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What is expected in the development of HYPE?

Hyperliquid’s roadmap centers on growing its ecosystem, upgrading technology, and bringing in institutional investors.

  1. SPAC Merger Completion (December 2025) – Finalizing a $1 billion merger to strengthen its financial position and market visibility.
  2. HyperEVM Ecosystem Expansion (Q4 2025) – Enhancing DeFi and NFT tools through upgrades to its Ethereum-compatible platform.
  3. Staking ETF Launch (2026) – Introducing a VanEck-backed exchange-traded fund to attract traditional financial investors.

Deep Dive

1. SPAC Merger Completion (December 2025)

Overview
Hyperliquid Strategies plans to complete a $1 billion merger by the end of 2025. This involves combining with Nasdaq-listed Sonnet BioTherapeutics and Rorschach I LLC (Cryptopotato). The new public company would hold 12.6 million Hyperliquid (HYPE) tokens valued at $473 million, plus $305 million in cash for strategic buybacks.

What this means
Positive: This move would boost Hyperliquid’s credibility with institutional investors and increase liquidity by listing on Nasdaq.
Risks: Delays in closing the deal or unfavorable market conditions could impact the merger’s success.

2. HyperEVM Ecosystem Expansion (Q4 2025)

Overview
HyperEVM is Hyperliquid’s Ethereum-compatible blockchain layer. The upcoming upgrades will allow developers to build decentralized apps (dApps) without restrictions and integrate NFTs like Hypurr (CCN). These improvements aim to enhance cross-chain compatibility, focusing on decentralized finance (DeFi) and advanced trading tools for institutions.

What this means
Positive: These upgrades could attract more developers and users to the platform.
Challenges: Competition from other platforms like Aster DEX and the technical complexity of upgrades might slow growth.

3. Staking ETF Launch (2026)

Overview
VanEck plans to launch an exchange-traded fund (ETF) based on staking Hyperliquid tokens, which currently earn about 2.2% annual yield on 430 million staked tokens (Bitrue). This product aims to bring traditional financial investors into the Hyperliquid ecosystem.

What this means
Positive: If approved, the ETF could increase demand for HYPE tokens, similar to how Bitcoin ETFs boosted Bitcoin’s market.
Risks: Regulatory approval is uncertain, and initial investor interest may be limited.

Conclusion

Hyperliquid’s roadmap combines technical upgrades (HyperEVM), financial growth strategies (SPAC merger), and efforts to attract institutional investors (staking ETF). While the outlook is optimistic, success depends on smooth execution and market conditions. It will be interesting to see how Hyperliquid’s permissionless derivatives platform competes with centralized alternatives in 2026.

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What updates are there in the HYPE code base?

Hyperliquid’s latest software updates focus on making decentralized trading easier, improving system scalability, and giving traders more options.

  1. Permissionless Perpetuals (Oct 13, 2025) – With HIP-3, anyone who stakes enough HYPE tokens can create new trading markets.
  2. Based Cloud Deployment (Sep 4, 2025) – Hyperliquid launched its first decentralized cloud service to support app developers.
  3. Multi-Quote Spot Trading (Aug 18, 2025) – Traders can now swap assets using multiple stablecoins as payment options.

Deep Dive

1. Permissionless Perpetuals (October 13, 2025)

What it is: HIP-3 lets anyone who stakes 500,000 HYPE tokens open new perpetual futures markets on HyperCore. This means market creation is no longer controlled by a central authority.

The update works with HyperEVM, Hyperliquid’s smart contract system, and adds limits on open interest to reduce risk. Validators who act maliciously can lose their staked tokens, encouraging honest behavior.

Why it matters: This change is positive for HYPE because it removes barriers to launching new markets, which could increase trading activity and fees for the platform. (Source)

2. Based Cloud Deployment (September 4, 2025)

What it is: Hyperliquid introduced its first decentralized cloud infrastructure, called Based Cloud, providing computing power for developers building decentralized finance (DeFi) apps.

