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Massive thank you to our Headline Partner, @HyperionDeFi, for fueling the energy at HYPE Miami!
As the first U.S.-listed company building a strategic $HYPE treasury, Hyperion is a true pioneer in the ecosystem. It was incredible seeing the community connect with their team at the Builder Station to discuss the future of Hyperliquid.
The roadmap is bright. ⚡️
Introducing Aviya - Institutional Credit on Hyperliquid.
Aviya is a private, compliance gated credit venue built on Hyperliquid, designed to extend structured credit access to institutional participants.
The platform facilitates bilateral, fixed-rate financing, initially against HYPE collateral, with a roadmap to expand into additional asset classes over time.
As capital allocators increasingly engage with on-chain markets, access to predictable, structured credit becomes a requirement. Aviya is designed to meet this demand by offering a more controlled alternative to fully permissionless lending systems, while still leveraging the efficiency and settlement advantages of Hyperliquid’s infrastructure.
We view Aviya as a core component in the development of HyperLend as the credit layer of the Hyperliquid ecosystem, enabling capital formation, leverage, and structured financing across both native and future tokenized assets such as equities, commodities, fixed-income instruments and even the likes tokenised pre-IPO companies.
Over time, Aviya will serve as a gateway for institutional credit into emerging on-chain markets, including real-world and tokenized financial assets.
We are also pleased to deepen our collaboration with @HyperionDeFi, working together on institutional business development and capital formation.
Aviya represents a continued step toward integrating credit natively into the broader Hyperliquid financial system.
gLend.
Wall Street’s on-chain future may be arriving faster than expected.
@HyperionDeFi CEO Hyunsu Jung (@hyunsujung_) says Hyperliquid combines 'some of the strongest aspects' of Bitcoin, Ethereum, and Solana as the firm positions itself as an institutional gateway into DeFi.
Here’s why Hyperion believes @HyperliquidX could become the first true institutional-grade on-chain trading venue. 👇 🌐
In Q1’26 @HyperionDeFi generated record net income, and we are raising guidance for full-year 2026 by ~20%.
Our identity is unique: we are the first DeFi public company building on Hyperliquid. The results speak for themselves:
- Our Q1 Adjusted Gross Profit* has grown by 119% since Q3, and 17% sequentially versus Q4.
- Our “triple-dip” HYPE strategy continues to drive superior execution versus our peers.
- If you compare our DeFi operating businesses versus base staking yield, our multiple grew from 1.3x in Q3, to 2.7x in Q4, to 3.1x in Q1.
- Our core costs have declined sequentially each quarter, and we expect our costs to continue to decline as our legacy biotech segment rolls off.
- Beyond our ~2.0M HYPE, we continue to receive "ecosystem rewards" -- tokens or equity in early-stage Hyperliquid builders, which rounds out our growing treasury built to support and monetize growth of the Hyperliquid community.
I’m very proud of what we have built in the last three quarters, and we are just getting started.
Our earnings release, earnings supplement, and earnings call information for today May 14 at 8 AM ET can be found here: ir.hyperiondefi.com/news-eve…
*Please see our earnings release or earnings supplement for important GAAP to Non-GAAP reconciliations and other important disclosures.
Our number 1 priority at @HyperionDeFi is to create and return long-term value to our investors.
We accomplish that by accretively accumulating HYPE and deploying it across our 5 active business lines to generate real revenue onchain. This is real DeFi and we are unmatched in what we do within Hyperliquid and beyond.
As a result, HYPD goes far beyond just providing exposure to HYPE. Our equity represents comprehensive, streamlined access to what we believe are the most valuable protocols and applications building on Hyperliquid. This includes Kinetiq (KNTQ), Hyperlend (HPL), Felix, Silhouette and Rysk - amazing teams that are just starting to show their long-term potential and value accrual not just to Hyperliquid but to crypto broadly.
The path there is not without its ups and downs. Anyone that's been in this space for along time knows: patience required, conviction mandatory. We feel confident in our trajectory but it is critical that we are able to accumulate more HYPE to accelerate all the above. Hence the reason for our recent public offering of common stock.
We are immensely grateful for the continued support of our investors and our priorities remain unchanged. Job's not finished.
Hyperliquid.
Hyperion DeFi CEO @hyunsujung_ quoted on @dlnews regarding Hyperliquid's recent HIP-4 upgrade and what it means for the future of the ecosystem.
"This proves that having a shared liquidity layer is effective in converting users,” he said. "Binary markets is an obvious next step in building the full financial stack on Hyperliquid, which is meaningfully dominating crypto perpetuals and in the first half of 2026 has demonstrated the possibilities of 24/7 real-world asset trading."
dlnews.com/articles/markets/…
Introducing a true pioneer in the Hyperliquid ecosystem as our Headline Partner @HyperionDeFi 🏛️
Hyperion DeFi, Inc. is the first U.S. publicly listed company building a long-term strategic treasury of Hyperliquid’s native token, HYPE. The Company is focused on providing its shareholders with simplified access to the Hyperliquid ecosystem, one of the fastest-growing, highest revenue-generating blockchains in the world. Shareholders benefit from a gradually compounding exposure to HYPE, both from its native staking yield and additional revenues generated from its unique on-chain utility.
