if you: - got affected by Dune layoffs - are hyperliquid-pilled or hyperliquid-curious - want to work on hard problems in a rapidly growing niche - love perps and other financial stuff send us a DM. we are hiring for different data-related roles.

Introducing the Bitwise Hyperliquid ETF $BHYP—offering 100% direct exposure to spot HYPE. And the first to use in-house staking, rather than a third-party staking provider. Starts trading tomorrow. Why Hyperliquid? We believe Hyperliquid is one of the most important onchain trading platforms in the world. When geopolitical conflict broke out in the Middle East on a Sunday morning and traditional markets were closed, institutions didn't wait until Monday. They turned to Hyperliquid. It's easy to see why. Hyperliquid commands approximately 60% of all onchain perpetual DEX open interest globally (DeFi Llama as of May 13, 2026), processes 200,000 orders per second (Chainspect as of May 13, 2026), and has built a track record of reliability when it matters most. It has achieved remarkable adoption in a short time, entirely without venture capital—and we believe it's poised to be one of the biggest winners as capital markets move onchain. We're thrilled to give investors a convenient, low-cost* way to participate in that opportunity, with staking rewards built in.** Onward.

Two weeks since our Closed Alpha launch: - Onboarded 150 traders from our community - Issued over $1M in assessment accounts - 8 funded accounts, trading over $220k - Processed our first instant, on-chain payout Our very first steps towards building the on-chain trading desk.

Markets by Kinetiq will work with @HyperliquidX and @nativemarkets to ensure a seamless transition to USDC for the margin asset for the DEX. First, credit where it's due: Native Markets pioneered the first production-scale protocol-aligned stablecoin. AQAv2 wouldn't exist without that work, and we were proud to ship it alongside them. Kinetiq contributed to >50% of USDH growth via $KNTQ and @Markets_xyz. The fragmentation between USDH <> USDC was completely abstracted on both frontends, desktop and mobile. That same abstraction layer makes the USDC transition invisible to traders. To traders of km assets, and kmHYPE stakers: As usual, we'll be over-communicative on the next steps and ultimately this does not affect stake, or $HYPE / $KNTQ buybacks in the slightest. Listings will carry over and expand aggressively. There is no action required on behalf of traders at this time.

Notice on sunsetting Felix USDH-denominated HIP-3 markets will be shared in a future post; for now, they remain active. USDH deposits on Felix Vanilla are unchanged, and users can continue to lend USDH while USDH is live if they choose. Users are encouraged to change USDH borrow and lend positions to USDC—users can swap USDH for USDC on the HyperCore spot orderbook linked below. Timeline on USDH Frontier and USDH Flagship vault sunsets will be shared in a tweet, Discord post, and Telegram announcement soon. For more information on zero-fee USDH redemption options, visit

When Native Markets secured the right to deploy USDH eight months ago, we had a simple thesis: people care about stablecoins that deliver value to the networks and their users. Today, we see a validation of that thesis with Coinbase deploying native USDC as an AQA that shares the vast majority of its reserve yield. This transition to Coinbase immediately activates yield on nearly $5B worth of stablecoins and aligns Hyperliquid with one of crypto’s strongest policy advocates. I'm proud of what @fiege_max and our entire team have built to date — designing the Open Issuance product alongside the Bridge team, building an exceptional onramp with and beyond. To those that supported USDH, thank you for your vote of confidence. There’s more to come, stay tuned.

Today we’re expanding our support for @HyperliquidX by becoming the platform’s official treasury deployer of USDC. Onchain markets operate 24/7 and require collateral that is always available, instantly transferable, and deeply liquid - USDC delivers exactly that. Alongside this, we’ve also significantly increased our position of staked HYPE.

Coinbase has announced its plan to activate AQAv2 on USDC as the treasury deployer, with Circle serving as the technical deployer responsible for CCTP and native cross-chain infrastructure. Both Coinbase and Circle have committed to stake HYPE to activate AQAv2. As part of this transition, Native Markets has agreed to terms granting Coinbase the right to purchase the USDH brand assets. With Coinbase, in its role as treasury deployer, sharing the vast majority of reserve yield revenue with the protocol, USDC will become the most aligned stablecoin on Hyperliquid. As a result, canonical outcome (HIP-4) markets will use USDC as the quote asset in a future network upgrade. User and builder feedback has been consistent that fragmentation leads to degraded experience; now, the community no longer needs to choose between liquidity and protocol alignment. The pioneering work of Native Markets in launching USDH as the first production-scale stablecoin sharing yield directly with a protocol in a purely onchain implementation made AQAv2 possible. The learnings and mechanics pioneered by USDH will live on in AQAv2. The Hyper Foundation will give grants to eligible HIP-3 deployers, HIP-1 deployers, and builders who integrated USDH, supporting teams through migration over the next months. These grants reflect an ongoing commitment to teams who choose to build on Hyperliquid and align with the protocol. USDH markets are fully functional but will sunset over time. USDH remains fully backed, with feeless conversions to USDC and fiat available to users during this transition.

