Outcome trading now supports multi-outcome markets (aka "questions"). Instead of independent binary markets, the different outcomes within a multi-outcome market are tied via "split" and "negate" operations for greater capital efficiency. "Split" and "merge" have also been implemented for binary markets.

The first multi-outcome market is a recurring BTC price range market that settles daily at 06:00 UTC to the BTC-USDC mark price on Hyperliquid. Relative to the initial reference price, these markets support asymmetric upside and downside, as well as an intermediate price range. See Docs for more: https://hyperliquid.gitbook.io/hyperliquid-docs/trading/contract-specifications#recurring-outcomes. Additional features and markets will continue to be rolled out in stages. Feedback is greatly appreciated.

Save the date: the Hyperliquid annual event will take place on October 5, 2026 in Singapore during the Token2049 week. Details will follow closer to the event.

Sharing the date in advance so builders and users in the ecosystem can plan travel.

Weekly Update

Product & Tech
+ Portfolio margin limits have been increased: max account value to activate PM has increased to $5M and supply and borrow limits have increased according to global utilization. See Docs for more: https://hyperliquid.gitbook.io/hyperliquid-docs/trading/portfolio-margin.
+ Outcome trading now supports multi-outcome markets (aka "questions"). Different outcomes within a multi-outcome market are tied via "split" and "negate" operations. "Split" and "merge" have also been implemented for binary markets. The first multi-outcome market is a recurring BTC price range market that settles daily at 06:00 UTC to the BTC-USDC mark price on Hyperliquid. See Docs for more: https://hyperliquid.gitbook.io/hyperliquid-docs/trading/contract-specifications#recurring-outcomes. Additional features and markets will continue to be rolled out in stages.

New Teams on the HyperEVM & HyperCore (in no particular order)
+ Ledger integrated Hyperliquid via builder codes: https://x.com/Ledger/status/2052025614018675054
+ Onchain cc by Bitso integrated Hyperliquid via builder codes: https://x.com/onchaincc/status/2052856236555517984
+ Blockaid added support for HyperCore: https://x.com/blockaid_/status/2052114208704356824
+ Predictefy added support for HIP-4: https://x.com/Predictefy/status/2053836555043942432
+ Liminal launched limUSD, yield-bearing tokens: https://x.com/liminalmoney/status/2051679757129941346
+ Arcex built a mobile app for trading on Hyperliquid: https://x.com/ArcexApp/status/2052172389253845506

Community Highlights
+ Phantom reached $20M in builder code revenue on Hyperliquid in less than a year: https://x.com/HyperliquidX/status/2053970679846834202
+ BAYN made an interactive map of the Hyperliquid ecosystem: https://x.com/baynPSD/status/2051748336219349137
+ HypeRPC / HYPE Global hosted an event in Miami during Consensus: https://x.com/hypeglobal_/status/2054443071107141785
+ The Hyperliquid annual event will take place on October 5 in Singapore during Token2049 week - this date is being shared in advance so builders and users can plan travel
+ Jeff will be speaking at KBW in Seoul this fall: https://x.com/kbwofficial/status/2052790007392535019

The Hyperliquid protocol will implement Aligned Quote Asset v2 (AQAv2) on a future network upgrade. Based on user and deployer feedback, the AQAv2 spec will extend the designation of “aligned quote asset” to stablecoins that are not exclusive to Hyperliquid. Under AQAv2, stablecoin deployers share the vast majority of reserve yield revenue on their Hyperliquid supply with the protocol.

AQAv2 will be a requirement for quote assets to be listed against HIP-4 and validator-operated perp markets on a future network upgrade. There is no trading fee or volume contribution benefit to AQAv2. Other quote assets will continue to be supported for other markets, including spot and HIP-3 perps.

AQAv2 allows specification of a “technical deployer” and a “treasury deployer.” The treasury deployer will designate a treasury address which will share 100% of the AQA rate (the cost-adjusted onchain reference rate oracle) with the protocol through the onchain AQA mechanic. This is twice the rate of revenue share of the existing AQA spec. The treasury deployer must stake 500k HYPE, which is slashable if the treasury address does not have sufficient balance for onchain revenue to be deducted. The technical deployer must stake 500k HYPE and ensure reliable mint, redemption, and cross-chain transfer infrastructure for the aligned quote asset. Under AQAv2, the linked HyperEVM contract that connects to HyperCore will also rebalance with the treasury address. The HyperEVM balance corresponding to minted HyperCore tokens will be held in a ratio of 9:1 between treasury and technical deployer’s linked EVM contract addresses, respectively. More info will be added to the Docs.