Connect with the team at their station on May 6.
Hyperliquid @HyperliquidX is one of the fastest-growing, highest revenue-generating blockchains in the world. HYPE, its native token, reached the top 20 cryptocurrencies by market cap.
Hyunsu Jung @hyunsujung_, CEO of @hyperiondefi, takes the Proof of Talk stage this June. Hyperion DeFi (Nasdaq: HYPD) is the first publicly listed company building a strategic treasury.
Hyunsu joined Hyperion as Chief Investment Officer in June 2025, focused on developing on-chain business lines and expanding institutional relationships. By January 2026 the board appointed him CEO.
Before Hyperion, he was a Portfolio Manager at @DARMACapTrading, a $1B asset manager registered with the CFTC and NFA, where he designed and deployed digital asset strategies optimizing on-chain utility across Ethereum and Filecoin.
Before DARMA, he was a Consultant at EY-Parthenon, leading finance and digital transformation for major enterprise M&A deals.
Hyperion has acquired over 1.7 million HYPE tokens, staking them for yield while building compounding exposure to the Hyperliquid ecosystem for its shareholders.
At the Louvre he will speak about the evolution of the digital asset treasury company. MicroStrategy wrote the playbook with Bitcoin. Hyunsu is writing the next chapter with Hyperliquid.
June 2-3. Louvre Palace.
Passes are moving.
tickets.proofoftalk.io/passe…
Hyperion DeFi's world tour continues - come meet our executives @hyunsujung_ and @dknox_hypd at the following conferences and events:
- May 4, 2026: Digital Asset Yield Summit in Miami
- May 4-7, 2026: Consensus Miami
- May 27, 2026: Chardan’s Crypto Salon: Believe the HYPE! in New York
- June 2-3, 2026: Proof of Talk in Paris
- June 8-10, 2026: ETHConf in New York
- June 22, 2026: Hyperliquid Day in Amsterdam
- July 16, 2026: Hyperliquid Summit in New York
If you have questions about any of the events, please send us a DM.
ir.hyperiondefi.com/news-eve…
Join Hyperion DeFi, IMC Trading and Neoclassic at @consensus2026 to discuss all things Hyperliquid x Prediction Markets.
Register here: luma.com/mqephy0d
What if a crypto balance sheet was not just sitting there?
What if it could become a growth engine?
@hyunsujung_ explains why @HyperionDeFi is building beyond the treasury model and how DeFi monetization, staking, and validator economics could create a new kind of public market company.
Here’s my conversation with Hyunsu Jung.
Timestamps:
0:00 - Why Hyperion DeFi is not just another crypto treasury
1:22 - Why Hyperliquid created a new kind of public company
3:03 - Hyunsu Jung’s background before Hyperion
5:31 - What most people still miss about DeFi monetization
7:30 - Why Hyperliquid is becoming a serious trading venue
9:21 - Breaking down the triple dip strategy
12:08 - The five revenue streams behind Hyperion
15:11 - How off chain capital connects to on chain DeFi
16:23 - The profit model and why execution matters
19:25 - What makes Hyperion different from MicroStrategy
21:04 - Why Hyperliquid’s numbers are hard to ignore
24:25 - Why traditional traders are paying attention now
28:06 - How investors can access Hyperion DeFi through public markets
30:07 - The Inovia pivot and the investors behind Hyperion
32:53 - What could break the model and how risk is managed
35:20 - Why Hyperion is all in on Hyperliquid
37:39 - HIP4, new market structures, and what comes next
39:47 - Inside the team building Hyperion
41:04 - Will more DATs launch on Hyperliquid
43:57 - Lightning round on HYPE, DeFi, and real alpha
47:13 - Hyunsu Jung on meaning, leadership, and building at the right time
Watch the full video on YouTube: youtu.be/3B7M42ZkqCE#HyunsuJung#ConstantinKogan#HyperionDeFi#Hyperliquid#DeFi#Crypto#PublicMarkets#DigitalAssetTreasury#HYPE#Blockchain#HolisticInvestments
Excellent writeup on everything @ryskfinance has accomplished and what comes next.
We expect options to continue to be one of the best sources of actively-generated on-chain yield. More importantly, Rysk's architecture provides increasingly competitive premium by aggregating pricing from various liquidity providers, while also eliminating counterparty risk by holding options collateral in smart contracts until expiry.
Note that the Institutional Volatility Income Vault has generated 30% APR to date.
Rysk it all.
Thank you to @HyperliquidR for hosting! We look forward to meeting the Hyperliquid community in Seoul and sharing the latest on our work in the ecosystem.
RSVP here: luma.com/qx8m0p13
Hyperliquid
HRC is Hosting Its First Meetup in Seoul
The Hyperliquid Research Collective (HRC), co-founded by @FourPillarsFP and @GLC_Research, was built to meet the growing demand for rigorous, deep-dive coverage of the Hyperliquid ecosystem.
