Hyperliquid Research Collective (HRC)

HIP-3 Today: Where we are and where we're going Written by @0xBroze From oil to silver, we now have 24/7 onchain markets driving real price discovery, even when TradFi is closed. Major financial media (Bloomberg, WSJ…) are now paying close attention. And with S&P partnering with @tradexyz to launch the first official onchain S&P 500 perp, the signal is clear. This is no longer a narrative, it’s happening. hyperliquidr.xyz/post/hip-3-tod…

"This collaboration expands access and utility of our flagship benchmarks within digital trading environments. We believe digitally-native investors should demand the institutional-quality standards that define our indices, and we are thrilled to work with @tradexyz to do so" Cameron Drinkwater, Chief Product & Operations Officer at S&P Dow Jones Indices. spglobal.com/spdji/en/index…

S&P partnering with @tradexyz to exclusively launch the first official S&P 500 perpetual contract on Hyperliquid is one of the strongest product-market fit validations we could have hoped for. This may well be one of the most significant validations ever seen for a company building on crypto rails, it is indeed hard to think of anything comparable. It’s an honor for us to be part of this ecosystem and to dedicate so much of our time to Hyperliquid, the blockchain to house all of finance. As @chameleon_jeff said, this partnership reflects years of collective effort across the entire ecosystem. Looking forward to everything that’s still to come. Stay tuned, on Monday, we’re releasing the 2025 Hyperliquid Annual Report. 2025 was a historic year for the team, and this report aims to capture it. Hyperliquid.

@13300RPM @GLC_Research Hyperliquid

It's a great honor working on HRC (@HyperliquidR) with @GLC_Research to grow Hyperliquid. Really talented team and couldn't ask for better partners. We poured our hearts into the upcoming annual report - can't wait to get this one out!

@GLC_Research Hyperliquid

It’s been a year since we shared our $HYPE valuation framework. A lot has changed since then, but I think we did a pretty solid job given the information we had at the time. Our target was $40–$60 over a one-year horizon. Today, we’re around $40, with an ATH at $60. While it’s nice to have been in that range, we were operating with a lot of uncertainty and luck definitely played a role. That said, what really made us bullish despite those uncertainties was our alignment with Hyperliquid’s ethos. Over the past year, we turned down opportunities because we didn’t want to sacrifice time that could be spent learning, researching, building relationships, and contributing to the ecosystem. GLC is still a young company, and we didn’t actively pursue deals for long periods of time but having conviction and building meaningful exposure to $HYPE has paid off far more than anything else could have. And today, we couldn’t be happier to be actively building on Hyperliquid with @FourPillarsFP through @HyperliquidR, thanks to our sponsors. I think that’s what happens when you’re willing to take risks and commit to something for the right reasons. For us, those reasons are simple: we want to help change how finance works. We want to see finance move onchain. We want to help make financial access more open and inclusive. And we want to be part of a community that is actively building toward that future. Looking back, this alignment, both in vision and in values, is what enabled the asymmetric upside. That said, it’s probably time for a new “equity-style” research piece on $HYPE. The bull case has gotten much bigger since then. Appreciate you all and your support. 2025 Hyperliquid Annual Report drops on Monday. Let’s change finance. Hyperliquid.

@RyanWatkins_ Well done guys, this is a great research ! Hyperliquid.

