Draft:Hyperliquid

• Comment: Recently deleted at Wikipedia:Articles for deletion/Hyperliquid and also definitively fails WP:NCRYPTO. I wouldn't recommend continuing to attempt to get it accepted, it'll almost certainly fail. ᴢxᴄᴠʙɴᴍ (ᴛ) 09:55, 7 August 2026 (UTC)

• Comment: Fails WP:GNG, lacks any sources or references. Dan arndt (talk) 08:10, 31 October 2025 (UTC)

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Hyperliquid
Hyperliquid's web application interface
Other names	HYPE
Developer	Hype Foundation
Type	Decentralized exchange
License	Proprietary
Website	https://hyperfoundation.org/

Hyperliquid is a decentralized cryptocurrency exchange, best known for perpetual futures trading although it has since expanded into prediction markets and real world assets. It operates on its own Layer 1 purpose-designed cryptocurrency blockchain. Hyperliquid is proprietary software.

History

Hyperliquid was founded by Jeff Yan.

In 2023, Hyperliquid launched a community-accessible liquidity vault (commonly referred to as the Hyperliquidity Provider, or HLP), marketed as distribution of trading fees while taking the other side of trader flow.

In 2024, Hyperliquid's native token, HYPE, was introduced via a genesis airdrop distribution; later exchange listings described this cryptocurrency as used for staking, governance, and fees on HyperEVM. During the campaign of token airdrop, about 310 million tokens (roughly 31% of a stated 1 billion total supply) distributed among the users who registered for the project's Genesis Event. At that moment, token traded around $5.36 shortly after the distribution, implying an airdrop value of approximately $1.66 billion and a fully diluted valuation above $5.3 billion at the time.

In 2025, Hyperliquid temporarily paused Arbitrum-based deposits and withdrawals after a series of trades involving the meme token POPCAT coincided with nearly $5 million in losses attributed to the community-owned vault. Reporting described the pause as involving an onchain “EmergencyLock” function and framed the incident as either manipulation or a stress event targeting HLP's backstop design.

In 2026, according to the Bloomberg, trading activity on certain commodity-linked perpetual contracts available on Hyperliquid increased amid heightened geopolitical risk in the Middle East, describing the venue as part of a broader move toward 24/7 access to derivatives markets and insider trading.

On March 3, 2026, Hyperliquid surpassed Ethereum in fees generated per day.

In May 2026, Yan posted on X that himself and Hyperliquid Policy Center met with policy makers to discuss about the Digital Asset Market Clarity Act.

In May 2026, Hyperliquid launched HIP-4, it's binary outcome contracts network update, in order to support prediction markets running on its trading engine.

In June 2026, HYPE's price peaked at $75, outpacing Solana and Ethereum in trading volume. On 5 June, Hyperliquid generated more fees than all other cryptocurrency chains combined.

In June 2026, Hyperliquid was flagged by the United Kingdom's FCA as an unauthorized firm that targeting British users.

In June 2026, SEC approved Grayscale Hyperliquid Staking ETF Application

On August 19, 2026, U.S. President Donald Trump said that Commodity Futures Trading Commission (CFTC) chair Mike Selig was working to allow Hyperliquid to operate in the United States in a "fully compliant and legal fashion". Trump made the remarks during a White House meeting with cryptocurrency and financial-industry executives. Following the comments, the price of Hyperliquid's HYPE token rose by approximately 11%.

Hyperliquid Strategies

In December 2025, Hyperliquid Strategies Inc. began trading on the Nasdaq under the ticker symbol PURR following a business combination involving Sonnet BioTherapeutics Holdings and Rorschach I LLC. The company was established as a digital-asset treasury company focused on acquiring, staking and managing HYPE, the native token of Hyperliquid. At the completion of the transaction, Hyperliquid Strategies held approximately 12.5 million HYPE tokens and US$300 million in cash.

In March 2026, options on PURR shares began trading on the Nasdaq Options Market. By March 31, the company held approximately 20 million HYPE tokens and reported US$2.6 million in quarterly staking revenue.

During the fiscal year ending June 30, 2026, Hyperliquid Strategies raised approximately US$647 million through share issuances and increased its holdings to 29.3 million HYPE tokens, valued at approximately US$1.9 billion at the end of the period. The company had deployed about US$773 million to acquire additional HYPE and approximately US$28 million to repurchase PURR shares. In September 2026, it expanded an equity financing facility with Chardan Capital Markets from US$1 billion to US$2.5 billion, providing additional capacity for future capital raising.

PURR shares are distinct from PURR, a meme coin that was introduced as the first spot token deployed under Hyperliquid's HIP-1 token standard.

Criticism and controversies

JELLYJELLY market manipulation and delisting

On 26 March 2025, Hyperliquid delisted perpetual futures for the Solana-based memecoin JELLYJELLY after a rapid price move and liquidation dynamics affected the platform's liquidity-provider vault (HLP). The validator set convened to vote on the delisting, and that the intervention drew criticism from some market observers as conflicting with DeFi decentralization norms. Kaiko Research described the event as a price-manipulation attack exploiting thin liquidity and oracle-linked settlement, involving coordinated perp positioning and spot buying that caused a sharp price spike.

See also

• Decentralized exchange
• List of cryptocurrency exchanges
• Perpetual futures

External links

• Media related to Hyperliquid at Wikimedia Commons