FOGO has been upgraded to Hyperliquid regular contracts, and 3x leverage trading is officially open.

Official Upgrade Takes Effect, FOGO Enters Regular Trading Phase

According to the latest news, Hyperliquid has officially upgraded FOGO from a pre-listing contract (hyperm) to a regular perpetual contract, signifying that the token has completed the transition from testing to official trading. After the upgrade, traders can now support up to 3x leverage for long or short positions, providing market participants with more flexible trading strategy options.

Project Status and Market Performance

FOGO Development Trajectory

FOGO is a relatively young project, launched on September 11, 2025. It is currently ranked 167th in the cryptocurrency market capitalization list. Since its launch, the project has gained some attention in the market but has also experienced price fluctuations.

Current Market Data

According to the latest data, FOGO’s market performance shows clear short-term correction characteristics:

• Current Price: $0.050842
• Market Cap: $191.03 million, market share 0.01%
• 24-Hour Trading Volume: $45.76 million
• Circulating Supply: 376 million FOGO
• Total Supply: 993 million FOGO

Regarding recent price trends, FOGO increased by 12.14% within 1 hour but decreased by 2.61% over 24 hours, with a 7-day decline of 26.43%. This short-term rebound combined with medium-term correction reflects market caution toward this token.

Practical Significance of the Upgrade

Enhancement of Liquidity and Trading Flexibility

Upgrading from a pre-listing contract to a regular perpetual contract is a significant milestone. Pre-listing contracts are typically used for initial liquidity testing of new tokens, while regular perpetual contracts indicate that the token has received formal recognition from the platform and has entered a mature trading stage. This upgrade means:

• More sufficient liquidity from trading counterparties
• Traders can use leverage for two-way trading
• Trading costs and slippage may be further optimized

Risks and Opportunities of 3x Leverage

The availability of 3x leverage offers traders higher capital efficiency but also increases risk exposure accordingly. The choice of this leverage multiple is cautious, providing traders with enough operational space while avoiding excessive risk.

Ecosystem Background of Hyperliquid Platform

It is worth noting that FOGO’s upgrade occurs amid the rapid expansion of the Hyperliquid platform. According to relevant data, Hyperliquid ranks first in the DEX ecosystem, with a total value locked (TVL) of $579 million, far surpassing Uniswap’s $344 million.

Recently, Hyperliquid has been active, including launching XMR contract trading and collaborating with Boros under Pendle to introduce stock perpetual contracts. These initiatives indicate that the platform is continuously expanding its trading products and innovating. FOGO’s upgrade is part of this expansion strategy.

Additionally, Binance’s share in the derivatives market has dropped from nearly 70% at its peak to about 35%, while on-chain trading platforms like Hyperliquid are capturing this market share, reflecting a structural shift toward decentralized trading.

Summary

FOGO’s upgrade from a pre-listing contract to a regular perpetual contract marks further confirmation of its position on the Hyperliquid platform. The opening of 3x leverage provides traders with more options, but investors should be aware of the recent price adjustment pressures. More importantly, this upgrade reflects Hyperliquid’s ongoing efforts to improve its ecosystem and attract trading volume. The competitive landscape of the decentralized trading market is undergoing profound changes.