Jacob Firek

@skewga_capital sorry skewga but I don't read articles that don't mention hyperliquid

Just created a substack! First post in live. open.substack.com/pub/skewgacapi…

@litocoen ❓

apparently redotpay is doing $300m/month in volume and i have never met a single person using their card

@fiege_max Whats the difference between deployers operating markets via precompile calls on hyperEVM vs signing messages for hyperCore? Functionality seems to be the same thing

HyperEVM for outcome market deployment and resolution HyperCore for outcome token trading Do you get it yet?

@jon_charb What Big VC won't tell you

Kalshi just raised >$1bn @$22bn HYPE is nearly identical (adjusted MCAP is ~$22.4bn) Which would you rather own here (inclusive of liquidity consideration)

@Austin_Federa @phantom huge win for hyperliquid perps!

Huge win for market access 🔥 Welcome to the no action relief club, @phantom

@iandebode When hyperCore deployment? Whoever deploys there and becomes the go to for spot equities on hyperliquid wins

Another day, another ATH. We broke some records today with Ondo Global Markets. Over $120M in mint/redeem volume was processed by mid-session. Much of that activity happened before the opening bell. $90M of QQQ was processed onchain in pre-market hours, generating nearly 162,000 attestations, about 40x higher than average. Looks like retail wants tokenized equities, provided by Ondo.

I can’t see the fee in that screenshot so not sure. I do think hyperliquid and Solana are pretty comparable on spot right now. hyperliquid launching portfolio margin will bring more volume to the BTC market given its usage in margin liquidation There’s so much synergy from hyperliquid’s vertical integration that I feel like people still aren’t fully appreciating yet

@jt_developer Hyperliquid spot looks to be a 0.11% fee so that would be ~ $76.10 if I'm seeing that correctly?

Onchain finance on Solana is competitive 🔥

@Austin_Federa the best traders on solana trade on hyperliquid bc of the liquidity

Who are the best traders on Solana? Might grant some early access to some new alpha 👀

@iandebode @chamath hyperCore deployment pls

@chamath Hi Chamath, Im the president of Ondo Finance - we have 60% market share in the tokenized stocks market and represent the growth you see on that first chart! We have a lot more cool products in the pipeline - happy to chat with the team and share more details if helpful.

@0xBroze When spot equities? much needed for ether.fi trade

Where is Hyperliquid today? Stepping out of the day to day, was thinking briefly on the past 3 months of Hyperliquid and how the perps / exchange / L1 / DeFi playing fields at large seem to have continued to shift drastically without much noise--a quiet winter of sea change for HL to capitalize on. Most will remember the timeline noise around the "end of HL dominance" in December 2025 pre-Lighter TGE, during Aster incentive waves. Now that that noise has faded and the market continues to quiet, we can assess where HL has emerged over the past 3 months: If we add Hyperliquid's underlying OI today with the HIP-3 ecosystem OI on top, HL still tops the nearest perp DEX by ~$5bn OI today or about 3.5x. Hyperliquid's perps market share vs Binance sits at ~11.5%, down slightly from an all-time high of ~13% in early February. Still a ways to go and much more growth to be had. There are now 22 builder code apps that have done over $100m in volume and 6 that have done over $1bn in volume, with Metamask and Rabby both likely to cross $1bn HL builder code volume as well either this month or next. HIP-3 has now processed >$90bn in volume with 6 active HIP-3 perp deployers and 113 active markets. These markets (particularly the GOLD, SILVER, and OIL markets) have generated major attention (@business, @CNBC, etc.) over the past 3 months with the volatility across these assets that could be traded on Hyperliquid while tradfi exchange were closed. Cross margin for HIP-3 was enabled in February as well, which will hopefully allow deeper liquidity and more flows in the months to come from traders looking to take advantage of 24/7 markets. HYPE has been an asset of stability in the wake of a bear market across crypto assets. In the past 3 months, SOL is down 34%, XRP is down 31%, ETH is down 32%, BTC is down 21%, and HYPE is down 1%. Real revenue (annualized now at ~$780m) and continued Assistance Fund buybacks (AF now holding over $1.27bn in burned HYPE supply) have certainly helped. And as far as what's to come for HL at large, we now await the launch of outcome markets on Hyperliquid via HIP-4, the full rollout of Portfolio Margin (currently in pre-alpha phase), more stealth builder code apps coming online to bring HL to net new users globally, and regulatory work being done by @HyperliquidPC to expand HL's footprint in the US and beyond. TLDR: It's been quite a past few months even with the relative quiet of a market where BTC is down 44% from ATH. But we carry on Stats-wise: >Total HL perps volume: $4.001tn >Perps volume last 3 months: $209bn >Perps market share vs CEXes: 5.4% >Total OI: $5.78bn >Total HIP-3 volume: $90.8bn >HyperEVM TVL: $2.3bn >Stables on HL: $4.5bn

