Hyperliquid ecosystem briefing: 14 days of regulation, HIP-3/4, RWAs, revenue
Quote798 words
Seven-part recap of two weeks on Hyperliquid: US regulatory signals, xStocks and spot equities on HyperCore, HIP-3 deployer competition, HIP-4 rollout, AQAv2 yield accrual, HyperEVM and distribution via Coinbase. Concludes no other ecosystem has this level of activity.
Key claims
HYPE touched about $73.63 (+26% in 24h) after Trump's CFTC comments
trade.xyz had about 55% of August Hyperliquid volume across 108 markets
Hyperliquid revenue above $40M in 30 days, more than any other protocol
Yesterday, President Trump mentioned that CFTC chairmain Selig is working hard on bringing Hyperliquid to the 🇺🇸.
It's not the only reason to be (very) bullish on hyperliquid:native tho, and if you followed the ecosystem the past weeks, you probably did what I did: BUY MORE.
In case you didn't, here's a breakdown of what's been happening in just the past 14(!) days:
➀ Regulatory
➤ @realDonaldTrump (Aug 19, White House crypto event): CFTC Chair Mike Selig is "working very hard" on bringing Hyperliquid to the US in a fully compliant and legal fashion. HYPE touched ~$73.63 (+26% in 24h), PURR jumped 32%, while CME and Cboe stocks sold off. Selig is expected to detail the regulatory path at the CFTC Innovation Advisory Committee meeting Aug 20 (today).
➤ @HyperliquidPC + @tradexyz filed a joint SEC comment letter (Aug 19) proposing a framework for US access to pre-IPO perps (IPOPs), citing five completed IPOP markets that closely predicted public opening prices.
➁ Spot RWA / tokenized equities
➤ @xStocksFi live on HyperCore (since Aug 10): $NVDAx, $SPYx, $QQQx, $SKHYx, $MUx vs $USDC was the starting lineup with more deployments shipping constantly (just today $MRNAx, and SpaceX + Tesla tokens reportedly planned next). Bridging possible via @chainlink CCIP and wrapped versions on HyperEVM enable lending, collateral, and structured products use cases. Covered parts of this here btw: t.co/HT96FGZAjz
➤ @eqxlabs competing for the spot equity vertical: tokenized US equities (bought AAPL, NVDA, TSLA, MSFT, AMZN spot tickers), 1:1 backed, DTC settled, and built natively on Hyperliquid.
➂ HIP-3
➤ @tradexyz keeps expanding relentlessly: $MRNA market most recent example live, while its $UNITREE IPOP transitioned to a standard perpetual post STAR Market listing yesterday. $MAGS also listed now, while tradexyz accounted for ~55% of total Hyperliquid volume in August across 108 markets (equalling $5M fees last month, half of which fed hyperliquid:native buybacks), while HIP-3 OI reached new ATHs.
➤ @entropyIO debuted as a new HIP-3 deployer, reserving initial tickers ($ANTH, $SNDK), with a team that is ex-Polymarket/Jane Street/Jump. @HyperionDeFi committed 500k hyperliquid:native to Entropy. Adds competition alongside Paragon (~20 markets) and Kinetiq.
➃ HIP-4
➤ Permissionless testnet deployments live, new market templates out for validator feedback with on-chain vote (Aug 19). Feature updates Aug 14 (fees, templates, settlement changes). Conservative mainnet rollout planned: tight limits on concurrent outcomes / deployments first, then scale. Fees activating for validator-deployed markets.
➤ Hyperion (that committed 500k hyperliquid:native to Entropy), also commited 500k HYPE to @SkewTrade for planned HIP-4 outcome markets, adding another player to the vertical alongside @Outcomexyz.
➄ Tokenomics, Revenue & PA
➤ Ok, this is more of an outlook, but still relevant: AQAv2 yield accrual begins Aug 26 (vote passed in June, 19/26 validators), with first Assistance Fund distribution set for Oct 3. Removes stablecoin exclusivity requirement so USDC qualifies as Aligned Quote Asset. ~90% of cost-adjusted reserve yield flows to the protocol in 30-day intervals, paid 8 days after each interval, funding hyperliquid:native buybacks and burns. Circle made the largest USDC transfer ever on HyperEVM after approval; $5B+ USDC on Hyperliquid projected to generate up to $200M in additional annual revenue.
➤ Hyperliquid generated >$40M revenue in the last 30 days, more than every other protocol out there. Strong daily fees/burns continue (~$4.4M/24h).
➤ With hyperliquid:native at ~$74 at the time of writing, we're only 4% from ATH levels and trajectory is up only, with almost $2M in TWAP net buy pressure over the next 24h.
➅ Protocol / HyperEVM
➤ HIP-1 extended with scaleWei: a.k.a. atomic token redenomination, all balances rescale in one transaction.
➤ Kind of an outlook, but given CT mentions increased it's worth mentioning it here too: @papertrade_xyz continues building toward HyperEVM launch: synthetic up-to-1000x perps using the native BBO precompile, no order book/funding/slippage, self-bootstrapping LP. Covered the details here: t.co/SUbHe7kuD2
➆ Distribution
➤ @coinbase's @baseapp integrated Hyperliquid perps (Aug 19): 290+ markets incl. tokenized stocks and commodities, up to 50x leverage. Not available in US/UK/Canada. Builds on Coinbase's USDC treasury deployer role.
➤ More and more trading terminals / frontends being built on top of Hyperliquid, with @quotemarkets being one notable example (currently in private alpha) that deserves a mention here due to their hyper-efficient execution engine, unique pro trader focus and recently launched Quentin (agentic execution). More here: t.co/jGkIvYBeYM
Probably even missed some stuff (drop it in comments if I did pls), but in any case anon, there rly is no other ecosystem with that level of activity and bullishness out there.
Study Hyperliquid.
Adding the priority fees here too:
Yet another rapidly growing revenue source for the house of all finance.
ICYMI: Priority fees are optional fees, paid in HYPE and fully burned, that latency-sensitive traders (mainly market makers and HFT firms) can attach to get faster treatment from the network.
x.com/alex_hunter20/status/2090492039419007448
3 more images on X
How the call played out · since 20 Aug 2026
Prices as of 23 Oct 2026This piece takes a view on $HYPE, so that move is read against the call. Other assets it covers are shown as context, not as calls.
+13%
Moved with the call · over 2 months
- At publication
- $69.60
- Now
- $78.58
- vs BTC
- −4.2%
- After 1 month
- +33%
- High since
- +40% 23 Sep 2026
- Low since
- 0.0% 20 Aug 2026
Mentioned for context
No public market for $UNITREE.
Since then
Zero has written 3 more pieces on Hyperliquid and $HYPE since this one.
Daily closes in USD from DefiLlama and Yahoo Finance. Only a bullish or bearish thesis is read as a call; explainers, maps and mentions are context. Not financial advice.