Notional Volume by Perp Dex Last 7D 📊 🥇@HyperliquidX | $48.1B 🥈@Kalshi | $14.9B 🥉@tradexyz | $12.2B ▫️@Lighter_xyz | $11.7B ▫️@Aster_DEX | $10.8B ▫️@GMX_IO | $8.8B ▫️@edgeX_exchange | $6.4B ▫️@Polymarket| $4.0B ▫️@Ondo | $1B ▫️@fomo | $852.5M

🚀 Papertrade Hits $80B in Nominal Volume in Just 1 Hour .@papertrade_xyz, an on-chain synthetic perpetual exchange on HyperEVM, saw a massive surge in activity, surpassing $80B in nominal trading volume within its first hour But there's a twist: • $4.73M in cumulative user losses • robinhood:0xaa3b129e4906009e228a060340601260de068ff5 tokens are minted based on user losses through a predefined curve • The initial emission rate was 100 PAPER per $1 lost when LP balance was below $2M • Emissions now decay as the LP grows beyond $2M Papertrade uses @HyperliquidX BBO mid-price, with users trading directly against the protocol's LP. It offers high leverage, zero slippage, and no funding fees. The activity is eye-catching, but $80B in nominal volume doesn't equal $80B in capital flowing through the platform. Can Papertrade sustain this momentum, and what happens to PAPER emissions as the LP grows?

Top Dapps by Active User Last 7D 📊 ▫️@phantom ▫️@invoxyz ▫️@fomo ▫️@TrustWallet ▫️@MetaMask ▫️@entropyIO ▫️@Rabby_io ▫️@liquidtrading ▫️@legendtrade ▫️@Outcomexyz

Top Trading Strategy Protocols on Hyperliquid ▫️Ethy AI - @ethy_agent ▫️Senpi - @senpi_ai ▫️DX Research Group - @DXRGai ▫️TrueNorth AI - @get_truenorth ▫️Elastics - @ElasticsAI ▫️haipa - @haipa_ai ▫️Keel | Hyperliquid Strategy OS - @usekeelio ▫️SizeProp - @SizeProp ▫️Silhouette - @silhouette_ex ▫️Dexari - @DexariApp ▫️Paragon - @tradeparagon

⚡️ Hyperliquid continues to dominate the Perp DEX market. Over the last 7D, Hyperliquid recorded $47.8B in notional volume — nearly 3× Aster ($10.9B) and well ahead of the rest of the market. Notional Volume by Perp Dex Last 7D @HyperliquidX @Kalshi @tradexyz @GMX_IO @Aster_DEX @Lighter_xyz @edgeX_exchange @Polymarket @Ondo @fomo

Hyperliquid CEO: Wall Street’s Wealth Creation Model Is Broken Hyperliquid CEO Jeff Yan says Wall Street’s wealth creation model is unsustainable. The problem is simple: retail investors often enter only after an asset has already captured its biggest gains. Jeff Yan argues that @HyperliquidX is built to change this by making financial markets more accessible, rather than keeping the most valuable opportunities behind traditional market structures. Perpetuals are a key part of that vision. No expiration dates. Less liquidity fragmentation. 24/7 trading. Global access. And the traction is already there. Hyperliquid generated ~$72M in revenue over the past 30 days, ranking among the top protocols in crypto. If on-chain markets can make more assets tradable earlier and around the clock, Hyperliquid could be more than a crypto exchange. It could be a new model for accessing financial markets.

