Weekly update

Product & Tech
+ Growth mode was enabled for HIP-3. If an HIP-3 deployer activates growth mode for an asset, fees are reduced by 90% compared to previous HIP-3 fees. See more details in the previous announcement. Trade[XYZ] activated growth mode for their perp assets, lowering baseline taker fees to 0.009%.
+ Deployers of legacy tokens pre-dating the implementation of deployer fee share can increase the fee share once from zero to a positive value. After this one-time change, the fee share can only decrease. See https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/api/deploying-hip-1-and-hip-2-assets for details
+ Aligned quote tokens were enabled on mainnet. Native Markets upgraded USDH to be an aligned quote token. Assets using USDH as a quote asset now have 20% lower taker fees, 20% higher maker rebates, and 20% higher volume contribution toward fee tiers

New Teams on the HyperEVM & HyperCore (in no particular order)
+ EtherFi card added support for the HyperEVM: https://x.com/ether_fi/status/1991150096168165490
+ Phantom integrated trading, sending, and receiving HyperEVM tokens: https://x.com/phantom/status/1991206504956039522
+ Derive enabled HYPE as collateral for options: https://x.com/DeriveXYZ/status/1991478151445467142
+ Anchorage added support for HYPE staking through its custody solution: https://x.com/Anchorage/status/1991903174589030516
+ SafePal wallet integrated HyperCore perps trading and the HyperEVM: https://x.com/iSafePal/status/1991052824931897476

Community Highlights
+ Hyperliquid Germany organized a community meet-up in Berlin: https://x.com/Hyperliquid_GER/status/1991576805002850349
+ Hyperliquid Indonesia organized a community meet-up in Jakarta: https://x.com/Hyperliquid_IDN/status/1991680411001581899?s=20
+ Hyperliquid India is organizing an event in Bangalore on Nov 30: https://x.com/Hyperliquid_In/status/1990323368672039114
+ nof1's Alpha Arena season 1.5 compares LLMs trading on Hyperliquid: https://nof1.ai/, https://x.com/jay_azhang/status/1991256354657366251

MON spot deposits, withdrawals, and trading are now live on Hyperliquid through Unit Protocol.

Deposit MON on https://app.hyperliquid.xyz/trade or https://app.hyperunit.xyz/

Trade spot MON at https://app.hyperliquid.xyz/trade/MON/USDC

The MON hyperp has converted to a regular perp. You can now long or short $MON 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/MON

Weekly update

Product & Tech
+ USDC is linked between HyperEVM and HyperCore on testnet. USDC linking and HyperEVM contracts on testnet are eligible for mainnet level bug bounties
+ Misc UI improvements to app.hyperliquid.xyz, including updates to the token selector and showing discounted fees compared to normal fees in the order form

Trading
+ Felix activated growth mode for their perp assets, lowering baseline taker fees to 0.0081%
+ MON was converted to a regular perp
+ MON and ENA spot trading, deposits, and withdrawals went live via Unit Protocol

New Teams on the HyperEVM & HyperCore (in no particular order)
+ Liminal launched tokenized yield strategies: https://x.com/liminalmoney/status/1992270909047009487
+ Atomic wallet and xPortal app integrated HyperCore trading: https://x.com/AtomicWallet/status/1992936370185314770, https://x.com/xPortalApp/status/1992956721703408102

Community Highlights
+ Kinetiq's genesis event took place; KNTQ and kHYPE were the first HyperEVM project tokens deployed on HyperCore against USDH
+ Hyperliquid Philippines organized a community meet-up in Manila: https://x.com/HyperliquidPH/status/1993520905595859237
+ Flowscan released a builder code dashboard: https://www.flowscan.xyz/builder-intelligence
+ The HYPE Genesis Event took place a year ago on Nov 29, 2024. Happy TGE anniversary

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.

