MELANIA-USD has been converted to a normal perp using CEX spot prices for oracle sources. Trading now supports cross margin and up to 5x leverage.

All-time highs two days in a row:
Hyperliquid reached >$22B in 24h volume

By community request, you can now long or short pre-launch $ANIME with up to 3x leverage.

Hyperps do not rely on any external data for the oracle price. Hyperps trade like perpetual contracts that users are familiar with, but do not require an external spot or index oracle price. Instead, the funding rate is determined relative to a moving average of the hyperp mark price. This makes the hyperp price more stable and less susceptible to manipulation, unlike usual pre-launch futures.

Trading is on low leverage and isolated margin only. Beware of low liquidity, high volatility, potentially extreme funding, and increased liquidation risk. Note: ANIME-USD will convert to a vanilla perp upon CEX spot listing.

ANIME-USD is a hyperp contract that poses higher than normal risk. Do not trade contracts you are unfamiliar with and do not understand the risks for. Read the Docs to learn more about the hyperp mechanism and how it differs from vanilla perps. NFA.

https://app.hyperliquid.xyz/trade/ANIME

ANIME has converted from a hyperp (pre-launch) to a regular perp.

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

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/VINE

Biweekly update

Tech
+ As mentioned previously, testnet balances have been reset to ensure a fair environment for testing trading, running a node, etc. This transition is still in process and should be fixed in a few days. In particular, withdrawals from the testnet bridge are still disabled.
+ As a reminder, to date, all mainnet validators have qualified based on testnet performance. The next phase of mainnet validators will be permissionless. Once validators are permissionless on mainnet, anyone who meets the self-delegation requirement will be able to register a validator and apply for the Delegation Program.
+ The number of allowed agents now only depends on the number of allowed sub-accounts, instead of requiring those sub-accounts to exist.
+ There is now a 100 USDC gas fee for creating a vault. This is in red text in the Create Vault modal.
+ The multi-sig UI is available for testing at app.hyperliquid-testnet.xyz/multisig as an advanced feature. Unlike most other chains, multi-sig is a primitive built natively into the Hyperliquid L1 instead of requiring smart contracts. Please read the Docs (https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-l1/multi-sig) to understand the details. Note that the UI is intended as a proof of concept for what interfaces can be built. For example, the multi-sig primitive supports all actions onchain even though the UI only supports a few. As always, any bug reports are greatly appreciated.

Product
+ Prevented placing limit orders when at OI cap - previously, users who didn't realize there was an OI cap would place orders not realizing they would be cancelled.
+ Fixed default entry price for spot token transfers before trading is enabled.
+ Improved continuous loading of data when tab remains open for long periods of time.
+ Minor improvements to staking UI, funding comparison table, account dropdown, token selector, etc.

Trading
+ S, MORPHO, TRUMP, MELANIA, ANIME, and VINE perps were listed
+ ANIME hyperp was listed
+ FTM perps were delisted

Changes to Spot Deploy
+ Deployed tokens now allow a setting of the deployer fee share of trading fees paid in the token (i.e., on buys). The deployer fee share can only decrease. In particular, it can be set to zero to ensure that no fees are collected by the deployer in perpetuity.
+ Using HYPE as an anchor token in genesis now only includes staked HYPE. Excluding addresses from an anchor token will be enabled in the future.
+ Hyperliquidity is now optional for deployed assets.
+ wei decimals can now be up to 10, and size decimals can now be up to 5.
+ Note that the official UI does not yet support these new spot deploy configurations.
+ As a reminder, remember to test the exact configuration on testnet before using mainnet. If you have purchased a spot asset ID on mainnet and need assistance, please reach out.

Community Highlights
+ Projects have been airdropping to HYPE stakers and other members of the Hyperliquid community, e.g., ANIME, TIME, GOD, and more
+ Hybridge added support for fiat on-ramp via credit card, Apple Pay, and Google Pay: https://x.com/HyBridgeHL/status/1883491980711194964
+ Harmonix supports swapping token pairs on Hyperliquid: https://x.com/harmonixfi/status/1880184509905457327?s=46&t=FzB82NK1Ig2kb_HLvfwl3A
+ Build your own dashboard using https://hypervisor.gg/dashboard
+ SKYGG shared a map of the Hyperliquid ecosystem: https://x.com/SKYGG_Official/status/1879862273814204486

New ATHs
+ 24h volume: $22B
+ Open interest: $4.7B
+ 24h protocol revenue (fees + HLP): $9.5M

Regarding questions about the Arbitrum bridge: Different lockers run different code, and this is a test transaction by an independent locker around improved locker logic. Apologies for any confusion caused. All user funds are safe.

