Hyperliquid History
The complete timeline of Hyperliquid — from closed alpha to the world's largest perpetual DEX.
@HyperliquidX Created
The official Hyperliquid X (Twitter) account is created, marking the project's first public presence.
FTX Collapse Accelerates DEX Demand
The collapse of FTX sends shockwaves through crypto, massively accelerating demand for non-custodial trading solutions and DEXes.
Closed Alpha Launch
Hyperliquid launches its closed alpha, allowing early testers to trade perpetual futures on the custom L1 chain.
HLP Vault Launches
The Hyperliquidity Provider (HLP) vault goes live, allowing users to deposit USDC and earn yield by market-making across all perpetual markets. It merges protocol vault strategies with community-owned liquidity.
View tweetTrading Fee Structure Introduced
Hyperliquid implements its tiered fee structure with maker/taker fees, VIP tiers, and staking discounts.
Mainnet Open to Public
Hyperliquid opens mainnet access to the public, removing the closed alpha restrictions and allowing anyone to trade.
Season 1 Points Program Begins
Hyperliquid launches its Season 1 points program, rewarding users for trading activity and liquidity provision. Points are expected to convert to future token allocation, with 1:5 affiliate point matching.
View tweetSub-Accounts Introduced
Hyperliquid introduces sub-accounts, allowing traders to seamlessly manage multiple strategies across their portfolio. Users can switch between main account, sub-accounts, and vaults from the nav bar.
View tweetHIP-1 & HIP-2 Announced
Hyperliquid Improvement Proposals 1 and 2 are announced, introducing native spot token trading and on-chain order books. HIP-2 introduces 'Hyperliquidity' — a novel mechanism to permanently commit liquidity to spot order books.
View tweetPURR: First Native Spot Token
PURR becomes the first token launched natively on Hyperliquid via HIP-1, distributed as an airdrop to the community. 50% airdropped to points holders, 50% permanently committed as Hyperliquidity.
View tweetSeason 2 Points Program
Season 2 points program begins with refined reward mechanics. 700,000 points distributed weekly for 4 months, with 1:5 affiliate matching. Users earn points through trading volume, open interest, and referrals.
View tweet$800/pt Prediction Goes Viral
@crypto_adair publishes a detailed thread arguing Hyperliquid points could reach $800+ each this cycle, based on FDV comparisons to dYdX and other perp DEXes. The prediction goes viral and becomes a rallying cry on CT. At ~5.4 HYPE per point, it would require HYPE reaching ~$150.
View tweetBuilder Codes Launch
Hyperliquid introduces builder codes, allowing third-party applications and protocols to permissionlessly monetize on the L1. Regional frontends, fiat onramps, mobile wallets, and social trading apps can earn upside proportional to their volume.
View tweetHyper Foundation Established
The Hyper Foundation is formally established to support the growth of the Hyperliquid blockchain and ecosystem. The Foundation announces the upcoming HYPE native token and genesis distribution.
View tweetHYPE Token Genesis Event (TGE)
The HYPE token launches at $3.00 in one of the largest community airdrops in crypto history. 310M HYPE distributed to 94,000 eligible users with no VC allocation and no CEX listing at launch.
View tweetPoints Worth ~$16 at TGE Launch
With HYPE launching at $3 and each point receiving ~5.4 HYPE, points are initially worth ~$16 each. A far cry from the $800 prediction — but HYPE is just getting started.
View tweetHYPE Lists on OKX & KuCoin
OKX lists HYPE pre-market futures, followed by KuCoin listing HYPE for spot trading — the first CEX spot listing. Multiple tier-1 exchanges racing to list HYPE despite no outbound BD efforts from the team.
View tweetPoints Cross $100 as HYPE Surges
HYPE surges past $18 within a week of TGE, pushing point value past $100 for the first time. Hyperliquid also reaches a new all-time high in 24H volume of over $10 billion. The rapid price action vindicates early farmers.
View tweetHYPE Reaches $33 — First Major ATH
HYPE reaches an all-time high of ~$33, representing an 11x from the $3 launch price in less than a month. Hyperliquid shatters records in trading volume ($11.5B) and liquidation volume ($1.32B). Fully diluted valuation briefly exceeds $33B.
View tweetPoints Hit ~$179 at First ATH
With HYPE reaching $33, each airdropped point is now worth ~$179 — an 11x from the $16 TGE value. Still chasing the $800 prophecy.