During this transition phase, USDC transfers from HyperCore to HyperEVM (including HyperEVM and CCTP USDC “withdrawal” options) may fail if there is insufficient balance on HyperEVM. If a transfer/withdrawal to HyperEVM fails, the funds are still safe and remain in HyperCore. Users can still withdraw from the Arbitrum bridge instead. If users want USDC on HyperEVM, they can send to HyperEVM from Arbitrum via CCTP, the same as before the linking. This is an intentional design during the transition period, as the Arbitrum bridge and HyperEVM are separate even though the USDC is fungible on HyperCore.

Builders can begin switching their integrations to use HyperEVM USDC deposit flow. The USDC contracts support CCTP transfers from other chains to and from HyperCore with a single source chain transaction, which is a meaningful improvement in user experience. See https://github.com/circlefin/hyperevm-circle-contracts for details.

By community request, you can now long or short $STABLE 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/STABLE

By community request, Hyperliquid has listed FOGO-USD hyperps. You can now long or short the unlaunched Fogo token with up to 3x leverage.

As a reminder, 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.

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

FOGO-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. NFA.

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

Weekly update

Product & Tech
+ USDC is now linked between HyperEVM and HyperCore on mainnet. See Dec 7 announcement above for more details
+ Misc UI improvements to app.hyperliquid.xyz, including shortcuts for the token selector, Reverse position button, etc.

Trading
+ HyENA deployed their HIP-3 perp dex with USDE crypto perps
+ STABLE perp was listed and FOGO hyperp was listed

New Teams on the HyperEVM & HyperCore (in no particular order)
+ Across deployed zero fee deposits to USDH on HyperCore: https://x.com/acrossprotocol/status/1995534356962566398
+ Rysk cash supports USDH for secured puts: https://x.com/ryskfinance/status/1996583869529694567
+ Safe multisig now supports the HyperEVM: https://x.com/SafeLabs_/status/1995868521251963016
+ Based launched a crypto card that supports deposits from Hyperliquid: https://x.com/BasedOneX/status/1994758176034730457
+ DIA oracles are live on the HyperEVM: https://x.com/DIAdata_org/status/1996611947199136071

The Hyperliquid blockchain will introduce portfolio margin in an upcoming network upgrade. This feature is live on testnet in pre-alpha mode.

Under portfolio margin, a user’s spot and perps trading are unified for greater capital efficiency. Furthermore, portfolio margin accounts automatically earn yield on all borrowable assets not actively used for trading.

Portfolio margin unlocks functionality such as the carry trade where a spot balance is offset by a short perps position, collateralized by the spot balance. Spot and perp pnl offset each other, protecting against liquidation on the perp position. More generally, spot and perps trading can be performed from a single unified balance. For example, a user could also hold HYPE and immediately buy ETH on the ETH/USDH book. All HIP-3 DEXs are included in portfolio margin, though not all HIP-3 DEX collateral assets are borrowable. Future HyperCore asset classes and primitives will support portfolio margin as well.

Users can supply eligible quote assets to earn yield. This synergizes and composes with HyperEVM lending protocols. In a future upgrade, CoreWriter will expose the same supply action for smart contracts. Portfolio margin intentionally does not bring a full-fledged lending market to HyperCore, as that is best built by independent teams on the EVM. For example, HyperCore lending is not tokenized, but an EVM protocol could do so by launching a fully onchain yield-bearing ERC20 token contract through CoreWriter and precompiles. Portfolio margin introduces organic demand to borrow and should expand the value proposition of teams building on the HyperEVM.

IMPORTANT: Portfolio margin is a complex technical upgrade and requires bootstrapping the supply side for borrowable assets. Therefore, portfolio margin will launch in pre-alpha mode where borrowable asset caps are extremely low. Users should test with new accounts or subaccounts with <$1k in value. Portfolio margin accounts will fall back to non-portfolio margin behavior when caps are hit. In pre-alpha mode, only USDC is borrowable, and HYPE is the only collateral asset. USDH will be added as borrowable and BTC as collateral before the alpha phase. Details will be added to the Docs.

