Welcome to the inaugural Wave Report of 2026!
Recent Hyperwave highlights include our new integration for hwHYPE on Hypurrfi, and a record liquidation event for hwHLP holders.
Read on to get the latest from across the Hyperwave ecosystem — including key updates, integrations and product news.
hwHYPE Vault December Performance Report
The hwHYPE Vault continues to outperform peers and deliver consistent returns through disciplined execution and risk-managed exposure.
Learn more about the vaults performance, operations, arbitrage and allocations in the latest report.
HWAVE Burn
Burning season continues in 2026!
In total, more than 7% of the circulating supply has been bought back, with nearly 4% burned and 3% sent to GWAVE — the liquid yield-bearing token that automatically accrues Hyperwave revenue.
hwHLP Liquidation Event
On January 31st, HLP made $15M on a $700M+ liquidation event which pushed APRs on Hyperliquid to ~110%.
Following this event, hwHLP saw a large influx of capital, with TVL jumping from ~$4M to ~$20M. We are distributing hwHLP profits via a snapshot-based airdrop to ensure fair allocation to long-term depositors.
The snapshot was taken of all hwHLP holdings (including lending, LP collateral, and YT positions) on January 31, 2026 at 18:50 UTC, just before the liquidation event occurred.
Long Term Depositors
Total liquidation profit was 6.47%. Minus Hyperwave’s standard 10% performance fee, this results in a net distribution of 5.823% to eligible holders.
YT Buyers (Overpayment Compensation)
New YT buyers between 18:50 UTC, 31/01/2026 (snapshot date) and 12:31PM UTC, 02/02/2026 (contract unpaused) overpaid due to repricing delays. The YT airdrop compensates for this, and was funded via the 10% performance fee.
Short Term Depositors
Short term depositors were charged no fees and incurred no losses (hwHLP appreciated overall).
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Eligible users can now check their allocation here. Claims will open on Merkl within two weeks.
Hyperwave Community Call
Join us fortnightly on Fridays at 1pm UTC in the Discord, where we will be hosting our Community Calls in the Hyperwave Town Hall.
The team will recap announcements, dive into new integrations, provide the latest alpha, and most importantly answer any questions you may have!
hwHYPE on Hypurrfi
hwhYPE is now on Hypurrfi’s Mewler Markets.
There are two plays:
Loop hwHYPE to amplify yield (and risk); borrow → buy HYPE → deposit → repeat
Use hwHYPE as collateral to unlock capital for new opportunities while still earning yield on HYPE
hwHYPE on Curve
hwhYPE has landed on Curve.
Provide liquidity in the WHYPE/hwHYPE Pool to earn swap fees plus market-leading yield on HYPE.
New Hyperwave Pools on Pendle
There are three new Hyperwave Pools on Pendle.
hwhLP Pool (Ethereum) — maturity 25th of June, 2026
hwHYPE Pool (HyperEVM) — maturity 25th of June, 2026
hwHLP Pool (HyperEVM) — maturity 25th of June, 2026
With these pools you have three choices:
Buy YT to lever up on hwHYPE or hwHYPE yield. One YT gets all the yield of one token
Buy PT for fixed yield
LP to earn a bit of both plus swap fees and $PENDLE incentives.
The Future of HYPE | Space
We hosted a roundtable discussion to discuss the evolution of Hyperliquid and the future of HYPE with special guests Tobias Reisner, Luke Cannon, and HYPEconomist.
Why 99% of Builders Fail on Day One and How Ronald’s 10-User Rule Changes Everything | GigaBrain Podcast
Hyperwave’s Joao Simoes sat down with Ronald, co-founder of Hyperbuilder, to explore how community-driven networks are empowering the next generation of builders. creators, and traders across the Hyperliquid ecosystem.
The Pokemon Card Index Strategy | GigaBrain Podcast
Hyperwave’s Joao Simoes sat down with Andy and Kurt from Hypurrfi, to explore how the project is building a comprehensive financial terminal for active traders, and how real-world assets like Pokemon trading cards are tokenizing value on-chain.
The 20-25% APR Secret: How Extended’s Vault Shares Beat Every Other Perp Exchange | Gigabrain Podcast
Hyperwave’s Joao Simoes sat down Ruslan Fakhrutdinoc, former head of crypto operations at Revolt and founder of Extended, to explore how self-custody decentralized exchanges are reshaping perpetual futures trading.
The Hidden Advantage of Self-Funding: How Pacifica Became Cash Flow Positive in 7 Months | Gigabrain Podcast
Hyperwave’s Joao Simoes sat down with Constance (ex-COO of FTX) and Jose (founder of NTFPerp) to explore why decentralized perpetual futures exchanges are reshaping crypto markets.