Research

HPC Files Statement in Connection with CFTC Agricultural Advisory Committee Meeting

HPC advocates for regulations that allow Americans to access onchain markets, including those for perpetual futures. Our goal is to ensure that end users in the U.S. derivatives markets can benefit from innovative technologies and novel products such as these.

HPC and Phantom Ask the CFTC to Make Room for Onchain Market Infrastructure

Today, HPC and Phantom filed a joint comment in response to the CFTC’s request for information to carry that distinction into onchain markets. We support the Commission’s decision to examine whether its rules remain fit-for-purpose as financial technology evolves, and write to recommend that it tailor its rules so that developers can build, registrants can modernize, and regulation falls on the firms actually performing regulated financial activities.

The Almanack of Hyperliquid

This essay is not about price predictions, how big Hyperliquid will be in the future, or why you should or shouldn't buy. This essay is about exactly how Hyperliquid is different, not only from perp DEXes and CEXes, but also from almost every other protocol in this space, and why you should at least get familiar with it.

Outstanding Token Supply: How We Count HYPE Tokens

In this report, we present Outstanding Token Supply (OTS), a framework designed to capture the tokens that represent actual claims on Hyperliquid's value today. By separating future allocations from committed ownership and permanently retired supply, OTS provides a clearer lens through which to evaluate Hyperliquid's market capitalization and valuation.

Hyperliquid Through a TradFi Lens: Weekend Markets, Builder Codes, and Transparent Rules

Hyperliquid Strategies Inc is a digital asset treasury company. We hold HYPE on our balance sheet, we are listed on the Nasdaq, we stake and deploy our HYPE in the Hyperliquid ecosystem to earn yield and the primary thing our shareholders own when they own us is exposure to the Hyperliquid ecosystem in an equity wrapper. That is an accurate description of what we are. It is not a complete description of everything that we do.

Two Weeks of HIP-4: A Forensic Look at Hyperliquid's Outcome Markets

Hyperliquid recently launched HIP-4: a new market type for binary outcomes that resolve to Yes or No against a real-world condition. We tracked HIP-4 for the first two weeks of it being live: 18 daily BTC binary outcomes, 6,101 wallets, 28.1 million orders, 908 thousand fills, and 4.64 million orderbook snapshots.

What Trade.xyz's Cerebras market tells us about the Pre-IPO summer

Cerebras ( $CBRS ) announced its IPO issue price at $185 a share on May 13th, against books reportedly 20x oversubscribed. Thirty million shares cleared at an implied market capitalisation above $48 billion, the largest US technology offering of the year. Only, a fraction of this allocation reached retail accounts.

HIP-4 Outcome Markets

HIP-4 is Hyperliquid’s new primitive for outcome markets, extending HyperCore beyond spot and perpetuals into dated, fully collateralized contracts that settle to a bounded value at expiry.

HPC Files Comment to the CFTC’s ANPRM on Prediction Markets

Today, HPC filed a comment letter with the Commodity Futures Trading Commission (“CFTC” or “Commission”) in response to its Advance Notice of Proposed Rulemaking on Prediction Markets (the “ANPRM”).

Who is actually trading on Trade.xyz?

We classified each wallet based on their trading behaviour over past 3 months: addresses with maker-dominated were classified market makers, addresses with high-frequency taker activity were classified arbitrageurs, addresses with low fill rates and builder tagged orders were deemed retail. While this revealed interesting pattens in the market structure, this classification was probabilistic, and the method left roughly 70% of wallets in the market unclassified.

Advancing Policy for the House of All Finance

Hyperliquid represents the next era of market evolution.

RWAs Aren't Coming Onchain. They're Already Here.

HRC held its first offline meetup in Seoul last week. As part of the event, GLC Research gave a small presentation on Trade.XYZ and equity perpetuals on Hyperliquid. For those who couldn't make it, the full talk is below.

USDH: The Path to $10B?