Perps eating global financial markets is the highest conviction thesis I’ve had in my 4 years since starting Syncracy. If we’re right, the sector could produce $350B+ in value over the next 5 years, with the winning chain becoming one of the largest platforms in global finance. As shared in our OG Hyperliquid thesis released over a year ago, we believe $HYPE is the fastest horse in this race. While many skeptics view platforms like Hyperliquid as products of regulatory arbitrage, over time we believe they will come to be understood as a fundamental transformation of the global trading stack. What was once a fragmented world of brokers, exchanges, clearinghouses, among other intermediaries, is giving way to integrated trading systems that are continuously margined, atomically settled, globally accessible, and permissionless to build on. The case isn’t just theoretical as early signs of disruption are already visible in the data. In the early months of perps’ “real world asset” expansion they’re already impacting global financial markets — most recently functioning as a price discovery engine on weekends for oil during the Iran conflict. We believe this is only the beginning and that perps will absorb an increasing share of leveraged directional trading that today lives in retail options, CFDs, and fixed-tenor futures. Even low single-digit penetration of these markets could produce dramatic outcomes for the sector. In parallel, it remains under-appreciated how quickly DEXs like Hyperliquid have emerged as leaders in equity and commodity perps. Should DEXs continue scaling these markets, it will accelerate their share gains from the likes of Binance and Coinbase while also positioning them to challenge legacy derivatives venues such as CME, who will struggle to compete due to regulatory and architectural incompatibilities. Finally, as decentralized venues lead the growth of perps, we believe they will also expand into adjacent categories. Perps are the hardest product to nail on blockchains and once a blockchain can successfully host perps it naturally starts to aggregate other crypto use cases as a byproduct. We are already seeing early evidence of this with Hyperliquid’s expansion into spot trading and stablecoins, and soon prediction markets and options. It’s in this sense that perpetual DEXs are also Trojan horses for the financial platform of the future. —— Enjoyed writing this one with @defi_monk who was the first sell-side analyst to cover Hyperliquid in summer 2024 and among the leading thinkers on the sector. Hope you all enjoy what is a very detailed and data-driven piece that was a long time in the making.

How HIP-3 Korea Perps Onboard Institutions? Written by @ringwraith10 "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. Who needs this reference price? ETF market makers and emerging markets macro funds, institutions and traders who had no reason to touch perps until now." hyperliquidr.xyz/post/how-hip3-…

@Keisan_Crypto This is great data, Hyperliquid.

HIP-3 is proving to be quite sticky. HIP-3 perps market retention rate is >60% even 3 months post-onboarding. This is extremely high for a trading application and even high for consumer fintech apps in general As you can see in the chart, there is a drastic difference between the 3-month cohort retention for HIP-3 markets (~64%) and crypto perps (~27%) There are likely a lot of reasons for this. Some that come to mind: - Traditional assets more pleasant to trade than crypto which suffers from extreme volatility, market manipulation, and scam tokens - Perps are a far better way to express leverage than short-term options for most traders, yet they are a novel instrument not currently offered elsewhere (with real adoption) on equities, commodities, etc. - Macro and flows are always in flux. One day you want to trade silver, the next day you might want to trade oil. HIP-3 allows traders to access all markets on one unified platform - Hyperliquid trading UI is far superior to that of legacy platforms. Not even just for perps, but as a trading terminal in general. This is a new experience for non-crypto natives who are onboarded via HIP-3 User stickiness is one of the most important metrics for any business, and even more so when dealing with a platform that experiences such massive network effects. I expect to see continued onboarding (and retention) of users to Hyperliquid via HIP-3 markets, resulting in deeper liquidity, more tradable markets, and continued UX improvement via features like BLP and portfolio margin The house of all finance cc @0xren_cf @ryohhno for this great data Hyperliquid

Few Thoughts on HIP-4 HIP-4 prediction markets aren't about dethroning Polymarket or Kalshi, they're about making Hyperliquid more capital efficient and attractive as a whole. The core value is simple: traders can hedge positions or speculate with calls, puts, or event-based contracts (e.g., a binary market tied to a catalyst that could invalidate a thesis) without ever leaving the platform. No liquidity fragmentation, no separate accounts, just unified margin across every product. The analogy to spot is apt: you don't measure spot's success by comparing its volume to perps. What @unitxyz really did was improve the overall user experience and strengthen competitive positioning, which lifted the entire blockchain. HIP-4 should work the same way. Hyperliquid already has what prediction market platforms lack: real trading infrastructure, deep liquidity, and a user base with significant capital. That combination should naturally attract external builders to deploy markets, and as front-ends integrate HIP-4 over time, the experience will improve considerably from what testnet shows today. Prediction markets alone aren't the most lucrative vertical right now. But layered onto Hyperliquid's existing stack, they contribute to a flywheel: more products, more capital efficiency, more users, more liquidity. That could quietly make Hyperliquid the default venue for this category, not by competing directly, but simply by being the better place to trade everything else already. So the goal isn't dethroning Polymarket today. But as network effects compound across crypto perps, spot, options, equity and commodity perps, unified margin, lending and borrowing, stablecoin transactions, prediction markets, and beyond, owning the full financial stack and offering every product permissionlessly could very well make that outcome inevitable over time. Those are quick thoughts, feel free to provide feedback, happy to discuss. Hyperliquid.

