HyperSwap: HyperEVM spot pools, gasless orders and SWAP reward conditions

HyperSwap’s core exchange activity is spot conversion against liquidity pools on HyperEVM. Its standard model uses token reserves rather than a central order book: the reserve ratio changes as trades consume one asset and supply the other. A larger trade relative to pool depth changes the execution price more. The result depends on usable liquidity along the selected route.[5]

Concentrated liquidity uses lower and upper price bounds and discrete price ticks. Positions are individually represented because their ranges and amounts differ. A position becoming inactive is a market-range condition, not account deactivation. Concentrating assets can increase the share of fees earned near the current price, while requiring decisions about what happens when that price moves away.[6]

The single-asset Zap trades and balances one supplied token before adding liquidity. The selected pool must already exist and have sufficient liquidity. Its V3 route uses a full-range preset, so this convenience function is not equivalent to choosing a narrow custom position. An internal swap also changes the final asset mix and can be affected by slippage.[8]

Smart Pools use ICHI vault strategies. The published description targets about 80% exposure to the deposit asset for volatile strategies and describes separate strategies for liquid-staking tokens. That target is a strategy objective rather than a principal guarantee. The examples of higher returns on other protocols are historical promotional comparisons, not measured performance of a current HyperSwap vault.[9]

Recurring purchases use OpenOcean infrastructure. Users choose frequency, duration or number of occurrences and optional price conditions. Tokens remain in the wallet until an execution, while an external process submits qualifying swaps. A schedule can be adjusted or cancelled; HyperSwap says it cannot manage the ongoing DCA process itself. Closing a browser session is not documented as cancelling that schedule.[14]

For illustration, a 1,000-unit input at 0.30% has a 3-unit trading fee before price movement and network charges. At 0.05%, the same amount has a 0.5-unit fee. These calculations illustrate the published percentage conventions; they are not current executable quotes for a particular pool or multi-step route.[32]

xSWAP redemption has a time-dependent conversion ratio: the published minimum is 15 days for 0.5 SWAP per xSWAP, and the maximum is six months for one SWAP per xSWAP. Thus 100 xSWAP would convert to 50 or 100 SWAP at those endpoints. The shorter route sacrifices token quantity; neither endpoint promises a fixed monetary value when the SWAP is received.[19]

The funding guide identifies HyperEVM chain ID 999 and HYPE as its native gas asset, and describes transferring HYPE from the Hyperliquid environment into HyperEVM. These are distinct execution environments. Holding assets in one does not make them automatically available to a contract in the other. Use the documented network and transfer route, and retain gas for approvals and ordinary contract actions.[27]

HyperSwap’s integration credits identify Swapper as the fiat on-ramp.[31]

Swapper’s own documentation describes a widget accepting card payments, crypto transfers or a connected wallet, then delivering the configured token on the destination chain. This is an external funding service, with the actual quote and available payment flow controlling a purchase. A universal currency list, country matrix, card tariff and bank-withdrawal route were not verified for HyperSwap.[36]

The staking overview and dedicated unlock page specify the 24-hour withdrawal delay. A broader revenue-sharing page says staking can be exited without penalties, which should not be read as instant withdrawal. The same broader page discusses a separate 50% penalty for accelerated reward vesting. Principal unstaking and xSWAP reward conversion are different operations with different timing and economic effects.[16][20]

Burn & Delegate is a permanent liquidity commitment. The vault retains the original position and mints a transferable NFT carrying rights to collect its fees. Selling or transferring that NFT changes the fee beneficiary; it does not release the locked principal. This distinction is material for a project treasury and for anyone buying the fee-right token.[10]

Editing a V3 position requires permission for the modifier contract to manage the position NFT. The edit bundles withdrawal, possible fee collection, swaps and a replacement position into one transaction. An approval should therefore be assessed for the authority it grants over the NFT, rather than treated as a harmless website login. Disconnecting the interface does not itself revoke an onchain approval.[7]

PeckShield’s February 2025 V2 report identified administrator trust as a medium-severity issue and marked it mitigated through a multisig. It also left pool-fee accounting and MoneyMaker slippage findings at confirmed status in the report, while other findings were resolved. Those are historical findings for identified code versions; this review did not independently map the audited commits to every currently deployed contract.[34]

The corresponding V3 report documents owner powers to enable fee tiers, set protocol-fee shares and collect protocol fees. It also records multisig mitigation of administrator risk. A multisig changes who must approve an administrative action; it does not remove the role or prove that all future upgrades and configurations are harmless. No current signer composition or complete timelock configuration was verified here.[35]

The audit index separately lists V2, V3 and the delegation vault. Its presence is not a customer insurance policy: the reviewed material supplies no verified covered balance, insured loss category or reimbursement entitlement. A report for one contract generation also cannot be assumed to cover an external vault, bridge, payment widget or recurring-purchase executor.[28]

A complete current mainnet country, age and identity-verification matrix was not established. The mainnet application did not expose extractable legal terms during this review. An accessible contract or public instruction page therefore cannot confirm eligibility for a resident, payment method or integrated third-party product.[37]

The reward guide describes three staking thresholds—1,000, 5,000 and 10,000 SWAP—and shows a 10% LP boost at each in its TGE table. It separates standard Merkl campaigns from enhanced campaigns. xSWAP bonuses go to qualifying liquidity providers, not directly to everyone holding a stake. Staking alone is consequently insufficient to infer a current reward payment or APR.[18]

