Crypto derivatives venue Hyperliquid experienced a sudden service interruption on 29 July that froze order execution and left traders unable to close positions. Market participants reported that trading was halted for several minutes during the U.S. afternoon session, with the exchange’s matching engine briefly offline. The breakdown triggered a rush to withdraw liquidity and sent funding rates sharply higher. Industry publication The Block said Hyperliquid’s native HYPE token fell modestly during the outage before rebounding once trading resumed. The episode drew comparisons to past technical glitches at Solana and other large exchanges and reignited debate over the platform’s level of centralisation. Supporters argued that temporary downtime is common across the industry, citing previous incidents at Coinbase and Binance. Hyperliquid had not issued a public statement on the cause of the disruption at the time of publication.