With Native Markets, we set out to create a stablecoin platform for Hyperliquid that stopped value leakage from its ecosystem and minimized its third party dependencies. These goals are achieved with the formalization of USDC as an AQA. Today’s announcement marks what I view to be the biggest win for Hyperliquid to date, unlocking meaningful additional annual revenue for the Assistance Fund, as well as allying the network with the strongest force in American crypto policy. It’s incredibly vindicating to see industry leaders recognize a thesis that few of us believed just a short time ago. I want to thank all of the builders who took a chance on USDH, as well as to give a special shout out to @mclader. It’s been a privilege working with her on USDH, and for all of us HYPE holders, we can be grateful to have her in our corner. Our blog post below walks through the timeline for sunsetting USDH over the coming months. We’ll be in touch with builders and partners who have questions, especially those navigating spot and perp order book migration.

In Q1’26 @HyperionDeFi generated record net income, and we are raising guidance for full-year 2026 by ~20%. Our identity is unique:  we are the first DeFi public company building on Hyperliquid. The results speak for themselves: - Our Q1 Adjusted Gross Profit* has grown by +119% since Q3, and +17% sequentially versus Q4. - Our “triple-dip” HYPE strategy continues to drive superior execution versus our peers.    - If you compare our DeFi operating businesses versus base staking yield, our multiple grew from 1.3x in Q3, to 2.7x in Q4, to 3.1x in Q1. - Our core costs have declined sequentially each quarter, and we expect our costs to continue to decline as our legacy biotech segment rolls off. - Beyond our ~2.0M HYPE, we continue to receive "ecosystem rewards" -- tokens or equity in early-stage Hyperliquid builders, which rounds out our growing treasury built to support and monetize growth of the Hyperliquid community. I’m very proud of what we have built in the last three quarters, and we are just getting started. Our earnings release, earnings supplement, and earnings call information for today May 14 at 8 AM ET can be found here: *Please see our earnings release or earnings supplement for important GAAP to Non-GAAP reconciliations and other important disclosures.

proud to introduce @papertrade_xyz - a fair-launched, fully-onchain perpetuals exchange built on hyperliquid by @izebel_eth & @blurr -1000x leverage -0 slippage -No funding costs -Self-bootstrapping LP coming soon. learn more at:

The 21shares Hyperliquid ETF ( $THYP ) is coming May 12, 2026. See you tomorrow. The Fund is not a fund registered under the Investment Company Act of 1940, as amended (“1940 Act”), and is not subject to regulation under the 1940, unlike most ETFs or mutual funds. An Investment in THYP is subject to significant risk and heightened volatility and is not suitable for an investor who cannot afford the loss of the entire investment. An investment in THYP is not a direct investment in HYPE.

Ondo tokenized stocks can now be bridged to Hyperliquid’s HyperEVM via @LayerZero_core. Spot positions unlock advanced strategies for perp traders on applicable markets, such as basis trades and delta-neutral hedging. @Meltfinance and @felixprotocol are among the first HyperEVM protocols to integrate Ondo tokenized stocks and ETFs.

Today, @SECPaulSAtkins laid out his priorities for providing clarity to onchain markets, including this on clearing and settlement: "When settlement is near-instantaneous and counterparty risk is managed algorithmically, the traditional clearing agency model requires fresh analysis." Onchain clearing and settlement is one of the most significant financial infrastructure innovations of our generation. HPC is encouraged to see a Chairman willing to map these systems to existing legal frameworks on their own terms, rather than force them into legacy categories built for legacy architecture.

Saturn is proud to announce our $2M seed round led by @TheSpartanGroup, with participation from @Anchorage, Susquehanna Crypto, and more. Saturn is building the application layer on Bitcoin - powered by $STRC. A thread on why it matters.