DoubleZero has launched five Hyperliquid data feeds on Edge, giving subscribers a live view of the exchange’s order book and trade[XYZ] markets over dedicated fiber. Summary Four feeds cover Hyperliquid’s native perpetuals and trade[XYZ] markets, including contracts linked to commodities. A fifth feed carries order intents drawn from Hyperliquid’s mempool transactions. DoubleZero says subscribers receive sequenced data without having to rebuild the order book from public API updates. Hyperliquid joins Solana and Kalshi as the third venue available through Edge. According to a Sep. 24 announcement from the DoubleZero Foundation shared with crypto.news, the new service delivers Hyperliquid market data in a machine-readable format for trading firms, market makers and quantitative desks. The launch was built with Hyperliquid validator operators and ecosystem partners Hyperion DeFi, MAVAN and Kinetiq. Subscribers can receive four market data feeds covering Hyperliquid’s native perpetual futures and trade[XYZ] markets under HIP-3, the system that lets outside teams create perpetual futures markets on Hyperliquid. A separate feed carries order intents from mempool transactions. Together, the products give firms information they can use in their own pricing, hedging and trading systems, according to DoubleZero. The foundation said the feeds are available now through a paid subscription. Its website lists prices, and each subscription includes two IP addresses per region. Hyperliquid feeds replace work firms did through public APIs For firms tracking many contracts at once, DoubleZero said, maintaining a current order book has meant collecting public API responses, managing WebSocket connections, and rebuilding the book on their own systems. Changes to Hyperliquid’s public APIs have reduced the update frequency and depth available through those endpoints, according to the announcement. Edge instead sends subscribers a sequenced feed across DoubleZero’s fiber network. The company says its infrastructure draws on validator operators and partners in Tokyo to provide a view of Hyperliquid’s order book. It describes the service as its fastest commercially available Hyperliquid feed, though the announcement does not include comparative latency measurements. The distinction matters for automated systems that act on changes in bids, offers and completed trades. DoubleZero says a delayed or missed update can affect whether a trading strategy fills an order. Its product supplies the data path; firms still use their own systems to decide whether and how to trade. In a September interview about Kalshi, DoubleZero co-founder Austin Federa described Edge as a read-only data service without order-entry or execution functions. That account explains the role the company has assigned to its distribution platform, although the Hyperliquid announcement does not set out separate execution terms for the new feed. Trade[XYZ] brings commodity markets into the feed The Hyperliquid package includes trade[XYZ]’s HIP-3 contracts tied to assets such as oil, gold and silver. Unlike a conventional futures contract with an expiration date, a perpetual contract can remain open while funding payments help keep its price close to the reference asset. The size of those markets gives the data launch a use beyond crypto pairs. A September report covered by crypto.news put trade[XYZ] Q2 volume at $202.36 billion, up 79.2% from the previous quarter, based on research by GLC Research, Four Pillars, Arrakis and GRZ Research. The report also estimated that trade[XYZ] accounted for 95.1% of HIP-3 trading volume during the quarter. Those figures came from external research, rather than audited company results. DoubleZero said Hyperliquid as a whole processed more than $662 billion in trading volume in Q2. Its launch statement presents the growth of crypto and asset-linked perpetuals as a reason firms need a consistent stream of market data, particularly when the contracts continue trading outside the hours of established exchanges. “When traditional markets are closed, oil and other assets still trade, they just trade somewhere else,” Federa said in the announcement. He compared Edge’s publish-once distribution model with the market data systems used by NYSE, Nasdaq and CME. DoubleZero adds Hyperliquid after Kalshi and Solana Hyperliquid is the third venue on Edge. In August, Kalshi opened its order book to Edge subscribers, starting with Level 1 and Level 2 data for sports contracts and crypto perpetual futures. Level 1 covers the best bid and ask and completed trades; Level 2 shows orders at multiple prices. DoubleZero had earlier introduced Edge with Solana validator data. The Kalshi rollout also showed how DoubleZero distributes venue data: a publisher sends information once, and the network delivers it to connected subscribers. Hyperliquid adds another source to that service, with feeds spanning its native contracts and markets operated by an outside HIP-3 deployer. Hyunsu Jung, CEO of Hyperion DeFi, said his firm is participating in the launch alongside Kinetiq and MAVAN. DoubleZero named the three as ecosystem partners but did not assign each one a separate technical role in the announcement. U.S. energy proposal remains before the CFTC The Hyperliquid feeds include markets relevant to a U.S. regulatory debate, though a market data subscription does not, by itself, authorize trading a contract in the United States. In August, Hyperliquid Policy Center and trade[XYZ] asked the CFTC to permit regulated perpetuals tied to West Texas Intermediate crude, Brent crude and Henry Hub natural gas. Their filing argued that continuous contracts could let U.S. firms manage energy exposure during weekends. The Commodity Futures Trading Commission was reviewing questions about continuous energy trading and perpetual contract design, including reference prices, surveillance, margin and customer safeguards. The agency had not approved the proposed energy products when the groups submitted their filing in August. DoubleZero’s announcement also referred to an August signal from the U.S. president about a possible compliant path for Hyperliquid. It did not identify an approval, a launch date for U.S. trading, or a change to the platform’s existing access rules. For the present launch, DoubleZero says the five Hyperliquid feeds are available by subscription through its website, with two subscriber IP addresses included per region.