USDH generates ~$0.006/HYPE in annual buyback yield at $91M supply, a rounding error against $600M+ in trading fee buybacks. It stays immaterial until supply crosses $1.5B.

Who is trading on HIP-3?

An analysis of orderflow across seven HIP-3 perpetual markets on Hyperliquid, 175,000 wallets, $161B in volume, and the frontends routing it all.

Introducing: Zero-fee on & offramps to Hyperliquid with USDH.com

Today, we are expanding access to our zero fee + zero slippage on & offramp on dashboard.USDH.com, starting with US bank and brokerage accounts.

Can Hyperliquid Predict the S&P 500?

On March 18th, 2026, trade.xyz launched the first officially licensed S&P 500 perpetual futures contract on Hyperliquid, in collaboration with Standard & Poor’s. We analysed the microstructure of this market to test whether trading activity from it contains information that can accurately predict the near-term direction of S&P 500.

Hyperliquid: HIP-4 and Outcomes Nobody Talks About

HIP-4 is often viewed as a prediction markets update for Hyperliquid, but that's not entirely accurate. It's an "options" update, not just a "prediction markets" update. This essay shows why HIP-4 despite its popularity among the masses is still an underrated update, what next HIPs will highly likely be about and why HIP-4 will probably become the biggest update in Hyperliquid's history.

The Evolution of Commodities

State of comondities and quantitative analysis of the growth of these markets onchain. Commodities are the oldest traded asset class in human history and among the most consequential, given their impact on the real economy. Yet for all their importance, the infrastructure they trade on has evolved incrementally at best. Markets are still shut on weekends and holidays, and access still runs through layers of intermediaries built for a pre-Internet world.The next rails are onchain.

For 49 Hours During the Iran Strikes, Hyperliquid Was the Only Liquid Oil Market

On February 28, 2026, the United States and Israel launched aerial strikes against Iran. It was a Saturday. Every commodities exchange in the world was closed. The only liquid venue where crude oil could be traded was Hyperliquid, a blockchain-native perpetual futures exchange running 24/7.

Hyperliquid: The Emergent Infrastructure for Global Finance

A Comprehensive Analysis of Technical Architecture,Market Dynamics, and the Path to Becoming “The House of All Finance”.

HIP-3 Today: Where we are and where we're going

HIP-3 has moved beyond a speculative narrative and into a weekend price discovery venue for oil, silver, and more major off-chain assets. But HIP-3 is not even six months old, and the 24/7 first crude oil market launched via HIP-3 is barely two months old. How did we get here, and where might HIP-3 go from here? In this brief piece, I’ll walk through the HIP-3 ecosystem as it stands today across markets, deployers, access points, coverage, etc.

HYPE, PURR, HYPD: Anatomy of a 39bp Spread

Three months in, 39 points separates two Nasdaq-listed vehicles holding the same asset. The gap comes down to three structural variables in order: warrant topology, accretion rate, mNAV.

Jake Chervinsky on HPC, Perps, and the Fight for DeFi in America

The regulatory landscape around Hyperliquid, perpetual futures, and DeFi broadly is moving fast, and it can be difficult to separate signal from noise. This article aims to cut through that and give readers a clear, up-to-date picture of where things stand: what the current regulatory environment looks like, what the Hyperliquid Policy Center is and what it is trying to accomplish, and what Jake Chervinsky shared in his latest interview with Flood. Whether you are new to the topic or closely following developments, our goal is to make this accessible and keep you informed as things continue to evolve.

How informed are Hyperliquid traders on weekends?

As 24/7 markets for traditional assets continue to grow on Hyperliquid, one key question emerges: do weekend prices actually reflect real information, or are they just noise? In this piece, Matteo dives deep into high-frequency data across commodities, equities, and indices to assess the quality of price discovery on HIP-3 markets. The results are striking with near-perfect directional accuracy and minimal deviation from traditional market opens, even during periods of extreme volatility.

