Hyperion DeFi backs Skew with 500K HYPE on Hyperliquid

On Wednesday, Hyperion DeFi (NASDAQ: HYPD) announced that it will lend 500,000 staked HYPE tokens worth about $33.6 million to Skew Technologies with the purpose of putting up the collateral that Hyperliquid needs to open new institutional futures markets. The deal underlines the potential of public crypto treasury companies to start making money from rented tokens instead of letting them sit idle.

This seems to be the case. Hyperliquid’s HIP-3 framework, which came into play in October 2025, allows teams to set up their custom perpetual futures markets as long as they deposit a bond worth 500,000 HYPE tokens. Hyperion is in possession of around 2 million HYPE tokens. However, instead of using the tokens to set up a market by itself, it plans on lending the necessary bond in order for Skew to manage the business. Hyperion describes itself as a “bonded-capital layer” for HIP-3 listings.

Hyperion monetizes HYPE holdings

The arrangement is carried out through Hyperion’s HYPE Asset Use Service (HAUS). In return for putting forth the collateral, Hyperion acquires an ownership stake in Skew and a revenue share from the listing service. The company stated that the revenue-sharing model consists of both fixed and scaling components that are not tied to volume of transactions, thus providing Hyperion with a stable revenue stream regardless of how active the market becomes.

Skew, which was formed by institutional trading veterans, is set to launch perpetual futures for its professional clients before moving on to develop outcome-based HIP-4 markets. Founder David Gil said that Hyperion’s support gives them “the infrastructure and long-term alignment to innovate,” going on to explain that Skew is in a unique position to introduce “a new class of markets” to Hyperliquid. The companies did not say what markets Skew is set to launch, something which has been reported by The Block as well.

We are re-entering Hyperliquid’s HIP-3 markets PLUS establishing a new institutional listing service to grow the products and markets offered on Hyperliquid.

This deal is the essence of @HyperionDeFi’s Triple-Dip strategy, and demonstrates how we are beyond a DAT and are more…

— Dave Knox (@dknox_hypd) July 15, 2026

Hyunsu Jung, CEO of Hyperion, stated that this collaboration reflects the increasing interest of teams that want to set up their marketplaces based on Hyperliquid. Dave Knox, finance head of Hyperion, claimed through a post on X that the setup is part of the so-called “Triple-Dip strategy” of the company and that it indicates Hyperion has evolved “beyond a DAT,” or digital-asset treasury.

How the model mirrors traditional finance

The framework bears a similarity to that of traditional trading systems. Providers of capital typically adhere to listing or collateral norms while individual companies conduct the trades. Hyperion intends to apply this very model on-chain by differentiating funding from services of the market and sharing in the profits.

The strategy also leverages Hyperion’s recent change in focus. In June 2026, the corporation terminated similar HAUS deals with Felix and Native Markets following the obsolescence of their HIP-3 product line, which depended on Hyperliquid’s now-defunct stablecoin, the USDH. Hyperliquid has since replaced the USDH for settling trade deals with Circle’s USDC, increasing its attractiveness. The company has also entered into HAUS contracts with other companies like Silhouette, backed by RockawayX, according to The Block.

The potential market is sizable. During its first-quarter 2026 earnings call, Hyperion said HIP-3 markets accounted for nearly half of Hyperliquid’s daily trading volume. The company also disclosed that more than 45 million HYPE tokens had been bought back and sequestered using network trading fees. Hyperion reported record first-quarter net income of $8.8 million and raised its full-year adjusted gross profit guidance to between $5 million and $7 million.

There are still uncertainties. Hyperion’s financial outlook remains promising, Skew still has not announced which markets it plans to enter, and Hyperliquid is still unavailable in the United States, where CME Group and Intercontinental Exchange are pushing the Commodity Futures Trading Commission to tighten regulation. However, the key question now is whether Skew’s markets will gain traction and whether other crypto treasury companies will follow Hyperion’s example in using token reserves as income-generating infrastructure.