Hyperliquid Introduces New Features for Spot and Perps Integration

• Hyperliquid introduces portfolio margin, unifying spot and perpetual positions into one balance.
• Spot and perp PnL offset each other, improving capital efficiency and lowering liquidation risk.

Hyperliquid introduces a margin portfolio feature in its latest network upgrade, which is currently live on the pre-alpha testnet. This feature unifies spot and perpetual trading within a single margin system, allowing positions to be managed from a single, unified balance. The goal is to improve capital efficiency while reducing the risk of liquidation due to margin segregation between products.

With this approach, profits and losses from spot and perpetual positions can be offset within a single portfolio. The liquidation risk that typically arises from margin segregation is more manageable.

Furthermore, this new structure also allows for a more natural carry trade strategy, where long positions in the spot market can be balanced with short positions in the perpetual market without the need to move funds between accounts or products.

Hyperliquid Keeps Portfolio Margin Limits Tight in Early Testing

During early testing, portfolio margin operates under tight controls. USDC is the sole lending asset for now, with HYPE used as collateral, and borrowing caps remain deliberately conservative to protect system stability. Even at this early stage, the development roadmap is easy to read. Hyperliquid intends to bring in more assets, including its own USDH and Bitcoin, while preparing deeper links to lending protocols on HyperEVM. When that work takes shape, leverage and liquidity across products will function as one unified system rather than separate tracks.

Furthermore, assets not actively used in margin portfolios will no longer be left idle. They can automatically generate yield, creating an additional layer of efficiency without requiring manual user intervention. Support for all HIP-3-based DEXs is also in place, strengthening margin calculation consistency across the ecosystem.

Looking back, in early October, we highlighted how Hyperliquid maintained its dominant open interest share with around 62%, despite a shrinking share of Perp DEX volume. During the same period, developments in HyperEVM, the USDH stablecoin, and the HIP-3 standard continued to expand their long-term foundation.

Still in October, we also reported on the launch of Based Streams on Hyperliquid, an on-chain live trading feature that enables direct interaction between traders and their audience, complete with a tipping and rewards system based on Based Gold. This integration of social and DeFi demonstrates a development direction that is not solely technical, but also oriented toward community engagement.

Meanwhile, on December 3, we reported that Sonnet BioTherapeutics shareholders approved a merger to form a digital asset treasury focused on HYPE. Analysts estimate the new entity could potentially acquire at least $265 million worth of HYPE.

As of press time, HYPE is changing hands at about $29.51, up 5.25% over the last 24 hours with $43.44 million in daily spot trading volume.