Hyperliquid

Hyperliquidは最近、長期的に重要な複数のマイルストーンを達成しました。プロトコルレベルではHIP-4が実装され、最初のOutcome DEX「OUT」がこの標準に基づいて展開され、予測市場と永久契約の統合が進んでいます。HIP-3は無許可の永久市場作成を可能にし、開発者は50万HYPEをステークして独自に市場を展開できます。エコシステム面では、KinetiqがHyperliquidをベースにしたElysium L2を立ち上げ、LineraはHyperliquidを対象とした分単位の予測市場を発表しました。コンプライアンスも重要な方向性であり、トランプ氏はCFTC委員長がHyperliquidを米国に導入するよう推進していると公言し、調査によればライセンスを受けたHIP-3 DEXを通じて米国のコンプライアンス市場に参入し、Coinbaseなどのプラットフォームとの競争が激化する可能性があります。トークノミクスでは、HyperliquidはUSDC利回りメカニズムを導入し、プロトコル収益をHYPEの買い戻しと焼却に使用しています。CoinbaseはBaseアプリでHyperliquidを通じて永久契約を導入し、最大50倍のレバレッジをサポートしています。趙長鵬も、Hyperliquidが米国に参入するか、より分散型の製品に市場スペースを開放すれば、暗号通貨業界全体にとって大きな後押しになると指摘しました。

Buyback & burn upgrade: AQAv2 completed its first payout on October 3, routing 90% of the yield on USDC reserves held on Hyperliquid into the Assistance Fund to buy back and burn HYPE, an estimated $182 million per year that lifts daily buybacks by about 18%; USDH is being phased out in favor of USDC, deployed with Circle and Coinbase.

Ecosystem & market: Since November 2024, the fund has retired over 46.2 million HYPE (about $1.27 billion). Under the HIP-3 framework, an Entropy-deployed synthetic Anthropic perpetual implied a $1.95 trillion valuation on October 15, EQX plans to list 11 tokenized U.S. equities, and 3.75 million team tokens were sold OTC to an institution in October. HYPE fell back to around $81 in mid-October, roughly 17% below its September high.

By October 16, 2026 HIP-3 builder markets held about $3.03 billion in open interest across 124 markets; a Bitwise report on October 21 showed $261.5 billion in non-crypto perpetual volume in the third quarter, 36.5% of all perpetual trading, with equity-linked markets among the largest. In October, Bloomberg Terminal began streaming 24-hour Hyperliquid perpetual prices.

The Assistance Fund kept buying back tokens: cumulative purchases passed 48 million HYPE, about $1.36 billion, as of October 13, with roughly $10 million bought and burned on October 5 and $8.2 million on October 7, the largest single buyback day of 2026. Platform open interest hit a record $18 billion in September. Testnet work advanced on a priority-fee mechanism, the 10 HYPE rule, and permissioned HIP-3 markets that let deployers restrict participating wallets through onchain lists. US spot HYPE ETFs have drawn about $311 million in cumulative net inflows.

Hyperliquid's Future strategy and roadmap: Hyperliquid already runs close to an exchange that pays out through its token: 97% to 99% of fees flow into the Assistance Fund to buy HYPE on the open market, about $1.28 billion to date, and AQAv2 routes 90% of USDC reserve yield into the same account, adding an estimated $135-160 million a year and loosening the link between cash flow and trading heat. HIP-3 is the growth engine: deployers stake 500,000 HYPE to open a market and keep half the fees, already about 30% of volume, though a single deployer holds more than 90% of it, a visible concentration risk, while HIP-4 brings outcome contracts onto the same ledger. The binding constraint is regulation, since equity and pre-IPO perpetuals put it against compliant products from Coinbase and Kraken.

共同創業者および中核幹部： ジェフリー・ヤン（共同創業者兼CEO）：ハーバード大学卒業。数学とコンピュータサイエンスの修士号を取得。国際物理オリンピックで金メダル・銀メダルを獲得。ハーバード大学卒業後、Hudson River Tradingで高頻度取引（HFT）に従事し、その後暗号資産マーケットメイキングのためChameleon Tradingを創業。2022年、iliensincとともにHyperliquid Labsを共同創業し、取引所アーキテクチャと実行最適化を主導。 iliensinc（共同創業者兼CTO、仮名）：ハーバード大学の同級生で、分散システムの専門家。Hyperliquid L1とHyperBFTコンセンサスを設計し、高性能なオンチェーンオーダーブックを実現。 Xulian（コアコントリビューター）：Hyperliquidコアチームのメンバー。エコシステムの成長と戦略的投資に関与し、クロスチェーンプロトコルSquidを含む。

Hyperliquid charges perpetuals a base 0.015% maker fee and 0.045% taker fee, stepping down across seven tiers of 14-day weighted volume.

Hyperliquid sets 0.012% maker and 0.040% taker at the $5 million volume tier, 0.004% maker and 0.030% taker at $100 million, and 0.000% maker with 0.024% taker at $7 billion.

Hyperliquid charges spot a base 0.040% maker fee and 0.070% taker fee, with 5% to 40% discounts for staking 10 to 500,000 HYPE and a -0.003% maker rebate once maker volume reaches 3%.