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

Building a transparent financial future requires a foundational commitment to ethical conduct and legal clarity. Hyperliquid Labs maintains a rigorous Trading Policy designed to ensure our team operates with a level of accountability that sets a benchmark for the industry.

All individuals associated with Hyperliquid Labs, including employees and contractors, are bound by strict ethical standards regarding the HYPE token:
+ Ban on Derivatives Trading: We strictly prohibit any team member from engaging in derivatives trading involving HYPE, which includes shorting or longing the token.
+ Zero Tolerance for Insider Trading: Trading based on material non-public information is fundamentally prohibited. This extends to sharing such information with third parties.

Integrity is non-negotiable at Hyperliquid Labs. Any violation of these policies is grounds for immediate termination and potential legal proceedings.

To address recent community inquiries regarding the address 0x7ae4c156e542ff63bcb5e34f7808ebc376c41028: this address belongs to an ex-employee who was terminated in Q1 2024. This individual is no longer associated with Hyperliquid Labs, and their actions do not reflect our team’s standards or values.

We believe the community deserves a team that is fully aligned with the long-term health of the ecosystem. We are committed to these principles and will continue to take decisive action to protect the integrity of Hyperliquid.

By community request, Hyperliquid has listed LIT-USDC hyperps. You can now long or short the unlaunched Lighter token with up to 3x leverage.

As a reminder, 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.

Trading is on low leverage and isolated margin only. Beware of low liquidity, high volatility, potentially extreme funding, and increased liquidation risk. Note: LIT-USDC will convert to a vanilla perp upon CEX listing. See Docs for more.

LIT-USDC 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. NFA.

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

Weekly update

Product & Tech
+ The pre-alpha stage of portfolio margin and HyperCore lending went live on testnet. Both are eligible for mainnet level bug bounties. See details in the previous announcement here: https://discord.com/channels/1029781241702129716/1030197017655394447/1449063140435296256.
+ Misc UI improvements to app.hyperliquid.xyz, including USDC to USDH 1:1 conversion added as a deposit option, Arbitrum via CCTP added as a deposit option, TP/SL updating dynamically, improvements to frontend rate limiting, etc.

Trading
+ LIT hyperp was listed

New Teams on the HyperEVM & HyperCore (in no particular order)
+ Euler partnered with HypurrFi to deploy lending on the HyperEVM: https://x.com/eulerfinance/status/2000960806012559413, https://x.com/hypurrfi/status/2000960471474528671
+ Komainu added support for HYPE custody and staking for institutions: https://komainu.com/komainu-announces-institutional-grade-custody-and-staking-support-for-hyperliquid-hype/

Community Highlights
+ The Hyper Foundation proposed a validator vote to formally recognize the Assistance Fund HYPE as burned, removing the tokens permanently from the circulating and total supply. See validator votes here: https://discord.com/channels/1029781241702129716/1450681417200828569. Users should stake to a validator who matches their view by December 24 at 04:00 UTC, at which point the result will be based on stake-weighted consensus.
+ HypurrCo Amsterdam is hosting an event on Jan 23: https://x.com/hypurr_nl/status/2001984944370012212
+ New Hypurr stickers and emoji were added to Discord and Telegram

The pre-alpha phase of portfolio margin is live on mainnet. As a reminder, portfolio margin lets users trade spot and perps from the same account without selling their collateral. The initial rollout has intentionally low caps as safeguards, with HYPE as the only collateral asset and USDC as the only borrowable asset. USDH will be added as borrowable and BTC will be added as collateral in a future upgrade.

Users can enable Portfolio Margin by clicking the "Classic" button on the Trade page on desktop or the "Cross" button on mobile and going to the "Account Unification" tab. Users can also supply USDC to earn yield on the Earn page. Users can check Borrow Cap Used to see how much they can borrow and Portfolio Margin Ratio to monitor account health. Note that CCTP and HyperEVM deposits are currently unsupported for Portfolio Margin accounts, and will result in irretrievable funds. These deposit options are disabled on app.hyperliquid.xyz and will be enabled on the next network upgrade.

