On Hyperliquid, there is no listing fee, no listing department, and no gatekeepers.

Spot deployment on Hyperliquid is permissionless. Anyone can deploy a spot asset by paying a gas fee in HYPE. Deployers can choose to receive up to 50% of trading fees on their spot pairs. Everything is transparent and verifiable onchain.

The full defi lifecycle includes building a project, launching a token, and trading that token. Every step of that journey can be done permissionlessly on Hyperliquid.

Based on stalequant's methodology (https://github.com/stalequant/stalequant.github.io/blob/main/build_delisting_recos.py) and community request, max leverage was increased for PAXG (10x), PUMP (10x), and ASTER (5x) and reduced to 3x for BIGTIME, GRIFFAIN, NXPC, SAGA, SCR, and SOPH.

Note that max leverage decreases do not affect the liquidation price of open positions until they are modified. To reduce positions that exceed initial margin requirements under the new max leverage, use reduce-only orders. The first non-reduce-only order that modifies a position will subject it to the new max leverage and maintenance margin requirements. As a reminder, maintenance margin is half of the initial margin at max leverage. E.g., if max leverage is 10x, the maintenance margin is 5%.

Weekly update

Product & Tech
+ trade.xyz's XYZ100 market was the first HIP-3 deployment: https://x.com/tradeperps/status/1977741981414572186
+ An "abstracted" account mode was added to HIP-3 dexs to improve UX. See ⁠the post in the API Announcements channel for more details

Trading
+ Leverage was updated for various assets: PAXG, PUMP, ASTER, BIGTIME, GRIFFAIN, NXPC, SAGA, SCR, and SOPH

New Teams on the HyperEVM (in no particular order)
+ Morpho lending: https://x.com/morpholabs/status/1977721385641550144
+ Gondi NFT lending: https://x.com/gondixyz/status/1978481458483536307
+ Blockaid transaction screening and monitoring: https://x.com/blockaid_/status/1978087495553171960
+ Polymarket deposits & withdrawals: https://x.com/Polymarket/status/1978219148975980825
+ Backpack wallet: https://x.com/backpack/status/1979423645454995736
+ Avail crosschain deposits: https://x.com/AvailProject/status/1976316777727676872

Community Highlights
+ nof1's Alpha Arena compares 6 LLMs trading on Hyperliquid: https://x.com/jay_azhang/status/1979603796947820927, https://nof1.ai/
+ Jeff's fireside chat with Hart (Across) from Token2049 was uploaded: https://x.com/HyperliquidX/status/1978834364256440433
+ Monad (MON) is airdropping to Hypurr NFT holders: https://blog.monad.xyz/blog/the-mon-airdrop

By community request, Hyperliquid has listed MEGA-USD hyperps. You can now long or short the unlaunched MegaETH token with up to 3x leverage.

As a reminder, hyperps do not rely on any external data for the oracle price. Hyperps trade like perpetual contracts that users are familiar with, but do not require an external spot or index oracle price. Instead, the funding rate is determined relative to a moving average of the hyperp mark price.

Trading is on low leverage and isolated margin only. Beware of low liquidity, high volatility, potentially extreme funding, and increased liquidation risk. Note: MEGA-USD will convert to a vanilla perp upon CEX spot listing. See Docs for more.

MEGA-USD is a hyperp contract that poses higher than normal risk. Do not trade contracts you are unfamiliar with and do not understand the risks for. Read the Docs to learn more about the hyperp mechanism. NFA.

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

The MET hyperp has converted to a regular perp. You can now long or short $MET 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/MET

Validators will vote on whether to delist LAUNCHCOIN around 07:00 UTC on Oct 25.

If the asset is delisted, all positions will be settled at mark price, and open orders will be canceled. Close any positions beforehand to avoid automatic settlement. After settlement, no new orders will be accepted.

On the next app.hyperliquid.xyz frontend update:

+ Validator-operated perps will be renamed to clarify the collateral asset. For example, ETH perps will be displayed as ETH-USDC instead of ETH-USD. This is a display-only change. No contract specifications have changed.
+ HIP-3 perps will be shown. These markets are deployed independently onchain by third-parties through a permissionless mechanism. New deployer perps will be initially added to the "all" list, and may be moved to "strict" pending user adoption and liquidity. New HIP-3 deployers must share links to a docs page with contract specifications before their perps can be shown. As a reminder, inclusion of a market in “strict” does not mean it is lower risk, nor does it imply endorsement or evaluation. Users should always assess risks independently before trading any market.
+ DEX abstraction for HIP-3 perps will be enabled automatically when users connect, unless the user has explicitly opted out of DEX abstraction (for example, on another frontend or in the settings dropdown). When DEX abstraction is on, users can trade HIP-3 perps from their existing perps and spot balances.

