jez (equity perps era)

@bxunit @tradexyz huge congrats!

その気持ちはよくわかる

@i_pally hear me out

@izebel_eth How would we handle liquidations? (Noo not that kind)

24/7 is too much we should go back to what god intended - a single clearing auction under the tree at lunch

@Citrini7 every friend you've called recently running scenarios in their head trying to figure out if its them

So much of this game is just trying your best not to learn the same lesson over and over again. The most recent re-learned lesson for me… common sense is nearly always a better foundation for a trade than expert wisdom if you think there’s a large inflection or regime shift underway. A little more than a week ago, I called up a friend of mine that understands energy far better than I do and said something like “seems like the no brainer play here is to be long Brent and short WTI”. This seemed like common sense, after all it’s not like there’s a war in the continental US and if the government was willing to sell futures they’d probably be open to using regulation to increase domestic supply. Right? But I had it explained to me a laundry list of reasons why that wouldn’t work. That was when the K6 spread was at about $6. A week later, the spread is almost $12 and I didn’t put it on because I figured my tourist understanding of oil meant it wouldn’t work. This is nothing against the wisdom of experts, but in markets - sometimes - it pays to be an idiot tourist basing your views on a common sense thesis. Especially at inflection points…Like the blind men and the elephants, it’s possible to be too close up to something and miss the very straightforward big picture. It was true with natural gas and ags in early 2022, it was true with semis in 2023…it’ll probably keep being true whenever there’s a big phase shift happening.

@CL207 @AltcoinSherpa

@izebel_eth @AltcoinSherpa wait no this is the first layer

$HYPE still the best coin on the market. This goes to $48-$50 imo. HyperLiquid

you think people will really be happy with 5x perps on robinhood? no they will learn about it there and come onchain for better levg/asset selection

the game really starts

@chameleon_jeff 🤍 hyperliquid

Huge congratulations to TradeXYZ and S&P for this historic partnership. I'm honored that these teams choose to build on Hyperliquid. Seeing official S&P500 perpetual futures launch exclusively on Hyperliquid is a validation of everyone's past years of hard work: global access to decentralized finance, perpetual futures as 24/7 price discovery, and Hyperliquid upgrading the existing financial stack to house all of finance. The S&P500 is synonymous with "the market," a single number that captures the essence of the largest economy in the world. Looking forward to tracking the world's most important financial gauge 24/7 on the most liquid permissionless markets.

It's important to remember that when Hyperliquid wins, we all collectively win. It's a win for all of Crypto. Hyperliquid is the most important company in finance today. Support crypto ideals, move your volume onchain and own the exchange to house all of finance.

S&P Dow Jones Indices and trade[XYZ] have joined forces to launch the first official S&P 500 perpetual contract, available exclusively on Hyperliquid. For 69 years, the S&P 500 has been a defining reference point for global finance. Until now, access to that benchmark has been shaped by market hours, intermediaries, and geography. Today, that changes. The S&P 500 perp is now available 24/7/365, anchored by the official index data required for deep liquidity and institutional confidence at scale.  SPDJI helped define modern indexing. They are stewards of an iconic benchmark, the standard against which portfolios across the globe are measured. We are honored to bring that legacy on-chain. Trade[XYZ] is bringing the world's most iconic assets towards a future of global, continuous markets — a future powered by Hyperliquid.

