Hyperion DeFi Inks Deal to Slash Trading Fees on Hyperliquid via Silhouette

LAGUNA HILLS, Calif. – March 24, 2026 – Hyperion DeFi, Inc. (NASDAQ: HYPD) has announced a strategic partnership with Silhouette, a new privacy-focused trading platform, in a move set to democratize access to institutional-grade trading fees on the burgeoning Hyperliquid blockchain.

The agreement, structured as a HYPE Asset Use Service (HAUS), will see the publicly traded Hyperion DeFi provide its reserves of staked HYPE tokens to Silhouette. This collaboration enables Silhouette to offer all its users access to Hyperliquid's most competitive transaction fee tier—a benefit typically reserved for the highest-volume traders—regardless of their individual account size.

Democratizing Access on a High-Speed Blockchain

The partnership directly addresses a significant barrier in the decentralized finance (DeFi) space: the prohibitive cost of trading for smaller participants. On platforms like Hyperliquid, which utilize a tiered fee structure, only traders who stake substantial amounts of the native HYPE token can achieve the lowest transaction costs.

Silhouette’s model, powered by Hyperion’s assets, effectively pools this benefit and extends it to its entire user base. This innovation could level the playing field, making sophisticated and high-frequency trading strategies economically viable for a much broader audience.

“While Hyperliquid’s fee tiers are powerful, most traders are unable to access the most competitive rates. Through our partnership with Hyperion DeFi, we have shifted that dynamic,” said Chandler De Kock, Co-founder of Silhouette, in the official announcement. “Every Silhouette user trades at the lowest available rate, enabling new classes of trading strategies.”

The timing of this partnership is critical, as Hyperliquid has cemented its position as a dominant force in decentralized derivatives. The platform has seen explosive growth, with its total value locked (TVL) soaring past $6 billion in early 2026 and its cumulative trading volume approaching $1 trillion. By lowering the entry barrier, Hyperion and Silhouette aim to funnel even more activity onto this high-performance network.

A Strategic Play for Publicly-Traded DeFi

For Hyperion DeFi, the deal represents a key execution of its novel business strategy. As the first U.S. publicly listed company focused on building within the Hyperliquid ecosystem, Hyperion aims to generate shareholder value by monetizing its strategic treasury of HYPE tokens. The HAUS agreement with Silhouette is a prime example of this model in action, creating a scalable revenue stream derived from transaction activity without selling its core asset.

“This partnership is another indication that demand to access Hyperliquid is growing, and we have the opportunity to continue using our HYPE to establish and scale revenues while onboarding more market participants to this ecosystem,” stated Hyunsu Jung, Chief Executive Officer of Hyperion DeFi.

This move builds on Hyperion's recent financial performance. The company reported a record operational income of $4.4 million in the third quarter of 2025 and has guided for significant revenue growth. Analysts project its revenue could grow by over 800% in 2026 as its DeFi-centric strategies mature. However, the path is not without risk. The company's financials also show negative margins and an Altman Z-Score that suggests financial distress, highlighting the volatile and unproven nature of bridging public markets with the fast-moving world of DeFi. This partnership is a clear bet that such innovative revenue streams will pave the road to profitability.

Privacy Meets Performance in On-Chain Trading

Beyond democratizing fees, the collaboration shines a spotlight on a crucial evolution in DeFi: the quest for privacy. Silhouette is a "shielded trading platform" designed to protect traders' strategies from being exposed on the public blockchain. In a transparent environment, sophisticated strategies are vulnerable to front-running and copy-trading, where malicious actors exploit visible order data for their own gain.

Silhouette tackles this by using technologies like Trusted Execution Environments (TEEs) to create a hidden matching engine. This encrypts order data, keeping it confidential from outsiders until a trade is executed. By combining this privacy layer with Hyperliquid’s high-throughput infrastructure—capable of handling up to 200,000 orders per second with millisecond finality—the platform offers a potent combination of security and performance. This allows traders to execute complex strategies with confidence, knowing their sensitive information is protected without sacrificing execution speed or access to deep liquidity.

The Divergent Paths of a Transformed Company

Investors evaluating Hyperion DeFi must contend with its unusual corporate structure. The company is the result of a strategic pivot in mid-2025, when it was known as Eyenovia, Inc. (NASDAQ: EYEN), an ophthalmic pharmaceutical technology firm. While the company's primary focus and new identity are centered on the Hyperliquid ecosystem, it has not fully divested from its past.

Hyperion DeFi is still advancing the development of its proprietary Optejet User Filled Device, a novel dispenser for ophthalmic liquids designed to improve the safety and efficacy of eye treatments. The device uses micro-dosing technology to deliver precise amounts of medication, a stark contrast to the company's new digital asset ventures.

While the company has stated its new name alludes to exploring new technologies across all its ventures, the two business segments—high-tech DeFi and medical device development—appear to operate in entirely separate worlds. This dual focus presents a unique challenge for analysis, as stakeholders must weigh the potential of its groundbreaking DeFi strategy against the resources and attention dedicated to its legacy medical technology. The success of the Silhouette partnership will be a critical data point in proving that its primary bet on the future of decentralized finance can deliver tangible value.