@GLC_Research Hyperliquid

Can we please stop comparing Hyperliquid to everything else? On the same day, they announced that portfolio margin will go live in the next update, and HIP-4 is already on testnet. Based on previous testnet timelines, it should be live within the next three months. There's no second best. Hyperliquid.

$PURR (@HypeStrat), a nasdaq-listed vehicle that holds $HYPE, is up 37% since listing. $HYPE itself is up just 2.5% over the same period. How does a wrapper outperform the asset it holds? I broke down the anatomy of the spread.

@13300RPM @HypeStrat hyperliquidr.xyz/post/hype-purr…

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. PURR is passive treasury accumulation. HYPD is active DeFi participation with a validator business that earns commission on third-party capital. Both theses are internally coherent. The most important data point for HYPD drops April 14, the 10-K. hyperliquidr.xyz/post/hype-purr…

@reisnertobias @hyperlendx @felixprotocol @HypurrFi @Theo_Network @hyperbeat @harmonixfi @liminalmoney @kinetiq_xyz @ValantisLabs @prjx_hl @HyperSwapX @LiquidLaunchHL @drip__trade Hyperliquid

Mentioned Projects: Lending: @hyperlendx, @felixprotocol, @HypurrFi Institutional Assets: @Theo_Network Yield: @hyperbeat, @harmonixfi, @liminalmoney Liquid Staking: @kinetiq_xyz, @ValantisLabs AMM: @prjx_hl, @HyperSwapX, @LiquidLaunchHL NFTs: @drip__trade Options: @ryskfinance, @DeriveXYZ Privacy: @silhouette_ex Builder Code Apps: @phantom @BasedOneX @pear_protocol @InsilicoTrading @lit_trade @tread_fi @HyperSignals_ai @minara HIP-3 Builders: @tradexyz @markets_xyz @ventuals @Dreamcash @hyenatrade @felixprotocol @computeindex @tingsxyz HIP-4: @Outcomexyz Tools @HyperTracker @HypurrScan @hydromancerxyz defillama.com/pro/387d2w9794… by @patfscott hyperscreener.asxn.xyz by @asxn_r hypestats.xyz/stats by @yieldyumi hypeburn.fun by @janklimo Research: @HyperliquidR @shaundadevens @defi_monk @castle_labs @OAK_Res @ericonomic

One video to cover all the Hyperliquid Basics [v2] WHAT’S HYPERLIQUID? [01:00] HYPERCORE [02:21] USD / EURO to Hyperliquid [08:46] HYPER EVM [12:13] HYPER EVM TOKENS [18:33] BUYBACK | BURN [19:51] Builder Codes and Their Impact on Hyperliquid [26:52] HIP-3 [35:58] Future of HIP3: Financializing New Assets [45:05] HIP-4 [49:40] HYPE TOKEN & Public Vehicles [51:19] TOOLS & RESEARCH [53:58] CRITICS & FUD [58:40]

.@tradexyz dominates the majority of HIP-3 volume, but non-XYZ deployers collectively grew from $6M to $110M OI in 10 weeks, with peak weekly volume reaching $2.2B. > @Dreamcash is the breakout among new deployers. Launched 3 weeks ago, it already generates ~$1.1B in peak weekly volume. Volume growth outpacing OI growth signals active trading demand, not just passive positioning. > @HyperliquidX's 24/7 structure gives HIP-3 a structural edge over COMEX. While COMEX closes on weekends, HIP-3 processed meaningful volume on SILVER and GOLD perps continuously, proving demand for around the clock risk transfer in commodity markets. *If you’d like to explore more about Hyperliquid research, please refer to the @HyperliquidR

@_stevenhl Hyperliquid

“Hyperliquid began as an onchain decentralized exchange focused on crypto perpetual futures, but has since expanded into a broader, multi-asset derivatives venue.” Coinbase Research just pushed a well written report on HL, correctly covering team unlocks and importance of OI.

