The Hyperliquid protocol and network: perps and spot markets, HyperCore, OI, funding and ecosystem health.
Twelve API-verified stories: the Oct 8 cascade that liquidated $1.19B market-wide, a $330M team distribution routed OTC and absorbed without a dump, cumulative protocol revenue past $1.4B, a licensed S&P 500 perpetual among the platform's ten largest markets, and a -4.3% close at $86.65 - each with an editorial take.
Twelve API-verified stories: the cycle's largest unlock ($1.2B, Sep 29) absorbed with a +5.3% post-event return, AQAv2's first $14.58M reserve-yield payment measured, HYPE multichain via Wormhole NTT, a listed treasury adding $167.2M, and a -1.2% close at $90.57 - each with an editorial take.
Fifteen API-verified stories: a $98.00 record on Sep 23, Binance lists HYPE spot on Sep 24 and the token answers sell-the-news with -4.6%, BVIV volatility perps launch, Hyperliquid Strategies adds ~$46M more HYPE, and fees total $19.46M (seven prints) - each with an editorial take.
Sixteen API-verified stories: HYPE +21.3% to $93.75 with a new $94.60 record, native lending live with $269M borrowed on day one, Payward's permissioned HIP-3 plan for US clients, fees +49.8% to $19.3M, and HIP-3's share falling to 23.5% - each with an editorial take.
Sixteen API-verified stories: HYPE falls 12.1% to $77.26 after the $89.60 record, fees decline a fourth straight week to $12.9M, perp OI holds $10.3B while BTC falls −4.4% and ETH −1.6% the same week, and the USDC reserve-yield deal reshapes the buyback engine.
Twenty-two API-verified metrics with the daily path, the HIP-3 builder census and a full data-quality ledger: HYPE $86.65 (-4.3%) through the risk-off week, fees $15.89M across six of seven prints (Oct 11 pending), platform OI $16.04B, funding +0.010%/8h, TVL $7.12B, multiple band 18.3x-21.0x.
Twenty-two API-verified metrics with the daily path, the five-week chain and the full HIP-3 census: HYPE $90.57 (-1.2%) through the unlock, fees $17.92M (-22.5% vs revised $23.13M), platform OI $16.69B, funding +0.010%/8h, TVL $7.24B, multiple spread 16.7x-21.6x.
Twenty-two API-verified metrics with the daily path, the five-week chain and the full HIP-3 census: HYPE $91.72 (-2.2%) after a $98.00 record, fees $19.46M (later revised by the provider to $23.13M), platform OI $17.01B, funding ~0%/8h, TVL $7.54B, price-to-fee multiple ~20.2x.
Twenty-three API-verified metrics with the daily path, the five-week chain and the full HIP-3 census: HYPE $93.75 (+21.3%), fees +49.8% to $19.25M, platform OI $16.87B, funding 0.039%/8h, price-to-fee multiple compressing to ~20.8x.
Twenty API-verified metrics with the daily path and four-week chain: HYPE $77.26 (−12.1%) off the $89.60 record, fees down to $12.9M, OI steady at $10.3B, TVL range-bound at $6.3B — unavailable metrics printed as unavailable, not estimated.
Five structured questions: whether the $330M OTC team distribution was absorbed or did the damage, whether the Oct 8 flush was the platform's event or the market's, whether the fee level holds with one print missing, whether HYPE's relative strength is durable, and what the range breaking at the bottom means - plus triggers graded and a 13-row scorecard.
Five structured questions: whether the unlock broke the absorption narrative (+5.3% post-unlock vs -8.3% history), whether the fee decay is a demand problem, what AQAv2's first payment changes, whether ETF divergence matters, and whether $84.55-$98.00 is the new map - plus triggers graded and a 13-row scorecard.
Five structured questions: whether the $98.00 record was a blow-off, what a Binance listing actually changes, why funding went flat at the top, how the fee turn survived a red week, and what the Sep 29 unlock does to a market that just met a new buyer class - plus triggers graded and a verification scorecard.
Five structured questions: re-rating or relief bounce, whether the fee turn is real, what the lending layer changes about supply, how much of the Payward plan is verifiable, and last week's triggers graded — including a support level that broke without breaking the thesis.
