Research

Take a look at in depth research done by the Perpl team.


Leverage Descent: Sybill proof OI caps

Leverage Descent: Sybill proof OI caps

In March 2025, a trader opened an oversized short in a low market cap memecoin on Hyperliquid at 20× leverage, then moved the price so the position liquidated into the protocol’s market-maker vault. The vault took millions in losses, and Hyperliquid was forced to override the price oracle. Hmm? Seems like HLP cant close their $JELLY shorts cus their orders got rejected. Maybe this is because OI caps have been hit. Prob worth looking into it ASAP ser @chameleon_jeff @xulian_hl @HyperliquidX h

Avoiding the unavoidable key compromise

Avoiding the unavoidable key compromise

A few days ago, Ostium was compromised due to access to privileged keys: pricing and execution. This allowed the exploiter to open trades at prices drastically below the market and close them at the market price. After the trade, the funds were immediately withdrawn from the protocol and bridged to Ethereum, resulting in losses of roughly $18 million. There's been a lot of talk about ways to protect against such compromises, from instant settlement to better key security, but most solutions ar

Smart Wallets & Account Abstraction

Smart Wallets & Account Abstraction

Users have been complaining about onboarding to crypto for years and nearly every team in the space is working on solutions to make UX better. Legacy crypto onboarding experiences are clunky and risky. Wallets are secured by easy to lose seed phrases, every transaction needs a manual signature, transaction costs can be more expensive than the transaction itself, and one mistake can mean loss funds--not to mention customer support is pretty much non-existent. Though the troubles with onboarding s