PURR Token Explained: Hyperliquid's First HIP-1 Spot Token
Table of Contents
PURR was the first token anyone deployed on Hyperliquid. Not the first big one, the literal first: token index 1 in the spot registry, the proof that HIP-1 worked at all.
Warning
This is the memecoin, not the stock. If you searched PURR and landed here expecting a Nasdaq listing, you want PURR stock (Hyperliquid Strategies Inc) instead. Same four letters, unrelated assets, three orders of magnitude apart in price.
The First HIP-1 Token
Hyperliquid opened spot trading in PURR in April 2024, before HYPE existed and before the Genesis airdrop. At the time the L1 ran perpetuals and the points program, and HIP-1 was the new piece: a permissionless standard that let anyone deploy a token with a real on-chain order book behind it rather than an AMM pool bolted on afterward.
PURR was the demonstration. It shipped with terms that would be unusual for almost any other launch:
- No sale. Nothing was raised.
- No team allocation. No insider tranche, no vesting schedule.
- No stated utility. The deployment did not promise governance, fee discounts or revenue.
- 50% airdropped to points holders, distributed proportionally.
- 50% seeded into the PURR/USDC pool through Hyperliquidity, the protocol's built-in market-making mechanism, where it was not withdrawable by anyone.
PURR is closer to a protocol artifact than a project. There is no team to fund, no roadmap to miss, and no treasury to mismanage, because none of those things were ever created. What you are pricing is attention and a fixed supply schedule.
Supply, and the 405 Million Nobody Holds
The Hyperliquid API returns hard numbers for this rather than the estimates you get for most tokens. As of August 20, 2026:
| Metric | Value |
|---|---|
| Max supply | 1,000,000,000 |
| Total supply | ~595,119,107 |
| Circulating supply | ~595,119,101 |
| Token index | 1 |
| Canonical | Yes |
| HyperEVM contract | 0x9b498c3c8a0b8cd8ba1d9851d40d186f1872b44e |
| Deployer trading fee share | 0.0 |
The gap between the one billion max and the ~595 million circulating is the part still sitting inside the Hyperliquidity AMM. Those tokens enter circulation only when the pool sells them, so circulating supply grinds upward with buy pressure and stalls when nobody is bidding. It is a supply curve driven by demand rather than a vesting calendar, which is a genuinely different shape from most launches.
The deployer fee share of zero is worth a glance too. Some HIP-1 deployers route a slice of trading fees to themselves. PURR routes nothing to anyone.
What PURR Actually Does
Nothing, on purpose. The one behavior that has persisted is social rather than technical: projects deploying new spot and meme tokens on Hyperliquid have frequently included PURR holders in their distributions, which turned holding PURR into a rough proxy for "airdrop eligible" during 2024 and 2025.
That is a convention among deployers, not a rule the protocol enforces. Nobody is obliged to include PURR holders in anything, and treating it as a reliable income stream would be a mistake.
Info
One quirk the docs do specify. Hyperliquid sweeps spot dust every day at 00:00 UTC, market-selling balances below one lot size worth a dollar or less and redistributing the USDC to the accounts that were dusted. The sweep is skipped when aggregate dust exceeds 3,000 USDC, except for PURR, which gets a 10,000 USDC ceiling. That carve-out exists because so many accounts still hold airdrop-sized crumbs of it. Details in the HIP-1 guide.
How to Trade PURR
The PURR/USDC book behaves like every other market on the exchange, which is the point of HIP-1.
Fund an account
Connect a wallet at app.hyperliquid.xyz and deposit USDC. Our deposit guide walks the bridge step by step.
Open the Spot tab
Switch from Perps to Spot and select PURR/USDC. Check the pair name rather than typing four letters into search and taking the first hit.
Place the order
Limit or market, same order entry as perps. There is no gas fee on the Hyperliquid L1, so small orders are not eaten by network costs.
Hold it in your own account
Spot means you own the token. No liquidation price, no funding, no margin. Balances share a USDC pool with perps under unified accounts.
Spot fees start at 0.070% taker and 0.040% maker at the base tier, before the 4% referral discount or any HYPE staking tier. Spot volume counts double toward tier progression, which is a small but real reason to route spot flow through the same account as your perps. Our spot trading guide has the full walkthrough.
Trade PURR and Everything Else
Hyperliquid's spot order book runs on-chain with no gas fees. Sign up through our link for a 4% lifetime fee discount.
Open HyperliquidLiquidity, honestly
PURR is a small market. Twenty-four hour notional volume was around $2.7 million on August 20, 2026, against roughly $55 million of circulating market value. That is enough for a retail-sized order to fill cleanly and thin enough that a large market order will move the book. Use limit orders and read our slippage guide before sizing up.
Watch the Ticker, Not the Letters
HIP-1 deployment is permissionless, which is the feature. It also means the spot registry contains other tickers with PURR in the name. As of August 20, 2026 the API listed PURRPS trading at about $0.000006 and PURRO at about $0.002, both with effectively no volume.
