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

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

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

As part of mainnet pre-alpha portfolio margin, USDH has been added as borrowable, and UBTC has been added as collateral.

To recap, the initial limits for pre-alpha are:
+ Master account >$5M in weighted volume required before enabling portfolio margin
+ USDH: 5M USDH global supply cap, 1M USDH global borrow cap, 50k USDH user supply cap, 1k USDH user borrow cap
+ 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
+ BTC: 100 BTC global supply cap, 0.1 BTC user supply cap

The pre-alpha phase is for feedback and 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.

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

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

Weekly Update

Product & Tech
+ As part of mainnet pre-alpha portfolio margin, enabled USDH as borrowable and UBTC as collateral. See previous announcement for details
+ Various updates to HIP-3 deployers based on deployer and user feedback. See the API Announcements channel for details
+ Added support for staking on mobile to https://app.hyperliquid.xyz/staking

Trading
+ Markets by Kinetiq (km) deployed their HIP-3 dex with USDH perps
+ FOGO and LIT were converted from hyperps to regular perps
+ XMR, AXS, and DASH perps were listed

New Teams on the HyperEVM & HyperCore (in no particular order)
+ KuCoin wallet added support for the HyperEVM: https://x.com/KuCoin_Web3/status/2011706183665783252

Community Highlights
+ Purrposeful node used its December staking commissions to donate computers and desks to a school in Thailand: https://x.com/purrposefulnode/status/2010269854805401675
+ Quicknode wrote an article on accessing and reading Hyperliquid data: https://x.com/Quicknode/status/2011799716669898772?s=20

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

Weekly Update

Product & Tech
+ Misc UX improvements to Portfolio Margin. Please continue testing and sharing feedback on Portfolio Margin; note that it is still in pre-alpha with low caps

Trading
+ Dreamcash (cash) deployed their HIP-3 dex with USDT perps
+ HIP-3 OI reached an ATH of $790M and HIP-3 volume reached an ATH of $1.8B
+ Normal isolated margin mode is available for HIP-3 perps instead of strict isolated mode, based on deployer settings
+ SKR perps were listed

New Teams on the HyperEVM & HyperCore (in no particular order)
+ Quicknode supports HyperCore data via gRPC, Streams, JSON-RPC and WebSockets: https://x.com/Quicknode/status/2013636303318065307
+ The Arena SocialFi mobile app integrated Hyperliquid perps: https://x.com/TheArena/status/2014767867275645086

Community Highlights
+ mlm received Hypurr #55 as a thank you for his work sleuthing onchain and protecting the community: https://x.com/Hypurr/status/2013505742909677787
+ ZachXBT received a 10k HYPE donation as a thank you for his efforts helping different members of the Hyperliquid ecosystem: https://t.me/investigations/303
+ Hyperliquid Germany is hosting a meet-up in Berlin on Jan 29: https://x.com/Hyperliquid_GER/status/2012103743261585884
+ Hyperliquid France hosted an event on Jan 19: https://x.com/HyperliquidFR/status/2014001662281826368

“Unified account” mode is live on mainnet for pre-alpha testing. Unified account is an improved account setting in which spot and perps balances of all quote assets are merged. Unified account mode has been a much requested feature in its own right, and is also a prerequisite for supporting cross margin for HIP-3 DEXs and completing the portfolio margin implementation.

Under unified account mode, a notable change is that USDC spot balances will no longer be separate from USDC perp balances. All USDC deposits from any source will immediately count towards margin requirements and protect against liquidations. The same will be true for all collateral assets as cross margin is enabled on HIP-3 DEXs.

Ultimately unified account will be a reasonable default setting for most interfaces, but is suggested to be tested with small accounts during pre-alpha. On app.hyperliquid.xyz, users can try unified account mode in the settings menu. To return to legacy mode, all positions must be closed and open orders must be canceled.

Unified account and portfolio margin will be rate limited on the L1. After 50k daily user actions (e.g., placing an order or sending an asset) with portfolio margin or unified account active, users will only be able to close positions until the account disables portfolio margin and unified account. Market makers and high volume automated users should manually manage individual DEX balances instead.

