Michael Ng

@laurashin x.com/chameleon_jeff… Do better

I really hope Hyperliquid is in a war room right now assuming they’ve already been compromised and reviewing every last thing they’ve done for the last year and a half …

Over the past 2 weeks, RWA trading on Hyperliquid has repeatedly broken records, surpassing $1.3B in open interest and $1.4B in weekend volume. When traditional markets are closed, Hyperliquid is the premier venue for 24/7 price discovery on oil, metals, indices, and other essential assets. This is an important step towards housing all of finance.

The Hyper Foundation will contribute 1M HYPE tokens to support the creation of the Hyperliquid Policy Center. The tokens will be unstaked later today. The Hyperliquid community will benefit from having representation in Washington, D.C., and we are confident that under @jchervinsky's leadership, the Hyperliquid Policy Center will have a meaningful impact in favor of clear regulations for decentralized finance.

@KyleSamani @jon_charb Those who can’t admit they bet on the wrong team, leaves

@jon_charb Hyper liquid is in most respects everything wrong with crypto Founder literally fled his home country to build Openly facilitates crime and terror Closed source Permissioned

absolutely elite research HIP-3 Silver perps are delivering tighter spreads & better execution for retail than CME/COMEX Micro Silver futures, and Hyperliquid is open 24/7 imagine being bearish crypto when we're just starting to beat tradfi at their own game Hyperliquid

Hyperliquid, meet Ripple Prime: on.ripple.com/4ke7TzL We’re now enabling institutions to access onchain derivatives liquidity through @HyperliquidX in a streamlined and secure way. Customers can also efficiently cross-margin crypto with all asset classes supported by our prime brokerage platform. Institutions, welcome to the onchain economy.

Introducing Ventuals V2, and our new frontend app. 24/7 trading, 365 days a year. Pre-IPO, indices, stocks, commodities, and more. With prediction markets, earning reports, and breaking news at your fingertips. The most powerful way to trade tradfi perps. Live today.

HyperCore will support outcome trading (HIP-4). Outcomes are fully collateralized contracts that settle within a fixed range. They are a general-purpose primitive that are useful for applications such as prediction markets and bounded options-like instruments. There has been extensive user demand in both of these areas, and builders will likely think of novel applications as well. Outcomes bring non-linearity, dated contracts, and an alternative form of derivative trading that does not involve leverage or liquidations. The outcome primitive expands the expressivity of HyperCore, while composing with other primitives such as portfolio margin and the HyperEVM. Outcomes are a work in progress and currently only being tested on testnet. Canonical markets based on objective settlement sources will be deployed once technical development is complete. Canonical markets will be denominated in USDH. Pending user feedback, the infrastructure will be extended to permissionless deployment.

Since last week, HIP-3 markets reached new all-time highs of $1B in open interest and $4.8B in 24-hour volume.

HIP-3 open interest reached an all-time high of $790M, driven recently by a surge in commodities trading. HIP-3 OI has been hitting new ATHs each week. A month ago, HIP-3 OI was $260M.

Hyperliquid has quietly achieved an important milestone of becoming the most liquid venue for crypto price discovery in the world. See below for side by side comparison of BTC perps on Binance (left) and Hyperliquid (right). With HIP-3 teams leading the way, Hyperliquid has also grown to become the most liquid venue for perps on tradfi assets. Thank you to everyone's hard work as we upgrade the financial system and house all of finance.

By community request, you can now long or short $XMR perps with up to 5x leverage.

