiliar with and do not understand the risks for. Read the Docs to learn more about the hyperp mechanism. NFA. https://app.hyperliquid.xyz/trade/LINEA

Bi-weekly update Trading + Reached new ATH in 24h spot volume: $3.5B + YZY perps and XPL and WLFI hyperps were listed Product and Tech + Spot trading against multiple quote assets was activated on mainnet. HIP-1 base asset deployments can specify any quote asset as their first spot pair deployment. Permissionless pair deployments between existing base and quote assets follow an independent Dutch auction with the same cadence as the existing HIP-1 deployments. + The permissionless validator increased to 24. + Misc UI improvements: TIF is preserved when dragging orders to modify them on the TV chart, clicking "Close All" closes positions in a batch instead of one-by-one, etc. New Teams on the HyperEVM (in no particular order) + HyperDrive HYPED LST token: https://x.com/hyperdrivedefi/status/1960371692485980387 + OpenSea NFT marketplace: https://x.com/opensea/status/1961528220500762930 + Rarible NFT marketplace: https://x.com/rarible/status/1961144207365812717 + Hyperpie meme launchpad: https://x.com/Hyperpiexyz_io/status/1958404525422723563 + Swype.fun card to spend USDT and use different apps' vaults on the HyperEVM: https://x.com/BrahmaFi/status/1957794882325774337 + Bitgo custody: https://x.com/BitGo/status/1960415778811076682 + Wormhole and Mayan bridge: https://x.com/wormhole/status/1961429051484377355, https://x.com/mayanfinance/status/1961431890281246976 New Teams on HyperCore + Supercexy PWA and desktop version for trading: https://x.com/try_supercexy/status/1959689737461268781 Community Highlights + Hyperliquid Taiwan is hosting a meet-up in Taipei on Sep 5: https://x.com/Hyperliquid_TW/status/1960612916752998569 + Hyperliquid Malaysia is hosting a HyperEVM workshop at Taylor's University on Sep 11: https://x.com/Hyperliquid_MY/status/1960241437402165758 + HypurrCo is hosting brunch on Oct 3 during Token2049 Singapore: https://x.com/hypurr_co/status/1958516939828908169 + Jeff did an interview with Colin from Wu Blockchain: https://x.com/WuBlockchain/status/1957248243701809322

Based on user feedback, hyperp mark prices will use the normal mark price formula incorporating external pre-launch perp prices for the same asset if available. This has no noticeable effect on the vast majority of users and instances, but improves robustness of the system. To be clear, this does not affect funding rates or realized pnl. Thank you to the users who shared constructive feedback based on their interactions with hyperp markets.

Today, the XPL hyperp experienced a period of significant volatility, where the mark price increased by ~2.5x over several minutes. Throughout this period, the Hyperliquid blockchain functioned as designed without any technical issues, first executing liquidations against the order book and then falling back to auto-deleveraging (ADL) as per its public specifications. Hyperps use isolated-only margining, meaning pnl from all users are isolated from all positions on other assets. All liquidations and ADLs affected only XPL positions, and the protocol incurred no bad debt. Pre-launch markets are inherently unpredictable. The robust mark price formula for hyperps correctly prevented an instant spike, requiring several minutes of elevated order book prices before triggering liquidations. Hyperliquid is a permissionless protocol with different markets, each with unique risk profiles. Users are strongly encouraged to read the documentation to understand the mechanics of markets like hyperps and to apply appropriate risk management before trading. All hyperps include a warning for users to beware of low liquidity, high volatility, and increased liquidation risk. Lastly, some users expressed a desire to short using a highly collateralized position. After the next network upgrade, the mark price of hyperps will be capped at 10x the 8-hour mark price EMA. This condition has never been close to being hit, but provides a mathematical formula for bounds on liquidation prices for overcollateralized shorts. The 8-hour EMA is already reported onchain and in the API as the oracle price for hyperps. Note that this would not have changed any of today’s liquidations or ADLs, but is intended to encourage liquidity provision during periods of volatility. Different suggestions from users all come with a different set of risk vectors. The best solution is to onboard more liquidity for these markets to reduce the effects of volatility.

On the next network upgrade: + The hyperp funding rate will change from 1/20 to 1/100 of the normal funding rate + The permissionless validator set will increase from 21 to 24 as previously announced + HLP's fee share will be decreased to 1%, with the remainder going to the assistance fund As liquidity continues to deepen by a wide variety of market participants, HLP's volume share has declined to a negligible percentage of Hyperliquid's volume. This is a healthy development reflecting the protocol's liquidity network effects. As a reminder, fees on Hyperliquid are directed entirely to the community.

Spot volumes on Hyperliquid reached a new 24h ATH of $3.4B. This was driven largely by growth in BTC and ETH deposits and spot volume, facilitated by Unit Protocol. This makes Hyperliquid the second largest venue to trade spot BTC across both centralized and decentralized exchanges, with $1.5B 24h volume on BTC alone.

By community request, Hyperliquid has listed WLFI-USD hyperps. You can now long or short the unlaunched $WLFI token with up to 3x leverage. As a reminder, hyperps do not rely on any external data for the oracle price. Hyperps trade like perpetual contracts that users are familiar with, but do not require an external spot or index oracle price. Instead, the funding rate is determined relative to a moving average of the hyperp mark price. Trading is on low leverage and isolated margin only. Beware of low liquidity, high volatility, potentially extreme funding, and increased liquidation risk. Note: WLFI-USD will convert to a vanilla perp upon CEX spot listing. See Docs for more. WLFI-USD is a hyperp contract that poses higher than normal risk. Do not trade contracts you are unfamiliar with and do not understand the risks for. Read the Docs to learn more about the hyperp mechanism. NFA. https://app.hyperliquid.xyz/trade/WLFI

By community request, Hyperliquid has listed XPL-USD hyperps. You can now long or short the unlaunched $XPL token with up to 3x leverage. As a reminder, hyperps do not rely on any external data for the oracle price. Hyperps trade like perpetual contracts that users are familiar with, but do not require an external spot or index oracle price. Instead, the funding rate is determined relative to a moving average of the hyperp mark price. Trading is on low leverage and isolated margin only. Beware of low liquidity, high volatility, potentially extreme funding, and increased liquidation risk. Note: $XPL-USD will convert to a vanilla perp upon CEX spot listing. See Docs for more. $XPL-USD is a hyperp contract that poses higher than normal risk. Do not trade contracts you are unfamiliar with and do not understand the risks for. Read the Docs to learn more about the hyperp mechanism. NFA. https://app.hyperliquid.xyz/trade/XPL

By community request, you can now long or short $YZY with up to 3x leverage. Beware of low liquidity, high volatility, and increased liquidation risk. Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA. https://app.hyperliquid.xyz/trade/YZY