How HIP-3 Korea Perps Onboard Institutions

Korean megacaps SK Hynix and Samsung don’t have a real US-hours single-name market. Hyperliquid’s HIP-3 perps for Samsung and SK Hynix have a path to become the missing layer: the US-hours reference price that the rest of the stack can anchor to.

Key Takeaways from Hyperliquid Strategies (NASDAQ:$PURR) First Earnings Call

Hyperliquid Strategies’ first earnings call highlighted aggressive HYPE accumulation, a strong treasury position, and a valuation-driven capital allocation strategy across both HYPE and PURR. Management emphasized upcoming catalysts such as BLP and HIP-4, while positioning PURR as both an access vehicle for U.S. investors and a growing strategic participant within the Hyperliquid ecosystem.

Hyperliquid announcing HIP-4: "The payoff canvas of HIP-4"

HIP3 silver markets have grown to 2-3% of CME activity and have begun to show signs of weekend price discovery. And combined with unified accounts and portfolio margin, the UX inefficiencies of converting collateral to trade different markets are getting resolved. Now HIP4 expands the second dimension of trading: the payoff function for markets.

PURR’s HYPE Bid Is Not What You Think

Most people track PURR (previously called Hyperliquid Strategies or HSI) for one reason: it’s one of the HYPE DATs (actually the biggest one) accumulating HYPE. So the mental model is simple: “PURR still has many millions to hold or pump the price.” That model is useful. It’s also incomplete.

HIP-4: Making All Markets Hyperliquid

This HIP allows @HyperliquidX (HL) to extend its support for instruments beyond perps, supporting binary market outcomes. This is increasingly important, as it allows HL to tap into one of the most active areas of crypto: Prediction Markets (PMs).

Understanding Hyperliquid's Architecture: HyperBFT, HyperCore, and HyperEVM (Part 1)

Trade.xyz: Real Growth or Commodities-Fueled Mirage?

XYZ is a decentralized, non-custodial perpetual futures platform built on Hyperliquid's HIP-3 infrastructure. It enables users to trade crypto, stocks, indices, forex, and commodities 24/7 using leveraged perpetual contracts—all without depositing funds to a centralized entity.

Designing Felix Spot Equities

Felix spot equities will give traders access to over 100 US equities and ETFs at launch with NYSE/Nasdaq liquidity for each. How? In this brief article, we will walk through the design implementation of Felix spot equities. More technical information + FAQs will be answered in documentation soon.

What Actually Broke HYPE and What Changes From Here

Over the last two months, HYPE fell from the $45–50 range to ~$20. That move wasn’t random, and it wasn’t just “market conditions”. It was the result of three very specific sources of sell pressure, all of which were visible on-chain and are now either resolved or close to exhaustion. This article breaks down what actually happened and why the setup going forward is structurally different from what it was two months ago.

Hyperliquid Fundamentals Update: “10/10 Recovery, Momentum, and What’s Next”

Hyperliquid was not spared during the liquidation cascade of October 10. It was a brutal event that impacted traders and market participants across the industry. In the aftermath, trading activity declined broadly, with lower volumes observed across both centralized exchanges and DEXs. In this analysis, we take a closer look at where Hyperliquid stands today. We analyze its core metrics and assess how Hyperliquid has been recovering from the October 10 liquidation event.

Why HyENA and What’s Next

Perps trading has evolved a lot over the last few years. Matching engines got faster. New types of pairs are traded, such as pre-markets, commodities, and (now, increasingly) equities. Centralized exchanges pioneered portfolio margin, so that crypto collateral such as BTC and ETH can act as margin alongside stablecoins. If collateral rewards becomes a default option on the leading decentralized perps venue, the benefits accrue not only to HyENA or Ethena, but to the broader community of traders, desks, and builders on Hyperliquid.

Building Yield Exchange Perpetual instruments on Hyperliquid’s HIP-3

Based has always been more than a trading front-end: we’re building a SuperApp where trading, yield, and real-world utility sit in one place, and where every new product surface makes the whole ecosystem more valuable.