A similar name proves nothing either way about who deployed a token or what it is for. The canonical asset is the one on the PURR/USDC book carrying token index 1 and the contract address in the table above. Confirm the pair in the interface before you sign anything. This applies to every ticker on a permissionless registry, not just this one, and it is covered more broadly in our security guide.
PURR, HYPE, and the Nasdaq Ticker
Three assets, one name, and it genuinely confuses people:
| PURR (token) | HYPE | NASDAQ: PURR | |
|---|---|---|---|
| What it is | HIP-1 spot memecoin | Hyperliquid's native token | Common stock in Hyperliquid Strategies Inc |
| Where it trades | Hyperliquid spot | Hyperliquid spot and perps, plus CEXs | Nasdaq Capital Market |
| Approx price, Aug 20 2026 | $0.092 | $74 | $10.08 |
| Supply | 1B max, ~595M circulating | Capped at 1B | ~200.6M shares as of Jul 15 2026 |
| Utility | None by design | Staking, gas on HyperEVM, fee tiers | A claim on a corporate balance sheet |
| Earns anything | No | Staking rewards | Company books staking revenue, not you |
If you want exposure to how Hyperliquid the exchange performs, PURR the token is the wrong instrument. That is HYPE, which captures fee revenue through buybacks. PURR is a memecoin on the same chain, and it moves on its own attention cycle.
Tip
Sanity check before you buy. A memecoin with no utility and no team is priced entirely on whether people want it tomorrow. That is a legitimate thing to trade and a poor thing to size like a core position.
Related Reading
- HIP-1: Native Token Standard covers the standard PURR launched
- PURR Stock (NASDAQ: PURR) covers the unrelated Nasdaq listing
- Spot Trading Guide covers order entry on the spot book
- What Is HYPE Token covers the network's actual native asset
- HYPE Airdrop Guide covers the distribution PURR holders were early to
- Hyperliquid Auctions covers how new HIP-1 tickers get deployed
Prices and supply figures on this page come from the Hyperliquid API on August 20, 2026 and move constantly. Check live data before trading.
Frequently Asked Questions
PURR is the first native token ever deployed under HIP-1, Hyperliquid's on-chain token standard. Spot trading opened in April 2024. It launched with no sale, no team allocation and no stated utility, with half the one billion genesis supply airdropped to points holders and half seeded into the PURR/USDC Hyperliquidity pool. It is a community memecoin, not a governance or fee token.
No. They share a name and nothing else. The token is a HIP-1 asset on the Hyperliquid L1 trading around nine cents. NASDAQ: PURR is Hyperliquid Strategies Inc, a New York company that holds HYPE on its balance sheet and whose shares trade around ten dollars. Neither one entitles you to anything from the other.
Max supply is exactly 1,000,000,000. The Hyperliquid API reported circulating and total supply of about 595.1 million on August 20, 2026, which means roughly 405 million tokens still sit inside the PURR/USDC Hyperliquidity AMM and have not entered circulation. Circulating supply rises as the AMM sells PURR into buy pressure.
Connect a wallet, deposit USDC, open the Spot tab and select the PURR/USDC book. It is an order book like any other market on the exchange, so you can place limit or market orders, and there is no gas fee on the L1. Spot taker fees start at 0.070% and maker at 0.040% before any referral or staking discount.
It shipped with none by design. The one mechanic that has stuck is that holders have historically been included in distributions of new spot and meme tokens deployed on the network by projects choosing to reward PURR holders. That is a convention among deployers rather than a protocol guarantee, so treat it as a possibility and not a yield.
Hyperliquid sweeps tiny spot balances daily at 00:00 UTC, selling them together and redistributing the USDC to the accounts that were dusted. The sweep is skipped when total dust exceeds 3,000 USDC for most tokens, but PURR gets a 10,000 USDC ceiling. The higher limit reflects how many accounts hold small PURR balances from the original airdrop.
There are other spot tickers containing the letters PURR, including PURRPS and PURRO, trading at a fraction of a cent with almost no volume. HIP-1 ticker deployment is permissionless, so a similar name is not evidence of anything. The canonical token is the one on the PURR/USDC book with token index 1. Check the pair name in the interface before you place an order.
Independent resource: Hyperliquid Guide is an independent, third-party resource operated by Concept211. It is not affiliated with, produced by, reviewed by or endorsed by Hyper Foundation, Hyperliquid Labs or any other Hyperliquid-ecosystem entity. "Hyperliquid" and related names and marks belong to their respective owners and are used here only to identify the platform this site documents. Read the full disclaimer.
Not advice: Nothing on this site is legal, tax, financial or investment advice. Descriptions of regulatory status, tax treatment and market availability are general information that varies by jurisdiction and changes over time. Confirm anything that matters to you with a qualified professional and against primary sources. Trading perpetual futures involves substantial risk of loss, and past performance does not indicate future results.
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