At the start of 2026 these builder-deployed markets were about 2% of Hyperliquid’s perp volume. They are now roughly half of it. The pass-through shows up in the accounts. Cost of revenue, the portion of fees Hyperliquid hands straight back to builders, market makers and… Read More
Perpetual futures tied to SK Hynix, a South Korean chipmaker whose American depositary receipts debuted on Nasdaq earlier this month, suffered a flash crash on Hyperliquid shortly before the underlying share price came under pressure in its home market. Between 23:00 UTC and 23:01 UTC,… Read More
The race is also spreading beyond crypto. Last month, prediction market operator Kalshi launched its own perpetual futures business after regulatory approval, joining exchanges betting that always-on derivatives will become a larger part of financial markets. For Phantom, the hires are part of a broader… Read More
CME is arguing that perps are harmful to its long-dated futures products. The lawsuit alleges that the CFTC did not consider the ramifications of approving perps, and that these products are actually “swaps” as defined by the Dodd-Frank Act, and not “futures.” Each term carries… Read More
By Omkar Godbole (All times ET unless indicated otherwise) The crypto market is buoyant, with bitcoin BTC$111,832.89 climbing to $111,500 and the CoinDesk 20 (CD20) Index rising 2% to 3,667 points. Most major cryptocurrencies, including BNB, XRP, SOL, and ETH, traded higher after President Trump… Read More
