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.

Weekly Update

Product & Tech
+ Unified account mode is live on mainnet and merges spot and perps balances for each quote asset. This is a prerequisite for supporting cross margin for HIP-3 DEXs and completing the portfolio margin implementation. See previous announcement for details

Trading
+ HIP-3 markets reached new all-time highs of $1B in open interest and $4.8B in 24-hour volume. You can track HIP-3 metrics on https://www.flowscan.xyz/hip-3 and https://hyperscreener.asxn.xyz/hip3

New Teams on the HyperEVM & HyperCore (in no particular order)
+ Kraken added support for spot HYPE: https://x.com/krakenfx/status/2016529599937531954
+ Bungee enabled USDC HyperCore deposits from 50+ chains: https://x.com/BungeeExchange/status/2016895533655478492

HyperCore will support outcome trading (HIP-4). Outcomes are fully collateralized contracts that settle within a fixed range. They are a general-purpose primitive that are useful for applications such as prediction markets and bounded options-like instruments. There has been extensive user demand in both of these areas, and builders will likely think of novel applications as well.

Outcomes bring non-linearity, dated contracts, and an alternative form of derivative trading that does not involve leverage or liquidations. The outcome primitive expands the expressivity of HyperCore, while composing with other primitives such as portfolio margin and the HyperEVM.

Outcomes are a work in progress and currently only being tested on testnet. Canonical markets based on objective settlement sources will be deployed once technical development is complete. Canonical markets will be denominated in USDH. Pending user feedback, the infrastructure will be extended to permissionless deployment.

In the next few days, app.hyperliquid.xyz will default new users to unified account mode. There is no breaking change for existing users, but the change will apply to new sub-accounts created by existing users. As a reminder, spot and perps balances are merged under unified account. This is generally a much requested UX improvement, but a phased rollout is to adequately inform users who may be implicitly relying on separate USDC spot and perps balances.