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Hyperliquid

113 pieces · Aug 2024 to Oct 2026 · 25 flagship

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Hyperliquid76 Perps61 DeFi27 Market structure26 AI19 L1/L214

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Start here · the strongest pieces on Hyperliquid

Breakdown24 Jun 2025Why TIA is one of the most predatory VC tokens: pricing, unlocks and inflationDissects Celestia's token design: Series A at $0.0955 vs public launch at $2.29-$2.50, an 80/20 insider split, large unlocks, 8% inflation and a staking-reward loophole Polychain used to sell early. Contrasts it with HYPE's no-insider, buyback model.Map16 Jun 2025CLOB Wars Line-Up 2.0: 26 onchain orderbook projects mappedUpdated community-sourced landscape of CLOB venues across L1s and L2s, each with its architecture, from Hyperliquid's HyperCore to Monad, Sui, Aptos, Cosmos and Solana projects.Breakdown25 Sep 2025Bullet breakdown: Solana's trading layer and the perps paradoxBreaks down Bullet, an application-specific rollup using Solana for settlement with a Rust matching engine at about 1.2ms latency, cancel prioritization and ZK-verified sequencing. Covers cross-margin across spot, perps and lending and compares it with Hyperliquid and Solana DEXs.

Timeline · every piece, newest first

2026 51

22 Oct 2026Papertrade staker income collapse: $6.7M to $88K a day and PAPER scenariosStaker payouts fell from $6.7M to $88K a day between 15 and 21 Oct; ~84% of the $62M headline revenue was LP overflow, i.e. trader losses passed through, not fees. Scenario values for PAPER range from $0.0006 to $0.19.DataPerpsHyperliquidDeFi14 likes

22 Oct 2026Bulk: validator-embedded perp DEX on Solana, 46 days after mainnetBulk runs matching in a leaderless BFT network of Solana validators. After 46 days it has ~$1.3B cumulative volume, $14.6M OI (10x since 9 Sep) and ~$9K daily fees; December removes the speed bump, zero maker fees and Challenger Season 1 together.BreakdownPerpsSolanaDeFi38 likes

21 Oct 2026Pearl thesis update: Coinbase roadmap listing, new ATH and the io:PRL perpPRL went from $594M to ~$815M mcap in four days after a Coinbase roadmap listing, and io:PRL OI on Entropy tripled to $9.3M. The bull case still lacks proof of paid demand through mining and faces ~1M new PRL a day.ThesisAIHyperliquidPerps40 likes

20 Oct 2026Entropy thesis: HIP-3 deployer pricing pre-IPO and exotic perps on HyperliquidEntropy prices markets without spot (ANTH, OAI, PRL) with an oracle blending its order book and private-market data. It holds 2.2% of HIP-3 OI ($86M) and did >$1.25B in 30D volume, but growth mode limits deployer revenue to ~$49K a month.ThesisHyperliquidPerpsMarket structure33 likes

18 Oct 2026Rektober outlook: quantum, privacy, AI, robotics, DeFi, RWA and HyperliquidDespite a weak market, he sees renewed opportunity in PQ and privacy infra, AI and robotics exposure, maturing DeFi (perps, onchain options, propAMMs), RWAs and a widening Hyperliquid ecosystem. Links his recent write-ups on each theme.Market takePrivacyAIHyperliquid56 likes

17 Oct 2026Pearl: matrix-multiplication proof of useful work as the Bitcoin of the AI agePearl's PoUW noises matrix multiplications so GPU inference doubles as mining at 1+o(1) overhead, verified by a Plonky2 SNARK. It sells inference below Together AI on four shared models; PRL at ~$594M mcap still lacks proof that paid demand runs through mining.ThesisAIHyperliquidPerps34 likes

15 Oct 2026TxFlow points Season 1: scenario math for an onchain CLOB perp DEXTxFlow is an L1 with a fully onchain order book doing ~$1.2B weekly volume before points. With ~36M Season 1 points he models $2.75 to $34 per point across FDV scenarios; a consistent account at 0.1% share would hold ~30,000 points against ~$13k of taker costs.DataPerpsL1/L241 likes

28 Sep 2026Personal top 20 crypto watchlist grouped by narrativeTwenty watchlist assets in six groups: private compute and money, decentralized AI, machine economy, perp DEX and HL ecosystem, stablecoin and institutional rails, and physical infrastructure. Each gets a one-line thesis; ARX is the main privacy bet.MapPrivacyAIPerps55 likes

25 Sep 2026State of Hyperliquid: two years after the airdrop (A1 Research report)HL cleared $5.4T of perps volume, holds 57% of DEX perp OI and routed $1.28B into buybacks, yet takes only 1.7% of DEX spot and 0.1% of prediction market volume. Argues the next leg is decided in Washington via HIP-3 deployers, and still expects S3 after the US opens.DataHyperliquidPerpsRegulation27 likes

25 Sep 2026Papertrade explained: 1000x oracle-free perps on HyperEVMPapertrade runs synthetic perps against an LP priced off Hyperliquid's BBO mid via precompile: 1000x leverage, zero slippage and funding, no oracle. The LP starts at $0 and grows only from trader losses; PAPER has no premine and is minted per dollar of LP gain.ExplainerDeFiPerpsHyperliquid40 likes

