Hyperdrive Incident Disclosure – September 27, 2025
On Saturday, September 27, 2025, at approximately 22:00 Singapore time (SGT), the Hyperdrive team was alerted to suspicious on-chain activity affecting the Primary and Treasury USDT₀ markets. Out of an abundance of caution, all markets were immediately paused while we investigated. Following a rapid internal review, we confirmed that the activity was the result of a malicious exploit. Our incident response plan was activated, and a dedicated war room was assembled consisting of the Hyperdrive...

Hyperdrive - THE Stablecoin Money Market
Hyperdrive was created with a vision - The stablecoin market will be crypto’s largest and fastest growing vertical. Though this view may be consensus today, the foundations for Hyperdrive to support this vision begun to be built many years ago. As we prepare to launch, we will outline below why we chose to focus on stablecoin lending, and why on Hyperliquid.The Stablecoin MarketJust 5 years ago in 2020, Ethereum had found its flagship product - DeFi. With just over $600M in TVL at the start o...

Introducing Hyperdrive: The Premier DeFi Hub on HyperEVM
Hyperdrive offers risk mitigated high-yield strategies to those looking to safely park their USDC. Hyperdrive is the premier DeFi hub on Hyperliquid, offering unparalleled yield strategies to all users:Earn - Earn yield on USDC or access Hyperdrive’s curated list of yield strategies. Battle-tested, double-audited lending infrastructure built on Hyperliquid.Borrow - Use Hyperliquid tokens such as $BTC, $HYPE, $PURR as collateral to borrow USDC.Liquid HLP & Leveraged HLP — HLP is Hyperliquid’s ...
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Hyperdrive Incident Disclosure – September 27, 2025
On Saturday, September 27, 2025, at approximately 22:00 Singapore time (SGT), the Hyperdrive team was alerted to suspicious on-chain activity affecting the Primary and Treasury USDT₀ markets. Out of an abundance of caution, all markets were immediately paused while we investigated. Following a rapid internal review, we confirmed that the activity was the result of a malicious exploit. Our incident response plan was activated, and a dedicated war room was assembled consisting of the Hyperdrive...

Hyperdrive - THE Stablecoin Money Market
Hyperdrive was created with a vision - The stablecoin market will be crypto’s largest and fastest growing vertical. Though this view may be consensus today, the foundations for Hyperdrive to support this vision begun to be built many years ago. As we prepare to launch, we will outline below why we chose to focus on stablecoin lending, and why on Hyperliquid.The Stablecoin MarketJust 5 years ago in 2020, Ethereum had found its flagship product - DeFi. With just over $600M in TVL at the start o...

Introducing Hyperdrive: The Premier DeFi Hub on HyperEVM
Hyperdrive offers risk mitigated high-yield strategies to those looking to safely park their USDC. Hyperdrive is the premier DeFi hub on Hyperliquid, offering unparalleled yield strategies to all users:Earn - Earn yield on USDC or access Hyperdrive’s curated list of yield strategies. Battle-tested, double-audited lending infrastructure built on Hyperliquid.Borrow - Use Hyperliquid tokens such as $BTC, $HYPE, $PURR as collateral to borrow USDC.Liquid HLP & Leveraged HLP — HLP is Hyperliquid’s ...
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Perpetual markets are the lifeblood of major exchanges like Binance and Bybit, generating billions in trading fees every year. These markets drive liquidity, user activity, and profitability—making them the core revenue engine of centralized and decentralized exchanges alike.
With the launch of HyperEVM, Hyperdrive is set to channel more users into Hyperliquid’s perpetual markets, reinforcing its position as a high-growth, community-first ecosystem—all while ensuring that $HYPE holders benefit directly from its success.

Binance makes approx. $38 billion in annual revenue from perpetuals Markets. That’s 5x the entire market cap of $HYPE in just one year.

Today, Binance dominates in users, distribution, and TVL, largely due to years of aggressive growth strategies—referral programs, staking incentives, and high-yield opportunities. Hyperliquid is crypto’s fastest-growing exchange, ranking top 10 in protocol revenue. The missing piece? Onboarding more users into its perpetual ecosystem.
And how can we accelerate Hyperliquid’s Growth?
As HyperEVM’s DeFi hub, Hyperdrive will supercharge Hyperliquid’s user growth by offering:
✅ Spot Lending – Accessible, sustainable yield rates for traders
✅ HLP Tokenization – Unlocking leveraged exposure to high-yield strategies
✅ $HYPE Liquid Staking – Staking with liquidity, maximizing capital efficiency
✅ One-Click Yield Strategies – Easy, automated ways to earn
Hyperdrive is built for scale, and as soon as HyperEVM launches, we’re hitting the ground running.
All gas, no brakes. Hyperdrive.
Perpetual markets are the lifeblood of major exchanges like Binance and Bybit, generating billions in trading fees every year. These markets drive liquidity, user activity, and profitability—making them the core revenue engine of centralized and decentralized exchanges alike.
With the launch of HyperEVM, Hyperdrive is set to channel more users into Hyperliquid’s perpetual markets, reinforcing its position as a high-growth, community-first ecosystem—all while ensuring that $HYPE holders benefit directly from its success.

Binance makes approx. $38 billion in annual revenue from perpetuals Markets. That’s 5x the entire market cap of $HYPE in just one year.

Today, Binance dominates in users, distribution, and TVL, largely due to years of aggressive growth strategies—referral programs, staking incentives, and high-yield opportunities. Hyperliquid is crypto’s fastest-growing exchange, ranking top 10 in protocol revenue. The missing piece? Onboarding more users into its perpetual ecosystem.
And how can we accelerate Hyperliquid’s Growth?
As HyperEVM’s DeFi hub, Hyperdrive will supercharge Hyperliquid’s user growth by offering:
✅ Spot Lending – Accessible, sustainable yield rates for traders
✅ HLP Tokenization – Unlocking leveraged exposure to high-yield strategies
✅ $HYPE Liquid Staking – Staking with liquidity, maximizing capital efficiency
✅ One-Click Yield Strategies – Easy, automated ways to earn
Hyperdrive is built for scale, and as soon as HyperEVM launches, we’re hitting the ground running.
All gas, no brakes. Hyperdrive.
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