Hyperliquid has added trailing stop orders to its perpetual futures markets, giving traders a way to move their trigger price automatically as a position moves in their favor.

According to Hyperliquid, the new order type tracks the mark price after activation and triggers a market order when the price pulls back from its best level by a distance or percentage selected by the trader.

For a long position, the trailing stop follows the highest mark price reached after tracking begins. For a short position, it follows the lowest mark price. Traders can set an activation price to determine when tracking starts or leave the field empty to begin tracking immediately from the current mark price.

The feature expands Hyperliquid’s existing set of conditional order tools as activity across its perpetual futures platform continues to grow.

Hyperliquid trailing stops follow the mark price

Unlike a fixed stop price, Hyperliquid’s trailing stop adjusts when the market moves in favor of an open position.

For example, a trailing stop attached to a long position will follow the highest mark price reached after activation. If the mark price continues rising, the trigger moves with it. Once the market retreats by the distance or percentage chosen by the trader, the order is triggered.

Short positions work in the opposite direction. The trigger follows the lowest mark price reached since activation and executes once the price rebounds by the configured amount.

Hyperliquid said traders can choose between a fixed distance and a percentage when setting the retracement threshold. An optional activation price lets the user delay tracking until the market reaches a specified level. Without an activation price, the current mark price becomes the starting point.

Once the retracement condition is met, the trailing stop triggers a market order for the selected quantity. Hyperliquid’s existing take profit and stop loss system similarly uses the mark price to determine when conditional orders are triggered, according to the platform’s documentation.

Existing market TP and SL orders carry a 10% slippage tolerance, while limit versions allow traders to specify a limit price to control potential slippage. Hyperliquid warns in its support documentation that the trigger price and actual execution price can differ because the mark price triggers the order before it is filled against available liquidity.

The platform already supports market, limit, stop market, stop limit, take market, take limit, scale and TWAP orders. Its TWAP system breaks larger orders into smaller transactions sent at 30 second intervals, with each suborder subject to a maximum slippage setting.

Perpetual markets have expanded through HIP 3

The trading update follows several changes to Hyperliquid’s perpetual futures infrastructure over the past few months.

In September, Hyperliquid introduced a preliminary testnet upgrade that allows independent HIP 3 deployers to operate permissioned perpetual markets using onchain allowlists. Deployers can manage access themselves or assign the task to sub deployers, while the permissioning system remains optional for HIP 3 markets.

HIP 3 allows outside teams to deploy and operate perpetual markets using Hyperliquid’s infrastructure. The framework has increasingly been used to extend the types of assets and market structures available through the network.

Crypto.news previously reported that Kraken parent Payward has outlined plans to bring regulated Hyperliquid perpetuals to eligible U.S. clients through Bitnomial, subject to regulatory approval.

Under the proposed structure, CFTC regulated Bitnomial would deploy, administer, clear and settle the HIP 3 contracts. NinjaTrader Clearing would carry customer accounts, with access limited to users approved by the participating entities.

The plan followed earlier discussions involving Hyperliquid Labs and Payward over a structure that could make selected perpetual contracts available to U.S. traders without providing direct access to Hyperliquid’s decentralized trading platform.

Hyperliquid Policy Center and trade[XYZ] have pursued a separate regulatory path for commodity linked contracts. In August, the groups asked the Commodity Futures Trading Commission to permit regulated energy perpetuals tied to WTI crude, Brent crude and Henry Hub natural gas.

Their filing said trade[XYZ] had operated perpetual markets on Hyperliquid since October 2025, with cumulative volume exceeding $500 billion. The proposed framework included stablecoin margin, leverage limits and regulated onchain trading infrastructure.

Hyperliquid trading activity remains elevated

Hyperliquid’s derivatives business has continued to generate substantial trading activity as new products and integrations have reached users.

Coinbase brought more than 290 perpetual markets to its Base App through Hyperliquid in August. Eligible users can trade contracts linked to cryptocurrencies, stocks and commodities while remaining inside their existing wallets, with leverage reaching as high as 50 times on supported markets.

Users in the United States, United Kingdom and Canada were excluded from the product when the integration was announced.

Hyperliquid’s revenue has grown alongside trading activity. CoinGecko data published on Sept. 21 showed the platform generated $429.04 million in revenue between Jan. 1 and Sept. 15, accounting for 12.62% of the $3.40 billion revenue pool in the research firm’s adjusted comparison of crypto projects.

The platform’s fee structure directs part of trading revenue toward its Assistance Fund, which purchases HYPE on the open market. Hyperliquid’s documentation lists maker rebates reaching negative 0.003% for qualifying high volume market makers, while accounts linked to more than 500,000 HYPE in staking can receive a 40% trading fee discount.

HYPE has traded near record levels during the expansion. CoinGecko data on Sept. 21 placed the token near $94 after it reached a record $92.56 on Sept. 18 and subsequently moved higher.

The Sept. 18 move coincided with Hyperliquid introducing manual borrowing that lets users supply HYPE or Bitcoin as collateral and borrow USDC or USDT. HYPE carries a 65% loan to value ratio under the system, compared with 50% for Bitcoin.

X is suing two men for allegedly building a network of fake bitcoin news accounts to farm payouts from X’s own creator fund.

The lawsuit names Vivek Kumar Sen and Zmyang Sherpa as the alleged masterminds behind the scheme, with law firm Lewis Silkin LLP representing the platform. At stake is at least 207,000 pounds ($277,000) in disputed creator-fund payouts. Costs for further damages from investigations and remediation are still unquantified.

