As of June 22, 2026

Hyperliquid Delistings: TON, BLAST, CHILLGUY, FTT, TST

Hyperliquid's commitment to maintaining a healthy and efficient trading environment is reflected in its proactive delisting policy. In June 2026, several perpetual contracts were removed from the platform following validator votes:

TON (Toncoin): A validator vote to delist the TON perpetual contract was initiated on June 12, 2026, with the delisting taking place around June 15, 2026. This action aligns with similar moves by other exchanges, such as BitMEX, which delisted TON contracts to support a switch from TON to GRAM. This suggests a broader industry response to the underlying asset's evolution.

On May 21, 2026, a proposal was announced for a Hyperliquid validator vote on May 25, 2026, to decide whether to delist BLAST, CHILLGUY, FTT, and TST perpetual contracts. The decision followed the stakedquant methodology, which evaluates market health metrics to ensure trading integrity. The potential delisting of FTT is especially noteworthy due to its historical context and risk of market instability.

Hyperliquid's Delisting Methodology: The Role of Stalequant

Hyperliquid employs a transparent and decentralized governance mechanism for delisting assets, primarily guided by the stalequant methodology. This framework is designed to evaluate whether listed perpetual markets continue to meet specific criteria for health and viability. The process involves:

Onchain Voting Mechanism: Delisting proposals are submitted onchain, and Hyperliquid's validator set votes on them. This ensures transparency and prevents unilateral decisions.
Quorum-Based Model: A proposal only passes if a sufficient proportion of validators vote in favor, ensuring genuine consensus.
Fair Settlement: Upon delisting, positions are settled at the 1-hour Time-Weighted Average Price (TWAP) of the underlying asset, mitigating manipulation risks and ensuring a fair outcome for traders.

The stalequant methodology itself scores assets across several key measures, each contributing to a total of 100 points:

Measure	Logic
Market Cap	Low market cap coins face structural manipulation risks and lack long-term network asset scale.
Spot Volume (All Venues)	Uses a geometric mean of multi-venue volume to filter artificial wash trading and measure global interest.
HL Volume Share	Measures Hyperliquid’s proportion of global trade activity to ensure the market remains dominant or relevant.
HL Liquidity	Assesses order book depth and spread metrics to protect traders from excessive slippage.
HL Open Interest	Tracks active capital retention within Hyperliquid to verify organic, ongoing positioning.

Upcoming July 2026 HYPE Unlock

Hyperliquid's next scheduled token unlock is set for July 6, 2026, involving approximately 9.92 million HYPE tokens allocated to Core Contributors. Token unlock events are closely watched by traders because they can increase the amount of HYPE available in the market and potentially influence short-term price action. However, the actual market impact depends on factors such as token distribution, holder behavior, liquidity conditions, and overall demand for HYPE.

Conclusion

Hyperliquid's delistings of BLAST, CHILLGUY, and FTT in May 2026, followed by TON in June 2026, highlight its commitment to platform integrity. Guided by validator governance and the stalequant methodology, these actions protect traders and optimize market quality. Meanwhile, the HYPE token remains strong, backed by its 97% fee buyback mechanism and successful absorption of major token unlocks, signaling long-term stability and value accrual.