21 Sep 2026Watchlist additions: TAO, PURR, EDEL and BPAdds four tokens with one-paragraph theses: Bittensor's dTAO subnets, Hyperliquid's HIP-1 PURR, Canton perp DEX Edel with a DTCC working group seat, and Backpack's BP tied to 30+ tokenized US stocks.MapAIHyperliquidTokenized stocks19 likes

16 Sep 2026Hyperliquid onshore: Payward and Bitnomial's permissioned HIP-3* venuePayward will deploy a permissioned HIP-3* market via CFTC-licensed Bitnomial, with NinjaTrader carrying accounts and matching onchain on HyperCore. No mainnet date and approval pending; it is a new allowlisted book without access to existing liquidity, where tradexyz holds ~98% of OI.Market takeHyperliquidRegulationPerps25 likes

24 Aug 2026Kinetiq Elysium: first HyperEVM L2 and what it means for KNTQElysium is an L2 using HYPE as gas, with much faster blocks and a free native oracle via customized L1Read so PropAMMs can quote tighter. Sequencer fees split 25/25/50 among builders, treasury and buybacks; he sees it as +EV for Hyperliquid and Kinetiq.BreakdownHyperliquidL1/L2DeFi36 likes

21 Aug 2026Quote Markets intel page: insider trades, SEC filings and financialsQuote added a free intel page with financials, insider trades, SEC filings and news per ticker, following its Quentin AI assistant. He highlights its HyperCore-specialised execution engine aimed at limiting spread crossing and slippage; Quote is still in private alpha.BreakdownToolingHyperliquidPerps30 likes

20 Aug 2026Hyperliquid's US regulatory path: HyperCore, HIP-3 deployers and buildersSummarizes a Blockworks article: US market structure law maps onto Hyperliquid's stack as HyperCore = exchange and clearing, HIP-3 deployers = listing venues, builders = brokers. Permissioned KYC'd HIP-3 DEXs on testnet would let compliant venues share Hyperliquid's liquidity.BreakdownHyperliquidRegulationPerps52 likes

20 Aug 2026Entropy's ANTH pre-IPO perp on Hyperliquid: $1.83T implied valuationEntropy's HIP-3 ANTH perp prices Anthropic at about $1.83T, roughly 90% above the $965B Series H but about 9% below the $2T+ IPO target reported by the FT. Compares the setup to the Unitree pre-IPO perp.DataHyperliquidPerpsAI24 likes

20 Aug 2026Hyperliquid ecosystem briefing: 14 days of regulation, HIP-3/4, RWAs, revenueSeven-part recap of two weeks on Hyperliquid: US regulatory signals, xStocks and spot equities on HyperCore, HIP-3 deployer competition, HIP-4 rollout, AQAv2 yield accrual, HyperEVM and distribution via Coinbase. Concludes no other ecosystem has this level of activity.BreakdownHyperliquidPerpsTokenized stocks49 likes

15 Aug 2026Why profitable onchain businesses deserve attention: Hyperliquid and PumpCriticizes the industry's habit of launching tokens with no business model, insider discounts and exit-liquidity dynamics. Cites Hyperliquid and Pump as examples of real revenue with aligned tokenomics and buybacks, and calls this a maturation step.Market takeMarket structureMemecoinsHyperliquid25 likes

13 Aug 2026Quote's execution stack for HyperCore and its Quentin agentArgues Quote is more than a frontend: a modular execution stack for CLOB DEXes specialized on HyperCore. Its engine quotes passive to earn spread, paces fills to volume, sizes to book depth and takes liquidity only when conditions favor it.BreakdownHyperliquidToolingPerps24 likes

12 Aug 2026Robotics szn: three bets via Unitree perp, BOT closed-end fund and CODECLays out three ways to play the Unitree IPO: the HIP-3 perp as the ignition bet, BOT (a closed-end fund at about 2.9x NAV) as equity beta, and CODEC as the crypto play. Notes the IPO prices Unitree at 219x earnings and the perp implied about $35B.ThesisRoboticsPerpsHyperliquid33 likes

11 Aug 2026HIP-3 equity perps gain a spot leg on HyperCore via xStocksTeaser for the xStocks analysis: until now equity funding on Hyperliquid reflected positioning only, and a spot leg on the same book now lets arbitrageurs pull the basis toward fair value.Market takeHyperliquidTokenized stocksPerps38 likes

11 Aug 2026How bad is 2026? 120+ dead projects, $1.3B stolen, and whyArgues three forces hit at once: token-denominated treasuries collapsed with token prices, attacks shifted to social engineering and supply-chain issues, and rescue capital dried up so exploits turn into shutdowns. Lists 120+ dead projects and notes early signs the pain may be peaking.DataMarket structureDeFiOther57 likes

10 Aug 2026xStocks on HyperCore: why a spot leg compresses equity perp fundingxStocks (1:1 backed by shares at regulated custodians) now trade on HyperCore's orderbook, so traders can buy the underlying and short the HIP-3 perp on one venue. Arbs compress funding toward fair value, making the perp a hedging instrument.ExplainerHyperliquidTokenized stocksPerps35 likes

09 Aug 2026Papertrade explained: 1000x synthetic perps on HyperEVM's BBO precompilePapertrade prices synthetic swaps against its LP at Hyperliquid's on-chain BBO mid, with no orderbook, oracle, funding or slippage. The LP starts at $0 and bootstraps from trader losses, and the PAPER token has zero premine and mints only as traders realize losses.ExplainerHyperliquidPerpsDeFi36 likes