Coinbase has announced its plan to activate AQAv2 on USDC as the treasury deployer, with Circle serving as the technical deployer responsible for CCTP and native cross-chain infrastructure. Both Coinbase and Circle have committed to stake HYPE to activate AQAv2. As part of this transition, Native Markets has agreed to terms granting Coinbase the right to purchase the USDH brand assets. With Coinbase, in its role as treasury deployer, sharing the vast majority of reserve yield revenue with the protocol, USDC will become the most aligned stablecoin on Hyperliquid. As a result, canonical outcome (HIP-4) markets will use USDC as the quote asset in a future network upgrade.

User and builder feedback has been consistent that fragmentation leads to degraded experience; now, the community no longer needs to choose between liquidity and protocol alignment.

The pioneering work of Native Markets in launching USDH as the first production-scale stablecoin sharing yield directly with a protocol in a purely onchain implementation made AQAv2 possible. The learnings and mechanics pioneered by USDH will live on in AQAv2.

The Hyper Foundation will give grants to eligible HIP-3 deployers, HIP-1 deployers, and builders who integrated USDH, supporting teams through migration over the next months. These grants reflect an ongoing commitment to teams who choose to build on Hyperliquid and align with the protocol. USDH markets are fully functional but will sunset over time. USDH remains fully backed, with feeless conversions to USDC and fiat available to users during this transition.

In approximately one month, the active validator set will increase from 24 to 27 validators. The validator set will remain permissionless, as it currently is.

Validators are encouraged to carefully understand the technology and familiarise themselves with testnet before proceeding with mainnet. Note that the self-delegation of 10k HYPE is locked by the protocol for one year. This lockup applies even if a validator is not part of the active set, and should be carefully considered before committing the stake.

Weekly Update

Product & Tech
+ Coinbase and Circle announced their plans to activate AQAv2 on USDC. HIP-4 markets will use USDC as the quote asset in a future network upgrade. For more, see https://t.iss.one/hyperliquid_announcements/548
+ In approximately one month, the active validator set will increase from 24 to 27 validators. Note that the validator set will remain permissionless, as it currently is.

Trading
+ HIP-3 markets reached a new ATH of $2.6B in open interest
+ Trade.xyz's CBRS market transitioned from pre-IPO perp (IPOP) to a regular perp, and SPCX IPOP was listed: https://x.com/tradexyz/status/2056159560470319515

New Teams on the HyperEVM & HyperCore (in no particular order)
+ Euler is transitioning HypurrFi lending in-house: https://x.com/eulerfinance/status/2055307187061231838
+ Liquidiction added support for HIP-4: https://x.com/liquidictionhl/status/2050507593378861404

Validators will vote on whether to delist BLAST, CHILLGUY, FTT, and TST around 25 May 2026 at 09:00 UTC, based on stalequant's methodology and community request.

If validators vote to delist an asset, the perps will settle to the 1 hour time weighted spot oracle price before the scheduled delisting voting time, and open orders will be canceled. Close any positions beforehand to avoid automatic settlement. After settlement, no new orders will be accepted.

Hyperliquid now supports canonical outcome markets based on offchain events. The markets are published by automated newsfeed software that validators run as part of their regular chain operations. Validators vote on deployment and settlement of canonical markets based on a variety of factors, including unambiguous rules, correctness, and subjective quality of the market.