This is part of the “House of Finance” project, aimed at supporting scalable applications like liquid staking and yield farming without relying on traditional cloud providers.

Why it matters: While this doesn’t immediately impact HYPE’s price, it’s a positive long-term development. Better infrastructure can attract more developers to build on HyperEVM, strengthening the ecosystem. (Source)

3. Multi-Quote Spot Trading (August 18, 2025)

What it is: Hyperliquid enabled multi-quote spot trading on its mainnet, allowing users to swap assets using different stablecoins such as USDC and USDH as payment options.

This feature was launched after a Dutch auction process for creating new trading pairs without permission. It coincided with a large $40 million deposit from a major trader, boosting liquidity.

Why it matters: This update is good news for HYPE because offering multiple quote currencies reduces trading costs (slippage) and can attract arbitrage traders, increasing overall platform activity. (Source)

Conclusion

Hyperliquid’s recent updates highlight its commitment to decentralization (HIP-3), scalability (Based Cloud), and trading flexibility (multi-quote spot trading). These improvements strengthen its role as a leader in decentralized finance derivatives. The big question: will HIP-3’s permissionless market creation spark a wave of new niche perpetual markets?


What could affect the price of HYPE?

Hyperliquid’s price is caught between exciting new features and the overall slow market mood in crypto.

  1. HIP-3 Upgrade (Positive) – New permissionless perpetual contracts could increase trading volume
  2. Whale Activity (Mixed) – Big investors are buying aggressively, but there’s also risk of forced sell-offs
  3. Regulatory Talks (Neutral to Positive) – Engagement with regulators like the CFTC might boost credibility

In-Depth Look

1. Protocol Upgrades & Ecosystem Growth (Positive Impact)

What’s Happening:
Hyperliquid rolled out its HIP-3 upgrade on November 19, 2025, cutting trading fees by 90% for new perpetual markets. This move is designed to attract more developers and traders. Earlier, in October, Hyperliquid launched permissionless perpetual contracts, which pushed the price of HYPE up to $59.29 before it pulled back. They also partnered with GoodcryptoX to offer no-code trading bots (Cointelegraph), making it easier for users to trade automatically without programming skills.

Why It Matters:
Lower fees and easy-to-use trading bots could help Hyperliquid grow its share in decentralized perpetual contracts, which currently make up about 70% of the market. This growth would increase demand for HYPE tokens, supporting their value through increased use and buybacks. However, competition from other decentralized exchanges that mimic centralized ones (like Aster) and limited liquidity in smaller cryptocurrencies could slow progress.

2. Whale Activity & Liquidation Risks (Mixed Impact)

What’s Happening:
A large investor (a “whale”) has bought over 555,000 HYPE tokens worth $25.6 million as of August 2025, with buy orders near $45 (CoinMarketCap). On the flip side, some traders using high leverage have faced big losses. For example, Andrew Tate experienced 84 forced liquidations totaling $727,000 during Bitcoin’s price drop in November (CCN).

Why It Matters:
Big buyers can help stabilize the price, but Hyperliquid’s large open interest—about $1.69 billion (CryptoSlate)—means there’s a risk of a chain reaction of forced sell-offs if Bitcoin’s price falls below $80,000. This could put downward pressure on HYPE.

3. Regulatory Developments & ETF Possibilities (Neutral to Positive)

What’s Happening:
Hyperliquid Labs submitted feedback to the U.S. Commodity Futures Trading Commission (CFTC) in May 2025, supporting decentralized finance infrastructure. Around the same time, 21Shares filed for a HYPE ETF (Yahoo Finance). While no approvals have been granted yet, clearer regulations could encourage institutional investors to get involved.

Why It Matters:
Approval of an ETF would position HYPE as a leading DeFi asset, potentially attracting more investment. However, delays in regulatory approval have contributed to a recent 30% price drop over 60 days. Current market sentiment is very cautious, with an “extreme fear” rating of 11 out of 100 on CoinMarketCap’s index.