View tweetDPRK-Linked Addresses Flagged
MetaMask security researcher Taylor Monahan flags DPRK-linked wallet addresses trading on Hyperliquid, sparking security concerns and $250M in net outflows. Hyperliquid responds: 'There has been no DPRK exploit — or any exploit for that matter. All user funds are accounted for.' HYPE dips 20% before recovering.
View tweetHYPE Staking Goes Live
HYPE staking launches on mainnet, allowing token holders to stake with validators and earn rewards while helping secure the network via HyperBFT proof-of-stake consensus.
View tweetEnd of 2024 Milestones
Hyperliquid closes 2024 as the dominant perpetual DEX with massive growth across all metrics since the TGE.
HyperEVM Mainnet Launch
HyperEVM launches on mainnet, bringing full EVM compatibility to Hyperliquid. Enables DeFi protocols, lending, DEXes, and smart contracts to deploy natively on the Hyperliquid L1. HYPE becomes the native gas token.
View tweet50x Whale Liquidation Event
A trader opens a massive 50x leveraged ETH long worth $335M, then strategically withdraws margin to force liquidation onto HLP — causing the vault to lose $4M. Hyperliquid reduces max leverage (BTC to 40x, ETH to 25x) and adds 20% minimum margin requirements.
View tweetJELLY Incident
A market manipulation attempt on the JELLY memecoin perpetual market exposes vulnerabilities in the liquidation engine. The validator set votes to delist the market and the HLP vault takes a temporary loss before recovering. Hyperliquid strengthens risk management and OI caps.
View tweetFelix Protocol Launches on HyperEVM
Felix launches as the first major CDP (Collateralized Debt Position) protocol on HyperEVM, enabling users to borrow feUSD against HYPE collateral. Felix mainnet opens with a 5M feUSD mint cap after a successful phased rollout.
View tweetPermissionless Validator Set
The Hyper Foundation expands the validator set to 21 permissionless nodes. Anyone can register a validator by self-staking 10,000 HYPE (locked for one year), and the top 21 by stake form the active set. A major step toward full decentralization.
View tweetHIP-3: Permissionless Perpetuals Announced
HIP-3 is announced, enabling anyone to deploy perpetual futures markets on Hyperliquid with a 500K staked HYPE requirement. Deployers set custom oracles, fees (up to 50% share), and leverage limits. MVP goes live on testnet.
View tweetBinance Lists HYPE Futures
Binance, the world's largest crypto exchange, lists HYPE perpetual futures, significantly increasing trading access and liquidity for the token.
View tweetCoinbase Lists HYPE Futures
Coinbase lists HYPE perpetual futures, continuing the trend of major CEX adoption. HYPE is now tradable on most major exchanges.
View tweetPhantom Wallet Integration
Phantom wallet adds native Hyperliquid support with 'Phantom Perps' — allowing users to go long or short on 100+ markets with up to 40x leverage directly from the popular multi-chain wallet.
View tweetKinetiq kHYPE Launches
Kinetiq launches kHYPE, the first liquid staking token on HyperEVM. Built fully on-chain with no manual operations, kHYPE allows users to earn staking yield while using their HYPE across DeFi. Kinetiq rapidly grows to over $2B in stake, capturing 80%+ of Hyperliquid's staking market.
View tweetCircle Launches Native USDC on HyperEVM
Circle launches native USDC and CCTP V2 on HyperEVM, becoming a direct HYPE stakeholder. Circle CEO Jeremy Allaire announces comprehensive engagement including validator consideration and builder incentive programs.
View tweetHYPE Reaches $59.37 — All-Time High
HYPE reaches its all-time high of $59.37, representing a nearly 20x from the $3 TGE price. Driven by Circle USDC integration, ecosystem growth, HyperEVM adoption, and increasing CEX liquidity.
View tweetPoints Peak at ~$322 — ATH
At the HYPE ATH of $59.37, each airdropped point reaches a peak value of ~$322 — a 20x from the $16 TGE value. The $800 prophecy remains unfulfilled, needing HYPE at ~$150.
View tweetHypurr NFTs Drop on HyperEVM
The Hyper Foundation deploys 4,600 unique Hypurr NFTs on HyperEVM, distributed to Genesis Event participants who opted in. Each NFT captures the different moods, hobbies, and quirks of the Hyperliquid community. The collection hits a ~$69K floor price and $45M in first-day trading volume, instantly becoming a top-5 NFT collection by market cap.
