what's hyperliquid?
Hyperliquid is a high-performance Layer-1 blockchain and decentralized exchange specializing in perpetual futures trading with fully on-chain order books and zero gas fees. It enables fast, low-cost perpetuals, spot trading, and liquidity provision through innovative features like vaults for copy trading and a custom consensus algorithm. The platform bridges CeFi efficiency with DeFi transparency, supporting developers via HyperEVM for building financial applications.
Hyperliquid integrates with Rainbow for RNBW token earning, offers 10% HYPE APR, and lists on Kraken Pro.
contract
hyperliquid
Planned for future integration with Flying Tulip, an application layer that transforms blockchains into exchanges.
Nominated in Coinage Media's Crypto Project of the Year voting series as a top perpetuals DEX.
A whale opened a $20.2M short position on BTC using 2.5x leverage on Hyperliquid, with 300 BTC notional exposure at an average entry price of $67.3k and liquidation price at $93.1k.
Hyperliquid Strategies reported a $318 million net loss, including $262 million in unrealized HYPE losses.
Hyperliquid Strategies spent $10M on share buybacks as of February 3rd, 2026.
Hyperliquid Strategies releases earnings showing holdings of 5 million HYPE tokens and $125 million in cash.
Portfolio Margin feature remains in alpha testing and is expected to begin scaling soon to unlock larger trading activity and open interest on HyperCore markets.
Hyperliquid Strategies holds 17.6 million HYPE tokens fully removed from the circulating supply.
Purchased 5 million HYPE tokens for $129.5M at an average price of $25.9 by February 3, 2026, via OTC and secondary markets, bringing total holdings to 17.6 million tokens with $124M cash remaining.
A whale account deposited 3.19M USDC over 20 days and lost the entire amount through liquidations, with total losses exceeding $27.5M.
Reached the open interest cap for ZRO perpetual futures trading.
Released Wayfinder SDK v0.3 with Hyperliquid DEX adapters, providing access to all HIP-3 assets and enabling local trading strategies.
Will support trading of $AZTEC token.
Phantom wallet has integrated with or built on top of Hyperliquid infrastructure.
Grew open interest from $260 million to $790 million in four weeks between December 2025 and January 2026.
Increased user base from 300,000 to 1.4 million users over one year.
Achieved $1 billion open interest on silver perpetuals.
Launched HIP-3 permissionless perpetual markets in October 2025.
Sources liquidity from Arbitrum One for its perpetuals platform.
Supply shrinks by approximately 0.3% of maximum supply monthly through ongoing burns or emissions reduction.
A whale held the largest ETH position ever on the platform and lost $250 million on an ETH long position.
Permissionless perpetuals reached $5 billion in daily trading volume.
HIP-3 exchanges processed over 500 million in volume within 24 hours on February 9, 2026.
Achieved 56.64 billion in total volume.
Captured 2% of the world's primary silver market approximately 30 days after listing silver as a tradable asset in late January 2026.
Integrated with Travala as a payment method for booking over 3 million hotels, flights, and activities.
Generated 1673.08% APY for liquidity providers on Hyperbeat through house edge fees distributed from ticket sales, serving as counterparty liquidity for winners.
HypeEVM chain anniversary occurs on 2026-02-18, marking one year since launch.
A whale transferred $85.71 million USDT from Tron to Arbitrum, then to Hyperliquid, opening long positions totaling 100,000 ETH ($201 million) across two addresses with entry prices around $2,039-$2,060 and liquidation prices at $1,299-$1,329.
Whale trader "Hyperactive Eel" holds a $21.1M short position on 10,500 ETH and a $20.6M long position on BTC on the platform, executing a delta-neutral strategy with 54% margin utilization and zero withdrawable cash.
Traded at $30 on February 10, 2026 with a -4% price movement.
Gold perpetual futures product achieves 5-10x more trading volume than Paxos Gold and Tether Gold combined.
Wallet 0x6C85 deposited 30.71M USDC to open a long position of 40,000 ETH (valued at $80.92M) on the platform.
A whale transferred 26.75 million USDT from Tron to Arbitrum and then to Hyperliquid to open a long position of 38,000 ETH worth $76.24 million at an entry price of $2,041 with liquidation at $1,365, becoming the second-largest ETH long position on the platform.
Increased fees by 87% during recent market volatility period.
A newly created wallet (0x6C85) deposited 12.88M USDC into Hyperliquid and opened a 20x leveraged long position totaling 16,270 ETH ($33.38M).
Integrated with Pendle to offer SOLUSDC funding rate markets with 27-MAR 2026 maturity on Boros.
Whale "High Velocity Manta" increased ETH long position to $60.7M (30,000 ETH) at 20x leverage with average entry $2,051, holding zero withdrawable margin and 100% concentration of a $12.6M desk.
BounceTech's private beta is live on Hyperliquid.
Positioned as a competitor to Hyperliquid in the perpetuals DEX space by Paradex, which is incubated by Paradigm and operates a zero-fee trading model with maker rebates.
Proposal to burn 45% of supply.
Launched HIP-4 testnet on February 3, 2026, enabling prediction markets and options for non-binary payoffs.
HyperBeat launches Liquid Banking, enabling users to borrow against BTC/HYPE/ETH/SOL and trade Hyperliquid spot and perps in-account with fiat on/off-ramp integration.
FalconX launches margin financing on Hyperliquid, providing clients up to 5x leverage on the platform.
Achieved weekly trading volume of $80B in May 2025.
Reached $2.6T notional trading volume in 2025, surpassing Coinbase's $1.4T.
Token price increased 31.7% year-to-date as of February 10, 2026, and over 20% in the 30 days ending February 11, 2026, attributed to ecosystem expansion, commodities trading surge, and higher platform usage and revenue.
