Hyperliquid Pledges Compensation for Affected Users Following API Outage

The decentralized exchange (DEX) Hyperliquid, designed for trading perpetual futures, will compensate users affected by an API malfunction. The project team announced this via [Telegram](https://t.me/hyperliquid_announcements/406).

«We will provide detailed information about the compensation process in the coming days, once we establish an appropriate mechanism for the affected users. The payments will be processed automatically — there is no need to contact support at this time,» the announcement stated.

On July 30, at 14:10 UTC, Hyperliquid clients began reporting issues with order execution, with many unable to close their positions. This resulted in a price discrepancy of approximately $9 between the platform and the market prices.

After half an hour, the developers resolved the issues, attributing the problem to an unexpected surge in traffic rather than a hacking attempt, which some users had suspected.

«We want to emphasize: this was not a hack. The blockchain, consensus, and [HyperEVM](https://forklog.com/news/komanda-hyperliquid-zapustila-hyperevm) were functioning properly, and blocks were generated without delay. The issue was with the API — transactions were processed, but users encountered errors. This problem is currently being addressed,» stated Hyperliquid representatives.

The team highlighted that the exchange has seen record levels in recent weeks. According to Dune, at the time of publication, the platform held a 77.3% market share in perpetual futures trading.

Based on DeFi Llama data, Hyperliquid’s trading volume reached $300 billion in July, marking a 24% increase from the previous record of $248 billion set in May.

Since December 2022, the DEX has earned over $1 billion in trading fees. Last month, the platform achieved a record revenue of $86.5 million.

Following the API failure, the price of Hyperliquid’s native token dropped by nearly 2%, settling at $42.59. According to [CoinGecko](https://www.coingecko.com/ru/%D0%9A%D1%80%D0%B8%D0%BF%D1%82%D0%BE%D0%B2%D0%B0%D0%BB%D1%8E%D1%82%D1%8B/hyperliquid), in the last 24 hours, the HYPE token has rebounded by 0.3%.

At the time of writing, the token is trading at $43.36, with a market capitalization of $14 billion.

Additionally, it should be noted that on July 30, the Polygon network [experienced](https://forklog.com/news/v-seti-polygon-proizoshel-sboj) transaction processing issues and failed to produce new blocks. The developers provided explanations for the malfunction.