Weekly Update

Product & Tech
+ Hyperliquid now supports canonical outcome (HIP-4) markets based on offchain events, with the first markets being May CPI year-over-year change and the June federal funds rate change. HIP-4 markets also now use USDC as the quote asset
+ Updated Docs on Account Type and Portfolio Margin to help answer user questions: https://hyperliquid.gitbook.io/hyperliquid-docs/trading/account-abstraction-modes, https://hyperliquid.gitbook.io/hyperliquid-docs/support/faq/portfolio-margin

Trading
+ BLAST, CHILLGUY, FTT, and TST were delisted

New Teams on the HyperEVM & HyperCore (in no particular order)
+ Bounce deployed a leveraged token product: https://x.com/BounceTech/status/2056740906565320843
+ MoonPay fiat onramp integrated HyperCore USDC: https://x.com/moonpay/status/2057814699480125807
+ Worm terminal added support for HIP-4: https://x.com/wormwtf/status/2056414229193011698

USDT has been enabled as borrowable for portfolio margin on testnet, and will be enabled on mainnet on the next network upgrade. As a reminder, any bugs relating to portfolio margin are eligible for mainnet-level bug bounties.

Weekly Update

Product & Tech
+ The permissionless validator set increased to 27
+ USDT was added as a borrowable asset to portfolio margin

Trading
+ HIP-3 markets reached a new ATH of $3.1B in open interest

New Teams on the HyperEVM & HyperCore (in no particular order)
+ Talos integrated Hyperliquid for its institutional clients: https://x.com/talostrading/status/2059243635137196347
+ Trust Wallet added support for HIP-4: https://x.com/TrustWallet/status/2060335232008474996

Community Highlights
+ hl.eco built a Hyperliquid dashboard: https://x.com/hl_eco/status/2058896726551867573
+ The French HL community is organizing an event today in Paris: https://x.com/HyperliquidFR/status/2061354109882466762

Weekly Update

Product & Tech
+ See the API announcements channel re: updates to order modifies and snapshot-based websocket API endpoints

New Teams on the HyperEVM & HyperCore (in no particular order)
+ Nansen integrated Hyperliquid perps via builder codes: https://x.com/nansen_ai/status/2064249419047080099
+ Near Protocol integrated Hyperliquid perps via builder codes: https://x.com/NEARProtocol/status/2064347905025102082
+ Rhea integrated Hyperliquid perps: https://x.com/rhea_finance/status/2062200556232565091
+ TrueNorth, an agent-focused trading platform, launched using Hyperliquid: https://x.com/get_truenorth/status/2062160092489990166

Community Highlights
+ The NL community is organizing an event on June 22 in Amsterdam: https://x.com/hypurr_nl/status/2059549922702082140
+ Users can redeem USDH on HyperEVM 1:1 for USDC on HyperCore with no fees via Across: https://x.com/nativemarkets/status/2063015221921489029, https://across.to/?from=hyperevm&to=hypercore&inputToken=USDH&outputToken=USDC-SPOT
+ WSJ featured an article on Hyperliquid: https://x.com/WSJ/status/2061833108488433768

Hyperliquid now supports recurring daily ETH, HYPE, and SOL binary outcomes. Like BTC daily outcomes, these are automatically deployed and settled daily at 06:00 UTC to the Hyperliquid mark price of the underlying perp asset, e.g., ETH-USDC

See Docs: https://hyperliquid.gitbook.io/hyperliquid-docs/trading/contract-specifications#recurring-outcomes

Validators will vote on whether to delist TON around 9:00 UTC on 15 June. TON is rebranding to GRAM.

If validators vote to delist an asset, the perps will settle to the 1 hour time weighted spot oracle price before the scheduled delisting voting time, and open orders will be canceled. Close any positions beforehand to avoid automatic settlement. After settlement, no new orders will be accepted.

Under AQAv2, USDC balance between the linked contract 0x6b9e773128f453f5c2c60935ee2de2cbc5390a24 and the treasury address 0xc20699185c15D0a2fD65779BB5d69f5b0B113c00 are balanced in a 1:9 ratio via system transactions that execute automatically on every HyperEVM block. Circle is serving as the technical deployer, with Coinbase as the treasury deployer.

Under AQAv2, stablecoin deployers share approximately 90% of cost-adjusted reserve yield revenue on their Hyperliquid supply with the protocol. Reserve yield revenue accrues in 30 day intervals, automatically sent to the Assistance Fund 8 days after each interval completes. There is a built-in implementation grace period, with AQAv2 yield accrual beginning on August 26 and the first payment made on October 3.