@chiefingza Nah man hl bros are in spot hype up 25% YTD. How is your Solana position doing over the same timeframe? I tried to tell you chief!

feel like a lot hl bros shorted the lit lows

@buffalu__ What about the market structure though? Is there a working order book on Solana? You seem to have left out the blockchain that people actually trade RWAs on bloomberg.com/news/articles/…

Solana. SOLANA. Listen. This is the FASTEST blockchain anywhere on the planet. The absolute fastest. Nobody comes close. Nobody. Transactions? Lightning. Tremendous speed. They fly. Ethereum? Very slow. Painfully slow. Cardano? Even slower. Total disaster. Solana handles securities trading like nothing else. Perfect volume. Perfect cost. Perfect everything. Believe me. The slow chains want to drag us down. They want to stop the winning. But we do not allow that. We are building the Crypto Capital of the World right here in the United States. Solana leads the charge. It is the next giant step after the GENIUS ACT and the CLARITY ACT. Huge industry. Powerful industry. If we let the losers hold it back China takes it. We do not let China take it. We keep it. We win with it. Solana is WINNING BIGLY. The American people get the best. Solana IS the best. Nobody does blockchain better than Solana. Nobody. Thank you!

@MaxResnick lol are you ever going to fix the market structure or just ignore that

Solana would be by far the biggest assymetric winner of the clarity bill passing. The total market cap of US equities is over 50T dollars, 20x larger than the entire crypto market cap. SEC chairman Paul Atkins has expressed his desire to move ALL of that on chain. So where is that going to go? This is an opportunity to unify a deeply fragmented securities infrastructure that was built up in pieces over the last 100 years. Securities should be issued, traded, and settled on the same venue. Which venue is robust and Lindy enough for issuance, fast enough for trading and scalable enough for settlement? There is only one answer: Solana.

@jvb_xyz Unc print some PnL on this app.hyperliquid.xyz/trade/xyz:CL

Oil is still a fade. Also, I'm not your dad.

@MaxResnick hyperliquid

Solana

@jvb_xyz Unc show them how its done in the trenches app.hyperliquid.xyz/trade/xyz:CL

Told ya 😜 Watch it go lower

@Austin_Federa Excited for the day top Solana talent to start building on HL as the industry coalesces around hype! Like @MaxResnick working on MEV at HL labs Y’all are some of the industry’s best!

@jt_developer HL would benefit immensely from multicast and we’d love to work with them on it

Put another way: Multicast is standard in all markets where real price discovery occurs.

@skewga_hyper It would be a cool niche if you centered your research and trade ideas around HIP-3 equities as the main way to express your views

Hey guys, I wanted to give you an update on where the Skewga experiment stands... Last year I built this platform with a clear vision: bring institutional-grade data, systems, and algorithms to retail traders. And I think it went really well in the beginning, SWPE and other Hyperliquid tools resonated with a lot of you, and that was genuinely exciting to see. From there I kept building, eventually shipping a full Hyperliquid frontend with builder codes that never ended up launching. Somewhere in that process I hit a wall of honesty with myself: it didn't make sense to charge a builder code fee for an experience that was already available elsewhere, the frontend was not differentiated enough. Letting go of that was hard. I had poured roughly two intense months into it, and walking away wasn't easy. But I think it was the right call as my mental health started deteriorating at that time. That decision forced Skewga to slow down and do something it probably needed to do earlier: think. I stepped back from updating skewga.com as I started questioning if it was really bringing any alpha to my followers. I didn't have a confident answer for that, so I decided to stop it. Now, after a period of reflection and vacaciones in the Caribbean, Skewga is ready to move in a new direction: equity research, with a focus on mega trends. Will talk more about this in the future. As for crypto, I still believe in Hyperliquid and will hold HYPE for a long time, it's the only project I think truly delivered on its promise. But imo the broader window for crypto innovation has closed... I might be wrong tho lol.