Hyperliquid

Hyperliquid 近期達成了多項具有長期意義的里程碑。在協議層面，HIP-4 已實施，首個 Outcome DEX「OUT」部署於此標準，推動預測市場與永續合約的整合；HIP-3 實現了無需許可的永續市場創建，開發者可用 50 萬枚 HYPE 質押獨立部署市場。生態方面，Kinetiq 基於 Hyperliquid 推出了 Elysium L2，Linera 則宣布了針對 Hyperliquid 的分鐘級預測市場。合規是另一關鍵方向：川普公開表示 CFTC 主席正推動 Hyperliquid 進入美國，研究指出其可能透過持牌 HIP-3 DEX 進入美國合規市場，加劇與 Coinbase 等平台的競爭。代幣經濟學上，Hyperliquid 引入了 USDC 收益機制，用協議收入回購並銷毀 HYPE。Coinbase 已在 Base 應用中透過 Hyperliquid 引入永續合約，支援最高 50 倍槓桿；趙長鵬也指出，若 Hyperliquid 進入美國或為更多去中心化產品開闢市場空間，將對整個加密貨幣行業帶來重大提振。

Buyback & burn upgrade: AQAv2 completed its first payout on October 3, routing 90% of the yield on USDC reserves held on Hyperliquid into the Assistance Fund to buy back and burn HYPE, an estimated $182 million per year that lifts daily buybacks by about 18%; USDH is being phased out in favor of USDC, deployed with Circle and Coinbase.

Ecosystem & market: Since November 2024, the fund has retired over 46.2 million HYPE (about $1.27 billion). Under the HIP-3 framework, an Entropy-deployed synthetic Anthropic perpetual implied a $1.95 trillion valuation on October 15, EQX plans to list 11 tokenized U.S. equities, and 3.75 million team tokens were sold OTC to an institution in October. HYPE fell back to around $81 in mid-October, roughly 17% below its September high.

By October 16, 2026 HIP-3 builder markets held about $3.03 billion in open interest across 124 markets; a Bitwise report on October 21 showed $261.5 billion in non-crypto perpetual volume in the third quarter, 36.5% of all perpetual trading, with equity-linked markets among the largest. In October, Bloomberg Terminal began streaming 24-hour Hyperliquid perpetual prices.

The Assistance Fund kept buying back tokens: cumulative purchases passed 48 million HYPE, about $1.36 billion, as of October 13, with roughly $10 million bought and burned on October 5 and $8.2 million on October 7, the largest single buyback day of 2026. Platform open interest hit a record $18 billion in September. Testnet work advanced on a priority-fee mechanism, the 10 HYPE rule, and permissioned HIP-3 markets that let deployers restrict participating wallets through onchain lists. US spot HYPE ETFs have drawn about $311 million in cumulative net inflows.

Hyperliquid's Future strategy and roadmap: Hyperliquid already runs close to an exchange that pays out through its token: 97% to 99% of fees flow into the Assistance Fund to buy HYPE on the open market, about $1.28 billion to date, and AQAv2 routes 90% of USDC reserve yield into the same account, adding an estimated $135-160 million a year and loosening the link between cash flow and trading heat. HIP-3 is the growth engine: deployers stake 500,000 HYPE to open a market and keep half the fees, already about 30% of volume, though a single deployer holds more than 90% of it, a visible concentration risk, while HIP-4 brings outcome contracts onto the same ledger. The binding constraint is regulation, since equity and pre-IPO perpetuals put it against compliant products from Coinbase and Kraken.

聯合創始人及核心管理層： Jeffrey Yan（聯合創始人兼CEO）：哈佛大學畢業，擁有數學與電腦科學碩士學位，國際物理奧林匹亞金牌/銀牌得主。畢業後曾任職於Hudson River Trading從事高頻交易，隨後創立Chameleon Trading進行加密貨幣造市。2022年與iliensinc共同創立Hyperliquid Labs，主導交易所架構與執行優化。 iliensinc（聯合創始人兼CTO，匿名身份）：哈佛大學同學，分散式系統專家。設計了Hyperliquid L1及HyperBFT共識機制，實現高效能的鏈上訂單簿。 Xulian（核心貢獻者）：Hyperliquid核心團隊成員，參與生態系統發展及策略投資，包括跨鏈協議Squid。

Hyperliquid charges perpetuals a base 0.015% maker fee and 0.045% taker fee, stepping down across seven tiers of 14-day weighted volume.

Hyperliquid sets 0.012% maker and 0.040% taker at the $5 million volume tier, 0.004% maker and 0.030% taker at $100 million, and 0.000% maker with 0.024% taker at $7 billion.

Hyperliquid charges spot a base 0.040% maker fee and 0.070% taker fee, with 5% to 40% discounts for staking 10 to 500,000 HYPE and a -0.003% maker rebate once maker volume reaches 3%.