Markets by Kinetiq (kmHYPE)

How kmHYPE works, including deposits, withdrawals, and the withdrawal queue.

December 24, 2025

What is kmHYPE?

kmHYPE is a reward-accruing liquid staking token (LST) that represents HYPE staked to support Markets via HIP-3: Builder-deployed perpetuals.

Similar to kHYPE, the number of tokens in your wallet remains constant while the value of each kmHYPE increases as deployer revenue is realized. Rewards accumulate and the value of each kmHYPE token increases, which means the kmHYPE:HYPE exchange rate also increases. The longer you hold kmHYPE, the more rewards you accrue and the larger the difference in the exchange rate becomes.

How withdrawals work

There are two ways to withdraw your deposit:

Direct withdrawals from contract

If the current HYPE underlying kmHYPE exceeds the minimum amount of 500,000 HYPE, withdrawals will be processed immediately with an approximately 8.5‑day withdrawal period and a 0.10% withdrawal fee (paid in kmHYPE).

If there is no excess HYPE, new withdrawals enter a queue and are processed as soon as more HYPE becomes available.

Swapping instantly on a supported kmHYPE market

You can also swap kmHYPE instantly on supported markets for immediate liquidity, though this may incur slippage depending on venue and market conditions.

Withdrawal queue

The withdrawal queue is a mechanism that ensures withdrawals can be processed even when there isn’t enough excess HYPE available for immediate processing.

When withdrawals queue: If the current HYPE underlying kmHYPE does not exceed the minimum amount of 500,000 HYPE, new withdrawal requests enter a queue.
When withdrawals process immediately: If there is excess HYPE above the 500,000 HYPE minimum, withdrawals begin immediately with the standard ~8.5-day withdrawal period.
Queue processing: Queued withdrawals are processed as soon as more HYPE becomes available (for example, from new deposits or when other withdrawals complete).

This ensures that all withdrawal requests are eventually processed, even during periods of high withdrawal demand.