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Draft:Hyperliquid

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


Hyperliquid
Other namesHYPE
DeveloperHype Foundation
TypeDecentralized exchange
LicenseProprietary
Websitehttps://hyperfoundation.org/

Hyperliquid is a decentralized cryptocurrency exchange[1]. It is one of the largest decentralised exchanges[2][3], best known for perpetual futures trading[4] although it has since expanded into prediction markets and real world assets. It operates on its own Layer 1 purpose-designed cryptocurrency blockchain[5][6]. Hyperliquid is proprietary software.

History

[edit]

Hyperliquid was founded by Jeff Yan[7][8].

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.[9]

In 2024, Hyperliquid's native token, HYPE, was introduced via a genesis airdrop distribution[10][8]; 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)[11] 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.[12]

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.[13][14]

In 2026, according to the Bloomberg[15], 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[16][17][18].

In February 2026, The Hyperliquid Policy Center launched as a "new independent research and advocacy 501(c)(4) organization dedicated to advancing a clear, regulated path for decentralized finance to thrive in the United States"[19].

On March 3, 2026, Hyperliquid surpassed Ethereum in fees generated per day.[20][21]

In May 2026, Yan posted on X that himself and Hyperliquid Policy Center[22] met with policy makers to discuss about the Digital Asset Market Clarity Act[23][24][25].

In May 2026, Hyperliquid launched HIP-4, it's binary outcome contracts network update[26][27], in order to support prediction markets running on its trading engine[28][29][30].

In June 2026, HYPE's price peaked at $75, outpacing Solana[31][32] and Ethereum in trading volume[33][34]. On 5 June, Hyperliquid generated more fees than all other cryptocurrency chains combined[35].

In June 2026, Hyperliquid was flagged by the United Kingdom's FCA as an unauthorized firm that targeting British users[36][37].

In June 2026, SEC approved Grayscale Hyperliquid Staking ETF Application[38][39][40].

Criticism and controversies

[edit]

JELLYJELLY market manipulation and delisting

[edit]

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.[41][42][43][44][45] 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.[46]

See also

[edit]