Summary

Hyperliquid’s price will depend on whether the volume growth from the HIP-3 upgrade can overcome the broader crypto market’s challenges. Key levels to watch are support at $33 (current price: $33.38)—a drop below this could push the price toward $30, while moving back above $35 might indicate renewed buying interest.

An important question remains: Can Hyperliquid’s fee-burning system offset the $1.2 billion selling pressure expected from upcoming team token unlocks?


What are people saying about HYPE?

Hyperliquid’s HYPE token is gaining strong interest, with a mix of optimism and caution among traders. Key points include:

  1. Open interest reaches $10.6 billion as HYPE approaches its all-time high near $47
  2. Integration with Paxos stablecoin aims to tap into over 400 million PayPal and Venmo users
  3. A whale investor buys $19.4 million worth of HYPE, despite concerns about a potential $107 million sell-off
  4. More than 180 teams are building on Hyperliquid, with perpetual contract trading volumes rivaling major centralized exchanges

In-Depth Analysis

1. @0xMojojo: Buy Pressure Driven by Fees 🐂

"Fees looking good…1.8M TWAPs HYPE buy pressure 👀 You’re not bullish enough"
– 30K followers · 448K impressions · September 12, 2025
View original post
What this means: This is a positive sign for HYPE because 97% of the platform’s fees are used to buy back tokens, which creates steady demand and supports the price.

2. @rayray1: Stablecoin Partnership Could Boost Adoption 🌉

"Paxos proposal to manage USDH + 95% buybacks…400M+ PayPal/Venmo users can buy HYPE"
– 31.6K followers · 977K impressions · September 12, 2025
View original post
What this means: This partnership could help HYPE reach a large new audience, which is a bullish factor. However, the monthly buyback rate of 0.7% is lower than some competitors like PUMP, which may limit upside.

3. @DU09BTC: Growing Ecosystem and Developer Activity 🚀

"180 teams building on HL…Ethena USDe, Circle USDC, Rabby wallet integrations"
– 70.9K followers · 7.3M impressions · September 8, 2025
View original post
What this means: The large number of projects building on Hyperliquid and integrations with major stablecoins and wallets suggest strong long-term potential beyond just trading speculation.

4. @YahooFinance: Whale Sell-Off Risk 🐋

"Experts warn of $107M HYPE sell-off…whale with 2M tokens begins unstaking"
– September 16, 2025 article
View article
What this means: There is a short-term risk that a large holder (whale) could sell a significant amount of HYPE, which might push prices down. However, some tokens are locked in staking, which could reduce immediate selling pressure.

Conclusion

Overall, the outlook for HYPE is positive over the long term but cautious in the short term. Its strong position in decentralized finance (DeFi) perpetual contracts, aggressive fee-driven buybacks, and potential access to PayPal and Venmo users support optimism. Still, whale activity and a high Relative Strength Index (RSI) near 79 indicate the market may face some volatility soon. Keep an eye on the $52–$53 support level—if it breaks, prices could drop toward $44.

Will HYPE’s DeFi advantages outweigh concerns about large holders selling? 🔍


What is the latest news about HYPE?

Hyperliquid is navigating a mix of positive developments and market challenges. Here’s a quick summary of the latest news:

  1. GoodcryptoX Launches No-Code Bots (November 21, 2025) – Adds powerful automated trading tools to Hyperliquid’s platform.
  2. Andrew Tate’s $727K Loss (November 21, 2025) – A high-profile trader’s big losses highlight the risks of leveraged trading on Hyperliquid.
  3. HYPE Price Drops (November 21, 2025) – The token tests important support levels amid a broader crypto market downturn.

In-Depth Look

1. GoodcryptoX Launches No-Code Bots (November 21, 2025)

What happened:
GoodcryptoX has introduced no-code trading bots and advanced order types—like trailing stops, dollar-cost averaging (DCA), and grid strategies—right into Hyperliquid’s decentralized exchange (DEX). This means traders can now automate their strategies on the blockchain without needing to write any code. It combines the ease of centralized exchanges with the security of decentralized trading.