Released new work on liquidations and ADL (Auto-Deleveraging) mechanisms.
Pear Protocol distributes 3000 HYPE tokens to participants on 2026-03-25, with farming running until 2026-03-24.
Arthur Hayes sold DeFi tokens and bought HYPE during the week of February 2-8, 2026.
Circulating supply is scheduled to increase by 45% in 2026, with unlock value reaching $3.38B.
Generated $1.1 million in daily fees as of February 10, 2026.
HyperEVM is now supported by Meridian's multi-token facilitator contract for same-chain token transfers.
HIP-3 volume surged to $5.2 billion within 24 hours during the metals trading period.
Allocates 50% of all protocol fees to automatic daily token buybacks, executing over $1 billion in buybacks representing 5% of the float and generating over $1.2 billion in annualized buyback pressure from real trading fees.
Holds 6.5% market share of the perpetual swaps market.
Hyperliquid token price is $31.31, down 1.46%.
Ranks as the top perpetuals DEX by 7-day trading volume as of February 9, 2026.
Ranks as the fourth highest crypto entity by 7-day fee generation as of February 9, 2026.
Under review for deployment as part of Flying Tulip's cross-chain expansion alongside MegaETH and Monad.
Integrates equity perpetuals and RWAs for MetaMask's perpetuals trading, including stock-like RWA products and prediction markets.
Reduced team claims during the week of February 2-8, 2026; cut team unlocks by 88%.
HYPE token price increased 17.3% to hold above $30 during the February 2-8, 2026 market downturn period.
Address 0xa5B0...1D41 opened the largest ETH long position of 60,000 ETH, valued at $122 million, on 2026-02-09 with an entry price of $2,060 and liquidation price of $1,329.
A trader named folhas99 holds a $20.7M BTC short position with 40x leverage on Hyperliquid, with $5.5M in withdrawable collateral and liquidation price at $93.2k.
Address 0x15a4...dfdb deposited 5M USDC, opened a 20x leveraged short on 30,000 ETH ($61M) at $2,024 entry with $2,143.38 liquidation, then closed the position with a $1.3M loss and withdrew funds on February 9, 2026.
Ranked 10th among prediction/crypto websites with 3.4M visits this month in a public traffic comparison list.
A whale trader deposited $5M and opened a $48.54M short position on ETH with 20x leverage, generating $121M in trading volume within 180 minutes on the platform.
A whale wallet named "Hyperactive Eel" opened a $24,000,000 short position (11,842 ETH) at 20x leverage on Hyperliquid, two hours after funding the wallet with $5M, with zero withdrawable cash and a liquidation price of $2,404.
Arthur Hayes placed a $100K bet with Kyle Samani on HYPE outperforming all $1B+ altcoins by July 2026.
Categorized as a decentralized Nasdaq example on its own L1, an EVM chain, and a 24/7 TradFi market, operating as a fully onchain orderbook-based exchange.
Multicoin Capital is accumulating HYPE tokens according to reported firm activity.
Integrated with BitMEX to enable reverse copy trading functionality on the platform.
Achieved the highest weekly revenue since October 10th despite declining open interest.
Whale trader Mint-Squid-thf closed a large ETH long position with an $8.82M realized loss after holding for two months, now holding $38.1M in cash with net deposits of $46.1M and an all-time drawdown of $30.5M.
Recorded $3.76B in 24-hour trading volume, $4.05B in open interest, and $122.96M in liquidations as of February 9, 2026.
Listed on Coinbase.
Launched Perpsdotfun, a perps launchpad developed by Kinetiq, on HyperEVM February 9, 2026, enabling HIP-3 markets for $0.
A whale opened a $23.23 million BTC long position with 40x leverage on the Hyperliquid platform, representing 56.7% of their total account exposure.
Launches volatility indices on 2026-02-09
Integrated with FriendSpaceApp as the trading platform where creators trade pooled funds live with transparent positions and PnL visible to token-gated community members.
Yield strategies on HYPE are discussed as a topic in a podcast episode.
Integrated into Rainbow wallet with users earning RNBW tokens on trades, with Hyperliquid Perps earning feature planned as part of deeper token integration.
Wayfinder Paths SDK version 0.2.0 adds spot market support and improved deposit flow.
Integrated Chainlink Cross-Chain Interoperability Protocol (CCIP) on HyperEVM testnet.
Pays 10% APR to HYPE token holders.
Listed as a USD margin trading pair on Kraken Pro.
Listed as a perpetual futures contract on Kraken Futures for EEA traders.
Maintained HIP-3 silver perpetual contract operations with zero downtime during most volatile silver price regime in decades.
Generated $250M revenue in Q4 2025: $233.8M from perpetuals, $11.5M from spot, and $3.7M from L1.
Directs 99% of protocol fee revenue to token buybacks and continuous burning, without requiring governance votes.
Ranked as the number one trending coin on CoinGecko for the week ending February 6, 2026.
Integrated with Towns messaging app to enable users to execute perps trades directly within group chats.
Achieved $29B in trading volume and $6M in fees within a 24-hour period, generating seven-figure daily fee revenue.
HYPE token reaches all-time high against BTC on February 5, 2026.
Treasury proposes using HYPE token holdings as collateral for options trading to generate additional revenue through premium earnings.
Reached over 27,000 kHYPE holders, representing more than one-tenth of total HYPE holders, marking an all-time high for kHYPE holder count.
Has 3.3x the daily active users (DAUs) of Lighter according to Blockworks Lighter dashboard.
Integrated with Ripple Prime, a multi-asset prime brokerage platform, enabling institutional access to onchain derivatives liquidity and cross-margining capabilities.
Traders hold a net short position of approximately 240 BTC, with shorts added from higher price levels and fresh shorts opening around $75,000 and current prices, while long interest remains thin.