Takeaways from Jake Chervinsky's Interview with Flood @ThinkingUSD and @SoskaKyle recently hosted @jchervinsky on their space for one of the more substantive conversations on crypto regulation to come out of Washington in some time. Here are the key takeaways: 1. Jake's background Jake started his career as a lawyer specializing in compliance and government enforcement defense, spending years working directly with regulators including the SEC and the CFTC. He discovered crypto in 2017 and became convinced early that blockchain technology had the potential to fundamentally reshape the financial system. In 2019 he moved into the industry full time, joining Compound where he worked on some of the earliest DeFi governance token models. Over the years he became increasingly involved in Washington policy discussions before ultimately landing at HPC, where his focus is on building the regulatory framework that would allow decentralized finance, and platforms like Hyperliquid, to be legally accessible to U.S. users. 2. HPC's mission Jake described HPC as an independent research and advocacy organization focused on advancing clear, constructive regulation for DeFi in the United States. The primary goal is to work with the SEC and CFTC to develop rules that allow Americans to access decentralized markets with appropriate oversight. A major near-term focus is opening access to decentralized perpetual derivatives markets. More broadly, HPC is pushing to ensure that DeFi developers are not misclassified under regulations designed for traditional financial intermediaries, a protection that cases like Tornado Cash have made urgently relevant. 3. Biden vs. Trump administration Jake's contrast between the two administrations was stark. Under Biden, policymakers were largely hostile toward crypto, and regulatory activity centered on enforcement rather than rulemaking, with little appetite for building a framework within which the industry could operate. The Trump administration, in Jake's view, takes a fundamentally different approach: the goal is to modernize financial regulation so that decentralized finance can be built domestically, rather than pushed offshore. The framing has shifted from crypto as a problem to be contained to crypto as an evolution of financial infrastructure that the U.S. should lead. 4. The market structure bill Jake acknowledged that following the day-to-day progress of major legislation is genuinely difficult, much of the substantive work happens behind closed doors. That said, the market structure bill is moving through Congress. Its core objectives are to create a comprehensive framework for digital assets, including how tokens are classified (security vs. commodity), rules for issuance, and the regulation of secondary markets. Jake flagged developer protection as a critical piece: HPC is actively advocating for provisions in the Clarity Act that would protect builders of non-custodial, open-source DeFi software from being misclassified as money transmitters or financial intermediaries. 5. Improving the industry's reputation Jake was candid about the perception problem crypto still faces in Washington. Many policymakers continue to see the space primarily as speculative or gambling-adjacent, a view that parts of the ecosystem have unfortunately reinforced. His prescription: the industry needs to communicate real-world use cases far more effectively, and help policymakers understand why the technology matters to ordinary users. He also pointed to a practical tool: members of Congress are active on X, and direct engagement, calling out bad takes, supporting good ones, signals that voters care and can have a real impact on how politicians approach the issue. 6. Hyperliquid demonstrating the real power of crypto infrastructure One of the more compelling moments in the conversation came when discussing the visibility Hyperliquid gained over recent weekends through HIP-3 activity. With traditional markets closed, Hyperliquid saw a meaningful spike in trading volume, a live demonstration of what 24/7 decentralized markets actually look like in practice. Jake highlighted this as exactly the kind of evidence that moves the conversation with policymakers: not theoretical arguments about blockchain's potential, but a platform that is already delivering a materially better financial product to real users around the world. 7. What success looks like for HPC Jake outlined three goals for the coming years, noting that achieving even one would represent a major win. First, working with the CFTC to open DeFi perpetual futures markets to U.S. participants, allowing both individuals and institutions to legally trade commodity perpetuals on platforms like Hyperliquid. Second, extending a similar framework through the SEC to enable rulemaking around equity perpetuals. Third, ensuring the Clarity Act passes with strong protections for DeFi developers. The roadmap is ambitious but concrete, and for the first time in a long while, the regulatory environment suggests it may be achievable. Link of the complete article below, available on @HyperliquidX. Hyperliquid.