09 Aug 2026Unitree vs Figure: pre-IPO perp math and risks on Hyperliquid HIP-3Adds to Louround's take that Unitree ($9B, profitable) and Figure ($39B, no revenue) cannot both be right. Computes about $35.4B implied valuation from an $87.4 perp price and lists risks: cooling growth, falling ASPs and the FCC ban.Market takeRoboticsPerpsHyperliquid21 likes

09 Aug 2026Spot xStocks on Hyperliquid complete the hold, hedge and basis stackxStocks are Backed-issued tokenized US equities backed 1:1 by custodied shares. Adding spot to Hyperliquid's existing equity perps lets traders hold, hedge and trade the basis, on the venue with the deepest crypto equity perp markets.Market takeHyperliquidTokenized stocksRWA39 likes

05 Aug 2026Why the crypto bottom gets engineered: long-end yields, Fed and catalystsBuilds on rektdiomedes and Ansem: hot 10yr and 30yr yields could force Treasury action, and Trump has an incentive to pump markets before midterms. Cites capitulation signals, onchain revival, Clarity Act odds and cheaper builds from AI as reasons the setup is better than priced.Market takeMacroRegulationMarket structure62 likes

28 Jul 2026Outcome.xyz as the trade.xyz of HIP-4: different moatsArgues Outcome could be to HIP-4 what trade.xyz was to HIP-3. HIP-3 perps are permanent so liquidity compounds, while HIP-4 contracts expire, so the moat is shipping markets fastest and building distribution as the Polymarket of Hyperliquid.ThesisHyperliquidPrediction marketsPerps23 likes

20 Jul 2026HIP-4 World Cup campaign final report: +$22.2k realized on HyperliquidResults of a 32-day HIP-4 book: a $3.5k stake grew to $25.7k with 12 wins and 7 losses across 19 markets. The Spain World Cup ticket was the biggest hit, and the 50 to 500 HYPE mission reached 428.6.DataPrediction marketsHyperliquidOther25 likes

15 Jul 2026HyperScope preview: one terminal for the whole Hyperliquid economyPreview of a Hyperliquid terminal covering perps, spot, HIP-3 and HIP-4 markets, a TA studio, a wallet analyzer with PnL and fills, a HYPE ownership map across spot, staked and EVM, and live X intel.Build logHyperliquidToolingPerps11 likes

13 Jul 2026Lighter vs Hyperliquid: two regulatory bets on US perpsArgues the Clarity Act is not the perp switch, since perps were always CFTC territory and the US unlock is agency-led. Lighter licenses the venue, while Hyperliquid keeps the protocol neutral and needs the CFTC to let a registered DCM run on onchain rails.ThesisHyperliquidPerpsRegulation20 likes

13 Jul 2026RWAs reach a third of Hyperliquid open interestRWA open interest on Hyperliquid hit an ATH of $3.6B out of $11B total OI, roughly a third. Frames this as evidence that the everything exchange thesis is already showing up in the data.DataHyperliquidTokenized stocksPerps22 likes

12 Jul 2026Hyperscope: Hyperliquid analytics dashboard with AI market analysisTeases a Hyperliquid dashboard with AI-driven market analysis, deep TA, news and sentiment, and basic wallet tracking, gated by Privy login with X and an invite code in its first week.Build logHyperliquidToolingAI19 likes

11 Jul 2026How a HIP-4 model prices World Cup bets and sizes positionsExplains his HIP-4 edge: his own model outputs a probability per outcome and he trades only when the price is clearly off (about one in six games). He skips heavy favorites and keeps a roughly 1.5x payout floor.ExplainerPrediction marketsHyperliquid15 likes

10 Jul 2026HIP-4 World Cup results: 6.2x bankroll, 68.8% hit rateReports 21 days of HIP-4 trading: +$18.2k realized, $3.5k stake grown to $21.7k, 11 wins and 5 losses over 16 settled markets, 3.66x profit factor. HYPE mission stands at 321.4 of 500.DataPrediction marketsHyperliquid17 likes

25 Jun 2026HYPE at $60 vs BNB at $10: the Binance trajectory argumentArgues that fading HYPE at $60 is the same mistake as fading BNB at $10, framing Hyperliquid as being on the Binance trajectory and pointing to the Multicoin valuation report.ThesisHyperliquidMarket structure30 likes

25 Jun 2026Multicoin's HYPE valuation: ~$8B earnings by 2028, ~$319 targetQuotes Multicoin's report: HYPE at ~$63 trades at ~36x TTM earnings, and a base case of ~$8B annual earnings by 2028 implies ~$319 at a 20x multiple. Adds his own call for $300+.Market takeHyperliquidMarket structure27 likes

23 Jun 2026AI models trading HIP-3 markets: Grok takes the lead as experiment endsThe paper-trading experiment ends with Grok leading and only two models showing positive returns. Claude Opus 4.8 and GPT-5.5 gave up their large lead, and open-weight models took the other top spots.DataAIPerpsHyperliquid7 likes

23 Jun 2026What If You Stop Seeing The Forest Because Of All The Trees?Essay arguing crypto is not dead but ill: tokens are equity without rights, insiders extract via engineered tokenomics, OTC dumps and backroom MM deals, and gambling is the main consumer product. Calls for longer floats, honest unlocks and enforced vesting.ArticleMarket structureOther24 likes