The pre-alpha phase should ideally be tested on a small sub-account with <$1k in value. Bug reports are eligible for generous mainnet bug bounties. Feedback is also greatly appreciated.

Initial limits for pre-alpha:
+ Master account >5M USDC in volume required before enabling portfolio margin
+ USDC: 5M USDC global supply cap, 1M USDC global borrow cap, 5k USDC user supply cap, 1k USDC user borrow cap
+ HYPE: 200k HYPE global supply cap, 200 HYPE user supply cap

See https://hyperliquid.gitbook.io/hyperliquid-docs/trading/portfolio-margin for further details

Happy Holidays! Thank you to the community for your continued support as Hyperliquid builds toward housing all finance onchain.

As a thank you to top traders and builders over the past year - if you see a button with a gift box emoji on the Portfolio page and would like to receive a physical package, please sign the message and follow-up in a Discord ticket. You may need to hard refresh to update the frontend.

Some users have multiple addresses that qualify; please only sign the message for one address. Shipping excludes restricted jurisdictions.

Validators will vote on whether to delist FXS around 7:30 UTC on 6 January. FXS is being rebranded to FRAX.

If validators vote to delist an asset, the perps will settle to the 1 hour time weighted spot oracle price before delisting, and open orders will be canceled. Close any positions beforehand to avoid automatic settlement. After settlement, no new orders will be accepted.

Update

Product & Tech
+ The pre-alpha stage of portfolio margin and HyperCore lending went live on mainnet, allowing users to trade spot and perps from the same account without selling collateral. The pre-alpha stage has intentionally low caps as safeguards, with HYPE as the only collateral asset and USDC as the only borrowable asset.
Thank you to everyone who has tested and shared feedback so far! There have been several updates based on user input; please continue sharing your feedback in the Discord server
+ Pre-compile gas cost was reduced by approximately half to 1000 + 33 * (input_len + output_len)

New Teams on the HyperEVM & HyperCore
+ Bitget wallet integrated Hyperliquid for perps trading: https://x.com/bitgetwallet/status/2003410073171964277

Community Highlights
+ HYPE in the Assistance Fund system address of 0xfefe was formally recognized as burned based on stake-weighted consensus, with 85% of stake voting for burning, 7% against, and 8% abstaining
+ There's a gift box emoji (🎁) on the Portfolio page as a thank you to top traders and builders over the past year. If you'd like to receive a physical package, please sign the message and follow-up via Discord ticket by Jan 5 EOD UTC: https://x.com/HyperliquidX/status/2003745949898932236
+ ASXN released a Hyperliquid recap for 2025: https://x.com/asxn_r/status/2004529933922758830

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 (https://x.com/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.

Weekly Update

Product & Tech
+ Misc UI improvements to app.hyperliquid.xyz token selector and Portfolio Margin mode. Please continue sharing any feedback on Portfolio Margin in the Discord server

New Teams on the HyperEVM & HyperCore (in no particular order)
+ GlueX trading terminal for HyperEVM: https://x.com/GluexTerminal/status/2009441659386515765
+ HyperDash trading terminal by PvP trade: https://x.com/pvp_dot_trade/status/2008310484714287305
+ Elfa AI news trading: https://x.com/elfa_ai/status/2008373456505893158

Community Highlights
+ Hyperliquid 2025 recap: https://x.com/HyperliquidX/status/2008458928288657426
+ Tracker for Labs' HYPE distributions built by community member qwan: https://www.qwantify.io/app/team-wallets
+ A list of some Q1 community events happening in London, Paris, Amsterdam, and Hong Kong; Malaysia, Denver, and Mumbai registration links TBC: https://x.com/hypurr_co/status/2009780585146028422, https://x.com/hypurr_co/status/2010001544658538673
+ Infinite Field's Rust SDK, including multi-sig support, EVM <> Core transactions, HIP-3 trading, and more: https://x.com/infinitefieldx/status/2009195376746877397

By community request, you can now long or short $XMR perps 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/XMR