The help centre directs support requests to the official Discord. No published working hours, formal complaint deadline or emergency execution service were verified. An operator cannot be assumed to cancel a signed order or reverse a completed blockchain action merely because a request has been posted in a community channel.[33]

The limit-order mechanism guide says creation and cancellation are gasless and that funds remain in the wallet. The separate management guide describes a wallet cancellation transaction and unlocking funds. These descriptions should not be merged into one workflow: identify which order system is in use, inspect its cancellation instruction and verify the resulting order status.[12][13]

The management guide provides Open Orders and History views, including executed, cancelled, expired and failed attempts. A failed execution attempt is distinct from cancellation, and an order can remain relevant until its own expiry or cancellation state is confirmed. History can assist reconciliation, but a tax-ready export, cost-basis calculation or guaranteed retention period was not established.[13]

The official links page distinguishes the live mainnet application, testnet and a secondary IPFS-hosted interface. Using another interface does not change the chain, contract or permissions associated with a position. During an availability problem, verify the exact official destination and relevant network rather than assuming that an identically named site accesses the same assets.[3]

An exact legal operating entity, its registration jurisdiction and a financial-services permission for the HyperSwap interface were not independently established. The available application material did not resolve that accountability gap. Protocol deployment addresses identify software endpoints rather than a licensed customer counterparty.[37]

The V2 deployment list includes a factory, router and a separate ProxyAdmin address. These identify different technical responsibilities and should not be collapsed into a single immutable-protocol assumption. The list is useful for contract matching, but it does not by itself disclose current controller identities, complete administrative governance or a customer-protection scheme.[29]

HyperSwap’s documentation links to a live application and describes a community of more than 18,000 users. That community statement is not an independently measured count of funded wallets or active traders. A dependable current trading-volume snapshot was not established from the extractable analytics material, so it has not been converted into a global exchange ranking.[1]

V2 and V3 have separate deployed components. The V3 register lists two swap routers, a non-fungible position manager, a migrator and a position modifier. A migrator’s presence is not evidence that all V2 positions move automatically. Identify the generation and original position when reconciling balances, and do not import a parameter from a similarly named test deployment.[30]

The integration credits attribute limit orders and DCA to OpenOcean, cross-chain abstraction to Enso, vault functionality to ICHI and Jones DAO, incentives to Merkl, and bridging to deBridge. These are product-specific relationships reported by HyperSwap. They do not make HyperSwap the direct custodian or administrator of every component used by an integrated transaction.[31]

Operator

HyperSwap protocol and public interface; an exact legal operating company and jurisdiction were not established.

Exchange model

Decentralised

Service scope

HyperEVM spot AMMs with V2/V3 liquidity, signed-intent execution, partner-powered limit orders and recurring purchases, SWAP staking, and an embedded third-party funding route.

Client types

Retail clients; Professional clients

Pricing publication

Public and quoted pricing

Other names

HyperSwap V2; HyperSwap V3; HyperSwap X

Funding scope

HyperEVM wallets use HYPE for ordinary onchain gas. The published Swapper integration provides third-party funding; no native bank cash balance or universal bank-withdrawal facility was verified.

Custody and asset handling

Wallets authorise transactions; liquidity and staking assets enter contracts. Managed vaults and permanently locked positions have different control and redemption rights.

Client eligibility

A complete mainnet country, age and verification matrix was not established. Wallet access and protocol availability are not confirmation of legal or payment-provider eligibility.

Support

Official Discord linked by the help centre; no staffed hours, response deadline or emergency dealing service was verified.

Authorisation and registration scope

No exact licensed operator, financial permission or protected client-money arrangement was independently verified for the public HyperSwap interface.

Exchange metadata checked 20 Oct 2026Source 1Source 2Source 3Source 4Source 11Source 15Source 27Source 31Source 33Source 36Source 37

Merkl campaigns specify the pool, start and end timestamps, a whitelisted reward token and a pre-funded reward amount. Rewards depend on eligible liquidity share, with claims described as available during or after the campaign. HyperSwap says it cannot cancel a deployed campaign or recover already distributed rewards. Campaign APR and claimability therefore depend on that particular programme, not only on the exchange’s brand.[21]

The points page expressly marks the programme ended and retains historical distribution information, including a final scheduled distribution on 28 July 2025. Its older referral percentages and participation instructions are not a current invitation to earn redeemable points. No present cash value or new distribution entitlement is inferred from those historical rules.[23]

The wallet guide covers MetaMask on desktop browsers and on iOS or Android. Recovery depends on the wallet’s secret phrase; a device password is local access protection. The guide says the wallet provider cannot recover a lost phrase. It does not establish identical HyperSwap feature availability on every device or the persistence of a strategy simply from a saved browser connection.[26]

Developers are directed to request API access through Discord, where technical and operational requirements are evaluated. The page does not publish a general trading-key permission matrix or universal rate limits. Access to market data and authority to sign or submit asset-moving transactions are separate capabilities; an API approval should not be interpreted as wallet control.[24]

Public documentation lists separate V2 and V3 subgraphs. Those endpoints can support protocol-data analysis, but the short reference supplies no promise of a complete personal tax ledger or permanent availability. A wallet with positions in both generations and third-party strategies needs records covering each system, including the original transaction and position identifiers.[25]