Hyperliquid today looks very different from Hyperliquid a year ago. This time last year, the HyperEVM hadn’t even launched, and there were only a handful of early believers building exclusively on Hyperliquid. Now, there are hundreds of teams building, dozens of regional communities with local events, and trillions more in volume traded. This was achieved without any external funding and giving all protocol fees to the community. Hyperliquid was built with a strong belief in returning to the core ethos of crypto  -  changing entrenched and predatory practices to be fair and permissionless. This art piece is meant to celebrate Hyperliquid’s growing ecosystem and commemorate how far we’ve come as a community in building the house of all finance. You’ll find many of your favorite apps and teams interwoven in the piece if you zoom in. A special thank you to @Degen_Alfie for bringing the community to life. Many great teams didn’t make it due to limited space and time, but your contributions have not gone unnoticed! Notable product and tech releases in 2025 included: + HyperEVM launch with HyperCore composability via precompiles and CoreWriter + Spot assets bridged by Unit + Fully permissionless validator set + Native utility to staking, with fee discounts for traders and permissionless HyperCore deployment capabilities for builders + Permissionless spot quote assets + Hypurr NFTs + USDH governance vote and launch by Native Markets + HIP-3 permissionless perp deployment + Native USDC integration + Portfolio margin pre-alpha launch + Assistance Fund HYPE officially burned Compared to 2024, ATHs in 2025 reached: + $32B in 24h volume from $15B in 2024 + $16B in open interest from $4B + $6B in TVL from $2B + $20M in 24h protocol revenue from $3.5M + 1.4M users from 300k Excited to see what the ecosystem looks like another year from now. Thank you to all the builders, users, and supporters who have come together to push forward Hyperliquid’s vision.

The @markets_xyz by Kinetiq HIP-3 DEX has been deployed on @HyperliquidX mainnet, powered by kmHYPE. Initial ticker acquisitions include: US500, EUR, and BABA. As stated upon revealing Markets earlier this month, this is just one, but massive step forward in bringing all markets onchain, available at all hours. Trading will commence in early January. hyperevmscan.io/tx/0xb63c9c5b0…

The Hyper Foundation is proposing a validator vote to formally recognize the Assistance Fund HYPE as burned, removing the tokens permanently from the circulating and total supply. For context, the Assistance Fund converts trading fees to HYPE in a fully automated manner as part of the L1 execution. The Assistance Fund uses the system address 0xfefefefefefefefefefefefefefefefefefefefe. Similar to the zero address, the Assistance Fund system address has never had a private key with control over its funds. Funds are mathematically irretrievable without a hard fork. By voting “Yes,” validators agree to treat the Assistance Fund HYPE as burned. No onchain action is required, as the tokens are already in a system address with no private key. This vote is binding social consensus to never authorize a protocol upgrade to access this address. Voting process: + Validators should signal their intent in the governance forum by December 21 at 04:00 UTC (i.e., reply with Yes or No) + Users can stake to a validator who matches their view by December 24 at 04:00 UTC + The result will be based on stake-weighted consensus as of December 24 at 04:00 UTC

Those who can, do Those who can't, fud Before writing a paper maybe learn the definition of what you are studying? ADL does not "transfer pnl to HLP." It treats HLP entirely symmetrically with users. **ADL has nothing to do with HLP or backstop liquidations** ADL did not "destroy $653 million of pnl" either. If you don't understand what you're talking about, you are not qualified to spread lies masked by fancy ML terms to sound smart. It's a shame that these are the "academics" that the industry looks up to.

USDC is now linked between HyperCore and HyperEVM. This is a major milestone in allowing secure, natively minted cross chain USDC deposits directly to HyperCore. In the final state, the Arbitrum bridge will be deprecated and all USDC will be natively minted. There are many details still to build out, and the priority is to roll out features in a safe way while giving users and builders ample time to migrate. Thank you to the Circle team’s hard work on building this integration. For users and builders, there is no immediate breaking change. Users can deposit and withdraw from both the Arbitrum bridge and HyperEVM. HyperCore now supports one-click deposits from CCTP-enabled chains, abstracting away the minting on HyperEVM. The CCTP route from Arbitrum has been deployed by Circle, with others to follow.

Congratulations to @tradexyz, @ventuals, and @felixprotocol on their HIP-3 launches! It's exciting to see things come together after months of hard work building on the core protocol and deployer sides. Permissionless perp deployments are a massive step in Hyperliquid's journey to house all of finance. On Hyperliquid, hungry and ambitious builders step up to reinvent core pillars of finance. Perps will bring unprecedented capital efficiency and price discovery to global markets. HIP-3 empowers any builder to upgrade financial markets by leveraging Hyperliquid's battle-tested onchain infrastructure. Thank you to the builders working to push the frontiers of onchain finance. Thank you to the users for being there from day one with your support.

By community request, you can now long or short $AERO with up to 3x leverage.

The CC hyperp has converted to a regular perp. You can now long or short $CC with up to 3x leverage.