22 Jun 2026ZHIPU and MINIMAX HIP-3 perps: what sits underneath and the risksBreaks down the two HIP-3 equity perps on HK-listed Zhipu and MiniMax: GLM-5.2 and M2.7 benchmarks, valuation against US labs, and risks such as sub-6% float and cornerstone lock-up expiry around July 8.BreakdownAIPerpsHyperliquid25 likes

18 Jun 2026ModelPhi: 10 AI models trading HIP-3 markets with $500 eachExperiment where flagship models from ten labs each trade stocks and commodities as HIP-3 perps with $500, rebalancing 4x a day and seeing each other's books. The first 7 days run in paper mode before moving to real wallets.Build logAIPerpsHyperliquid14 likes

17 Jun 2026Method behind the 10-model HYPE forecast experimentExplains the setup: Grok 4.3 ran two rounds of live search to produce one shared brief, then ten models wrote theses off the same data, so the spread reflects judgment rather than search quality. Round 2 gives each model its own agentic search.OtherAIHyperliquid12 likes

17 Jun 202610 AI models forecast HYPE for 2026: median base case $91Ten LLMs given one shared research brief all came out bullish on HYPE, with base cases of $85 to $110, bull targets of $132 to $180 and median new-ATH odds of 65%. All ten flagged perp volume as the key variable.DataAIHyperliquid14 likes

16 Jun 2026Coinbase x Hyperliquid and $100 HYPE?AI-assisted scenario analysis of whether Coinbase routes perps to Hyperliquid. Confirmed: Coinbase is HL's USDC treasury deployer; any perps routing is rumor. Puts ~30% on a material catalyst that day and 65-70% on some hybrid integration within 6-12 months.ArticleHyperliquidPerpsMarket structure16 likes

15 Jun 2026HyperScope: Hyperliquid intelligence terminal teaserTeases a Hyperliquid terminal covering perps, spot, HIP-3 and HIP-4 prediction markets with technical analysis and AI synthesis, built with Claude Opus 4.8 in Claude Code.Build logHyperliquidToolingPrediction markets19 likes

27 Feb 2026Bullet: Solana perps via a purpose-built execution layerSolana did ~$451B in perps volume in 2025 versus Hyperliquid's ~$3T, because shared blockspace sets a latency floor. Bullet adds a native Rust runtime, FIFO sequencer, SP1 ZK proofs, Celestia DA and Solana settlement.BreakdownPerpsSolanaZK22 likes

24 Feb 2026Perp DEX Wars: institutional scorecard and the case for ParadexA1 Research report scoring eight perp DEXs on eight dimensions using 328 orderbook snapshots. Argues institutional capital will avoid fully transparent chains; Paradex scores 57/80, second to Hyperliquid, despite 0.99% market share.BreakdownPerpsPrivacyDeFi37 likes

24 Feb 2026Perp DEX Wars report: eight platforms, one institutional scorecardAnnounces A1 Research's comparison of eight perp DEXs, finding the volume leaderboard and an infrastructure-quality ranking tell very different stories on capital stickiness, execution cost, confidentiality and liquidation design.BreakdownPerpsDeFi26 likes

14 Feb 2026Prediction markets: $5B to $30B, and the path to $180B and $1TPrediction markets grew 6x from $5B in 2024 to $30B in 2025. Susquehanna's entry on Kalshi brought 30x more liquidity; the bear case is inter-event volume collapse, and HIP-4 could bridge derivatives traders and normies.DataPrediction marketsHyperliquid30 likes

12 Jan 2026The illusion that token buybacks equal alignmentArgues buybacks only absorb sell pressure while dilution continues, and unlike equity buybacks do not retire claims on earnings. Hyperliquid worked because of lean team, no VC overhang and no heavy unlocks.ThesisDeFiMarket structure22 likes

05 Jan 20262025 chain revenue ranking: Solana, Hyperliquid, Tron and EthereumHyperliquid's $816M revenue topped Ethereum and Tron and every L2, with no VC funding. Ethereum's fee compression shows blobs working, while L2 revenue lags L1s by a wide margin.DataHyperliquidL1/L2Solana27 likes

2025 60

29 Dec 2025Perp DEX volume vs open interest: Hyperliquid, Lighter, Aster, edgeXVolume can be rented by incentives while open interest is committed risk. Hyperliquid leads OI while Lighter and Aster lead volume, so challengers must prove durability once incentives fade.DataPerpsHyperliquid23 likes

28 Dec 2025Why 'cryptocurrencies' is the wrong label: digital assets as an asset classArgues the term implies digital fiat competitors when the sector spans commodity-like assets, reserve assets, equity-like tokens with cash flows, memecoins, stablecoins and RWAs. Institutional capital needs a clear taxonomy.ThesisMarket structureStablecoinsBitcoin24 likes

31 Oct 2025Bull case for Hyperliquid: HIP-3, ETF filing, Robinhood listing and buybacksLists catalysts for HYPE: perp DEX dominance, HyperEVM growth, live HIP-3, a 21shares ETF filing, Robinhood listing, Hyperliquid-powered Butler perps, a public treasury company and Assistance Fund buybacks.ThesisHyperliquidPerps12 likes

29 Oct 2025HIP-3: Meet the Everything Exchange on HyperliquidBreaks down HIP-3 builder-deployed perps: 500,000 HYPE slashable stake, up to 50% fee share, Dutch auction slots every 31 hours. Covers the builder ecosystem, prediction market perps and HIP-3.1's halt-instead-of-slash oracle model.ArticleHyperliquidPerpsPrediction markets23 likes