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

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/VVV

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

This perpetual contract uses onchain AMMs for the underlying oracle price. Beware of low liquidity, high volatility, and increased liquidation risk.

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/JELLY

Due to user feedback, partial liquidations have been enabled on testnet for user testing.

As a reminder, the vast majority of liquidations on Hyperliquid are sent directly to the order book. This allows all users to compete for the liquidation flow, and allows the liquidated user to keep any remaining margin. Unlike CEXs there is no clearance fee on liquidations.

For liquidatable positions larger than 100k USDC (10k USDC on testnet for easier testing), only 20% of the position will be sent as a market liquidation order to the book. After a block where any position of a user is partially liquidated, there is a cooldown period of 30 seconds. During this cooldown period, all market liquidation orders for that user will be for the entire position, i.e. the current behavior.

Any feedback or bug reports on testnet partial liquidations are greatly appreciated.

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

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/BERA

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

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/TST

Biweekly update

Tech
+ Based on testnet usage, user feedback, and load testing, the HyperEVM adopted two architectural changes on testnet: dual-block architecture and sender-agnostic native token transfers.
+ Multi-sig is now live on mainnet. Unlike most other chains, multi-sig is a primitive built natively into the Hyperliquid L1 instead of requiring smart contracts. Read more in the Docs: https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-l1/multi-sig
+ As always, feedback and bug reports are appreciated

Product
+ Improvements to automatic deposit reliability for email login, mobile token selector, allowing negative % values for TP/SL, pending deposit & withdrawal display, etc.

Trading
+ VVV, JELLY, BERA, and TST perps were listed

Community Highlights
+ Added a new channel ⁠in Discord to help track airdrops and rewards from other projects to the Hyperliquid community
+ Across Protocol integrated Hyperliquid
+ CMM (CoinMarketMan), a trading journal, added support for Hyperliquid
+ Pine Analytics shared an update on TVL hitting 2.5B USDC: https://flipsidecrypto.xyz/pine/hyperliquid-bridge-metrics-lxNyGO (Separately, note that Defillama changed how they track Hyperliquid's TVL, which has confused a number of users)
+ pvp is hosting a 10k to 100k trading competition: https://x.com/pvp_dot_trade/status/1885783125814636631
+ The Farm shared its product roadmap: https://x.com/thefarmdotfun/status/1884749705848168864
+ SKYGG updated their ecosystem map: https://x.com/SKYGG_Official/status/1885297011324575822
+ This is just a selection of highlights. You can find more in the Discord server

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

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/LAYER

Hyperliquid now supports native multi-sig transactions. Multi-sig is an advanced feature that allows users to configure multiple wallets to collectively sign transactions for an address.

On most chains, multi-sig is only available through smart contracts. Users can deploy multi-sig smart contracts on the HyperEVM, but Hyperliquid also includes complementary multi-sig as a built-in primitive on the L1. Order book trading, staking, validating, and L1 asset custody all can leverage multi-sig security.

Multi-sig can benefit anyone who does not want a single private key to control their address. This could include institutions, large traders, validators, custodians, or bridge operators. With agent addresses that have delegated permissions, security setups can fine-tune signature requirements depending on the transaction type.

See Docs for more: https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-l1/multi-sig

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

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/IP

From https://x.com/hyperunit:

Introducing Unit: the decentralized asset creation layer for all of finance, built exclusively on Hyperliquid.

Unit will enable seamless deposits, withdrawals, and trading for a wide variety of assets. Our first integration allows major spot crypto tokens to flow between Hyperliquid and their native blockchains, launching today with native BTC.

This is a significant unlock for users, enabling:
+ 1-Click Native Deposits & Withdrawals: Deposit or withdraw BTC via their self-custodial wallet or centralized exchange account. (ETH and SOL coming soon).
+ Unified Trading Experience: Trade both spot and derivatives within a single, integrated platform.
+ New Capital Onramps: Send spot from any supported native source chain and sell in the spot order book to access USDC.

Deposit BTC now directly on http://app.hyperliquid.xyz or at http://app.hyperunit.xyz. For more details on the protocol design, see our documentation at http://docs.hyperunit.xyz and to stay up to date on what we're building, you can join our telegram channel: http://t.me/hyperunit

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

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/OM

The HyperEVM is live. This is a major step toward the vision of housing all finance by bringing general-purpose programmability to Hyperliquid’s performant financial system. The initial mainnet release of the HyperEVM includes:

1. HyperEVM blocks built as part of L1 execution, inheriting all security from HyperBFT consensus.
2. Spot transfers between native spot HYPE and HyperEVM HYPE. As a reminder, HYPE is the native gas token on the HyperEVM.
3. A canonical WHYPE system contract deployed at 0x555...5 for defi applications. The source code can be found at https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/evm/wrapped-hype

Effective immediately, the bug bounty program will pay mainnet bounty amounts for reports within the scope of the points above. See https://hyperliquid.gitbook.io/hyperliquid-docs/bug-bounty-program for details.

