Project
Hyperliquid is a layer-1 blockchain and exchange for onchain perpetual futures and spot trading, pairing HyperCore's order book with HyperEVM.
Pump.fun is routing leveraged BTC and ETH perpetuals into Hyperliquid's order books, with reported leverage of up to 40x and 25x. Hyperliquid's engine does the matching and the liquidations, and the perps are barred in the US and Ontario.
Reality
Ripple Prime opened 24/7 perpetual swaps on more than 100 traditional markets to institutions on October 15, with Virtu among its clients. The swaps reference perpetual futures that Trade.xyz lists on Hyperliquid, so the weekend price they track is set on a crypto venue.
Perspective Coverage
4 publishersReality
Weekly volume in decentralized RWA perpetual futures reached $39.8 billion in October, up from $22.8 billion in late August, Cryptopolitan reported. The report has Variational's share rising from 10.6% to 32%, yet TradeXYZ's $12.73 billion is also 32% of that total.
Reality
EQX Labs plans to list 11 tokenized US stocks and ETFs on Hyperliquid's order book, backed 1:1 by shares and traded around the clock against USDC. Trading has not started and no launch date is set, so the depth those books will draw is still unknown.
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Hyperliquid CEO Jeff Yan wants US regulators to oversee the firms deploying markets on its chain, each of which must stake 500,000 HYPE. Under his model the chain itself sits outside exchange-level rules, and the licence and the liability belong to each operator.
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Hyperliquid's io:ANTH perpetual marks Anthropic at $1.95 trillion on almost $21 million of 24-hour turnover, MarketWatch reported. A cash-settled bet on a company whose shares do not trade publicly is, in our view, a sentiment gauge.
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Zcash fell 11% in 24 hours to an $18.5 billion market cap, per Decrypt data, after a 460% run from its March lows. Liquidated longs came to $17.9 million, under 1% of the roughly $2.3 billion lost, so leverage alone cannot account for the fall.
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Polymarket is weighing an IPO and a native token as routes to capital, Bloomberg reported, with valuation talks reportedly above $20 billion. Its spending so far points toward equity, and neither route has a timetable.
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Long positions were over 92% of Ethereum liquidations on October 15, Cryptopolitan reported, in the biggest liquidation event in six months. The same report's positioning data suggests much of that leverage has already been cleared.
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Leveraged crypto longs lost more than $876 million to liquidation in 24 hours, Crypto Briefing reported. A second tracker's October 15 tally puts longs at 84.5% of liquidations, under the 88% to 92% peak share.
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Boros launched spread markets on October 15 that let traders hold one position on the Hyperliquid-Gate funding gap for ETH and BTC. Cryptobriefing's 25-35% APR figure comes from older four-leg setups, so returns on the new market are unmeasured.
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Bitwise research head Ryan Rasmussen says NEAR's $5.3 million in buybacks since February do not yet offset new token issuance. He still backs NEAR and Hyperliquid on revenue, in an interview with Crypto Briefing.
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Hypercall, an exchange built on Hyperliquid, has logged $640 million in notional volume since June 1, more than 80% of it in S&P 500 options. The exchange supplied every figure, and the whole run is a small fraction of one day's S&P 500 options trading.
Reality
21Shares' Anthropic Synthetic ETP, issued Oct. 13, gives buyers an unsecured claim on a Cayman issuer that depends on a FalconX note counterparty. Returns depend on the issuer-and-note chain's ability to pay as well as on Anthropic-linked prices, CryptoSlate reported.
Reality
Papertrade, a pooled-USDC BTC and ETH betting venue on HyperEVM, booked $37.03 million of revenue in four days, according to DefiLlama. Cryptopolitan describes most of it as trader losses at up to 1000x leverage, so the line holds only while new losses keep arriving.
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Hyperliquid's Assistance Fund has bought more than 48 million HYPE for $1.36 billion, yet the token fell nearly 5% to about $81.20 on Oct. 13. One down day cannot show whether the buying is enough, because only a cumulative total was reported.
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Blockchain.com has applied to the CFTC for futures exchange and broker licences, one of 12 applicants this year against six approvals. Established venues such as Crypto.com and Gemini would gain another US rival.
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DoubleZero added Binance spot and futures feeds to its Edge platform as the fifth venue in six months, the DoubleZero Foundation announced on Oct. 7. Co-founder Austin Federa's answer to the speed-advantage concern turns on the cost of a subscription, and crypto.news's report does not include a price.
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Solana takes over 91% of meme-token spot trading on major DEXs, according to Cryptopolitan. Robinhood's share is back to 5% after its August launchpad push, and Solana has led app revenue for ten straight quarters.
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Papertrade's open interest fell 93.7%, from $11 billion to $693 million, in about a day, news.bitcoin.com reported. Deposits on the Hyperliquid-built exchange fell far less over the same stretch, so most of the cash outlasted most of the notional.
Reality
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