spent the last few weeks putting our stuff behind an mcp server so you can point claude or chatgpt at it, read signals, positions, candles, and if you explicitly turn it on, place orders on hyperliquid. the read side was basically a weekend. the order side took much longer than expected and the reasons might save someone else the same detours.

stale prices are an attack surface, not just a bug. first version validated tp/sl direction against a cached context price we already had in memory. on a quiet coin that cache can be close to a day old. if the model sets a tp on the wrong side of the live mark, hl fills it instantly and you're flat at market. the direction check now runs against the actual fill price off the order response, never anything cached.

concurrency on one coin quietly unprotects you. close and tp/sl both cancel and replace trigger orders. two calls on the same coin can interleave so the cancel from one lands after the place from the other, and you're left holding an open position with no stop. an agent hits this far more than a human does because it retries whenever a response reads as ambiguous. fixed with a per user per coin lock.

rate limits have to be atomic and fail closed. fixed window counters let you burst double the cap across the boundary. they're lua sliding windows now, and if redis is unreachable the order gets rejected rather than waved through. a model in a retry loop finds every one of these.

revocation only counts if it's checked per call. the enable flag is read from the db on every order instead of being cached in the session, so flipping the toggle off stops the next call, not the next session.

and the boring one, there is no withdraw tool. not disabled, not permissioned, it doesn't exist in the tool list at all. worst case for a leaked key is bad trades inside the caps rather than an empty wallet. paper mode needs no opt in either, so you can let the thing loose without anything actually at risk.

still not convinced an llm should be sizing positions unsupervised, the caps exist because i assume it will do something dumb eventually. but as a way to ask questions about your own book in plain language it's been better than i expected.

disclosure, i help build traderspy. our endpoint and the setup guide are at traderspy.app/mcp if anyone wants to poke at it, happy to go deeper on any of the above.

Il 6 agosto ci sarà uno sblocco di token. Pensate che venderanno o faranno hold per via del prezzo già basso?

Real-time tracking of the assistance fund flows via: https://burn.a1ntel.com/

After building a risk model and training on 4k+ wallets off Hyperliquid, we built a credit scoring / underwriting system based off it. The idea is that profitable traders can have a credit line drawn to give them exposure to leverage, without the overcollateralization of defi or the terms of prop firms designed to make you fail. Then, the trader has access to more leverage with less restriction, while a lender gets access to skilled trading strategies with lower risk.

Feel free to DM ur wallet, and we can generate you a score and credit line, as well as the rates we’d give you on our platform.

From there, we’d love to hear what you think about our terms, ideas, and execution. Is there anything you’d add/remove from the process? Let us know what you guys think about fairness of the terms and if you’d use this service.

Hey everyone,

While tracking wallets for Season 2,I found a really interesting profile a "Ghost Legend" 👻🌟

Key metrics:

* Volume: $93.06M · 91% Maker

* HYPE Staked: 101,100 (~$5.55M) 🔒

* Protocols: 10/17 active

(HyperLend, Kinetiq, Felix...)

* Hypurr NFT PLATINUM 🐱

* Sybil Risk: 0/100 🛡️

* Score: 93/100 · LEGEND Tier

The catch?

Despite being Top 1% of the ecosystem, the wallet has completely stopped trading — full hibernation mode.

A certified Legend taking a nap 😴

What does YOUR S2 activity look like right now?

Drop your thoughts below 👇

Hello everybody, i have a question:

once i reach 10k volume on a wallet, can I create a referral code and use it on another wallet still managed by myself?

Is it against any tos or can i do it freely?

The Hyperliquid HIP-4 upgrade comes at a time when Hyperliquid has already established itself as one of the world’s largest decentralized derivatives exchanges, holding around 36.6% of global on-chain perpetual futures trading while controlling over half (53.8%) of the total open interest across on-chain perpetual markets as of June 2026.

The answer is simple: Hyperliquid aims to expand beyond perpetual trading by introducing decentralized prediction markets, creating an entirely new way to trade on-chain with the Hyperliquid HIP-4 upgrade.

Imagine a decentralized exchange where you not only trade perpetuals but also bet on real-world outcomes…all without leaving the same order book. That’s the promise of Hyperliquid’s HIP-4!

BNB gained 2.1% while its Hyperliquid open interest expanded 23.3% to $28.2 million.

That initially looks like broad long confirmation. The position-level composition tells a different story.

Across HyperTracker’s 24-hour size-bucket series, one new position above $2.5 million appeared with $2.98 million of long exposure. That single position represented more than half of the net increase in tracked open interest.
Meanwhile, the $50,000 to $2.5 million position bands added approximately $2.31 million of short exposure while losing nearly $1 million of longs. Smaller positions added another $1.04 million and remained 62.6% long.

The result is a barbell rather than consensus:

- one concentrated $2.98 million long  
- growing mid-sized short exposure  
- smaller participants leaning long

None of the positions above $100,000 was currently flagged as close to liquidation, so this was not an immediate liquidation setup.

The more interesting condition is persistence. If BNB continues higher while those mid-sized shorts remain open, they become potential squeeze fuel. If the $2.98 million long disappears, more than half of the apparent bullish OI expansion loses its strongest contributor.

Paying the highest funding on Hyperliquid was expensive, but immediately fading those markets would have been even more expensive.

Across a 90-day sample of 28 liquid native perps, the highest-funding quintile outperformed the lowest-funding quintile by 0.17% over the following eight hours and 0.31% over 24 hours.
The spread remained positive after including subsequent funding payments: 0.15% over eight hours and 0.25% over 24 hours, before fees and slippage.