29 Oct 2025Prediction markets landscape: general, financial, sports, social and infraCategorized list of prediction market and betting protocols across general-purpose, financial, sports, social and infrastructure segments, shared as a work in progress. Notes Polymarket valued at $15B and Kalshi at $12B.MapPrediction markets35 likes

28 Oct 2025Vertical integration of app and chain layers as token value captureArgues that integrating part of the app layer into an L1 or L2, as Hyperliquid pioneered and CLOB appchains now follow, could become common. It gives chains a more effective way to capture value and broadens token utility.Market takeMarket structureL1/L2Hyperliquid13 likes

28 Oct 2025Polymarket and Hyperliquid pre-market: MON valued above MEGAPolymarket gives MEGA a 33% chance of an FDV above $4B one day after launch versus 76% for MON, and Hyperliquid pre-market perps value MON at $6.4B and MEGA at $4.6B. The market currently values L1s above L2s.DataPrediction marketsL1/L215 likes

28 Oct 2025MegaETH community sale 8.2x oversubscribed: Polymarket and HL-implied returnsMegaETH's sale was 8.2x oversubscribed after 12-13 hours, with Polymarket at 84% odds of over $1B in bids. With HL pre-market at $4.6B vs a $1B sale ceiling and a $2B implied floor, no-lockup participants might make 2-4x.DataPrediction marketsL1/L215 likes

27 Oct 2025Nof1 Alpha Arena update: DeepSeek +126%, GPT-5 and Gemini deep in lossModel-by-model review of the Alpha Arena LLM trading contest on Hyperliquid: DeepSeek leads, Qwen second, Claude and Grok modestly profitable, Gemini and GPT-5 down about 58-60%. Winners trade less with larger size, losers overtrade, and most models are long-biased.DataAIHyperliquidPerps17 likes

24 Oct 2025Starknet-stack perp DEXes: $249.3B 30d volume vs Hyperliquid $317.6BThe four Starknet-tech perp DEXes combined $249.3B in 30-day volume versus Hyperliquid's $317.6B. Breaks down each venue's architecture and volume and argues Starknet is underappreciated.DataPerpsZKL1/L263 likes

24 Oct 2025Why Solana TVL holds at $11B while user activity fellSolana TVL is near ATH while active users dropped since the meme and agent peak. Attributes the shift to perp appchains, Phantom's Hyperliquid integration, BNB Chain and Base retail competition, and prediction markets absorbing gambling flow.Market takeSolanaPerpsMemecoins16 likes

23 Oct 2025TL;DR of a16z State of Crypto 2025 reportCondensed key figures from a16z's report: $4T market cap, $175B in BTC/ETH ETPs, stablecoins at $250B, Hyperliquid and Solana capturing 53% of real economic value, RWAs at $30B, and rising privacy and quantum concerns.DataMacroStablecoinsRWA9 likes

20 Oct 2025Alpha Arena mid-contest standings: DeepSeek +33%, Gemini -35%Standings of six LLMs trading on Hyperliquid in Nof1's Alpha Arena, with their public wallet addresses: DeepSeek, Grok and Claude up, Qwen flat, ChatGPT and Gemini down sharply.DataAIHyperliquid31 likes

17 Oct 2025State of the CLOB Wars (A1 x GSR): key findings of the 50-page reportTL;DR of the A1 Research and GSR report: CLOBs hold over 71% of DEX volume, CEX-level performance is achieved, modular appchains compete with monolithic L1s, and application-controlled execution plus privacy and risk management are the next frontier.BreakdownPerpsMarket structureDeFi14 likes

16 Oct 2025A1 Research CLOB campaign: reading list of 11 articles and reportIndex of A1 Research's CLOB campaign: 11 articles and a two-part report covering AMMs vs CLOBs, CLOB appchains, real-time chains, Hyperliquid, Paradex, Bullet, Monaco, privacy and institutional DeFi.OtherPerpsMarket structureDeFi19 likes

14 Oct 2025Dip buys: HYPE, SOL, ZEX, CODEC, ROBA and the reasoningExplains five dip buys after the Friday crash. HYPE showed zero downtime and a working ADL, SOL has multiple catalysts, ZEX migrates to BULLET at about $17M mcap, and CODEC and ROBA are robotics bets.ThesisHyperliquidSolanaRobotics39 likes

11 Oct 2025Hyperliquid and the CLOB wars: learnings and predictionsLearnings from the A1 CLOB campaign: Hyperliquid leads on OI and volume, competitors show mercenary volume vs low OI, and CLOBs dominate perp DEX volume. Predicts perps replace memecoins, zero-fee models work, and HL stays ahead mid-term.ThesisHyperliquidPerpsMarket structure37 likes

10 Oct 2025Hyperliquid's lead in the CLOB wars: market share, OI and usersHyperliquid holds over 30% perp DEX volume share and 57% of open interest, with 720k users and growing HyperEVM and HIP-3. Cites its VC-free distribution and airdrop anticipation as adoption drivers.DataHyperliquidPerps20 likes

05 Oct 2025Aster and paid KOL shilling in the CLOB wars: moat and fake volumeArgues hot narratives bring airdrop farming and paid KOL shilling, citing Aster as a CEX-led effort. Urges checking each project's technical or product moat and timing, and studying builders like Bullet, Paradex, Monaco and Lighter.Market takePerpsMarket structure17 likes

