Hey alpha seeker,
After some crazy highs of HIP-3 volume, especially in gold and silver, combined with a crash in just about all crypto, we’ve had a relatively uneventful week.
That means lower volume across the board.
Here are the key numbers:
TOKEN | PRICE | PERFORMANCE |
|---|---|---|
HYPE | $30.701 | -5.35% |
KNTQ | $0.1258 | -13.12% |
KPIs | VALUE | PERFORMANCE |
Weekly Revenue | $11.6M | -56.33% |
Open Interest | $5.08B | +4.42% |
Weekly Perp Volume | $38.6B | -56.58% |
HIP-3 Open Interest | $729M | +7.42% |
Weekly HIP-3 Volume | $7.3B | -58.17% |
Perps Volume vs Binance | 12.40% | -6.77% |
Information gathered at midnight UTC at the end of the week. Swings are high, so for most up-to-date token prices, check Hyperliquid.
HYPERLIQUID UPDATES
Cross margin for HIP-3 is live on testnet
This is a huge update that unlocks capital efficiency for traders, which translates to significantly more activity on HIP-3 markets.
The full announcement from Discord is below:
Official announcement from the Hyperliquid Discord server.
What to keep in mind:
This is just on testnet now but with mainnet-level bug bounties, it means deployment to production is coming soon. If you’re a trader and/or dev, the bug bounty is generally quite lucrative too.
It’s an important step to portfolio margin across all the Hyperliquid blockchain. Portfolio margin is live on mainnet with pre-alpha (low limits, limited assets, and only on validator deployed perps) but things are moving fast. We wouldn’t be shocked to see portfolio margin going from pre-alpha to alpha before end of Q1 2026.
Not all assets will become cross margined, deployers have to enable it on assets that are liquid, reliable, and resilient to price manipulation. Slashing risk for deployers exists here.
What’s the hype around HIP-4?
Two weeks ago, Hyperliquid announced HIP-4, an addition that will give HyperCore support for outcome trading, such as prediction markets and options.
They are already live on testnet and while everyone jumped on the “prediction markets” aspect of HIP-4, it’s more than that…
This post by HRC (Hyperliquid Research Collective) does a good job at giving an introduction to HIP-4 potential.
We’ll also keep an eye out for its development.
We’ve seen HIP-3 being underrated until it exploded in relevance and we think HIP-4 is likely to follow a similar trajectory.
OTHER NEWS
Dreamcash gets an investment from Tether. Dreamcash is a mobile app that plugs into Hyperliquid and is a HIP-3 deployer for USDT0 collateralized markets like USA500, TSLA, NVDA, and more. This includes a $200k per week incentives program.
LlamaSwap launched on HyperEVM. Another DEX aggregator that helps you swap assets into the Hyperliquid ecosystem.
Trojan, a Solana-based terminal, integrated Hyperliquid perps. Not the first, and probably not the last to do so. Phantom, MetaMask, and Rabby are three of the biggest wallets and they all integrated Hyperliquid perps, too.
HyperSwap also launched a terminal that includes validator perps, HIP-3 perps, spot, HyperEVM tokens, and even pair trading. Powerful options but have a close look at the fees depending on what you choose to trade.
HyperBeat launched Liquid Banking early access. They allow you to spend on credit against BTC, HYPE, ETH, SOL, or yielding collateral. On- and off-ramp, plus credit card for your daily spend.
HyperLend announced that HPL, their token, will be paired to trade with USDH. Their TGE is one step closer. Although their points program is over for now, we will publish our take on their tokenomics and possible TGE valuations. Still no exact date for the TGE itself though…
Hyperliquid Strategies reported its results for the fiscal quarter and six months ended 31 Dec 2025. Holding 17.6M HYPE, with ~5M acquired for $129.5M as of Feb 3, 2026, and deployed 10.5M to repurchase ~3M of its own shares ($PURR ticker) to reduce fully diluted share count to 150.6M. Way more cautious approach than other DATs. They also launched a useful dashboard with their relevant metrics.
WHAT TO LOOK OUT FOR
An official announcement from HyperLend about their TGE. It’s been a month since their terms signing ended, and with the announcement of their HPL/USDH pair, it seems imminent.
Perps.fun crowdfunding timeline. They announced this will be around the end of February, which gave us enough time to publish our analysis too.