HRC has published 60 reports including an Annual Report, and ecosystem analysis, helping investors globally understand Hyperliquid's financial performance, on-chain growth, and ecosystem with clarity and transparency.
Now we're going offline.
We are excited to announce the first 30 speakers of Digital Asset Yield Summit (DAYS) Miami.
This is the most institutional and influential line-up ever recorded at DAYS (formerly Staking Summit).
Matthew Sheffield (@sheffieldreport) — Chief Investment Officer at @Sharplink
Maredith Hannon (@MaredithH1) — Head of Business Development, Digital Assets at @WisdomTreePrime
Sidney Powell (@syrupsid) — Co-Founder & CEO at @maplefinance
Juan David Mendieta Villegas (@JuanDMendieta) — Co-Founder & CSO at @keyrock
Duncan Moir (@Duncanmoir) — President at @21shares
Vadim Khramov (@vadimthedream0) — Founder & Chief Investment Officer at @EdgeCapitalMgmt
Purvi Maniar — Chief Legal Officer at @LaserDigital_
David Knox — Chief Financial Officer at @HyperionDeFi
Anna Dinescu — Managing Partner at @HilbertCapital
Peter Suarez Ferrara — Director, Technology Investment Banking, Financial Software at @UBS Investment Bank
Bentzi Rabi (@bentzzi) — Co-Founder & CEO at @utila_io
Zach Pandl (@LowBeta) — Head of Research at @Grayscale
Bhavin Vaid (@RealBhavinVaid) — CEO at @BirchHill_io
Jon Campagna (@thecampsishere) — Co-Founder & COO at @NexystDigital
Alison Mangiero (@AMangiero) — Head of Staking Policy & Industry Affairs at @crypto_council
Michael Ashby (@lonvangen) — CEO at ALGOQUANT
Lorien Gabel (@lorientree) — Co-Founder & CEO at @Figment_io
Jose Martinez Sanguinetti (@MartinezSang) — Founder & CEO at Sothys Capital
Thierry Adant (@tadantm) — Chief Investment Officer at Battery Finance
Myles Harrison (@MylesHarrison89) — Chief Product Officer at @AMINABankGlobal
David Kinitsky (@Kinitsky) — Chief Corporate Development Officer at @everstake_pool
Digital Asset Yield Summit is a curated forum for capital allocators to discover the latest advancements in digital asset yield. The event is invite-only and capped at 300 attendees to ensure we can speak and qualify everyone personally.
Join us in Miami, 4 May ↓
Hyperion DeFi Reports 4Q Results with 64% Revenue and 87% Adjusted Gross Profit Growth Quarter-over-Quarter
- Five diversified, ramping DeFi business lines delivered growth exceeding Q4 guidance
- $HYPD’s Unique “Triple-Dip” HYPE Deployment Generated ~3x Base Staking Income in Q4. "Triple-Dip" = Deploying a HYPE token into three income strategies at once
- Core operating expenses declined (30%) quarter-over-quarter
ir.hyperiondefi.com/news-eve…
Join us at the Digital Asset Yield Summit as we welcome David Knox, Chief Financial Officer at @HyperionDeFi!
With a powerhouse resume spanning leadership roles at @PayPal, @SoFi, and @cantorfitzgerld, David provides a unique perspective on how institutional-grade financial discipline is scaling the next generation of onchain treasuries.
DAYS is a curated gathering for capital allocators exploring onchain yield. Every attendee is reviewed. Every sponsor receives the full attendee data in advance.
Catch David on stage, May 4, links in the first comment ↓
Hyperion DeFi has entered into a new HYPE Asset Use Service (HAUS) agreement with @silhouette_ex, a newly launched shielded trading platform built for Hyperliquid.
Silhouette is built on the premise that traders should have access to trading infrastructure that does not compromise privacy for cost efficiency. By pooling staked HYPE at scale, Silhouette delivers Hyperliquid's lowest available fee tier for every user on its platform, regardless of individual account size and trading volume.
ir.hyperiondefi.com/news-eve…$HYPD. More than just HYPE.
Fantastic report from @HyperliquidR on the countless developments within the Hyperliquid ecosystem. Hyperion DeFi is proud to support their research, as well as the efforts of fellow builders and contributors.
Job's not finished.
Hyperliquid
Hyperliquid Annual Report 2025
Today, we're excited to release Hyperliquid's 2025 Annual Report.
What Hyperliquid, the core team, and hundreds of contributors have built this year is largely unprecedented in financial history. This report is our attempt to capture that extraordinary year with the rigor it deserves.
A few months ago, we created HRC because we felt a clear need to reduce information asymmetry and lower entry barriers for new participants through independent research. We hope this report helps do exactly that.
For us, it is a privilege to be part of this ecosystem and to have produced this work. Months of research, data work, debate, and collaboration across Four Pillars, GLC, and all our contributors went into every page. It means a lot to share it today, so please, let us know what you think and how we can improve the reporting going forward.
Enjoy the read. Some excerpts below, with the link to the full PDF.
Hyperliquid.