For API and wallet users: the mainnet HyperEVM has chain ID 999. A JSON-RPC server for the mainnet HyperEVM is hosted at https://rpc.hyperliquid.xyz/evm. Node operators and other builders are encouraged to host their own RPC servers.

Tooling and analytics around mainnet HyperEVM may not be polished on day one. However, there are many talented builders working to solve these developer pain points. To help with these efforts, raw HyperEVM block data is streamed realtime to S3 so that running a node is not required to index the HyperEVM. More technical details can be found here: https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/evm/raw-hyperevm-block-data

General ERC20 native transfers and precompiles will be enabled on a future network upgrade. Any ongoing feedback for these features on testnet is greatly appreciated. While these features are implemented on testnet, the mainnet releases are staggered for minimal disruption to existing users on the L1. The HyperEVM is composable with the L1 state while not affecting the low latency trading experience of existing users.

Thank you to all the builders and users who have shared feedback on testnet so far. It will be exciting to see new applications leveraging and building upon the existing onchain financial system of Hyperliquid.

Weekly update

Tech
+ The HyperEVM is live. Please see ⁠the previous announcement regarding the EVM release on mainnet

Product
+ BTC spot trading, deposits, and withdrawals are now live, thanks to Unit: https://hyperunit.xyz/ https://x.com/hyperunit/status/1890437173738107107. Unit is the decentralized asset tokenization layer for all of finance, built exclusively on Hyperliquid. You can trade BTC here: https://app.hyperliquid.xyz/trade/0x8f254b963e8468305d409b33aa137c67
+ Miscellaneous UI improvements

Trading
+ LAYER, IP, and OM perps were listed

Teams Live on EVM
+ Purrsec (Parsec's) explorer: https://x.com/parsec_finance/status/1891938492059398288
+ 0xPrince's explorer: https://x.com/im0xPrince/status/1891741047341908085
+ Gas.zip's explorer: https://x.com/gasdotzip/status/1891822061615480850
+ HypurrScan EVM RPC: https://x.com/hypurrscan/status/1891863348326679007
+ Goldsky indexer: https://x.com/goldskyio/status/1891904190965817464
+ Indexing Co tooling: https://x.com/indexingco/status/1891957633734541367
+ 0xikalgo's frontend to toggle big/small blocks: https://x.com/0xikalgo/status/1891978908691468361
+ Hyperswap AMM: https://x.com/HyperSwapX/status/1891903088102912304
+ hl names: https://x.com/hlnames/status/1891830454732370141
+ Stork oracle: https://x.com/StorkOracle/status/1891917019806826653

Community Highlights
+ HypurrCo and Nansen co-hosted a community event in Singapore on Feb 12 where different ecosystem projects presented: https://x.com/hypurr_co/status/1889689557752504635. There are upcoming community events at Consensus HK (https://lu.ma/qu18gi5x) and ETH Denver (https://lu.ma/w0cinp8s) as well as a dodgeball tournament at ETH Denver (https://lu.ma/4k011viq)
+ HyperDash built a dashboard for Unit deposits and withdrawals, trading, etc.: https://unit.hyperdash.info/
+ SKYGG wrote about precompiles: https://x.com/SKYGG_Official/status/1889290936427192526
+ HL Fund, a platform for DAOs and community investments went live: https://x.com/hl_fund/status/1891433926477971684
+ HyperFly, an AI trading companion in closed beta, added new features: https://x.com/hyperflyai
+ Chainflip supports BTC deposits using Unit: https://x.com/Chainflip/status/1891885294967980143
+ Router supports Hyperliquid withdrawals: https://x.com/routerprotocol/status/1891907042568253566
+ Gas.zip supports bridging to the HyperEVM: https://x.com/gasdotzip/status/1891735778084134999
+ Hyperlane supports bridging to the HyperEVM: https://x.com/hyperlane/status/1892062408342110553
+ Okto added support for spot trading: https://x.com/okto_web3/status/1891422647277457605
+ For users who want to track teams building in the Hyperliquid ecosystem, you can use: https://www.hypurr.co/ecosystem-projects, https://hyperliquid.wiki/, https://data.asxn.xyz/dashboard/hyperliquid-ecosystem, https://x.com/SKYGG_Official/status/1885297011324575822