Five data-driven questions — trend break or positioning unwind, is the fee slide cyclical or structural, what the USDC reserve-yield deal is worth — plus a verification scorecard grading every claim by its evidence.
Research report: builder-deployed (HIP-3) markets now hold $3.67B of open interest and the ten largest books are indices, metals, energy and equities - the HIP-3 parameters, the licensed S&P 500 contract, why 24/7 access to closed markets is both the product and the risk, who earns what, and six embedded risks.
Research report: the first $14.58M reserve-yield distribution converts the modeled line into a measured one - the AQAv2 mechanics, the implied 3.14% rate, the two-leg buyback model (fees scale with volume, yield doesn't), and the counterparty trade-off in Coinbase and Circle's bonded role.
Research report: a $98.00 record on Tuesday, a Binance spot listing on Thursday, and a -4.6% answer the same day - the listing mechanics, who was buying and selling on each side of the print, the sell-the-news arithmetic, and the Sep 29 unlock overhang.
Research report: manual borrowing live Sep 18 with $269M drawn on day one - the 65%/50% LTV parameters, what composite margin means for risk propagation, three token-demand mechanisms, and what it does not change about the Sep 29 unlock.
Research report: the −12.1% week to $77.26 after the $89.60 record, the fee engine's four-week fade, what broke and what didn't, and the counterfactual test that separates an unwind from a trend break.
Sixteen sourced stories: HYPE +9.9% to $87.94 with an $89.60 all-time high, a second unlock (9.92M HYPE, ~$820M) absorbed, fees $16.5M, HyENA's shutdown confirmed via API — each with an editorial take.
Twenty metrics with the daily path and five-week chain: HYPE closes $87.94 (+9.9%) after the $89.60 all-time high, fees $16.5M, platform OI ~$14.4B (archived measurement), TVL $6.41B.
Five structured questions on the record week and its durability, plus a verification scorecard grading every claim by its evidence.
A market-by-market API census of all ten HIP-3 builder DEXs — $4.12B of builder OI inside a $14.44B platform (28.5%, not half), Trade.xyz at 98% of it, and the HyENA shutdown as the first deployer exit.
Sixteen sourced stories: new all-time highs at $83.46 then $86.73, the record 14,175,778 HYPE unlock (~$1.2B) absorbed with +3.0% on the day, AQAv2 activated, fees $21.2M — each with an editorial take.
Twenty metrics with the daily path and four-week chain: HYPE −2.9% into consolidation under the new $86.73 high, fees $21.2M (86% of the surge retained), the record unlock absorbed, TVL $6.43B.
Five structured questions on the unlock absorption and the new regime, plus a verification scorecard grading every claim by its evidence.
What is actually measurable about the flywheel — $67.3M of August fees, the ~97%-of-net buyback machinery, ~$1.1B of Assistance Fund purchases, two unlocks absorbed — and an honest list of what cannot be measured yet.
The month in full: HYPE +8.0% ($84.17 to $90.94) through a record $98.00, fees +17.4% to $91.27M, TVL +10.9% to $7.41B, the Binance listing answered -4.6%, and the cycle's largest unlock absorbed in-month.
The month in full: HYPE +60.3% ($52.51 → $84.17), fees $67.3M with a 3.1x post-Aug 19 surge, TVL +13.5% to $6.40B, the record 14.18M HYPE unlock absorbed — revised Sep 14 with API-verified data.
Sixteen sourced stories: the Aug 19 catalyst stack (Treasury's expanded buyback, a ~$2.74B short squeeze, Washington's CFTC comments), HYPE +44.3% to $82.37 breaking the May record, fees 3.1x to $24.6M — each with an editorial take.
Twenty metrics with the daily path and three-week chain: HYPE +44.3% to $82.37, fees 3.1x to $24.6M, TVL $6.16B — every estimate labeled as one.
Five structured questions on the Aug 19 repricing and what it proves, plus a verification scorecard grading every claim by its evidence.
SP500 ($421.8M OI), SK Hynix ($380.6M) and gold ($337.4M) perps measured market by market — the RWA tape inside a builder book that is 28.5% of the platform.