The lawsuit named nine accounts as part of the alleged network: @Vivek4real_, @Bitcoin_Teddy, @saylordocs, @TrendingBitcoin, @Kalshibacktest, @PolyBackTest, @BTC_Vibes, @MrSuperBitcoin and @Laserlump. These accounts circulated fake “breaking” news headlines that often matched word for word and appeared on X just seconds apart.

Most of these posts made unsubstantiated, unverified claims involving big players in finance to draw mass attention, such as claiming Goldman Sachs’ CEO was pushing a crypto bill or saying Citibank had bought $12.6 million in bitcoin.

The lawsuit further alleges that defendants operated accounts that repeatedly liked, replied to, and reposted these posts to create a facade of false engagement.

Given this contraction in public climate conversations, we wanted to learn from those who are still doing climate communication. What’s working, and how can we amplify it? Here’s what we found.

The first and most important lesson is that talking about climate change means talking about everyday life. When we asked climate newsletter writers, podcast hosts, people who regularly post on social media, and those building climate content for non-profits, their response was clear. Their first priority is to connect the climate crisis to other concerns people face: our jobs, our health, the places we love. They don’t set up climate change as a rival to those worries. Instead, they understand that climate change is already shaping the things people worry about. When we connect the dots between what we love and how climate change threatens it, it becomes obvious that nearly all of us have our own reasons to care and act. 

Elon Musk-owned social media platform X has sued the alleged operators of a network of Bitcoin-focused accounts, seeking to recover at least $278,000 in creator payouts it says they obtained by manipulating engagement.

X filed a lawsuit in the High Court of England and Wales on Thursday against Vivek Kumar Sen, Zamyang Sherpa and unidentified account operators, alleging they fraudulently obtained at least 207,384 British pounds ($278,000) from its creator revenue-sharing program. The court filing is available on X’s Transparency Center.

The company claims the defendants coordinated multiple accounts to boost engagement by reposting and liking one another’s content and publishing identical or substantially similar posts, creating what the company described as a “false appearance of genuine, human communication and interaction.”

X suspended the accounts on Aug. 18 over what it called creator revenue-sharing fraud and platform manipulation.

X links six accounts to two defendants

The lawsuit identifies six accounts enrolled in X’s revenue-sharing program: @Vivek4real_, @Bitcoin_Teddy, @saylordocs, @TrendingBitcoin, @Kalshibacktest and @PolyBackTest.

The filing links Stripe accounts associated with the first three profiles to Sen and those associated with the other three to Sherpa. The accounts joined the program between August 2023 and February 2026.

The network allegedly extended beyond those six accounts. X named @BTC_Vibes, @MrSuperBitcoin and @Laserlump, claiming they repeatedly liked, replied to and reposted content from the defendants’ accounts to manufacture engagement.

How the alleged scheme generated money

Under X’s former creator revenue-sharing program, eligible creators received a share of the platform’s revenue based on the engagement their posts generated from other users.

The filing cites an Aug. 5 example in which @Vivek4real_ and @TrendingBitcoin allegedly published substantially similar posts within 11 seconds of each other.

X retired the revenue-sharing program on Sept. 7 and began rolling out access to its replacement, Original Content Rewards, the following day.

Related: Cardano’s IOG warns users to avoid YouTube channel amid apparent hijack

In addition to the alleged fraudulent payouts, X says it expects at least 75,000 British pounds ($100,000) in investigation and remediation costs, bringing its claimed and projected losses to at least 282,384 pounds before interest and legal costs.

Cointelegraph sought comment through an email address linked to Sen in the filing but had not received a response by publication. Sherpa could not be reached for comment.

Magazine: Who needs CLARITY anyway? ARB could see 70X increase: Hodler’s Digest

What do we know about the people involved?

Paimon Finance’s pPOLY has become the first token selected for PancakeSwap’s Pre-Access program, opening a $4.8 million subscription campaign at $15.50 per token on Sept. 21 before trading starts Sept. 24.

Binance Wallet said the 72-hour campaign runs from Sept. 21 at 9:00 a.m. UTC until Sept. 24 at 9:00 a.m. UTC on BNB Smart Chain, with pPOLY claims, returns of unallocated funds and trading scheduled to begin when the subscription period ends.

The announcement identifies Paimon Finance as the token issuer and PancakeSwap as the provider of the Pre-Access campaign. Binance Wallet provides eligible users with a route to the event through its self-custodial Keyless Wallet interface but says it does not issue pPOLY or operate the sale.

Evernorth Holdings has agreed to issue $30 million of convertible debt that may fund additional XRP purchases and XRP ecosystem activity, subject to the completion of its proposed business combination with Armada Acquisition Corp. II.

The SEC filing dated Sept. 17 shows that Evernorth signed the note purchase agreement on Sept. 11 with NH Investment & Securities Co., acting as trustee of Kyobo AIM Corporate Finance General Private Investment Trust No. 3, as the purchaser. The notes carry a 4% payment-in-kind interest rate and mature in 2031.

The filing therefore differs slightly from reports describing the transaction as an already completed $30 million raise. Payment for the notes and their issuance are scheduled to occur concurrently with Evernorth’s business combination closing. Evernorth says the transaction is “expected to close during the fourth quarter of 2026,” making the financing conditional at this stage.