Weekly update

Product & Tech
+ HIP-3 perps are shown on app.hyperliquid.xyz. New deployers must share links to a Docs page with contract specifications before their perps can be shown.
+ DEX abstraction for HIP-3 perps is enabled automatically when users connect to app.hyperliquid.xyz. When DEX abstraction is enabled, users can trade HIP-3 perps from their existing perps and spot balances.
+ A Spanish language option was added in the Globe icon dropdown of app.hyperliquid.xyz

Trading
+ MEGAETH hyperp was listed
+ MET hyperp was converted to a regular perp
+ LAUNCHCOIN was delisted

New Teams on the HyperEVM & HyperCore (in no particular order)
+ Based released live-streaming and copy trading on HyperCore: https://x.com/BasedOneX/status/1981534082732630276
+ SubQuery supports indexing of the HyperEVM: https://x.com/SubQueryNetwork/status/1980197641490223559
+ Bitget wallet integrated the HyperEVM: https://x.com/BitgetWallet/status/1983096405473538055

Community Highlights
+ Hyperliquid Labs is hiring backend and frontend engineers. Apply here: https://jobs.ashbyhq.com/Hyperliquid%20Labs
+ Jeff spoke on TBPN: https://www.youtube.com/live/eej68BhIK_Q?si=z5-tabgpSJuazlH4&t=5768
+ Community meet-ups took place in Nigeria (https://x.com/hyperliquidNGx/status/1982750234296844338) and Melbourne (https://x.com/HyperliquidAu/status/1982674050188189714)
+ KNTQ (Kinetiq) is airdropping to Hypurr NFT holders: https://x.com/KinetiqFND/status/1981005133275373603

By community request, Hyperliquid has listed CC-USD hyperps. You can now long or short the unlaunched Canton Network token with up to 3x leverage.

As a reminder, hyperps do not rely on any external data for the oracle price. Hyperps trade like perpetual contracts that users are familiar with, but do not require an external spot or index oracle price. Instead, the funding rate is determined relative to a moving average of the hyperp mark price.

Trading is on low leverage and isolated margin only. Beware of low liquidity, high volatility, potentially extreme funding, and increased liquidation risk. Note: CC-USD will convert to a vanilla perp upon CEX spot listing. See Docs for more.

CC-USD is a hyperp contract that poses higher than normal risk. Do not trade contracts you are unfamiliar with and do not understand the risks for. Read the Docs to learn more about the hyperp mechanism. NFA.

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

As a reminder, validators vote on the delisting of validator-operated perps. If validators vote to delist an asset, the perps will settle to the 1 hour time weighted spot oracle price before delisting. This is a settlement mechanism used by many CEXs. Users who wish to avoid automatic settlement should close their positions beforehand. See: https://hyperliquid.gitbook.io/hyperliquid-docs/trading/delisting

Validators will vote on whether to delist AI16Z around 8:30 UTC on Nov 6. AI16Z is being rebranded to ELIZAOS.

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

Weekly update

Product & Tech
+ The HyperEVM small block gas limit was increased from 2M to 3M
+ HIP-3 deployers can configure sub-deployers for fine-grained permissioning of deployer actions. See Docs for more: https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/api/hip-3-deployer-actions

Trading
+ CC hyperps were listed and AI16Z was delisted
+ Max leverage was increased for ZEC to 10x

Community Highlights
+ Community events are taking place in Bangkok on Nov 9 (https://x.com/Hyperliquid_TH/status/1986092898287505613), Vancouver on Nov 13 (https://x.com/hyperliquid_ca/status/1980686448212021377) and Jakarta on Nov 13 (details to be shared by https://x.com/Hyperliquid_IDN)

By community request, you can now long or short $ICP 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/ICP

The CC hyperp has converted to a regular perp. You can now long or short $CC 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/CC

By community request, you can now long or short $AERO 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/AERO

The Arbitrum bridge's automatic locking was triggered by a conservative set of conditions, and the bridge was unlocked after the situation was thoroughly investigated within ~25 minutes. Funds are safe. The Hyperliquid blockchain itself was not impacted and experienced no downtime.

Based on stalequant's methodology (https://github.com/stalequant/stalequant.github.io/blob/main/build_delisting_recos.py) and community request, max leverage was reduced to 3x for AIXBT, ALT, BABY, BIO, BLUR, BRETT, GMT, GMX, GOAT, GRASS, IO, ME, MELANIA, MEME, MEW, MOODENG, MOVE, kNEIRO, OM, ORDI, PNUT, POPCAT, PROMPT, SUSHI, TURBO, USUAL, VINE, and ZEREBRO and 5x for WIF.

Note that max leverage decreases do not affect the liquidation price of open positions until they are modified. To reduce positions that exceed initial margin requirements under the new max leverage, use reduce-only orders. The first non-reduce-only order that modifies a position will subject it to the new max leverage and maintenance margin requirements. As a reminder, maintenance margin is half of the initial margin at max leverage. E.g., if max leverage is 10x, the maintenance margin is 5%.

Weekly update

Product & Tech
+ Testnet-only, but eligible for mainnet bug bounty program: HIP-3 deployers can set the margin mode of perps to either noCross or strictIsolated. Both margin modes only allow isolated margin, but strictIsolated also does not allow removing margin from open positions (previously "isolated only" mode). HIP-3 deployers can also set a fee scale, which can be larger or smaller than the default. See https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/api/hip-3-deployer-actions for details.
+ Misc UI improvements to app.hyperliquid.xyz, e.g., improve onboarding for non-USDC perps, show market cap in the token selector for more spot assets, etc.