04 Oct 2025Hyperliquid vs Aster vs Lighter: open interest to volume ratiosOpen interest reflects conviction while volume can be mercenary. HL has a 0.64:1 volume-to-OI ratio, Aster 40:1, suggesting wash trading, and Lighter shows a similar but milder pattern likely driven by airdrop expectations.DataHyperliquidPerps12 likes

04 Oct 2025CLOB DEX ecosystem map: 50+ CLOB DEXes and 25+ infra enablersAnnounces A1's CLOB DEX ecosystem map, culminating research begun in June when HYPE first broke $40B FDV. Counts over 50 CLOB DEXes plus a separate map of 25+ infra enablers such as settlement layers, oracles, ZK infra and DA layers.MapPerpsMarket structureDeFi42 likes

30 Sep 2025CLOB wars data: CLOBs hold 92% of perp volume, HL 57.9% shareTL;DR of A1's data-driven CLOB landscape: CLOBs dominate perps but lag in spot, Hyperliquid leads with falling fee revenue, competitors use zero-fee and PFOF models, and the market likely consolidates to 3-5 platforms.DataPerpsMarket structureDeFi36 likes

28 Sep 2025Why ZEX (Bullet) looks mispriced: Solana's answer to HyperliquidArgues Bullet is Solana's missing HL-style perp DEX, with 1.2ms latency versus 400ms on Solana L1, integrated lending and a strong team. Notes ZEX trades at a $23m mcap and $124m FDV, which he sees as a favourable risk/reward.ThesisPerpsSolanaHyperliquid30 likes

25 Sep 2025Bullet breakdown: Solana's trading layer and the perps paradoxBreaks down Bullet, an application-specific rollup using Solana for settlement with a Rust matching engine at about 1.2ms latency, cancel prioritization and ZK-verified sequencing. Covers cross-margin across spot, perps and lending and compares it with Hyperliquid and Solana DEXs.BreakdownPerpsSolanaHyperliquid73 likes

25 Sep 2025Hyperliquid over Aster, plus the CLOB challengers worth studyingArgues Aster lacks tech, UX and real users and is a paid-KOL trade, and that CEXes and VCs are fudding HYPE to rotate back cheaply. Lists credible CLOB challengers including Bullet, Paradex, Monaco and Lighter.Market takeHyperliquidPerps34 likes

29 Aug 2025Current research focus areas: CLOBs, DeAI, robotics, ZK, privacy, RWAsLists his current research and investing focus: Hyperliquid and top CLOBs, DeAI infra and agentic AI, robotics and VLAs, ZK infrastructure, programmable privacy, real-time blockchains and RWAs. Suggests adding BTCfi.Market takeHyperliquidAIPrivacy38 likes

24 Aug 2025Interoperability wars: LayerZero vs Wormhole bids for StargateCompares LayerZero's $110M ZRO and Wormhole's $120M cash offers for Stargate against volume data. Stargate has the highest retail tx count but a $2.4k average size versus over $60k on Hyperliquid's bridge; DAO needs 70% approval.DataDeFiMarket structure49 likes

07 Aug 2025Hyperliquid's Everything Exchange: HIP-3 builders bring pre-IPO and diamondsPoints to Ventuals (pre-IPO exposure) and Kaleio (diamonds) as early examples of real-world assets arriving on Hyperliquid. Says HIP-3 will enable builder-deployed perps on any market, alongside a record volume month and a growing HyperEVM.Market takeHyperliquidPerpsRWA27 likes

21 Jul 2025Research agenda July 2025: MegaETH, CLOBs, proving markets, DeAI, privacyA list of themes under active research: MegaETH, CLOB infra, proving markets, ZK infrastructure, ML networks, AI agents and robotics, stablecoins, RWAs, programmable privacy, BTCfi and Hyperliquid.OtherZKAIHyperliquid101 likes

20 Jul 2025Why crypto projects fail at go-to-market: narrative, KOLs, tokens and TGEDiagnoses recurring go-to-market failures: abstract messaging, misallocated KOL budgets, weak community building, neglected tokenomics and TGE mechanics, and poor fundraising choices. Argues tokens should be treated as products and price action drives post-TGE mindshare.ThesisMarket structureOther70 likes

14 Jul 2025Why MegaETH: real-time EVM with <5ms latency and 100k TPSMegaETH offers a real-time EVM (<5ms latency, up to 100k TPS) enabling high-frequency CLOBs and gaming, with EigenDA and a native bridge to Ethereum's liquidity. As general-purpose chains saturate, the author backs app-specific systems and chains with clear differentiators.ThesisL1/L2Ethereum46 likes

11 Jul 2025Why RWA tokenization hasn't scaled yet and what is unblocking itRWAs are held back by missing high-performance DeFi infra, weak oracle infra and regulatory ambiguity. All three are improving through verifiable CLOBs, modular oracles like eOracle, the Genius Act and treasury adoption, with stablecoins already the largest onchain RWA class.ThesisRWADeFiMarket structure44 likes

06 Jul 2025CLOB wars: why onchain orderbooks are replacing AMMs and who builds themAMMs were a forced tradeoff until real-time chains, scalable DA, ZK proving and fast oracles made orderbooks viable. Maps CLOB appchains (Hyperliquid, Bullet, Lighter, Paradex, Hibachi) and onchain CLOBs (GTE, Nitro, Monaco, Fuel, Aptos).MapPerpsDeFiHyperliquid24 likes

