Hyperliquid news

Hyperliquid Strategies reported a $152.5 million net profit for Q1 2026, driven by unrealized gains of $198.4 million from its HYPE token holdings as HYPE surged 44%. The firm's treasury now holds 20 million HYPE tokens, with total assets of $809.4 million as of March 31. Despite the quarterly profit, the company posted a net loss of $165.4 million for the nine months ended March 31, 2026. CEO David Schamis expressed optimism about Hyperliquid's growth potential from upcoming products like HIP-3 RWA perps and portfolio margin. Hyperliquid Strategies is one of only three digital asset treasury firms with unrealized profits, alongside Strategy and Hyperion DeFi, as many other holders face losses due to market downturns.

Hyperliquid Strategies Inc. reported a net loss of $165.4 million for the nine months ended March 31, primarily due to $64 million in unrealized losses on its HYPE tokens, a $35.6 million write-off from the Sonnet acquisition, and a $60.5 million increase in deferred tax expense. The Nasdaq-listed firm now holds approximately 20 million HYPE tokens, having deployed $216 million to acquire about 7.3 million since December 2025. It also spent $10.5 million on share repurchases and maintains a $103 million cash position. Staking revenue reached $2.6 million for the quarter ended March 31, with interest income adding $1 million. Operating expenses were $7.2 million. CEO David Schamis highlighted progress in scaling the HYPE treasury and completing the legacy biotech divestiture.

Bitcoin whales on Hyperliquid have pushed their net long positions to a new 2026 high, according to Glassnode. Whale activity on the largest onchain perps exchange is often used as a sentiment gauge, with total positions around $3.5 billion and long exposure slightly outweighing shorts. The development comes as Bitcoin briefly hit $82,000, its highest in over three months, and recorded 67 consecutive days of negative 30-day average funding rates—the longest stretch this decade, which some analysts interpret as a potential market bottom. However, the long/short ratio on Binance stands at 0.53, indicating bearish sentiment among most accounts.

Ledger has partnered with Yield.xyz to offer perpetual futures trading on Hyperliquid through its hardware wallets. The integration allows users to trade with self-custody, avoiding risks associated with browser wallets and centralized exchanges. The feature will initially be available to about 20% of Ledger users in select regions, excluding restricted jurisdictions like the UK, US, France, Belgium, and Ontario, Canada. Yield.xyz, which already powers Ledger's earn and staking features, provides the non-custodial API for this offering. Hyperliquid is the largest onchain derivatives platform, with $181 million in total volume last month. Ledger aims to bring hardware-grade security to the growing perps market.

Three major cryptocurrency projects are set to unlock tokens worth over $621 million in the first week of May 2026, potentially introducing market volatility. Hyperliquid (HYPE) will release 422,000 tokens on May 6, valued at $17.5 million, primarily for core contributors. Ethena (ENA) will unlock 171.88 million tokens on May 5, worth $17.28 million, allocated to core contributors and investors. RedStone (RED) will release 40.85 million tokens on May 6, valued at $5.54 million, distributed among early backers, contributors, ecosystem, and protocol development.

Arthur Hayes argues that Hyperliquid's HYPE token gives users direct profit from platform activity, differentiating it from rivals Polymarket and Kalshi as the exchange pushes into prediction markets via HIP-4. Hayes highlights Hyperliquid's large user base, low fees, and robust infrastructure as advantages. Polymarket plans a token ($POLY) with a pre-market FDV of ~$14 billion, while HYPE's FDV is ~$38 billion. However, geographic challenges differ: Polymarket and Kalshi face regulatory constraints, especially in Asia and the U.S., whereas Hyperliquid operates without such limits, particularly among its Asia-centric user base. The structural split is clear: Hyperliquid ties usage to token value, Polymarket is moving similarly, but Kalshi's CFTC-regulated model likely prevents such token incentives, making it a direct test of Hayes' thesis that token-driven upside is key.

Hyperliquid has published a fee model for outcome tokens on its testnet, following HyperCore's backing of HIP-4. The proposal introduces outcome trading to the platform, challenging leading prediction market players Kalshi and Polymarket. The fee framework applies only when traders close or settle outcome positions, not when opening them. It covers six scenarios: minting incurs no fees, normal trades may charge only the maker or none, and burning trades may incur fees on both sides or only the taker. Settlement distributes payouts proportionally. The move positions Hyperliquid in the fast-expanding prediction market sector, where monthly notional trading volume surged over 520% to a record $27 billion in April. Competition is heating up with Coinbase entering the space via a partnership with Kalshi and Polymarket planning perpetual trading products.

Hyperliquid has published the fee structure for its outcome tokens, signaling an approaching mainnet launch for prediction market-style trading. The move positions Hyperliquid to compete with platforms like Kalshi and Polymarket, as prediction markets have seen trading volume surge over 300% in 2025 to $63.5 billion. The fee structure charges no fees for opening positions, only for closing or settling. Additionally, traders using aligned quote tokens receive reduced taker fees and higher maker rebates. The HIP-4 upgrade enabling outcome tokens will allow users to trade binary contracts on real-world events alongside existing products in a single account. Hyperliquid's previous upgrade, HIP-3, now accounts for over 35% of platform volume. Outcome tokens remain on testnet with no confirmed mainnet date.

Galaxy Digital reported a first-quarter net loss of $216 million, narrower than the $295 million loss a year ago, as tepid crypto market conditions persisted. The firm attributed the deficit to declining digital asset prices, though founder Mike Novogratz said exposure to Hyperliquid's token partially offset the blow. Total assets fell 12% quarter-over-quarter to $9.99 billion, driven by a $316 million drop in digital asset values. Galaxy's treasury held $134 million in "Other Token Exposure," alongside Bitcoin, Ethereum, and Solana holdings. Hyperliquid's native token, supported by a buyback-and-burn mechanism, has rallied 56% year-to-date. Digital assets generated $49 million in first-quarter gross profit, edging down from $51 million. The company is diversifying into AI infrastructure, with its first data hall for CoreWeave expected this year. Novogratz expressed optimism about both crypto and AI opportunities.

Grayscale has amended its Hyperliquid ETF filing, replacing Coinbase with Anchorage Digital Bank as custodian. This move is notable given Coinbase's dominant role in custody for most U.S. spot bitcoin ETFs. The updated filing maintains Bank of New York Mellon as transfer agent and notes staking optionality is subject to regulatory approval. If approved, the fund would trade on Nasdaq under ticker GHYP. Anchorage, a federally chartered crypto bank, has been expanding its services and recently received a $100 million investment from Tether. Grayscale's amendment reflects its broader push to expand crypto fund offerings under favorable regulatory conditions.