Native Markets accesses historical USDH liquidity analytics through Hydromancer's chain replay

Client

Native Markets built and operated USDH, Hyperliquid's native stablecoin, its onramp ecosystem, and supported HIP-3 markets integrating USDH as a quote asset. USDH was acquired by Coinbase in May 2026.

Why Hydromancer?

Native Markets needed Hyperliquid-specific data that didn't exist off the shelf: attributing USDH supply across individual HIP-3 DEXes, separating idle collateral from active margin, and tracking how market makers quote USDH books over time. Because Hydromancer already operates the underlying data infrastructure, custom requests shipped in days rather than quarters — including a full chain replay built to recover historical market state that wasn't otherwise queryable.

Solution

Hydromancer powered USDH supply attribution and market-maker monitoring across HyperCore. A bespoke spot-depth dashboard tracked per-address liquidity provision versus reference price across USDH/USDC, HYPE/USDH, BTC/USDH and more, with per-band and cumulative views, CSV/XLSX export, and hourly refresh. This required using Hydromancer infrastructure to replay and reconstruct the chain — something that would take weeks to set up in-house.

Results

• ✓Flagship liquidity dashboard scoped and delivered in four days, on deadline
• ✓USDH supply attributable to individual HIP-3 DEXes, splitting idle vs. active margin
• ✓A reusable chain replayer, recovering market state at any historical moment
• ✓A half-year-long partnership sustained through to USDH's wind-down