Two packed weeks on Hyperliquid: a first documented meeting with the SEC's Crypto Task Force, HIP-3 smashing every record in sight, a $100M+ whale position, and HIP-4 outcome markets inching toward permissionless deployment. Here is everything that happened since July 9. (Missed #13 or #14? Read #13 and #14 on the website.)

🏛️ Hyperliquid Meets the SEC

On July 14, representatives from the Hyperliquid Policy Center, TradeXYZ (XYZ Ltd.) and law firm Sullivan & Cromwell LLP met with staff from the SEC's Crypto Task Force to discuss approaches to crypto asset regulation. The meeting was logged in an official SEC memorandum, a notable milestone: Hyperliquid's ecosystem now has a direct line into how U.S. regulators are shaping crypto policy.

SEC memorandum logging the meeting with Hyperliquid Policy Center and TradeXYZ

🏆 HIP-3 Smashes Every Record

  • TradeXYZ, the largest HIP-3 DEX, has now crossed $350B in cumulative trading volume across 330,029 unique traders.
  • HIP-3 markets hit a new all-time high, representing 55.7% of Hyperliquid's total exchange volume in a single day. The 7-day average also set a record at 46.6%.
  • 10 individual HIP-3 markets have each now surpassed $10B in cumulative trading volume.
  • HIP-3 open interest crossed $3.8B, another all-time high, now representing over 33% of Hyperliquid's total open interest.
10 HIP-3 markets on TradeXYZ have each surpassed $10B in trading volume

🐋 Whale Corner

  • For the first time in a while, the largest position on Hyperliquid crossed $100M: a 1.66K BTC long worth $107M, sitting on a healthy unrealized profit.
  • The position with the largest realized loss on the platform is a 50,000 ETH short worth $94.6M, down $9.63M realized, held by a wallet with the ENS domain pension-usdt.eth.
  • A wallet linked to Jump opened a $29.75M $SKHY position, now holding more than 24% of that market's open interest.
  • A whale built a $74.9M $XYZ100 long in 24 hours, over 19% of the market's total open interest.
Largest Hyperliquid position crosses $100M, a 1.66K BTC long

🆕 New Listings and Auctions

  • Circle received final OCC approval to establish the First National Digital Currency Bank. $CRCL rallied over 10% after hours while US markets were closed. It trades 24/7 on Hyperliquid via TradeXYZ.
  • $AAPL hit a new all-time high, also tradable 24/7 via TradeXYZ.
  • $CXMT, a Chinese memory chipmaker, was auctioned onto HIP-3 ahead of its expected IPO on July 27.
  • A wave of new tickers landed: $KSTR (Shanghai STAR Market), $NET (Cloudflare), $COHR, $LRCX, $CRDO, plus new xStocks $QQQx, $SPYx and $NVDAx on spot.
Circle receives OCC approval, CRCL rallies over 10 percent

🎯 HIP-4 Keeps Growing

  • HIP-4 outcome markets crossed $400M in cumulative trading volume.
  • The team announced that HIP-4 will support permissionless deployment in a future network upgrade, first on testnet, then mainnet, following the same permissionless path already taken by spot deployments.
  • Each deployer will be able to run up to 100 outcome markets at once under its template.
  • New record: $4.4M settled in a single 24h window.
HIP-4 outcome markets cross $400M in total trading volume

🧩 Ecosystem Updates

  • Hyperliquid HyperCore data is now live on Arkham Intel: track any address's trades, positions and performance directly on Arkham.
  • Liminal shipped a major update: Portfolio Margin is now live, boosting yields up to 50%. Current APYs: 11.5% on $xHYPE, 11% on $xBTC, 9% on $limUSD.
  • New HIP-3 DEX Skew announced a $33M raise (500K HYPE) from HyperionDeFi to launch its own HIP-3 deployment.
Hyperliquid HyperCore data now live on Arkham Intel

⚡ Quick Hits

  • A reminder that wicks happen fast: TradeXYZ's liquidator recovered $739K from an $SPCX position after a 10% crash in a matter of seconds.
  • HIP-3 DEX HyenaTrade delisted its ETH, BCH and XMR markets, effective July 15.
  • Total priority fees on Hyperliquid crossed $4M cumulative, now representing over 8% of daily protocol revenue.
TradeXYZ liquidator recovers $739K from SPCX flash crash
💡 Key takeaway: HIP-3 now drives more than half of Hyperliquid's daily volume on its best days, HIP-4 is closing in on permissionless deployment, and the ecosystem just had its first documented sit-down with the SEC's Crypto Task Force. Momentum is building on every front.

Stay informed.
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