Felix 2025. What Comes Next in 2026 ?

Felix went live with our first product (Felix CDP) on April 8, 2025. It has been less than a year since Felix launched, but we figured with the calendar year closing, it would be good to recap where we’ve been and share where we’re going in 2026.

HyperEVM’s “Deadly Sins”

Understanding why many HyperEVM projects failed requires being precise about what HyperEVM actually is, how the Hyperliquid community thinks about fairness and HYPE, and what kinds of products this system is structurally willing to support.

Portfolio Margin: A New Era for Liminal

Until now, even on the most advanced on-chain venues, traders have been forced to operate with fragmented capital. Spot balances, perp margin, and safety buffers lived in parallel silos, each blind to the others. That fragmentation imposed artificial constraints on leverage, risk management, and strategy design. Portfolio Margin breaks this model.

Why TradFi doesn't trade perpetual futures ?

Perps have dominated crypto since 2016, yet TradFi adoption remains limited. The gap isn’t the product but likely education and language. This article explains CFDs, options, and perps in TradFi terms, and why perps might be the cleaner tool for retail traders.

Hyperliquid Growth Situation: "What is really happening?"

Over the past few weeks, growing concerns have emerged around Hyperliquid’s future. Market share erosion, fast-moving competitors, and an increasingly crowded derivatives landscape have raised a critical question: what is really happening beneath the surface? Has Hyperliquid already reached its peak, or is the current narrative missing deeper structural signals? This article breaks it down.

How HyENA Changes the Economics of Perp Trading?

HyENA introduces USDe-margined perps to Hyperliquid’s, bringing productive collateral, stronger capital efficiency, and new incentive layers for traders and market makers. It’s early, but the liquidity flywheel and alignment between Ethena and Hyperliquid make this an exciting launch.

Price Discovery Onchain

The New York Stock Exchange is open 6.5 hours per day, five days per week. That is 27% of total weekday hours. For the remaining 73% of Monday-Friday, the machinery stops. How do we fix this? This piece is done in collaboration with @desh_saurabh

Hyperliquid’s Scalability: “How 14 People Are Outpacing Robinhood?”

From Unit enabling spot and deposits, to builder codes driving billions in volume, to HIP-3 equity perps and USDH opening new revenue streams, this article explains how Hyperliquid scales globally with a 14-person team while outgrowing giants like Robinhood.

Hyperliquid’s Fundamentals Update

Daily active users (DAUs) are one of the most important metrics to track for any software / fintech company.Hyperliquid DAUs? Up and to the right.

DATs, Hyperliquid

Every market eventually institutionalizes. In equities, it happened through holding companies; in credit, through securitization. In crypto, DATs stands out as one emerging pathway.

HYPE: The Alignment Vehicle

In this piece, I’ll walk through my thesis on why HYPE has quickly emerged as the dominant asset for both social and economic coordination among crypto assets and why the majority of my PA has remained in HYPE since launch.

Announcing HRC - The Research Hub for Hyperliquid

Hyperliquid Research Collective (HRC) is an initiative by GLC Research and Four Pillars, two independent crypto research firms focused on producing unbiased, high-integrity analysis. Independence has always been our anchor.

Exchange Networks vs Empires

Hyperliquid captures value through network effects of staked HYPE, builder incentives, and composable markets.

Arete Capital Hyperliquid 2026 Thesis: Housing The Entirety Of Finance

Hyperliquid has taken the digital asset space by storm in 2024/25, finally validating the long-awaited seismic move away from centralised incumbents towards a fully permissionless, transparent and global perpetual futures market. In a short period, Hyperliquid has become the No. 1 revenue-generating blockchain, dominating other generalised networks, all built and capitalised by an 11-person team. Despite Hyperliquid’s success, we believe it’s prudent to take a step back and reevaluate the thesis from the ground up, along with a concrete valuation framework.

