Hyperliquid responded to accusations regarding its solvency, transparency, and internal controls, grounding its defense in verifiable on-chain data. The perpetuals trading platform stated that the claims circulating on social media stem from incomplete or outright incorrect interpretations.
The most serious criticism alleged a $362 million shortfall in collateral. Hyperliquid explained that this calculation excluded native USDC balances on HyperEVM. When those funds are added to the USDC bridged from Arbitrum, total balances reach $4.351 billion, matching user balances on HyperCore. According to the team, all of this information is public and can be audited directly on the blockchain.
Another accusation suggested the platform could retroactively manipulate trading volume. The company clarified that this claim relies on testnet-only functions, which cannot be executed on mainnet and are used solely to test fee structures and internal metrics. In production, every trade and every volume figure is recorded on-chain.
Hyperliquid also rejected claims of hidden privileges, fee exemptions, or internal interference in the $HYPE airdrop. The token’s genesis distribution, fee structure, and trading activity are all public. In addition, the platform introduced new internal rules banning employees and contractors from trading $HYPE and formally confirmed the permanent burn of the Assistance Fund tokens, equivalent to 11% of the circulating supply.
Source: https://x.com/HyperliquidX/status/2003045600657334570
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