Draft:Hyperliquid

Submission rejected on 7 August 2026 by Zxcvbnm (talk). The subject does not meet Wikipedia's criteria for inclusion. Rejected by Zxcvbnm 8 days ago. Last edited by Zxcvbnm 8 days ago. Ask for advice

Submission declined. Mostly unreliable sources The reviewer(s) who declined this submission will be listed in the page history.

Submission declined on 31 October 2025 by Dan arndt (talk). This draft is not adequately supported by reliable sources. Wikipedia's verifiability policy requires that all content be supported by reliable sources. Reliable sources include: reputable newspapers, magazines, academic journals, and books from respected publishers. Unacceptable sources include: personal blogs, social media, predatory publishers, most tabloids, and websites where anyone can contribute. Replace any unreliable sources with high-quality sources. If you cannot find a reliable source for the material, it should be removed. This draft's references do not show that the subject meets Wikipedia's criteria for inclusion. The draft requires multiple published secondary sources that: provide significant coverage: discuss the subject in detail, not just brief mentions or routine announcements; are reliable: from reputable outlets with editorial oversight; are independent: not connected to the subject, such as interviews, press releases, the subject's own website, or sponsored content. Please add references that meet all three of these criteria. If none exist, the subject is not yet suitable for Wikipedia. Declined by Dan arndt 9 months ago.

• Comment: Recently deleted at Wikipedia:Articles for deletion/Hyperliquid and also definitively fails WP:NCRYPTO. I wouldn't recommend continuing to attempt to get it accepted, it'll almost certainly fail. ᴢxᴄᴠʙɴᴍ (ᴛ) 09:55, 7 August 2026 (UTC)

• Comment: Fails WP:GNG, lacks any sources or references. Dan arndt (talk) 08:10, 31 October 2025 (UTC)

Hyperliquid
Hyperliquid's web application interface
Other names	HYPE
Developer	Hype Foundation
Type	Decentralized exchange
License	Proprietary
Website	https://hyperfoundation.org/

Hyperliquid is a decentralized cryptocurrency exchange.^[1]. It is one of the largest decentralised exchanges^[2][3], best known for perpetual futures trading^[4] although it has since expanded into prediction markets and real world assets. It operates on its own Layer 1 purpose-designed cryptocurrency blockchain^[5][6]. Hyperliquid is proprietary software.

Hyperliquid was founded by Jeff Yan^[7][8].

In 2023, Hyperliquid launched a community-accessible liquidity vault (commonly referred to as the Hyperliquidity Provider, or HLP), marketed as distribution of trading fees while taking the other side of trader flow.^[9]

In 2024, Hyperliquid's native token, HYPE, was introduced via a genesis airdrop distribution^[10][8]; later exchange listings described this cryptocurrency as used for staking, governance, and fees on HyperEVM. During the campaign of token airdrop, about 310 million tokens (roughly 31% of a stated 1 billion total supply)^[11] distributed among the users who registered for the project's Genesis Event. At that moment, token traded around $5.36 shortly after the distribution, implying an airdrop value of approximately $1.66 billion and a fully diluted valuation above $5.3 billion at the time.^[12]

In 2025, Hyperliquid temporarily paused Arbitrum-based deposits and withdrawals after a series of trades involving the meme token POPCAT coincided with nearly $5 million in losses attributed to the community-owned vault. Reporting described the pause as involving an onchain “EmergencyLock” function and framed the incident as either manipulation or a stress event targeting HLP's backstop design.^[13][14]

In 2026, according to the Bloomberg^[15], trading activity on certain commodity-linked perpetual contracts available on Hyperliquid increased amid heightened geopolitical risk in the Middle East, describing the venue as part of a broader move toward 24/7 access to derivatives markets and insider trading^[16][17][18].

In February 2026, The Hyperliquid Policy Center launched as a "new independent research and advocacy 501(c)(4) organization dedicated to advancing a clear, regulated path for decentralized finance to thrive in the United States"^[19].

On March 3, 2026, Hyperliquid surpassed Ethereum in fees generated per day.^[20][21]

In May 2026, Yan posted on X that himself and Hyperliquid Policy Center^[22] met with policy makers to discuss about the Digital Asset Market Clarity Act^[23][24][25].

In May 2026, Hyperliquid launched HIP-4, it's binary outcome contracts network update^[26][27], in order to support prediction markets running on its trading engine^[28][29][30].

In June 2026, HYPE's price peaked at $75, outpacing Solana^[31][32] and Ethereum in trading volume^[33][34]. On 5 June, Hyperliquid generated more fees than all other cryptocurrency chains combined^[35].

In June 2026, Hyperliquid was flagged by the United Kingdom's FCA as an unauthorized firm that targeting British users^[36][37].

In June 2026, SEC approved Grayscale Hyperliquid Staking ETF Application^[38][39][40]

On 26 March 2025, Hyperliquid delisted perpetual futures for the Solana-based memecoin JELLYJELLY after a rapid price move and liquidation dynamics affected the platform's liquidity-provider vault (HLP). The validator set convened to vote on the delisting, and that the intervention drew criticism from some market observers as conflicting with DeFi decentralization norms.^{[41][42][43][44][45]} Kaiko Research described the event as a price-manipulation attack exploiting thin liquidity and oracle-linked settlement, involving coordinated perp positioning and spot buying that caused a sharp price spike.^[46]

• Decentralized exchange
• List of cryptocurrency exchanges
• Perpetual futures

• Media related to Hyperliquid at Wikimedia Commons