“Liminal’s Future: Think Bigger”

Liminal’s xTokens bring delta-neutral yield strategies to Hyperliquid, turning them into liquid and composable assets. Discover how Hyperliquid, Liminal, Unit and Kinetiq with HIP-3 could reshape the future of (onchain) finance.

Hyperliquid Under Siege

The real test is not whether you avoid this failure, because you won’t.

Hyperliquid Strategies Interview – “Rethinking Financial Rails” by Forward Guidance

Why Hyperliquid ($HYPE) is so cheap? – “The Token Risk Premium”

$HYPE trades at ~9x FCF despite $1.3B in annualized revenue, mainly due to token-specific risk, limited access, and market mispricing.

Why HIP-3?

For investors, HIP-3 expands into traditional markets and enables entirely new ones.

Hyperliquid Fee Growth – “YTD Performance”

Hyperliquid is rapidly becoming one of the most remarkable growth stories in crypto.

Why HYPE DATs Can Win

Over the past couple months, I’ve been exploring the DAT space and what it could mean (or not mean) for DeFi and particularly credit opportunities on-chain.

Is Hyperliquid Undervalued? “The Valuation Gap: $HYPE vs. Robinhood, Coinbase, and Nasdaq”

Hyperliquid has established itself as one of the fastest-growing companies in the space

Hyperliquid: “The path to $1,000 $HYPE”

I’ve written a lot about $HYPE’s value today, but what about its value in 5-years?

Hyperliquid Strategies (DAT) Interview: “Making Hyperliquid a Wall Street Asset”

Yesterday, we joined a call hosted by Keisan and Monk with Bob Diamond and David Schamis, the founders of Hyperliquid Strategies, a firm with a singular objective: maximizing Hype per share.

Hyperliquid S1 Report: “Inside Hyperliquid’s Growth”

Welcome to this Hyperliquid Semiannual Report,

Introducing Pendle Citadel:“HyperEVM integration”

As more yield-bearing assets emerge on HyperEVM, this integration gives users powerful tools to speculate on, hedge, or enhance their yield, a major step toward a more composable and sophisticated DeFi landscape on Hyperliquid.

HIP-3: “Hyperliquid’s X-Factor”

HIP-3’s potential and what it means for Hyperliquid, as well as crypto as a whole.

Hyperliquid’s Valuation Framework ($HYPE)

It has been about 6 months since I initially posted my valuation framework for $HYPE. A lot has changed since then, but also much has remained true. I am as bullish on $HYPE as I have ever been.

Hyperliquid Is Great, But Have You Ever Tried HyperEVM?

The HyperEVM + HyperCore dual-engine setup lets Solidity contracts pull live order data or inject trades instantly, enabling lending, options, structured products, and more.

$HYPErsound Money

Hyperliquid unifies all core network actions (listings, trading fees, bonding, staking, etc) into one token ($HYPE), locking in scarcity, real utility, and yield under a single asset.

Hyperliquid Valuation Thesis: “The House of Finance”

Hyperliquid leads DEX perps with $600M+ in revenue, 97% buybacks, and a custom Layer 1. Explore $HYPE token valuation and risk/reward scenarios.

Hyperliquid vs. CEXs: “Trade War 2.0 – The JELLY Incident”

A $JELLY exploit pushed Hyperliquid to the edge. CEX listings escalated the attack. Centralized intervention worked but it raised some questions.

HyperUnit Overview:“Bridging CEX Experience Onchain”

Discover how Hyperliquid and Unit merge CEX performance with DEX composability. Metrics, fees, liquidity, and adoption analysis inside.

HPC and Multicoin Back the CFTC's Prediction Markets Framework

Americans taking to the markets to express their views on major events is nothing new. For decades before political polling existed, Americans were able to trade openly on organized markets for presidential races in the United States, and they enjoyed prices that were widely regarded as the most accurate election forecasts of their day. These markets allow Americans to trade on everything from Federal Reserve rate decisions to election outcomes, and the financial industry has noticed: major exchanges and Wall Street trading firms are moving into the space.