Why it matters:
This update is a big win for Hyperliquid (HYPE). It can attract both casual and professional traders looking for smarter, faster ways to trade in volatile markets. More users and higher trading volumes mean more fees, and since 97% of fees go toward buying back HYPE tokens, this could support the token’s value. It also helps Hyperliquid compete with other platforms like dYdX. (Cointelegraph)

2. Andrew Tate’s $727K Loss (November 21, 2025)

What happened:
Influencer Andrew Tate suffered $727,000 in losses through 84 liquidations on Hyperliquid. One notable loss was a $520,000 Bitcoin long position wiped out in minutes when Bitcoin’s price dropped to $80,000. His high-risk, highly leveraged trades drew attention and criticism but also showed that Hyperliquid can handle big trades even during volatile market swings.

Why it matters:
This event is a reminder of the risks involved in leveraged trading, especially for casual traders. While it may discourage some retail users, it also highlights Hyperliquid’s ability to provide liquidity and support large trades in turbulent times. (CCN)

3. HYPE Price Drops (November 21, 2025)

What happened:
The price of HYPE fell 8% over the week, dropping below a key support level at $35 to $33.38. Analysts point out that $35 is now resistance, while $30 is a critical support level. This decline mirrors Bitcoin’s 14% weekly drop and a $350 billion loss in total crypto market value.

Why it matters:
The price drop reflects broader market uncertainty and weakness in alternative cryptocurrencies (altcoins). Holding above $30 could help stabilize HYPE, but reclaiming $35 is important for any upward momentum. Traders are watching how Hyperliquid’s fee revenue holds up during this period of lower trading activity. (Cryptopotato)

Conclusion

Hyperliquid is balancing exciting new features like GoodcryptoX’s no-code bots with the challenges of a volatile market and big trader losses. While the platform continues to grow, the near-term outlook for HYPE depends on Bitcoin’s price stability and how well traders adopt these new tools. The key question remains: can Hyperliquid’s model of sharing fee revenue with token holders help it weather the current market downturn?


Why did the price of HYPE fall?

Hyperliquid (HYPE) dropped 12.41% in the last 24 hours, underperforming the overall crypto market, which fell by 3.39%. Here’s why:

  1. Bitcoin’s sharp fall to $80,000 pulled down altcoins like HYPE, which broke an important support level at $35.50.
  2. Over $2 billion in crypto liquidations caused a wave of forced selling, including major Hyperliquid positions.
  3. Technical indicators showed weakness, pushing more selling as key moving averages and price levels were breached.

Deep Dive

1. Bitcoin’s Crash & Altcoin Sell-Off (Negative Impact)

What happened: Bitcoin’s price dropped to $80,000, down 14% for the week and its lowest since April 2025. This caused widespread panic in the crypto market. Altcoins like Hyperliquid (HYPE) were hit even harder as traders rushed to reduce risk.

What this means:

What to watch: Whether Bitcoin can hold its $73,700 support level, which is important because it matches the cost basis of BlackRock’s ETF.

2. Hyperliquid-Specific Liquidations (Negative Impact)

What happened: More than $2 billion worth of crypto positions were liquidated in 24 hours. Notably, some Hyperliquid users, including Andrew Tate, faced multiple liquidations.

What this means:

What to watch: Trends in open interest (the total number of outstanding contracts). A rebound could mean leveraged traders are coming back in.

3. Technical Breakdown (Negative Impact)

What happened: HYPE’s price fell below the $35.50 support level, entering a bearish pattern. The Relative Strength Index (RSI) is near oversold territory at 36.

What this means:

What to watch: If HYPE closes above $35.50 on a daily basis, it could signal that the bearish trend is weakening.

Conclusion

HYPE’s recent decline is the result of a combination of Bitcoin’s market panic, heavy liquidations specific to Hyperliquid, and technical weaknesses. Although the extreme fear in the market might suggest a bottom is near, any recovery depends on Bitcoin stabilizing and less forced selling from leveraged traders.

What to watch next: Upcoming U.S. economic data like the PMI report and Federal Reserve speeches. Weak economic signals could extend the crypto market’s struggles.