View tweetUSDH Stablecoin Launches
USDH launches as the first permissionless quote asset on Hyperliquid, deployed by Native Markets. HYPE/USDH trading goes live, providing the ecosystem with its own decentralized stablecoin.
View tweet$1 Trillion Monthly DEX Volume
Perpetual DEX volume exceeds $1 trillion in a single month for the first time in history, reaching $1.14 trillion in September 2025. Hyperliquid is the leading contributor, establishing on-chain derivatives as a major force.
View tweetMetaMask Launches In-Wallet Perps via Hyperliquid
MetaMask officially launches in-wallet perpetuals trading powered by Hyperliquid via builder codes. The world's most popular self-custody wallet now enables perps trading directly from the wallet — joining Phantom and Rabby in the growing ecosystem of wallet integrations built on Hyperliquid's infrastructure.
View tweetHIP-3 Deployers Go Live
HIP-3 permissionless perpetuals launch on mainnet with major deployers. Hyperliquid CEO Jeff congratulates TradeXYZ, Ventuals, and Felix on their HIP-3 launches — calling it 'a massive step in Hyperliquid's journey to house all of finance.' Builders create perp markets with custom fee structures, oracles, and leverage.
View tweetJeff Yan Goes Viral on CT
A thread by @deedydas about Hyperliquid's founder Jeff Yan goes viral: 'The most efficient business in the world makes ~$1.1B/yr net income with just 11 employees.' Yan's background — ex-Hudson River Trading quant, IPhO gold medalist from Harvard — becomes widely known on Crypto Twitter, cementing Hyperliquid's legend as the leanest protocol in crypto.
View tweetAF HYPE Burn Confirmed by Validator Vote
The Hyper Foundation proposes a governance vote to formally recognize Assistance Fund HYPE as burned. Validators vote with 85% of stake in favor, permanently removing AF HYPE from circulating and total supply. The tokens sit in a system address with no private key — mathematically irretrievable without a hard fork.
View tweetHyperliquid 2025 Year in Review
Hyperliquid publishes its official 2025 year in review, celebrating hundreds of building teams, trillions in volume, and a thriving HyperEVM ecosystem — all achieved without external funding while returning all protocol fees to the community.
View tweetMost Liquid Venue for Crypto
Hyperliquid CEO Jeff Yan posts side-by-side comparisons showing Hyperliquid has become the most liquid venue for crypto price discovery in the world — BTC perp spreads of $1 vs $5.50 on Binance, with 140 BTC ask depth vs 80 BTC on Binance. The post sparks major debate across CT.
View tweetKraken Lists HYPE Spot
Kraken lists HYPE for spot trading amid a wave of bullish catalysts — Circle CEO shilling HYPE at Davos, Citrini research coverage, and HYPE ETF speculation.
View tweetHIP-4: Prediction Markets
HIP-4 introduces outcome trading on HyperCore — fully collateralized contracts that settle within a fixed range. A general-purpose primitive enabling prediction markets and bounded options-like instruments, with no leverage or liquidations. Canonical markets denominated in USDH.
View tweetCoinbase Lists HYPE Spot
Coinbase lists HYPE for spot trading, marking a major milestone for mainstream accessibility. The listing follows months of futures-only availability on the platform.
View tweetEx-Circle BD Lead Joins Hyperliquid Labs
Hyperliquid Labs makes its first-ever business development hire — a former Circle BD lead — to drive global developer integrations and expand builder code partnerships. Until now, major wallets like Phantom, MetaMask, and Ripple had all integrated organically with zero outbound BD.
View tweetPoints Currently Worth ~$158
With HYPE trading around $29, each airdropped point is currently valued at ~$158. The $800/pt prophecy needs HYPE at ~$150 — a 5x from here.
View tweetHyperEVM 1-Year Anniversary
The Hyperliquid community celebrates one year of HyperEVM. In its first year: 45+ projects deployed, 40M+ transactions, $39B+ total DEX volume, and 99.99% uptime — establishing HyperEVM as a top EVM ecosystem.
View tweetHyperliquid Policy Center Launches
Hyperliquid establishes the Hyperliquid Policy Center in Washington D.C., a research and advocacy nonprofit led by Jake Chervinsky (ex-Blockchain Association, ex-Variant). The Hyper Foundation seeds it with 1M HYPE (~$28M) to build a legal framework for DeFi and perpetual derivatives in the US.
View tweetTimeline is maintained by the HypeStats community. Events are approximate and may not be exhaustive.