Public Hyperliquid treasury firm Hyperion enters into new 500k HYPE bond agreement with Skew

Hyperion DeFi (HYPD), a Nasdaq-traded company that holds a large treasury of (HYPE) tokens, has partnered with Skew Technologies to support new, custom markets on Hyperliquid with an approximately $33.59 million asset deployment.

As part of the arrangement, announced Wednesday, Hyperion will deploy 500,000 staked HYPE to Skew through a so-called HYPE Asset Use Service (HAUS) agreement, which will seed "a new suite of 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 move comes amid continuing growth for Hyperliquid, the Layer 1 blockchain designed for perpetual futures. Perps, or futures contracts with no expiration date, have become an increasingly popular way to trade crypto as well as commodities and stocks.

Last October, Hyperliquid launched HIP-3, which allows anyone to launch custom perps futures markets on its platform by staking a 500,000 HYPE bond.

The arrangement between Skew and Hyperion will enable Skew to post that bond, while Hyperion monetizes a portion of its significant HYPE holdings.

"Skew is positioned to bring a new class of markets to Hyperliquid. We see a meaningful opportunity to expand what can be traded on-chain, both through markets launched ourselves and products developed with partners," Skew founder David Gil said. "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.

Hyperion launched last summer as the first Hyperliquid-focused digital asset treasury, with the idea of earning revenue by staking and deploying tokens. It holds 2 million tokens, according to The Block’s data.

The company 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.

Rather than using a native 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 has gained significant mindshare in and outside the crypto industry, with HYPE being one of the few positively-returning tokens in recent months. 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.

While Hyperliquid is currently geo-blocked in the U.S., CME and the Intercontinental Exchange have reportedly pressed the CFTC and lawmakers to rein in the blockchain.