Good afternoon.

Hyperliquid Research Collective has done a quarterly report worth reading.

If you haven’t done so already, certainly give them a follow to get their latest research pieces on Hyperliquid.

And the week is an all-green, with an especially big boost for KNTQ. And the disclaimer about swings being high has never been more useful than today if you look at the market now.

Information gathered at midnight UTC at the end of the week. Swings are high, so for most up-to-date token prices, check Hyperliquid.

An important update to HIP-4 is that it now supports multi-outcome markets on mainnet, rather than just binary (Yes/No) outcomes.

On this note, we haven’t written more about HIP-4 yet because there’s not enough data to see how quickly it grows or how it’s being adopted on mainnet. It’s pretty much still in a small test phase, so while the potential is big, the current pace is slow, with only two recurring questions around BTC price.

On another note, Hyperliquid confirmed they are doing an annual event during Token 2049 Singapore. This will take place on October 5, and it’s free to attend.

Markets by Kinetiq introduces Trade[XYZ] pairs in their web and mobile app. Someone pick up the phone because we called it. Speaking of Kinetiq…

All value accrual is now documented here. Very cool, and it makes our analysis much easier in the future.

Liminal launches limUSD. The goal of this token is to capture the most attractive yield opportunities in the Hyperliquid ecosystem, so things like funding rates, money markets, HIP-3, HIP-4, and more opportunities that could come in the future. It’s a yield-bearing token, so it might also have tax advantages in most jurisdictions. Useful, cool, but not a game changer, so it’s not something we’re putting our stablecoins in, given the risk/reward.

Ledger integrates Hyperliquid perps. Yes, the hardware wallet Ledger, and yes. One integration at a time, but Hyperliquid will become ubiquitous.

Kinetiq introduces instant-unstake for HYPE. You can stay quite liquid with your staked HYPE now, with the small cost of 0.10% commission on unstaking. But the 0.10% is not wasted, with one third evenly split between kHYPE yield, sKNTQ buybacks, and Kinetiq’s treasury.

Portfolio margin caps have been increased. Read full and up-to-date info about that in the docs, can change relatively quickly overall.

HIP-4 deep dive worth reading. While waiting for our own analysis on HIP-4, where we’ll generally focus more on how much this could help the value of HYPE, this technical look at it is a great read. 

Another Launch by Kinetiq project  looking to raise HYPE. Neura Markets is looking to create funding rate perps, and well, we also don’t think the idea is worth the HYPE stake. So far, we haven’t seen a high-potential project jump into Launch. It seems more for longtail markets where the upside will be very limited, which is why, so far, we don’t recommend putting any of your HYPE in any of the projects announced.

Hyperbeat announces that two of their vaults are unwinding. The post explains it pretty clearly, architecture and risk just not good enough so at least we’re seeing an unwind rather than a major loss event causing this.

Hyperliquid Strategies and Unit Labs validator will go live. This will likely take a spot in the top 24 active validators right away, and it’s a sign that the limit of 24 validators only is getting really, really crowded. For context, validators with 4M HYPE staked would still be inactive. Permissionless, but not cheap or easy.