Hyperliquid adds trigger and max/min price conditions to onchain TWAP orders
Hyperliquid's onchain TWAP orders now support trigger prices, so an order activates only when mark price reaches your set level. They also support max/min price termination, ending a TWAP when mark price crosses a user-set ceiling (for buys/longs) or floor (for sells/shorts).
- All features run fully onchain
- Gives traders tighter control over when a scheduled order opens and when it stops
POPCAT manipulation leaves HLP vault with ~$4.9M bad debt
An attacker built a large leveraged POPCAT long behind a fake buy wall and then pulled it, triggering cascading liquidations that forced Hyperliquid's community liquidity vault (HLP) to absorb roughly $4.9 million in bad debt — the third market-manipulation event against the platform in 2025.
HIP-3 permissionless builder-deployed perpetuals activate on mainnet
HIP-3 went live, letting anyone stake HYPE to deploy new perpetual markets onchain, including non-crypto assets such as equities — a milestone toward fully decentralizing the perp-listing process.
Hyperliquid's validator set becomes permissionless
The validator set opened up so any sufficiently staked party could operate a validator, with the active set determined by the top validators by delegated HYPE stake.
Trader manipulates JELLYJELLY, threatening HLP vault solvency
An attacker used onchain spot purchases and leveraged positions to pump the low-liquidity JELLYJELLY token, forcing a large liquidated short onto the community-owned HLP vault; validators delisted the market and force-settled positions, limiting losses to roughly the cost of the manipulation.
HyperEVM goes live on mainnet
Hyperliquid launched its Ethereum-compatible smart-contract environment (HyperEVM) on mainnet, bringing 'general-purpose programmability' and direct interactions with live exchange state without bridges.
HYPE native token launches via Genesis Event airdrop
Hyperliquid distributed roughly 31% of its fixed 1-billion-token HYPE supply to about 94,000 early users (points-based), with no prior VC allocation or private sale.
Hyperliquid's perpetuals DEX launches on its own Layer-1
Hyperliquid's flagship perps trading platform went live at the end of February 2023, bootstrapped without outside investors; it later reached full mainnet status by August 2023.