Weekly Update

Product & Tech
+ AQAv2 was activated for USDC
+ Recurring daily ETH, HYPE, and SOL binary outcomes are now supported

Trading
+ Trade.xyz's SPCX market transitioned from pre-IPO perp (IPOP) to a regular perp
+ TON was delisted as part of its rebrand to GRAM
+ As part of the USDH sunset, all USDH-denominated markets on HyperCore, including HIP-3 DEXs Ventuals, Kinetiq, and Felix, will complete settlement by June 20. Users can swap USDH for USDC on the spot order book: https://app.hyperliquid.xyz/trade/USDH/USDC or swap USDH on the HyperEVM for USDC 1:1 with no fees via Across: https://across.to/?from=hyperevm&to=hypercore&inputToken=USDH&outputToken=USDC-SPOT

New Teams on the HyperEVM & HyperCore (in no particular order)
+ Fomo integrated Hyperliquid via builder codes: https://x.com/fomo/status/2065102110673277330
+ Markets.xyz Android app was released: https://x.com/Markets_xyz/status/2065115343824003563

As part of the USDH sunset, all USDH-denominated markets on HyperCore have completed settlement.

Users are recommended to immediately:
+ Swap USDH on HyperCore for USDC on the spot order book: https://app.hyperliquid.xyz/trade/USDH/USDC
+ Swap USDH on HyperEVM for USDC 1:1 with no fees via Across: https://across.to/?from=hyperevm&to=hypercore&inputToken=USDH&outputToken=USDC-SPOT
+ Withdraw supplied USDH from Borrow/Lend: https://app.hyperliquid.xyz/earn
+ Repay borrowed USDH by buying USDH/USDC: https://app.hyperliquid.xyz/trade/USDH/USDC

Weekly Update

Trading
+ Validators will vote on whether to delist ARK and DOOD around 25 June 2026 at 9:30 UTC based on stalequant's methodology and community request. If validators vote to delist an asset, the perps will settle to the 1 hour time weighted spot oracle price before the scheduled delisting voting time, and open orders will be canceled. Close any positions beforehand to avoid automatic settlement. After settlement, no new orders will be accepted.
+ As part of the USDH sunset, all USDH-denominated markets on HyperCore have completed settlement. Users are recommended to immediately: swap USDH on HyperCore for USDC on the spot order book, swap USDH on HyperEVM for USDC 1:1 with no fees via Across,
withdraw supplied USDH from Borrow/Lend, and repay borrowed USDH

New Teams on the HyperEVM & HyperCore (in no particular order)
+ Anchorage Prime integrated staking and trading on Hyperliquid: https://x.com/Anchorage/status/2066899699450409015
+ Mayan bridge integrated HyperCore deposits and withdrawals: https://x.com/mayan/status/2066913720358343089
+ Bubblemaps added support for the HyperEVM: https://x.com/bubblemaps/status/2067276099495821509

Community Highlights
+ HL Global is organizing an event for institutions and builders in NY on July 16: https://x.com/HLglobal_/status/2066912762026971577
+ An academic paper used Hyperliquid's data to study the effects of publicly disclosing trading: https://arxiv.org/abs/2606.15715

Portfolio margin on Hyperliquid has been live for six months and is now in beta with increased limits.

Users with account value <$25M can use BTC and HYPE as collateral to trade perps, spot, and outcome markets with greater capital efficiency.

See the Docs for borrow and supply caps, account requirements, and more: https://hyperliquid.gitbook.io/hyperliquid-docs/trading/portfolio-margin
See the Support Guide for frequently asked questions: https://hyperliquid.gitbook.io/hyperliquid-docs/support/faq/portfolio-margin

Hyperliquid has been added to the MAS's Investor Alert List (IAL). IAL listing does not constitute a ban, an enforcement action, or a finding of wrongdoing. The IAL provides a list of entities that, based on information available to MAS, may be wrongly perceived as being licensed or in any other way authorised or regulated by MAS. Many large exchanges and defi protocols have been included on the IAL.

Hyperliquid is permissionless infrastructure. It is not, and has never claimed to be, licensed or authorised by MAS, and no one should regard it as such. Nothing about the network has changed. As on other permissionless blockchains, users maintain self-custody at all times, and transactions settle transparently and fully onchain.

The Hyperliquid ecosystem remains committed to engaging collaboratively and constructively with regulators and institutions globally and to supporting clear, well-designed frameworks for onchain finance.