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trade.xyz

9 pieces · Jun 2026 to Oct 2026 · 5 flagship

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Hyperliquid9 Perps9 Regulation2 Robotics2 AI2 Market structure1

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92026

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Breakdown20 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.Thesis20 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.Thesis12 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.

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2026 9

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 structure

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.DataHyperliquidPerpsRegulation

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 takeHyperliquidRegulationPerps

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 stocks

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.ThesisRoboticsPerpsHyperliquid

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 takeRoboticsPerpsHyperliquid

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 marketsPerps

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.BreakdownAIPerpsHyperliquid

18 Jun 2026Why a ZHIPU perp on Hyperliquid matters: Chinese frontier AI at a discounttrade.xyz bought the ZHIPU HIP-3 ticker, bringing a perp on HK-listed Zhipu (~$120B) onchain. Compares it with Anthropic (~$965B), OpenAI (~$852B) and SpaceX (over $2T) to argue the Chinese frontier trades at a fraction of US comps.ThesisAIPerpsHyperliquid

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Hyperliquid113 Entropy5 Unitree12 Ventuals5 A1 Research39 Papertrade6 CodecFlow11 Anthropic11

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