Hyperliquid Announcements

By community request, you can now long or short $ZEC 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/ZEC

By community request, you can now long or short $2Z with up to 3x 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/2Z

2Z spot deposits, withdrawals, and trading are now live on Hyperliquid through Unit Protocol. Deposit 2Z on https://app.hyperliquid.xyz/trade or https://app.hyperunit.xyz/ Trade spot 2Z at https://app.hyperliquid.xyz/trade/2Z/USDC

Thank you so much to everyone who came to the event in Sentosa yesterday. For many people, it was their first time in Singapore and first time attending any crypto event. We’re grateful to have such a passionate community contributing to Hyperliquid. It’s inspiring to see many people start out as users, believe in the mission, grow to love the ecosystem, and become builders.

Hypurr NFTs have been deployed on the HyperEVM. Participants had the opportunity to opt in to receive a Hypurr NFT after the HyperEVM went live as part of the Genesis Event in November 2024. The HyperEVM launched in February 2025 as the general programmability interface to the Hyperliquid L1. The HyperEVM is not a standalone EVM. Rather, it allows developers to trustlessly tap into the liquidity on HyperCore. Read precompiles allow smart contracts on the HyperEVM to read L1 state, and the CoreWriter contract allows HyperEVM smart contracts to send actions on HyperCore. This two-way communication between Core and EVM secured by the same HyperBFT consensus protocol unlocks powerful new primitives. Many novel applications have been built on the HyperEVM exploring these possibilities, including LSTs, lending, and vault tokenization protocols. The goal of the Hypurr NFT collection was to share a memento with those who believed in and contributed early on to Hyperliquid’s growth. Each NFT is unique and captures the different moods, hobbies, tastes, and quirks of the Hyperliquid community, as depicted by Hypurr. There are a total of 4,600 NFTs in the collection. 4,313 NFTs went to Genesis Event participants, 144 went to the Hyper Foundation, and 143 went to core contributors, including Hyperliquid Labs, NFT artists, and other contributors. Ownership and use of Hypurr NFTs are subject to the Hypurr NFT Terms and License available here: https://hyperfoundation.org/nftTerms. Participants who opted in to receive a Hypurr NFT as part of the Genesis Event were screened according to the Foundation's risk-based program. In addition, clustering analysis was conducted to protect against sybil behavior and cap the total number of NFTs received by any given user. Contract address: 0x9125E2d6827a00B0F8330D6ef7BEF07730Bac685. To be clear: No action is required. You do not need to mint. The NFT collection has already been distributed. As always, beware of scams and impersonations.

Biweekly update Product & Tech + Permissionless spot quote assets are live on mainnet. Stablecoin deployers can enable quote asset status, subject to the onchain requirements outlined in the Docs. Any quote asset can be specified as the quote asset in the first spot pair of an HIP-1 deployment. Additional asset pairs between existing base and quote assets can also be deployed through a permissionless Dutch auction. This auction is independent from the HIP-1 token auction. Native Markets deployed USDH as the first permissionless quote asset. Users can now trade HYPE/USDH, with more permissionless pair deployments possible in the future. + HIP-3 on testnet is available for mainnet level bug bounties. The initial mainnet spec is described in the previous announcement. + Updated the Docs to include a Builder Tools section: https://hyperliquid.gitbook.io/hyperliquid-docs/builder-tools Trading + ASTER, AVNT, APEX, HEMI, STBL, and 0G perps were listed + XPL hyperp was converted to a regular perp + OMNI and NEIROETH were delisted + XPL spot trading, deposits, and withdrawals went live via Unit Protocol New Teams on the HyperEVM (in no particular order) + Rabby swaps: https://x.com/rabby_io/status/1971548219252547897 + Kintsu liquid staking: https://x.com/kintsu_xyz/status/1967952624621387810 + Gas Network gas estimation: https://x.com/gasdotnetwork/status/1968346758284824982 New Teams on HyperCore (in no particular order) + Artemis open sourced their Hyperliquid data: https://x.com/artemis/status/1970640312474444126 + QuickNode added support for HyperCore data streams: https://x.com/QuickNode/status/1970880929582498099 Community Highlights A big thank you to everyone who organized and was part of the different community events this week in Seoul, including: + HLH hackathon hosted by HypeRPC and B-Harvest: https://x.com/hlh_build/status/1970442533651259491 + Fireside chat at KBW with Jeff and SKYGG's Christy: https://x.com/christyhwchoi/status/1970479698288271683 + HypurrCorea, HypurrCo, and Hyperliquid KR meet-up: https://x.com/SKYGG_Official/status/1970513940804444294 + Hyperliquid in pink themed builder meet-up: https://x.com/hyperbuilder_hl/status/1972158209046835218 + Hyperliquid KR Meow-Gather: https://x.com/Hyperliquid_KR/status/1971917662952542223 + Local meet & greet with Jeff Look forward to seeing many of you in Singapore this week!