Trading
+ Felix deployed their HIP-3 perp dex with USDH perps
+ Ventuals deployed their HIP-3 perp dex with USDH perps
+ ICP and AERO perps were listed
+ CC hyperp was converted to a regular perp
+ Max leverage was reduced for various assets; see post above for more details

New Teams on the HyperEVM & HyperCore (in no particular order)
+ Ledger wallet supports HyperCore and the HyperEVM: https://x.com/Ledger/status/1987913372185080166
+ Hypedexer offers live HyperCore indexing with historical trade data: https://x.com/hypedexer/status/1986731491725119610
+ Zerion supports HyperEVM NFTs: https://x.com/zerion/status/1989323904058524096

Community Highlights
+ ASXN released a comprehensive dashboard at https://hyperscreener.asxn.xyz/home: https://x.com/asxn_r/status/1988703570997440978. stats.hyperliquid.xyz will begin redirecting to this dashboard in approximately 1 week

HIP-3 growth mode

In order to bootstrap novel markets, the next network upgrade will allow HIP-3 deployers to activate growth mode on a per asset basis. Like other HIP-3 deployer actions, activating growth mode is permissionless.

When growth mode is active, there will be a ≥90% reduction on the all-in fees. Rebates and volume contributions will also be ≥90% lower. Growth mode applies on top of other multipliers, such as aligned stablecoin collateral fee benefits and staking discounts. Growth mode parameters may be adjusted based on user feedback.

The following two conditions apply for growth mode:
1. The deployer fee scale must be set between 0 and 1. As a reminder, deployer fee scale is the amount the deployer keeps as a percentage of the user’s fees before applying aligned stablecoin collateral discount, if applicable. See docs on deployer fee scale for more information: https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/api/hip-3-deployer-actions. This will also be enabled on mainnet on the next network upgrade and is already available on testnet. Setting growth mode has a 30 day cooldown per asset.
2. The markets must be entirely disjoint from existing validator-operated perps to prevent parasitic volume. For example, the following are not eligible for growth mode:
+ Crypto perps against any collateral
+ Perps on crypto indexes, ETFs, or other baskets of crypto assets
+ Perps on mathematical combinations including crypto assets, such as a linear combination of BTC and another asset’s price
+ Perps on vehicles or wrappers that hold primarily crypto assets
+ Perps tracking gold price, because PAXG-USDC already tracks gold price
This list of examples is illustrative and not comprehensive. Similar to delistings, the ultimate decider for disabling ineligible growth mode perps is onchain validator vote.

In summary, the baseline all-in taker rate under growth mode will be between 0.0045%-0.009% (5-10x lower than the 0.045% baseline fee for validator-operated perps) for non-aligned collateral assets and 0.0036%-0.0081% for aligned collateral assets. At the highest volume and staking tier, the taker fee will be 0.00144%-0.00288% for non-aligned collateral assets.

Weekly update

Product & Tech
+ Growth mode was enabled for HIP-3. If an HIP-3 deployer activates growth mode for an asset, fees are reduced by 90% compared to previous HIP-3 fees. See more details in the previous announcement. Trade[XYZ] activated growth mode for their perp assets, lowering baseline taker fees to 0.009%.
+ Deployers of legacy tokens pre-dating the implementation of deployer fee share can increase the fee share once from zero to a positive value. After this one-time change, the fee share can only decrease. See https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/api/deploying-hip-1-and-hip-2-assets for details
+ Aligned quote tokens were enabled on mainnet. Native Markets upgraded USDH to be an aligned quote token. Assets using USDH as a quote asset now have 20% lower taker fees, 20% higher maker rebates, and 20% higher volume contribution toward fee tiers

New Teams on the HyperEVM & HyperCore (in no particular order)
+ EtherFi card added support for the HyperEVM: https://x.com/ether_fi/status/1991150096168165490
+ Phantom integrated trading, sending, and receiving HyperEVM tokens: https://x.com/phantom/status/1991206504956039522
+ Derive enabled HYPE as collateral for options: https://x.com/DeriveXYZ/status/1991478151445467142
+ Anchorage added support for HYPE staking through its custody solution: https://x.com/Anchorage/status/1991903174589030516
+ SafePal wallet integrated HyperCore perps trading and the HyperEVM: https://x.com/iSafePal/status/1991052824931897476

Community Highlights
+ Hyperliquid Germany organized a community meet-up in Berlin: https://x.com/Hyperliquid_GER/status/1991576805002850349
+ Hyperliquid Indonesia organized a community meet-up in Jakarta: https://x.com/Hyperliquid_IDN/status/1991680411001581899?s=20
+ Hyperliquid India is organizing an event in Bangalore on Nov 30: https://x.com/Hyperliquid_In/status/1990323368672039114
+ nof1's Alpha Arena season 1.5 compares LLMs trading on Hyperliquid: https://nof1.ai/, https://x.com/jay_azhang/status/1991256354657366251