30 Jun 2025Anoma and privacy-preserving multichain orderbooks in the CLOB warsExplains how Anoma's resource model, three-layer privacy architecture and intent-centric matching enable private, atomic cross-chain CLOBs without bridges. Notes the devnet is missing shielded execution, solver incentives and cross-chain coordinators.ExplainerPrivacyDeFiPerps37 likes

24 Jun 2025Why TIA is one of the most predatory VC tokens: pricing, unlocks and inflationDissects Celestia's token design: Series A at $0.0955 vs public launch at $2.29-$2.50, an 80/20 insider split, large unlocks, 8% inflation and a staking-reward loophole Polychain used to sell early. Contrasts it with HYPE's no-insider, buyback model.BreakdownMarket structureL1/L2401 likes

16 Jun 2025CLOB Wars Line-Up 2.0: 26 onchain orderbook projects mappedUpdated community-sourced landscape of CLOB venues across L1s and L2s, each with its architecture, from Hyperliquid's HyperCore to Monad, Sui, Aptos, Cosmos and Solana projects.MapPerpsDeFiL1/L2164 likes

14 Jun 2025CLOB War Line-Up: eight onchain orderbook contendersFirst version of the CLOB wars list: Hyperliquid's HyperCore plus Valhalla and GTE on MegaETH, Bullet on Solana, Fuel, Nitro on RISE, Monaco on Sei and Hibachi on Celestia. Later expanded into the 2.0 line-up.MapPerpsDeFi281 likes

11 Jun 2025Bullet as Solana's answer to Hyperliquid and room for multiple DEX winnersDescribes Bullet as a hybrid rollup with ZK fraud proofs and settlement on Solana, with a purpose-built runtime and a CLOB at 2-3ms latency. Argues Hyperliquid stays king but, as DEXes eat CEXes, there will be more than one winner.ThesisPerpsSolana20 likes

10 Jun 2025Bullet: Solana network extension built for onchain CLOB tradingIntroduces Bullet as an optimistic rollup on Solana using ZK fraud proofs, designed for trading with a CLOB at thousands of TPS and 2ms latency. ZEX migrates 1:1 to the new token at mainnet.BreakdownPerpsSolana17 likes

09 Jun 2025HyperEVM as a hidden points play: 38.88% of HYPE supply reserved for rewardsSuggests a hidden points season could be running because 38.88% of HYPE supply is allocated to future rewards, making HyperEVM usage an asymmetric opportunity with yields, memes and NFTs available.ThesisHyperliquidDeFi21 likes

08 Jun 2025Onchain CLOB design trade-offs and the race to be the decentralized NasdaqLists nine design axes for onchain CLOBs, from privacy vs transparency and speedbumps to L1 finality vs L2 latency and retail vs institutional design, and names the main contenders led by Hyperliquid.ThesisPerpsDeFiHyperliquid10 likes

08 Jun 2025Narratives to watch in mid-2025: Hyperliquid, Bittensor, DeAI, zkTLS, InfoFiLists eleven narratives being watched: HyperEVM, dTAO subnets, decentralized AI training and inference, zkTLS verification, utility agents and DeFAI, InfoFi, AI-native chains, verifiable data, real-time execution layers, WASM and RISC-V execution, and RWAs.OtherHyperliquidAIOther36 likes

08 Jun 2025Why Monad risks disappointing against faster-shipping high-performance chainsArgues Monad's long delay let rivals catch up: Sei at about 200k TPS, MegaETH at 100k TPS with sub-10ms blocks, Hyperliquid at 200k orders per second, plus Fuel and RISE. Having raised at billion-dollar valuations, Monad risks disappointment despite its community.Market takeL1/L243 likes

06 Jun 2025Bitcoin Suisse on institutional crypto strategy: takeaways from Crypto ValleyNotes from an institutional strategy talk: BTC still in bull territory with 120k possible, altseason will differ, buybacks help P/S ratios, and quantum resistance and the security budget are the elephant in the room. A private holder near 3% of supply could undermine BTC's safe haven status.Market takeBitcoinMacroMarket structure18 likes

05 Jun 2025Two-year TVL comparison: Berachain, Hyperliquid, Sui, Sonic, Base, ArbitrumReads a DefiLlama TVL chart: Berachain looks like a pump and dump, Hyperliquid is about to overtake Sui, Optimism's mainnet TVL fell as the Superchain shifted activity to Base, Sonic TVL fell after its airdrop, Base and Arbitrum stay strong.DataDeFiL1/L232 likes

05 Jun 2025Why the age of AMMs is ending: real-time chains and onchain CLOBsArgues real-time execution layers like MegaETH and app-specific chains like HyperCore usher in the CLOB era, and that DeFi will evolve with infrastructure. Links Messari research on CLOBs.ThesisDeFiHyperliquid13 likes

04 Jun 2025Hyperliquid valuation framework: path to $100B+ on the Everything ExchangeIntroduces the A1 Research and Redacted report valuing Hyperliquid on its Everything Exchange narrative. Cites 66% perp DEX share, over $1.5T cumulative volume and millions in daily revenue as the base for a $100B+ valuation within a year.ThesisHyperliquidPerps16 likes