By community request, you can now long or short $APEX with up to 3x 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/APEX

The XPL hyperp has converted to a regular perp. You can now long or short $XPL with up to 10x 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/XPL

XPL spot deposits, withdrawals, and trading are now live on Hyperliquid through Unit Protocol. Deposit XPL on https://app.hyperliquid.xyz/trade or https://app.hyperunit.xyz/ Trade spot XPL at https://app.hyperliquid.xyz/trade/XPL/USDC

The key factor is the effect of the deployer's actions on the protocol. Note that any bugs discovered are generously covered by the bug bounty program, provided such discoveries meet the terms of that program, including being responsibly disclosed without being exploited. These reports are greatly appreciated. Even attempted malicious deployer inputs that do not cause protocol issues are slashable. Similarly, inputs that do cause protocol issues but that are not irregular are not slashable. In particular, bugs under normal operation that are unrelated to the deployer inputs are not within scope of slashing. The interpretation of "irregular" inputs is to be determined by validator vote, and includes inputs that exploit edge cases or loopholes that circumvent system limits. All deployer transactions are onchain, and can be independently analyzed by any interested parties. Some malicious behavior is valid by protocol definition, but incorrect by certain subjective interpretations. The slashing principle provides that the protocol should not intervene in subjective matters. The motivation is that while proof-of-stake blockchains could hard fork on undesirable state transitions, they very rarely do. Neutrality of the platform is an incredibly important feature to preserve. Relatedly, the slashed stake by the deployer is burned instead of being distributed to affected users. This is again based on proof-of-stake principles and prevents some forms of misaligned incentives between users and deployers. While the protocol layer does not enforce subjective irregularities, the downstream application and social layers can. Ultimately, the deployer's reputation and future success is always at stake. The amount slashed in a given instance is ultimately a stake-weighted median of validator votes. However, as a general guideline, irregular inputs that cause invalid state transitions or prolonged network downtime can be slashed up to 100%. Irregular inputs causing brief network downtime can be partially slashed up to 50%. Invalid inputs that cause network degradation or performance issues can be partially slashed up to 20%. Lastly, the slashing conditions are independent of the staker composition. Therefore, LST operators should carefully diligence deployers. LST operators should also carefully and clearly communicate slashing risks to their users. A self-bonding requirement for deployers could make sense. In the most likely outcome, slashing never happens on mainnet. A large amount of technical work has gone into making HIP-3 a self-contained and technically robust system. Barring implementation issues, HIP-3 inherits Hyperliquid's carefully designed mathematical solvency guarantees.

HIP-3 on testnet is now available for mainnet level bug bounties. There are several medium severity "Easter egg" bugs intentionally left for people to find on testnet, as an added incentive for detectives to investigate. These "bugs" have simple fixes and will be resolved for mainnet launch regardless of whether someone finds them. As always, the first complete report of each bug is the only eligible one for the bug bounty program. Initial HIP-3 spec for mainnet (live on testnet) 1. The staking requirement for mainnet will be 500k HYPE. This requirement is expected to decrease over time as the infrastructure matures. Any amount staked above the most recent requirement can be unstaked. The staking requirement is maintained for 30 days even after all of the deployer's perps have been halted. 2. Any deployer that meets the staking requirement can deploy one perp dex. As a reminder, each perp dex features independent margining, order books, and deployer settings. A future upgrade may support multiple dex deployments sharing the same deployer and staking requirement. 3. Any quote asset can be used as the collateral asset for a dex. As a reminder, assets that fail to meet the permissionless quote asset requirements will lose quote asset status based on onchain validator vote. Such a vote would also disable perp dexs that use this asset as collateral. 4. HIP-3 deployers are not subject to slashing related to quote assets. On a future upgrade, dexs with disabled quote assets would support migration to a new collateral token. This is not expected to happen on mainnet, as quote token deployers have their separate staking and slashing conditions. In summary, the quote asset choice is important for trading fee and product considerations, but is not an existential risk for HIP-3 deployers. 5. The first 3 assets deployed in any perp dex do not require auction participation. Additional assets go through a Dutch auction with the same hyperparameters (including frequency and minimum price) as the HIP-1 auction. The HIP-3 auction for additional perps is shared across all perp dexs. Future upgrades will support improved ergonomics around reserving assets for time-sensitive future deployments. 6. Isolated-only margin mode is required. Cross margin will be supported in a future upgrade. 7. HIP-3 markets incorporate the usual sources of trading fee discounts, including staking discounts, referral rewards, and aligned collateral discount. From the deployer perspective, the fee share is fixed at 50%. From the user perspective, fees are 2x the usual fees on validator-operated perp markets. The net effect is that the protocol collects the same fee regardless of whether the trade is on an HIP-3 or a validator-operated perp. User rebates are unaffected, and do not interact with the deployer. Deployer configurability of fees will be supported in a future upgrade. 8. Aligned stablecoin collateral will automatically receive reduced fees once the alignment condition (which is being updated based on user and deployer feedback) is implemented. HIP-3 Slashing (note: in all usages below, "slashing" is only in the context of HIP-3) While slashing is ultimately by validator quorum, the protocol guidelines have been distilled from careful testnet analysis, user feedback, and deployer feedback. The guiding principle is that slashing is to prevent behavior that jeopardizes protocol correctness, uptime, or performance. A useful rule of thumb is that any slashable behavior should be accompanied by a bug fix in the protocol implementation. Therefore, HIP-3 should not require slashing in its final state. However, slashing is an important safety mechanism for a practical rollout of this large feature set. Slashing is technical and does not distinguish between malicious and incompetent behavior. Relatedly, slashing does not distinguish between 1. A deployer that deviates from a well-designed contract spec 2. A deployer that faithfully follows a poorly designed contract spec 3. A deployer whose private keys are compromised

By community request, you can now long or short $HEMI with up to 3x 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/HEMI