Hyperion DeFi (HYPD), a Nasdaq-traded company holding a large treasury of HYPE tokens, partnered with Skew Technologies to deploy approximately $33.59 million in assets supporting custom markets on Hyperliquid, announced Wednesday. The partnership involves Hyperion deploying 500,000 staked HYPE through a HYPE Asset Use Service (HAUS) agreement to seed institutional perpetual futures products on Hyperliquid's HIP-3 permissionless markets. In return, Hyperion will receive equity in Skew and a share of revenues from the market listing service. The arrangement comes as Hyperliquid, the Layer 1 blockchain designed for perpetual futures, continues experiencing growth in its platform adoption.
Hyperion Deploys 500,000 HYPE Through HAUS Agreement
Hyperion will deploy 500,000 staked HYPE to Skew Technologies through a HYPE Asset Use Service (HAUS) agreement to seed "a new suite of institutional perpetual futures products on Hyperliquid's HIP-3 permissionless markets." The agreement provides Hyperion with equity in Skew and a share of revenues from the market listing service. Skew founder David Gil stated, "Support from Hyperion DeFi provides us with the infrastructure and long-term alignment to innovate, supporting new market categories and expanding the product surface of Hyperliquid." The announcement does not specify what markets Skew is considering.
Hyperliquid launched HIP-3 last October, which allows anyone to launch custom perpetual futures markets on its platform by staking a 500,000 HYPE bond. The arrangement between Skew and Hyperion enables Skew to post that bond while Hyperion monetizes a portion of its HYPE holdings. Perpetual futures contracts, which have no expiration date, have become an increasingly popular way to trade crypto as well as commodities and stocks.
Hyperion Holds 2 Million HYPE Tokens Across Multiple Agreements
Hyperion launched last summer as the first Hyperliquid-focused digital asset treasury, with the idea of earning revenue by staking and deploying tokens. The company holds 2 million HYPE tokens, according to The Block's data. Hyperion has previously entered into other HAUS agreements with platforms like the RockawayX-backed Silhouette.
In June, Hyperion unwound similar staking arrangements with Felix and Native Markets, which were both building HIP-3 markets denominated in Hyperliquid's now-deprecated USDH stablecoin. Hyperliquid opted earlier this year to deploy Circle's USDC as its primary quote asset, with Coinbase serving as its stablecoin treasury provider. USDH was developed by Native Markets.
Hyperliquid Faces Regulatory Scrutiny From CME and CFTC
Hyperliquid is currently geo-blocked in the U.S. In June, CME Group sued its regulator, the Commodity Futures Trading Commission, over its approval of a limited number of perpetual futures contracts in the U.S. CME and the Intercontinental Exchange have reportedly pressed the CFTC and lawmakers to rein in the blockchain. HYPE has been one of the few positively-returning tokens in recent months, contributing to Hyperliquid's significant mindshare in and outside the crypto industry.
FAQ
What did Hyperion DeFi announce with Skew Technologies?
Hyperion DeFi announced a partnership with Skew Technologies involving the deployment of 500,000 staked HYPE tokens (approximately $33.59 million) through a HYPE Asset Use Service (HAUS) agreement to support institutional perpetual futures products on Hyperliquid's HIP-3 permissionless markets. In return, Hyperion will receive equity in Skew and a share of revenues from the market listing service.
How many HYPE tokens does Hyperion DeFi hold?
Hyperion DeFi holds 2 million HYPE tokens, according to The Block's data. The company launched last summer as the first Hyperliquid-focused digital asset treasury with the strategy of earning revenue by staking and deploying tokens across various agreements.
