Popular perpetual futures DEX HyperLuquid experienced a brief outage on July 29. According to its status page, the issue was caused by a spike in traffic that led to problems with the API.
From 14:20 to 14:47 UTC, there was a delay in transmitting orders to nodes due to API servers being overloaded as a result of a sudden surge in traffic. This was not due to a hacker attack or exploitation. The issue has been fixed, and we are continuing to work on improvements, Hyperliquid said in a statement.
The developers promised to add additional protective mechanisms to prevent similar failures in the future.
Shortly before the disruption, some funding rates on Hyperliquid went negative, with traders complaining that their orders were not being filled.
A DEX representative immediately confirmed on Discord that the platform's team was investigating the causes of the incident. Approximately half an hour after the first reports, Hyperliquid resolved the problem.
At the time of the outage, asset prices on the platform differed from the wider market by approximately $9.
The outage also affected BasedApp, a Hyperliquid-powered trading app supported by Delphi, Hashed, and Spartan. A representative for the project confirmed to The Block that users were unable to place orders.
At the time of writing, the service is operating normally.
Market Reaction
According to CoinGecko, the price of HYPE fell by almost 2% over the past 24 hours. At the time of writing, the token is trading at $43.32. The minimum level over the past 24 hours is $42.59.
Hyperliquid is one of the leading decentralized leveraged futures trading platforms. It runs on its own HyperEVM blockchain, which provides high speed and low fees.