Protocols That Burned the Most $HYPE 🔥 ▫️Trade[XYZ]- @tradexyz ▫️HyENA - @hyenatrade ▫️Paragon - @tradeparagon ▫️Kinetiq Markets - @Kinetiq_xyz ▫️Ventuals - @ventuals ▫️Felix - @felixprotocol ▫️Dreamcash- @Dreamcash ▫️EntropyIO - @entropyIO ▫️Unit - @unitxyz

Top Perpetual DEXs by Open Interest 📊 🥇@HyperliquidX - $8.557b 🥈@Aster_DEX - 425b 🥉@variational_io - $1.135b ▫️@Lighter_xyz - $836.13m ▫️@grvt_io - $481.69m ▫️@Antarctic_Ex - $357.05m ▫️@edgeX_exchange - $223.62m ▫️@GMX_IO- $162.75m ▫️@QFEX - $142.88m ▫️@SoSoValueCrypto - $121.46m

The Big Difference Between HYPE and ASTER Burns ASTER just burned 3.11M tokens worth ~$2.25M Big number, but the more interesting question is: how effective is the burn mechanism? Both Aster and @HyperliquidX direct 99% of fees toward their token economy, but the end result is different. Hyperliquid: → Fees buy hyperliquid:native → HYPE goes to the Assistance Fund → HYPE is permanently burned → Fees directly reduce supply Aster: → Fees buy aster-2:native → Bought ASTER goes to stakers as rewards → An equal amount of team allocation is burned → The bought tokens can return to circulation So while Aster can generate impressive burn headlines, Hyperliquid has a more direct link between protocol revenue → market buyback → permanent supply reduction. The real metric isn't how many tokens were burned. It's how much of the protocol's revenue actually removes tokens from the market. And that's where HYPE's mechanism currently looks more efficient.

Bloomberg Just Put Hyperliquid on the Institutional Map Bloomberg's @TheTerminal now lets users type WSL HYPE to monitor select Hyperliquid perpetuals 24/7 across crypto, equities, commodities, FX, and indexes. No execution yet. But the bigger impact is institutional distribution. Desks can now compare @HyperliquidX prices with Bloomberg references like BTC, NVDA, S&P 500, Brent and EURUSD without leaving their existing workflow. Why it matters: • More visibility → institutions can easily discover and monitor Hyperliquid markets • More credibility → Hyperliquid becomes a recognizable price source alongside traditional markets • Stronger ecosystem → reinforces the thesis of 24/7 on-chain markets across global assets Bloomberg isn't bringing institutional capital to Hyperliquid overnight. But it puts Hyperliquid where institutions already look for prices. That is an important step toward making on-chain markets part of the institutional workflow.

USDC Reserves Are Now Fueling hyperliquid:native Buybacks .@HyperliquidX received its first $14.58M $USDC payment through its AQAv2 mechanism, creating a new source of revenue beyond trading fees. The key part: • Users bridge USDC → Circle mints USDC on HyperEVM • Hyperliquid earns fees on the USDC reserves, even when they are not being traded • The first 30-day payment was $14.58M, implying roughly $193M annualized at the current scale • Revenue goes to the Assistance Fund, which is used to buy hyperliquid:native This means Hyperliquid can now monetize not only trading activity, but also the capital sitting on the platform. AQAv2 adds another flywheel for hyperliquid:native: more USDC reserves → more reserve income → more hyperliquid:native bought by the Assistance Fund → stronger value capture for the token.

📊 Hyperliquid secures the #1# spot for Top Protocols by Holder Revenue over the last 30 days with a staggering $55.4M. That’s more than DOUBLE the revenue of the next closest competitors, leaving industry giants like Uniswap and Ethereum far behind. The numbers speak for themselves. 👀 Top Protocols by Holder Revenue in Last 30 days : 🥇@HyperliquidX - $55.4M 🥈@Pumpfun - $23.9M 🥉@trondao - $23.85M ▫️@ponsdotfamily - $16.62M ▫️@Uniswap - $15.2M ▫️@aeroxyz - $15.05M ▫️@LaunchOnSF - $13.7M ▫️@chainlink - $5.53M ▫️@ethereum - $5.2M ▫️@SkyEcosystem - $5.15M

