Hyperion DeFi is unwinding two HYPE token deployment agreements following the planned sunset of USDH, the stablecoin built for the Hyperliquid ecosystem, according to a Friday 8-K filing. The Dallas-based company, publicly listed in the US under ticker HYPD, is winding down agreements with Felix Foundation and Native Markets that had combined assets worth $28.7 million as of March 31. The unwind will return approximately 800,000 HYPE tokens to Hyperion for redeployment, representing roughly 40% of the company's disclosed 2 million HYPE treasury. Both agreements were tied to USDH infrastructure—the Felix agreement supported USDH-denominated HIP-3 perpetual futures markets while the Native Markets agreement was linked to the stablecoin's underlying operations. Hyperion said it plans to move the returned tokens into strategies it expects to be more profitable in the future.
Hyperion Agrees to Unwind Felix and Native Markets HYPE Agreements
Hyperion agreed with Felix Foundation to wind down a HYPE Asset Use Service agreement that supported Felix's HIP-3 perpetual futures markets. Hyperion will unstake the 500,000 HYPE backing the deal on June 22, with all remaining payments and tokens expected to be returned by June 29. Hyperion valued the assets linked to the Felix arrangement at about $18.3 million as of March 31.
Felix had already said on May 14 that its USDH-denominated HIP-3 markets would be discontinued after a future announcement. On Friday, it also said it would deprecate USDH vaults on Felix Vanilla on June 12. A specific shutdown date for the HIP-3 USDH markets backed by Hyperion's agreement has not yet been publicly disclosed.
Native Markets separately terminated its Temporary Use Agreement with Hyperion effective June 18. The 300,000 HYPE tied to that agreement was returned on June 3. Assets tied to the Native Markets agreement were valued at about $10.4 million as of March 31.
Native Markets Announces USDH Sunset and Coinbase Asset Purchase
The unwind follows Native Markets' May 14 announcement that it would stop supporting USDH and allow the brand assets to be purchased by Coinbase, which plans to deploy USDC as the aligned quote asset on Hyperliquid. That change affects USDH-linked markets, vaults, and treasury agreements.
Hyperion said only the Native Markets and Felix agreements are directly affected by the USDH sunset, while its other HYPE Asset Use Service deals remain unchanged. The company also said the unwind does not change its 2026 adjusted gross profit guidance of $5 million to $7 million.
Hyperion Plans Redeployment of 800,000 HYPE Tokens
The two agreements were key parts of Hyperion's "triple-dip" yield strategy. Under that model, the company stakes HYPE, deploys the staked HYPE through a HYPE Asset Use Service agreement, and collects Hyperliquid ecosystem rewards. Hyperion said in its Q1 earnings release that the strategy generated 3.1 times the income of base staking yield during the quarter.
The company said it has teams waiting for potential new HIP-3 market arrangements and expects new HYPE deployment agreements shortly, though it did not provide a specific timeline.
Hyperion Reports Treasury Position and Share Performance
Hyperion has roughly $35 million in paper gains on its HYPE holdings, according to Artemis data. Hyperion shares closed Friday at $2.99, closer to their 52-week low of $2.11 than their 52-week high of $17.18. CEO Hyunsu Jung purchased 8,000 shares in the open market on June 1 and June 2, before the filing.
FAQ
What did Hyperion DeFi announce in its Friday filing?
Hyperion DeFi announced it is unwinding two HYPE token deployment agreements with Felix Foundation and Native Markets following the planned sunset of USDH stablecoin. The unwind will return approximately 800,000 HYPE tokens to Hyperion, representing about 40% of its disclosed 2 million HYPE treasury.
When will Hyperion receive the HYPE tokens from the unwound agreements?
Hyperion will unstake the 500,000 HYPE from the Felix Foundation agreement on June 22, with all remaining payments and tokens expected to be returned by June 29. The 300,000 HYPE from the Native Markets agreement was already returned on June 3 after the agreement terminated effective June 18.
How much were the unwound agreements worth?
As of March 31, Hyperion valued the assets linked to the Felix arrangement at about $18.3 million and assets tied to the Native Markets agreement at about $10.4 million, for a combined total of $28.7 million.
