2023
Built by traders, for traders
Hyperliquid launches as a perpetuals DEX with no VCs and no gatekeepers, just an order book fast enough to rival centralized exchanges.
Hyperliquid Research Collective
AllAbout
Institutional-grade research that gives investors worldwide a clear, transparent view of Hyperliquid's financial performance.
Supported by partners across the ecosystem
The Ascent
How Hyperliquid becameimpossible to ignore
2024
A chain, and a community that owns it
HyperEVM and the HYPE token arrive through one of the largest community-first distributions in crypto. The people who used it became the people who own it.
2025
Dominance, and a value engine
Hyperliquid becomes the leading perp DEX while its buyback mechanism compounds protocol revenue back into HYPE, the clearest example of value accrual the industry has produced.
2026
Wall Street takes notice
HYPE-focused digital asset treasury companies begin trading on Nasdaq and institutional capital starts paying attention, bringing TradFi-grade scrutiny to an onchain protocol.
Why HRC
Hyperliquid has rapidly evolved from a Perp DEX
into the most successful protocol in crypto.
Digital asset treasuries (DATs) now trade on Nasdaq.
A distinctive buyback mechanism is reshaping tokenomics.
Institutional attention is growing worldwide.
Yet the ecosystem still lacks
the TradFi-style coverage serious investors expect.
The Hyperliquid Research Collective was built to meet that demand.
We give investors worldwide a clear, transparent view
of Hyperliquid's financial performance.
Featured research
The work speaks first
HPC Files Statement in Connection with CFTC Agricultural Advisory Committee Meeting
HPC advocates for regulations that allow Americans to access onchain markets, including those for perpetual futures. Our goal is to ensure that end users in the U.S. derivatives markets can benefit from innovative technologies and novel products such as these.
Aug 7, 2026Read Research →
Regulation
HPC and Phantom Ask the CFTC to Make Room for Onchain Market Infrastructure
Today, HPC and Phantom filed a joint comment in response to the CFTC’s request for information to carry that distinction into onchain markets. We support the Commission’s decision to examine whether its rules remain fit-for-purpose as financial technology evolves, and write to recommend that it tailor its rules so that developers can build, registrants can modernize, and regulation falls on the firms actually performing regulated financial activities.
Jul 9, 2026
Hyperliquid
The Almanack of Hyperliquid
This essay is not about price predictions, how big Hyperliquid will be in the future, or why you should or shouldn't buy. This essay is about exactly how Hyperliquid is different, not only from perp DEXes and CEXes, but also from almost every other protocol in this space, and why you should at least get familiar with it.
Jun 15, 2026
Financials
Outstanding Token Supply: How We Count HYPE Tokens
In this report, we present Outstanding Token Supply (OTS), a framework designed to capture the tokens that represent actual claims on Hyperliquid's value today. By separating future allocations from committed ownership and permanently retired supply, OTS provides a clearer lens through which to evaluate Hyperliquid's market capitalization and valuation.
Jun 15, 2026
What we cover
Research,the way institutions read it
Institutional-grade reports on a single ecosystem, from headline financials down to the onchain mechanics that drive them.
Events
All About Hyperliquid
Our first Seoul meetup, bringing together local Hyperliquid enthusiasts, builders and investors.
When
2026.04.15 · 19:00 - 21:00
Where
Seoul, South Korea
Speaker
Ponyo / GLC / Heechang / Hyunsu Jung / Tena Jo / Jeongho
Past Event
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FAQ
Questions, answered
HRC is the research hub for Hyperliquid, built to meet the demand for TradFi-style coverage of the ecosystem. We help investors worldwide understand Hyperliquid's financial performance with clarity and transparency.