@RyanWatkins_ very well said

Perps eating global financial markets is the highest conviction thesis I’ve had in my 4 years since starting Syncracy. If we’re right, the sector could produce $350B+ in value over the next 5 years, with the winning chain becoming one of the largest platforms in global finance. As shared in our OG Hyperliquid thesis released over a year ago, we believe $HYPE is the fastest horse in this race. While many skeptics view platforms like Hyperliquid as products of regulatory arbitrage, over time we believe they will come to be understood as a fundamental transformation of the global trading stack. What was once a fragmented world of brokers, exchanges, clearinghouses, among other intermediaries, is giving way to integrated trading systems that are continuously margined, atomically settled, globally accessible, and permissionless to build on. The case isn’t just theoretical as early signs of disruption are already visible in the data. In the early months of perps’ “real world asset” expansion they’re already impacting global financial markets — most recently functioning as a price discovery engine on weekends for oil during the Iran conflict. We believe this is only the beginning and that perps will absorb an increasing share of leveraged directional trading that today lives in retail options, CFDs, and fixed-tenor futures. Even low single-digit penetration of these markets could produce dramatic outcomes for the sector. In parallel, it remains under-appreciated how quickly DEXs like Hyperliquid have emerged as leaders in equity and commodity perps. Should DEXs continue scaling these markets, it will accelerate their share gains from the likes of Binance and Coinbase while also positioning them to challenge legacy derivatives venues such as CME, who will struggle to compete due to regulatory and architectural incompatibilities. Finally, as decentralized venues lead the growth of perps, we believe they will also expand into adjacent categories. Perps are the hardest product to nail on blockchains and once a blockchain can successfully host perps it naturally starts to aggregate other crypto use cases as a byproduct. We are already seeing early evidence of this with Hyperliquid’s expansion into spot trading and stablecoins, and soon prediction markets and options. It’s in this sense that perpetual DEXs are also Trojan horses for the financial platform of the future. —— Enjoyed writing this one with @defi_monk who was the first sell-side analyst to cover Hyperliquid in summer 2024 and among the leading thinkers on the sector. Hope you all enjoy what is a very detailed and data-driven piece that was a long time in the making.

@RealAZKicks @pet3rpan_ we already get the hyperliquid event aka the entire token2049 in sg every year

Absolutely not. This is terrible. 1. Crypto overweights pageantry and idiocy at events like no industry we've ever seen. Doing it in a targeted 1-2x annual way could make sense but the worst thing on earth is to join the crypto events circlejerk. 2. No. This is a terrible use of core team's time and should be done by the ecosystem + venture investors themselves. 3. Absolutely not. This is the worst use of core team's time and invites lower quality teams to get subsidized.

Hypothetical Hyperliquid ecosystem arm: 1. Execute events strategy, to build the premier onchain trader conference, starting in NY, then SF and London after 2. Organize the hype EVM ecosystem, incubator and/or accelerator program, investor relations for the umbrella of companies building on Hype 3. Launch an ventures arm + fund of funds strategy to start building influence with earlier stage companies, need to avoid unnecessary spray and pray

@AricChang congrats aric! looking fwd to it

I’m excited to announce the launch of Prototype, a venture fund focused on investing in frontier technologies. I first entered the crypto industry in 2019 as a regulatory consultant, advising digital asset managers on SEC regulations. Watching my clients deploy capital into such a new and unfamiliar sector inspired me to take my own leap and become a venture investor in the space. Since then, I’ve focused on backing early-stage startups as crypto steadily evolved into an integral part of global financial infrastructure. As crypto becomes more accessible, and as AI lowers the barriers to entrepreneurship, Prototype aims to invest in frontier technologies that empower people to seek opportunities and generate value through their own means. Thank you to the mentors, colleagues, and supporters who helped make this possible. Now it’s time to get to work!

@avagt17 @larryfink_jr no as long as you have a way to credibly and decentralized exit the accumulated liquidated spot collateral, which lighter does w/ zk circuits

@izebel_eth @larryfink_jr Equity basis trade haha Wouldnt you always need a BLP market though because the perp market is always cash settled?

as crypto matures so do the hold times on good assets crypto participants were trained for years (decades!) that buying and holding was a scam - this was because the underlying business were either nonexistant, struggling to find pmf, or had little moat the survivors, myself included, learned to sell, delete discord, move on to the next one and never look back but that era is over, there are genuinely good protocols to own, with real pmf and moats, and our edge is in being able to tell the difference between the good and the lemons. i believe the best opportunities are holding assets that are undervalued due to investor confusion the era of the schizo rotator is over, long live the value investor

@matthuang anecdotally i tend to prefer instruments that ive seen people make it w/: -ive seen a lot of ppl get rich on spot/memecoins -ive seen a lot of ppl get rich on perps (and usually lose it all too) -i rarely see ppl get rich on buying options -but no one gets rich sports betting

@izebel_eth As a connoisseur of risk, why do you feel forced to choose!

Win $1B for a perfect bracket