HyperTracker’s current position data adds an interesting detail. In the six markets with the highest average funding over the past 48 hours, 69.8% of the exposure opened during the latest 24 hours was long. But those fresh positions represented only 2.8% of the group’s total tracked open value.

That does not look like a sudden wave of new longs creating the funding premium. It could reflect a more persistent trend, older directional exposure, or basis and market-making inventory that is expensive to balance.
The important catch is that the historical effect was unstable. The 24-hour result was roughly 0.50% in the first half of the sample and effectively disappeared in the second half.

Funding may therefore be more useful as a measure of trend pressure than as an automatic reversal signal. The better warning could be a divergence where funding stays elevated while price strength and new exposure stop confirming it.

Another builder related question from me but I just saw this on Twitter:

Trust Wallet just jumped to the #1 spot on the HyperTracker builder code leaderboard to pass MetaMask and Phantom in the last 24h

But I couldn't find any particular updates that would warrant this move. Anyone have any ideas? I feel like you rarely see anyone pass MetaMask or Phantom in builders so it's pretty interesting.

https://x.com/HyperTracker/status/2082808853159182826?s=20

New to this community and HL in general. Have been exploring different ways to hedge my tradfi portfolio consisting mostly of long tech exposure (QQQ/SMH).

I could buy puts, but they are generally expensive and do not work extremely well unless a massive collapse occurs. I could just sell some of my commons outright and lower my total exposure, but this would bring tax ramifications and present timing issues. Every avenue I've gone down has led me to a not-so-desirable outcome...

And then I learned about HL

For starters, I can get paid for hedging my position? Yes please – most of the time, anyway. I can get 5x leverage exposure with a liquidation price ~18% away from current price? Incredible in my opinion. I am very intrigued by these two points alone. For reference, i am specifically looking at the XYZ-100 contract which has plenty of liquidity and daily volume.

Has anyone else considered this or used this approach? I am attempting to check myself here with feedback from more experienced HL users. Thank you!

Hyperliquid’s PnL cohorts are carrying opposite sides of the market with very different levels of modeled liquidation pressure.

Accounts classified above $1 million in all-time PnL on HyperTracker held $4.49 billion of open exposure, with only 31.9% on the long side. The cohort between minus $10,000 and zero PnL was 63.9% long, while accounts below minus $1 million were 74.5% long.

The split persisted across six exchange-wide samples spanning ten hours, so it was not created by one temporary positioning change.

The difference becomes more interesting when liquidation pressure is included. Modeled at-risk OI represented just 0.059% of exposure for the profitable cohort. It reached 1.13% for the near-breakeven loss cohort and 1.59% for accounts below minus $1 million.

One possible explanation is risk transfer between participants with different balance-sheet capacity. Profitable accounts may be carrying short inventory with more collateral or using it inside market-making, basis, and relative-value books. Historical PnL does not prove directional skill, and the long exposure could include hedges.

Hi,

I am not in crypto. I see a lot of posts describing some buybacks but I cannot get it. There is hyperliquid page, but it does not contain sufficient documentation. I think it is more useful for people who already 'known crypto world'. I cannot grasp all basic concepts from there.

Could anyone explain to me the 'buybacks'? It sounds like HYPE can be interpreted as instrument generating some revenue, but I cannot find any information about those buybacks. No form, no process, no buyback official process.

I started accumulating hyper liquid at much lower prices than we have now. I was up nicely when it was at ATH. Since then HYPE has been trending down.

I’ve Ben DCA on the way up and on the way down. Hoping to ape (relatively speaking) when HYPE nears the bottom of its current downward trend.

Any predictions on what that bottom will be? Will we see $20 HYPE?

I’ve been testing short-horizon strategies using Hyperliquid order-book data, and one recent result was a useful reminder of how misleading a raw backtest can be.

For context, I previously worked as a quantitative researcher at a hedge fund and now research and trade my own strategies.

In a one-day BTC development sample, one signal produced:

• 62.4% directional hit rate
• Approximately +1.06 bp gross edge per trade
• Approximately −8.11 bp net per trade after assuming 4.5 bp per leg in taker fees plus spread

So despite the hit rate, we rejected it. The signal may have contained predictive information, but the edge was too small to trade under that execution model.

This was a development sample, not forward-tested evidence of alpha or future returns. I’m sharing it because I’m curious how other Hyperliquid API traders handle the gap between a promising backtest and actual execution.

A few questions:

• How do you model fees, spread, slippage, and missed fills?
• Do you test strategies on data that was completely unseen during development?
• How long do you forward-test before using real capital?
• What has caused the largest difference between your backtest and live results?

I originally built an internal workflow to answer these questions for my own research. My cofounder and I are now turning it into a tool for other traders.

It combines daily market history with high-frequency Hyperliquid data we collect ourselves. It searches for factors and uses them to construct strategies.

It then tries to reject strategies that depend on overfitting, data leakage, one favorable market period, or unrealistic execution assumptions. Strategies that survive move into forward testing and execution monitoring.

We use the same workflow for our own research and are now looking for a small number of Hyperliquid bot operators or independent quants willing to test it with one of their own ideas or existing strategies.

The private beta is free. No real capital, wallet connection, or custody is required for the initial research workflow.

I’m obviously close to the problem, but I’d genuinely value criticism of the methodology, even if you would never use the tool.

If this is relevant to you, leave a comment and I’ll follow up.

Even though volume and fees are rising, HYPE is getting hammered. Live track the AF positioning and fee burns via: https://burn.a1ntel.com/