Update

Product & Tech
+ The pre-alpha stage of portfolio margin and HyperCore lending went live on mainnet, allowing users to trade spot and perps from the same account without selling collateral. The pre-alpha stage has intentionally low caps as safeguards, with HYPE as the only collateral asset and USDC as the only borrowable asset.
Thank you to everyone who has tested and shared feedback so far! There have been several updates based on user input; please continue sharing your feedback in the Discord server
+ Pre-compile gas cost was reduced by approximately half to 1000 + 33 * (input_len + output_len)

New Teams on the HyperEVM & HyperCore
+ Bitget wallet integrated Hyperliquid for perps trading: https://x.com/bitgetwallet/status/2003410073171964277

Community Highlights
+ HYPE in the Assistance Fund system address of 0xfefe was formally recognized as burned based on stake-weighted consensus, with 85% of stake voting for burning, 7% against, and 8% abstaining
+ There's a gift box emoji (🎁) on the Portfolio page as a thank you to top traders and builders over the past year. If you'd like to receive a physical package, please sign the message and follow-up via Discord ticket by Jan 5 EOD UTC: https://x.com/HyperliquidX/status/2003745949898932236
+ ASXN released a Hyperliquid recap for 2025: https://x.com/asxn_r/status/2004529933922758830

Hyperliquid today looks very different from Hyperliquid a year ago. This time last year, the HyperEVM hadn’t even launched, and there were only a handful of early believers building exclusively on Hyperliquid. Now, there are hundreds of teams building, dozens of regional communities with local events, and trillions more in volume traded.

This was achieved without any external funding and giving all protocol fees to the community. Hyperliquid was built with a strong belief in returning to the core ethos of crypto  -  changing entrenched and predatory practices to be fair and permissionless.

This art piece is meant to celebrate Hyperliquid’s growing ecosystem and commemorate how far we’ve come as a community in building the house of all finance. You’ll find many of your favorite apps and teams interwoven in the piece if you zoom in. A special thank you to Degen_Alfie (https://x.com/Degen_Alfie) for bringing the community to life. Many great teams didn’t make it due to limited space and time, but your contributions have not gone unnoticed!

Notable product and tech releases in 2025 included:
+ HyperEVM launch with HyperCore composability via precompiles and CoreWriter
+ Spot assets bridged by Unit
+ Fully permissionless validator set
+ Native utility to staking, with fee discounts for traders and permissionless HyperCore deployment capabilities for builders
+ Permissionless spot quote assets
+ Hypurr NFTs
+ USDH governance vote and launch by Native Markets
+ HIP-3 permissionless perp deployment
+ Native USDC integration
+ Portfolio margin pre-alpha launch
+ Assistance Fund HYPE officially burned

Compared to 2024, ATHs in 2025 reached:
+ $32B in 24h volume from $15B in 2024
+ $16B in open interest from $4B
+ $6B in TVL from $2B
+ $20M in 24h protocol revenue from $3.5M
+ 1.4M users from 300k

Excited to see what the ecosystem looks like another year from now. Thank you to all the builders, users, and supporters who have come together to push forward Hyperliquid’s vision.

Weekly Update

Product & Tech
+ Misc UI improvements to app.hyperliquid.xyz token selector and Portfolio Margin mode. Please continue sharing any feedback on Portfolio Margin in the Discord server

New Teams on the HyperEVM & HyperCore (in no particular order)
+ GlueX trading terminal for HyperEVM: https://x.com/GluexTerminal/status/2009441659386515765
+ HyperDash trading terminal by PvP trade: https://x.com/pvp_dot_trade/status/2008310484714287305
+ Elfa AI news trading: https://x.com/elfa_ai/status/2008373456505893158

Community Highlights
+ Hyperliquid 2025 recap: https://x.com/HyperliquidX/status/2008458928288657426
+ Tracker for Labs' HYPE distributions built by community member qwan: https://www.qwantify.io/app/team-wallets
+ A list of some Q1 community events happening in London, Paris, Amsterdam, and Hong Kong; Malaysia, Denver, and Mumbai registration links TBC: https://x.com/hypurr_co/status/2009780585146028422, https://x.com/hypurr_co/status/2010001544658538673
+ Infinite Field's Rust SDK, including multi-sig support, EVM <> Core transactions, HIP-3 trading, and more: https://x.com/infinitefieldx/status/2009195376746877397

By community request, you can now long or short $XMR perps with up to 5x leverage.

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/XMR

The FOGO hyperp has converted to a regular perp. You can now long or short $FOGO with up to 3x leverage.

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/FOGO

The LIT hyperp has converted to a regular perp. You can now long or short $LIT with up to 3x leverage.

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/LIT

As part of mainnet pre-alpha portfolio margin, USDH has been added as borrowable, and UBTC has been added as collateral.

