The HIP-1 auction and the bid

Hyperliquid sells spot tickers through a Dutch auction. One ticker sells per auction, across all of Hyperliquid.

The price

An auction opens at twice the last sale price and falls in a straight line to its floor over 31 hours. The floor is 500 HYPE. The site reads spotDeployState from Hyperliquid's public API and draws it here, live.

The bid condition

The keeper calls release(auctionPrice, auctionRef) on the gauge. The gauge refuses unless what it holds, in HYPE, is at or above the price passed in. auctionRef is the hash of the Hyperliquid response the price came from, kept in the journal. The target of 515 HYPE adds about 15 HYPE to the floor for the bridge, HyperCore activation and the kHYPE to HYPE conversion.

If someone bids first

Any team can buy the auction before the gauge is ready. The gauge then keeps filling and waits for the next auction. If the account already holds the kHYPE when the auction is lost, it sends it back and the keeper calls reopen().