A New Trading Model Is Being Built Around Hyperliquid’s Markets Instead of competing with Hyperliquid’s order book, @papertrade_xyz uses @HyperliquidX prices as its reference while running its own trading pool. That lets Papertrade offer: • Up to 1000x leverage • 0 fees, funding and slippage • A $0 starting liquidity pool • solana:4SNHBM2axbPCNXHrPPNLtdCRmnQVkq9cfFTyrJpJpump rewards for losing trades When a trader loses, their margin helps fund the pool and solana:4SNHBM2axbPCNXHrPPNLtdCRmnQVkq9cfFTyrJpJpump is minted. The interesting part is what this means for Hyperliquid. Papertrade shows how developers can take Hyperliquid’s deep markets and reliable price discovery and build completely different trading experiences on top of them. So rather than simply being another perp competitor, Papertrade could become another application expanding the reach of Hyperliquid’s market infrastructure. If more products follow this model, Hyperliquid’s role can grow from a perp venue into core infrastructure powering a wider onchain trading ecosystem.

HIP-3 Markets by Open Interest Hyperliquid’s HIP-3 ecosystem continues to see strong demand across indices, commodities, and equities, with $2.19B+ in combined open interest across the top 10 markets. 🔸 SP500 leads with $355.8M in OI 🔸 SKHX follows at $321.6M 🔸 GOLD and XYZ100 hold $287.2M and $231.3M, respectively 🔸 MU, SKHY, and NVDA each exceed $170M in OI 🔸 Other notable markets include SILVER ($171.9M), CL ($146.6M), and CRCL ($136.4M)

Hyperliquid OI Is Approaching Its July 2025 Peak .@HyperliquidX open interest is climbing back toward the levels seen during its July 2025 peak, signaling that leverage and trading activity are returning strongly. - Total OI has recovered to roughly $8.5B - July 2025 peak was around $10B - That puts current OI at roughly 85% of the previous peak - The recovery has accelerated after OI bottomed around the $3 - 4B range - BTC and ETH remain the largest contributors, while HYPE and other assets are also rebuilding The bigger picture: capital and leverage are flowing back into Hyperliquid, bringing its derivatives market closer to the highs of the previous cycle. If OI continues expanding, the key question is whether Hyperliquid can break its previous OI high and establish a new record.

Top Dapps on by % Growth of Revenue 7D 📊 ▫️@Borsa_HL ⭢ 231.0% ▫️@legendtrade ⭢ 152.0% ▫️@pear_protocol ⭢ 116.0% ▫️@hypurrdash ⭢ 91.0% ▫️@useTria ⭢ 91.0% ▫️@wundertrading ⭢ 73.0% ▫️@treadfoundation ⭢ 58.0% ▫️@InsilicoTrading ⭢ 26.0% ▫️@TrustWallet ⭢ 19.0% ▫️@Apexliquid_bot ⭢ 17.0%

Bridge Deposit Growth Last 30D 📊 🥇@HyperliquidX : 76.4% 🥈@RobinhoodCrypto : 67.2% 🥉@paradex : 53.1% ▫️@Starknet : 48.5% ▫️@inkonchain : 42.6% ▫️@worldnetwork : 38.7% ▫️@world_chain_ : 38.7% ▫️@GravityChain : 35.8% ▫️@Optimism : 26.3% ▫️@grvt_io : 26.2%

CZ Supports More Competition From Hyperliquid CZ recently said he does not oppose @HyperliquidX, and believes more CEXs and DEXs should compete and innovate, following Binance’s listing of hyperliquid:native. • Hyperliquid → CZ views it as healthy competition, not a threat • Competition → He said criticism from the Hyperliquid community toward Binance is simply part of the competition • More DEXs → CZ believes the crypto industry is still early, with plenty of room for new platforms to grow • HYPE + BNB + BTC → He sees the broader growth of crypto benefiting multiple assets and ecosystems Binance doesn’t need to be the only winner. More competition can push the entire crypto industry forward.