@HyperliquidR

2026 Trade[XYZ] Q1 Report Last week, HRC published the Hyperliquid 2026 Q1 Report. This week, we're following up with @tradexyz because the mission to reduce information asymmetry doesn't stop at Hyperliquid itself. HIP-3 formalized the open-infrastructure thesis at the market layer: external teams deploying perpetual markets on Hyperliquid's orderbook while earning 50% of the fees their markets generate. Trade[XYZ] was the first to deploy under this framework and remains by far the largest, accounting for approximately 85–90% of all HIP-3 volume. Billions in daily volume, genuine weekend price discovery, and two major macro stress events later, this is no longer just a successful product launch. "It points to a structural shift in how global markets could operate" At that scale, independent and rigorous reporting becomes a necessity. Some excerpts below, full PDF at the link. We hope you find it valuable. Hyperliquid. XYZ.

Shaunda Devens x HRC We’re excited to share that HRC and @shaundadevens will be collaborating on independent research to help reduce the information gap around Hyperliquid. Shaunda has been one of the leading analysts covering Hyperliquid, and with the recent surge in equity perps on Trade[XYZ], his voice has only grown stronger, backed by several high-quality research pieces on efficiency and price discovery. In line with @blockworksres's mandate to democratize access to transparent data and institutional-level coverage, several of Shaunda’s Hyperliquid reports have already been made publicly accessible. We’re glad to share that these pieces will now also be aggregated on the HRC website, helping bring high-quality Hyperliquid research together in one place. But that’s not all. On Tuesday, we’ll be releasing a joint report. Thank you for all the work you’ve been doing for the Hyperliquid ecosystem. We’re looking forward to further collaboration. Links to his three latest Hyperliquid articles below. Hyperliquid.

2026 Hyperliquid Q1 Report Today, we're excited to release Hyperliquid's 2026 Q1 Report. While Q1 stands as one of crypto’s most challenging quarters since 2018, Hyperliquid emerged stronger. As markets fell sharply, the protocol continued to gain traction, with HYPE returning +44.2% and entering the top 10. More importantly, the quarter brought Hyperliquid closer to the “House of All Finance” vision, from institutional recognition through S&P Dow Jones to emerging as a price discovery venue for oil and other assets. Enjoy the read. Some excerpts below, with the link to the full PDF. Hyperliquid.

Who is Actually Trading on @tradexyz? Written by @ArrakisFinance "Recent discourse around @tradexyz has centred on whether participation is real or whether the venue is dominated by sybils farming the expected TGE. The analysis points to a layered answer..." "We found no evidence of a separate high-volume wash-trading operation built to fabricate dollar throughput. Most of what looks like farming in the data runs through retail market-making bots: wallets posting both sides of the book and adding top-of-book depth rather than consuming it." Link of the article below.

Hope you enjoyed the event in Dubai and receiving the 2025 Hyperliquid Annual Report. Hyperliquid.