References

[edit]
  1. ^ "Hyper Foundation". hyperfoundation.org. Retrieved 2026-06-05.
  2. ^ "Top Decentralized Exchanges Ranked by Volume". CoinGecko. Retrieved 2026-06-05.
  3. ^ "DeFi Analyst: Hyperliquid's Fundamentals Outweigh Aster's Market Share Surge". www.coindesk.com. Retrieved 2026-06-05.
  4. ^ "Hyperliquid Review 2026: The On-Chain Perp DEX Trying to Replace CEX Execution". 2026-05-19. Retrieved 2026-06-05.
  5. ^ "Hyperliquid". L2BEAT. Retrieved 5 January 2026.
  6. ^ "Hyperliquid says API outage was caused by 'spike in traffic,' not a hack or exploit". The Block. 30 July 2025. Retrieved 5 January 2026.
  7. ^ Weiss, Ben; Schwartz, Leo. "How a Harvard grad helped make Hyperliquid the biggest new player in crypto—with just 11 people and no venture funding". Fortune. Retrieved 2026-06-05.
  8. ^ a b "Hyperliquid: In Singapore With Jeffrey Yan". Colossus. Retrieved 2026-06-05.
  9. ^ "Hyperliquid denies hack after mysterious trader nets $1.8m on Ethereum position". DL News. 12 March 2025. Retrieved 5 January 2026.
  10. ^ "HYPE Genesis Event Terms".
  11. ^ "Crypto Exchange HyperLiquid Announces Native Asset HYPE, Users to Receive 310M Tokens". www.coindesk.com. Retrieved 2026-06-05.
  12. ^ "Криптобиржа Hyperliquid в ходе аирдропа распределила токены на $1,66 млрд" (in Russian). Retrieved 2026-01-05.
  13. ^ "Alleged POPCAT Manipulation Hits Hyperliquid with $4.9M Loss: Blockchain Analyst". www.coindesk.com. Retrieved 2026-06-05.
  14. ^ Behnke, Rob (2025-11-14). "Explained: The Hyperliquid Hack (November 2025)". www.halborn.com. Retrieved 2026-06-05.
  15. ^ "CME, ICE Push US to Curb Crypto's Oil Trading Upstart".
  16. ^ Huang, Vicky Ge (2026-03-14). "The Hottest New Crypto Trade Is 24/7 Oil Futures". The Wall Street Journal. Retrieved 2026-06-05.
  17. ^ "CME and ICE press regulators to rein in oil-trading crypto platform Hyperliquid - Hedgeweek". 2026-05-18. Retrieved 2026-06-05.
  18. ^ "Hyperliquid predicted 80% of an oil market move before traditional exchanges even opened, says TD Securities". www.coindesk.com. Retrieved 2026-06-05.
  19. ^ "Hyperliquid Policy Center Launches in the United States". hyperliquidpolicy.org. Retrieved 2026-06-05.
  20. ^ Brown, Collin (2026-03-03). "Hyperliquid Generated More Fees Than Ethereum Yesterday - $1.6M in 24 Hours Blockchain News ETHNews". ETHNews. Retrieved 2026-06-05.
  21. ^ Wu, Ivan; Samsoedin, Bryan. "Hyperliquid hits record share of global perps market as HIP-3 tops $62 billion monthly volume". The Block. Retrieved 2026-06-05.
  22. ^ "Hyperliquid Policy Center". hyperliquidpolicy.org. Retrieved 2026-06-05.
  23. ^ "Crypto Clarity Act may be cleared to move after senators agree on stablecoin yield". www.coindesk.com. Retrieved 2026-06-05.
  24. ^ Mary, Brenda (2026-05-17). "Hyperliquid Founder Holds Washington Talks to Push Onchain Derivatives into the U.S. Market". Blockonomi. Retrieved 2026-06-05.
  25. ^ Rep. Hill, J. French [R-AR-2 (2026-06-01). "Text - H.R.3633 - 119th Congress (2025-2026): Digital Asset Market Clarity Act". www.congress.gov. Retrieved 2026-06-05.{{cite web}}: CS1 maint: numeric names: authors list (link)
  26. ^ "Prediction Markets on Hyperliquid: The Complete HIP-4 Trading Guide". Perpmate. 2026-03-27. Retrieved 2026-06-05.
  27. ^ "HIP-4: Outcome markets | Hyperliquid Docs". hyperliquid.gitbook.io. Archived from the original on 2026-05-20. Retrieved 2026-06-05.
  28. ^ K, Nana (2026-05-04). "Hyperliquid Enters Prediction Market Race With HIP-4 Launch". Bitcoin Foundation. Retrieved 2026-06-05.
  29. ^ Chatwin, Ben (2026-03-19). "What Is HIP-4? Hyperliquid Prediction Markets". www.dwellir.com. Retrieved 2026-06-05.
  30. ^ Syofri (2026-05-26). "Hyperliquid Goes After Polymarket with Offchain Prediction Markets Hyperliquid ETHNews". ETHNews. Retrieved 2026-06-05.
  31. ^ "Hyperliquid Is Outperforming Solana on Price, But Can a Perps DEX Actually Flip a $38 Billion Network?". Cryptonews. 2026-06-04. Retrieved 2026-06-05.
  32. ^ Baird, Kyle. "Hyperliquid's HYPE overtakes Solana in price as SOL falls to lowest levels since 2023". The Block. Retrieved 2026-06-05.
  33. ^ "Hyperliquid is beating ethereum in trading volume on some days as big money rotates, says FalconX". www.coindesk.com. Retrieved 2026-06-05.
  34. ^ "Hyperliquid Enters Top 10 Crypto With New ATH, But How High Will It Be If It Overtakes Ethereum? | Bitcoin Ethereum | CryptoRank.io". CryptoRank. Retrieved 2026-06-05.
  35. ^ "Hyperliquid just generated more fees in the last 24 hours than all other chains combined with $4.2M in fees. Hyperliquid: 4.2M. Other chains combined: 3.2M".
  36. ^ Team, Editorial (2026-06-05). "Hyperliquid flagged by UK FCA as unauthorized firm targeting British users". Crypto Briefing. Retrieved 2026-06-05.
  37. ^ Dioquino, Decrypt / Vince (2026-06-05). "Hyperliquid Hit by UK FCA Warning as Crypto Perps Face Scrutiny". Decrypt. Retrieved 2026-06-05.
  38. ^ Mehta, Kritika (2026-06-03). "BREAKING: SEC Approves Grayscale Hyperliquid Staking ETF Application". CoinGape. Archived from the original on 2026-06-03. Retrieved 2026-06-05.
  39. ^ "Hyperliquid Breaks the Mold".
  40. ^ "Grayscale says Hyperliquid could become a 'financial services juggernaut'". www.coindesk.com. Retrieved 2026-06-05.
  41. ^ "HyperLiquid Delists JELLY After Vault Squeezed in $13M Tussle". www.coindesk.com. Retrieved 2026-06-05.
  42. ^ "Hyperliquid delists JELLY after Binance & OKX Future Listing". 2025-03-26. Retrieved 2026-06-05.
  43. ^ Sell, Matthew (2025-03-27). "Hyperliquid Delists Perpetual Futures for JELLY, Drawing Industry Criticism". Crypto News Australia. Retrieved 2026-06-05.
  44. ^ Avan-Nomayo, Naga. "Hyperliquid delists JELLYJELLY memecoin amid whale manipulation fiasco". The Block. Retrieved 2026-06-05.
  45. ^ Sheila (2025-03-27). "Hyperliquid Delists JELLYJELLY Token After Whale Manipulation Triggers $12 Million Loss". www.tronweekly.com. Retrieved 2026-06-05.
  46. ^ "DeFi faces new test as low-liquidity token gets manipulated". Kaiko Research. 31 March 2025. Retrieved 4 January 2026.
[edit]
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