04 Jun 2025Why Caldera matters: app-specific rollups over general-purpose chainsArgues most apps will not stay sustainable on general-purpose chains and that HyperCore succeeds because it is application-specific. Caldera makes running an L2 appchain a few clicks, giving control of stack, UX, fee revenue and blockspace while inheriting Ethereum security.ThesisL1/L2Hyperliquid20 likes

03 Jun 2025Hyperliquid NFT airdrops from HyperEVM projects: Hypurr, Hypio, PiPSpeculates that HyperEVM projects could airdrop to entrenched NFT communities as a popular distribution method given Hyperliquid's community-centric culture, and names Hypurr, Hypio and PiP as holdings he is betting on.Market takeHyperliquid12 likes

03 Jun 2025James Wynn saga as Hyperliquid marketing and the dark pools debateFrames the James Wynn gambling storyline as possibly the greatest marketing event in CT history, giving every audience a role. Notes it triggered the dark pools vs transparent execution debate that played into Hyperliquid's positioning.Market takeHyperliquidPerpsMarket structure10 likes

03 Jun 2025Bridge volume breakdown: LayerZero leads with $7.42B over 30 daysLists 30-day bridge volume by protocol: LayerZero $7.42B (29.4%), the Hyperliquid bridge $3.79B (15%) and Circle CCTP $3.37B (13.4%), with total flows over $25B monthly and $900M in the past 24 hours. Ends with a referral link.DataDeFiMarket structure27 likes

02 Jun 2025Hyperliquid in record May perp volume: share, fees and HYPE buybacksHyperliquid took 65.5% of record May perp DEX volume ($382.3B per DefiLlama), with $69M in 30-day fees and $64M revenue. Assistance Fund buybacks were about 2M HYPE ($56M), taking its balance near 24M HYPE.DataHyperliquidPerps10 likes

28 May 2025Unit as HyperCore's tokenization layer: over $12M annualized revenueArgues a liquid spot market is key for Hyperliquid and Unit is the tokenization layer onboarding assets like UBTC, UETH and USOL to HyperCore. Based on 30-day volume it earns over $12M in annualized revenue, and Hyperliquid, having won perps, moves on to spot.ThesisHyperliquidDeFi14 likes

28 May 2025HYPE tokenomics and deflationary pressures as Hyperliquid becomes a base layerArgues HYPE has strong tokenomics, clear product-market fit, millions in daily revenue and no toxic VCs, and that deflationary pressures compound if Hyperliquid becomes the base layer of internet-native capital markets across perps, spot, RWAs and HyperEVM.ThesisHyperliquid21 likes

25 May 2025Which chains win tokenized RWAs? Reaction to an RWA chain landscapeArgues tokenization is the biggest growth opportunity in crypto, asking whether RWA-specific chains, Solana, Ethereum L2s, Hyperliquid or fast new chains win. Expects multiple winners, each adding hundreds of billions in value.ThesisRWAL1/L211 likes

24 May 2025HYPE vs BNB: 8.85x away from flipping on circulating market capCompares BNB ($97.4B) with HYPE ($11B, FDV $33B), finding an 8.85x gap on circulating cap. HYPE has 2.5% of Binance spot volume and 12.2% of perp volume, and $1.27B in HyperEVM and HyperCore TVL vs BSC.DataHyperliquidMarket structure27 likes

23 May 2025HYPE vs Cardano: fees and TVL comparisonHYPE is still more than 2x away from flipping ADA on circulating market cap, while Hyperliquid generated 200-400x Cardano's daily fees over the past week and has 3.5x the TVL.DataHyperliquidMarket structure13 likes

22 May 2025Hyperliquid by the numbers: 64% perp share, $8.9B OI and buybacksHyperliquid has 64% of 30-day perp DEX volume, a record $8.9B open interest and 30-day revenue above $56M, over 3x Ethereum and Solana combined. Buybacks exceeded $45M and ecosystem TVL is $1.28B, up 89% MoM.DataHyperliquidPerps21 likes

16 May 2025Agent Spectra: the first autonomous AI hedge fund on HyperliquidFourteen-part thread on Spectra's multi-agent hedge fund: quant, macro and fundamental analysts debate proposals, Spectra arbitrates and executes on Hyperliquid, with onchain guardrails and a transparency app, built on Spectral's Lux framework.BreakdownAIHyperliquidDeFi35 likes

30 Apr 2025Agent Spectra: autonomous onchain hedge fund on HyperliquidIntroduces Spectra, an AI CEO running an onchain vault on Hyperliquid with quant, macro and fundamental analyst agents on Lux. Analysts submit proposals with sizing, TP/SL levels and confidence, refined to consensus before Spectra executes.BreakdownAIHyperliquid28 likes

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09 Aug 2024RAGE launch retrospective on Hyperliquid: distribution and timingExplains why RAGE underperformed: the 20% sold on Fjord at $30M FDV (over 50% of circulating supply) was dumped, launch hype was overestimated and new launches struggle in this market.Market takeHyperliquidDeFi10 likes

07 Aug 2024Rage Trade $RAGE launch on Hyperliquid: tokenomics and rage quitPre-launch rundown: 35% circulating at TGE, 20% sold at $30M FDV on Fjord raising $6M in 15 minutes, and a rage quit option to forfeit 60% for 40% immediately. Frames it as the first major token launch on Hyperliquid spot.BreakdownHyperliquidPerps19 likes

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