Weekly Update

Product & Tech
+ Unified account mode is live on mainnet and merges spot and perps balances for each quote asset. This is a prerequisite for supporting cross margin for HIP-3 DEXs and completing the portfolio margin implementation. See previous announcement for details

Trading
+ HIP-3 markets reached new all-time highs of $1B in open interest and $4.8B in 24-hour volume. You can track HIP-3 metrics on https://www.flowscan.xyz/hip-3 and https://hyperscreener.asxn.xyz/hip3

New Teams on the HyperEVM & HyperCore (in no particular order)
+ Kraken added support for spot HYPE: https://x.com/krakenfx/status/2016529599937531954
+ Bungee enabled USDC HyperCore deposits from 50+ chains: https://x.com/BungeeExchange/status/2016895533655478492

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.

In the next few days, app.hyperliquid.xyz will default new users to unified account mode. There is no breaking change for existing users, but the change will apply to new sub-accounts created by existing users. As a reminder, spot and perps balances are merged under unified account. This is generally a much requested UX improvement, but a phased rollout is to adequately inform users who may be implicitly relying on separate USDC spot and perps balances.

Weekly Update

Product & Tech
+ HyperCore will support outcome trading (HIP-4), a primitive that enables options and prediction markets. Development is currently underway on testnet
+ app.hyperliquid.xyz now defaults new accounts to unified account mode, which merges spot and perps balances for the same quote asset. DEX abstraction will be discontinued in approximately 1 week. Market makers and high volume automated users should disable DEX abstraction and use standard mode for higher L1 rate limits. See https://hyperliquid.gitbook.io/hyperliquid-docs/trading/account-abstraction-modes for details on account abstraction modes

Trading
+ HIP-3 markets reached a new all-time high of $5.5B in 24-hour volume

New Teams on the HyperEVM & HyperCore (in no particular order)
+ Ripple Prime clients can now trade on Hyperliquid, marking Ripple's first defi integration: https://x.com/Ripple/status/2019048504576864658
+ FalconX prime brokerage clients can now trade on Hyperliquid: https://x.com/FalconXGlobal/status/2021012720498192676
+ Zerion integrated Hyperliquid perps via builder codes: https://x.com/zerion/status/2019080961758241053
+ Silhouette launched shielded trading of HYPE/USDC: https://x.com/silhouette_ex/status/2019006577575895336
+ Coinbase added support for spot HYPE: https://x.com/CoinbaseMarkets/status/2019454256567181688

Community Highlights
+ Chris Ling shared an open source CLI to interact with Hyperliquid: https://x.com/chrisling_dev/status/2018332220117934193

On app.hyperliquid.xyz, the default USDC deposit option for unified account users is now CCTP instead of the Arbitrum bridge. There is no change for users not using unified account. All users can choose from available USDC options in the Deposit and Withdraw flow.

This is part of the phased migration to deprecate the Arbitrum bridge and migrate to native USDC.

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

Cross margin for HIP-3

For users:
Cross margin has been enabled for HIP-3 DEXs on testnet. This is not enabled on mainnet yet, but is eligible for mainnet-level bug bounties as described here: https://hyperliquid.gitbook.io/hyperliquid-docs/bug-bounty-program. HIP-3 deployers must enable cross margin for a given asset before users can use cross margin to trade it.

With unified account, all cross margined perps with the same collateral asset share margin, even across multiple DEXs. However, the assets across different DEXs will be protected up to their maintenance margin to avoid ADLs caused by large price moves on other DEXs. This novel “protected cross margin” system protects system solvency without sacrificing user experience.

Cross margin is not intended for use with DEX abstraction, and interfaces should not allow these users to trade using cross margin. Users should use unified account or portfolio margin for the expected behavior of cross margin on HIP-3 assets.

For HIP-3 deployers:
Despite the system-level protection, users still take greater risk when using cross margin across DEXs with different deployers. To better protect users, mainnet validators will enforce that HIP-3 deployers only enable cross margin on assets that satisfy defined eligibility standards, including: sufficient observable liquidity, a reliable external oracle source, and resilience to price manipulation. In particular, each time the externalPerpPx of an asset moves more than 50% relative to the start of day price, validators will conduct a review to determine whether the deployer should be slashed due to manipulation. Assets where 50% daily moves are expected more than once a month are ineligible for cross margin and are subject to deployer slashing.

For reference, cross, isolated, and isolated-only are margin modes: https://hyperliquid.gitbook.io/hyperliquid-docs/trading/margining#margin-mode, whereas portfolio margin, unified account, standard, and DEX abstraction are account abstraction modes: https://hyperliquid.gitbook.io/hyperliquid-docs/trading/account-abstraction-modes