To recap, the initial limits for pre-alpha are:
+ Master account >$5M in weighted volume required before enabling portfolio margin
+ USDH: 5M USDH global supply cap, 1M USDH global borrow cap, 50k USDH user supply cap, 1k USDH user borrow cap
+ USDC: 5M USDC global supply cap, 1M USDC global borrow cap, 5k USDC user supply cap, 1k USDC user borrow cap
+ HYPE: 200k HYPE global supply cap, 200 HYPE user supply cap
+ BTC: 100 BTC global supply cap, 0.1 BTC user supply cap

The pre-alpha phase is for feedback and should ideally be tested on a small sub-account with <$1k in value. Bug reports are eligible for generous mainnet bug bounties. Feedback is also greatly appreciated.

By community request, you can now long or short $AXS with up to 5x leverage.

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/AXS

By community request, you can now long or short $DASH with up to 5x leverage.

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/DASH

Weekly Update

Product & Tech
+ As part of mainnet pre-alpha portfolio margin, enabled USDH as borrowable and UBTC as collateral. See previous announcement for details
+ Various updates to HIP-3 deployers based on deployer and user feedback. See the API Announcements channel for details
+ Added support for staking on mobile to https://app.hyperliquid.xyz/staking

Trading
+ Markets by Kinetiq (km) deployed their HIP-3 dex with USDH perps
+ FOGO and LIT were converted from hyperps to regular perps
+ XMR, AXS, and DASH perps were listed

New Teams on the HyperEVM & HyperCore (in no particular order)
+ KuCoin wallet added support for the HyperEVM: https://x.com/KuCoin_Web3/status/2011706183665783252

Community Highlights
+ Purrposeful node used its December staking commissions to donate computers and desks to a school in Thailand: https://x.com/purrposefulnode/status/2010269854805401675
+ Quicknode wrote an article on accessing and reading Hyperliquid data: https://x.com/Quicknode/status/2011799716669898772?s=20

By community request, you can now long or short $SKR with up to 3x leverage.

Listing is not an endorsement of the project. Past performance does not guarantee future results. Do not trade assets you are unfamiliar with and do not understand the risks for. Exercise control. NFA.

https://app.hyperliquid.xyz/trade/SKR

Weekly Update

Product & Tech
+ Misc UX improvements to Portfolio Margin. Please continue testing and sharing feedback on Portfolio Margin; note that it is still in pre-alpha with low caps

Trading
+ Dreamcash (cash) deployed their HIP-3 dex with USDT perps
+ HIP-3 OI reached an ATH of $790M and HIP-3 volume reached an ATH of $1.8B
+ Normal isolated margin mode is available for HIP-3 perps instead of strict isolated mode, based on deployer settings
+ SKR perps were listed

New Teams on the HyperEVM & HyperCore (in no particular order)
+ Quicknode supports HyperCore data via gRPC, Streams, JSON-RPC and WebSockets: https://x.com/Quicknode/status/2013636303318065307
+ The Arena SocialFi mobile app integrated Hyperliquid perps: https://x.com/TheArena/status/2014767867275645086

Community Highlights
+ mlm received Hypurr #55 as a thank you for his work sleuthing onchain and protecting the community: https://x.com/Hypurr/status/2013505742909677787
+ ZachXBT received a 10k HYPE donation as a thank you for his efforts helping different members of the Hyperliquid ecosystem: https://xn--r1a.website/investigations/303
+ Hyperliquid Germany is hosting a meet-up in Berlin on Jan 29: https://x.com/Hyperliquid_GER/status/2012103743261585884
+ Hyperliquid France hosted an event on Jan 19: https://x.com/HyperliquidFR/status/2014001662281826368

“Unified account” mode is live on mainnet for pre-alpha testing. Unified account is an improved account setting in which spot and perps balances of all quote assets are merged. Unified account mode has been a much requested feature in its own right, and is also a prerequisite for supporting cross margin for HIP-3 DEXs and completing the portfolio margin implementation.

Under unified account mode, a notable change is that USDC spot balances will no longer be separate from USDC perp balances. All USDC deposits from any source will immediately count towards margin requirements and protect against liquidations. The same will be true for all collateral assets as cross margin is enabled on HIP-3 DEXs.

Ultimately unified account will be a reasonable default setting for most interfaces, but is suggested to be tested with small accounts during pre-alpha. On app.hyperliquid.xyz, users can try unified account mode in the settings menu. To return to legacy mode, all positions must be closed and open orders must be canceled.

Unified account and portfolio margin will be rate limited on the L1. After 50k daily user actions (e.g., placing an order or sending an asset) with portfolio margin or unified account active, users will only be able to close positions until the account disables portfolio margin and unified account. Market makers and high volume automated users should manually manage individual DEX balances instead.