Baran
1.3K posts


Great question. I get asked this a lot so will answer fully.
tl;dr we're trying to make the next CME, not the next Hyperliquid.
Why do I put it like that? Well, the job of an exchange is to accumulate everyone that wants to trade in one place in space. Not just defi natives, not just cex traders, not just Robinhood users, not just institutions.
Everyone. And this is far more true in tradfi than it is in crypto. You don't even have to leave X to find massive communities of traders who have never heard of Hyperliquid. And then there are the banks, pension funds, and so on...
To give an idea of scale, the crypto universe does around $100bn volume on a big day (this includes a lot of fake volume). CME's S&P e-mini future does $500bn every single day, none of it fake. That's one product.
What does the CME of the future look like?
1/ It's liquid. Very liquid.
We've put a ~ton~ of effort into attracting the best liquidity providers, and are improving every day. Outside market hours, we are now usually more liquid than all HIP-3 dexes on most products (weeks from launch), and are actively improving during the open. Retail and institutions that want to trade big sizes will come to us for that reason alone - it's just cheaper for them to do so.
Due to various factors, Hyperliquid has struggled to attract the 'tier 1' HFTs that would really unlock liquidity. We know this because as a team, we've worked at most of those firms.
Ultimately, the most liquid exchange wins.
2/ Does it offer more margin than the current CME?
Definitely - and crypto has shown how this is possible by disintermediating brokers, but...
3/Does it carry out liquidations using Bitmex's first design from 2017?
Probably not, so we reinvented our margin stack to be cascade-proof. DM me if you're interested in the details.
4/Does it margin in fiat or crypto?
With the Genius act, stablecoins are just fiat on better payment rails. So we margin in USDC.
5/How secure are client funds? Would institutions hold $1bn+ in client funds comfortably on a defi wallet for 5+ years?
That's why we have US regulated custody, courtesy @BitGo.
6/How important is performance vs decentralization?
When it comes to price discovery, matching engine latency is key. Ours has institutional-grade throughput.
We're not a crypto company.
We've taken crypto's 'greatest hits', but we are building something different. Hopefully bigger.
We don't list crypto, but crypto traders are welcome, like everyone.
Btw, I've met some of the @tradexyz team in NYC and thought they were equal parts smart, humble and tenacious. I have deep respect for them. They are building something great, but different to us.
tublai@meurfault
@annanay what is the difference between what you're trying to build at Qfex and Hyperliquid
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@fintechfrank We allow up to 50x for retailers on tradfi products at qfex.com/trade . You can increase it if you contact us
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they're not going to enable 40x leverage my brother in christ
contra@ezcontra
I love hyperliquid as much as the next guy, but what happens when tradfi enables 24/7 trading
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INVESTOR ALERT 🚨: Investors should never rely solely on information from group chats in making investment decisions.
Be wary of any group chat where you receive investment advice from someone you don’t know – this is often how scams begin.
ow.ly/upFW50Ytysa

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4 projects I’m actively testing this week:
1 | @bulktrade
Finally getting to try the platform. Genuinely excited for mainnet release. the team is killing it on speed and UI/UX
2 | @_gammafi
New DeFi strategies aggregator, looks good from the first interactions
3 | @_lumeapp
With Remora Markets shut down, I need a new terminal to trade tokenized stocks ( @xStocks ) in one place. Lume feels really nice so far
4 | @PhoenixTrade
New upcoming on-chain perps platform. got access recently, will follow up with thoughts
Anything else I should give a try?

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I’ve found a discrepancy between the tests, where Tanstack had compression disabled, while the others had it enabled.
Me and the few people that reviewed it
all missed it 🙈😰. I’ll rerun and update.
Matteo Collina@matteocollina
We benchmarked TanStack Start, React Router, and Next.js running the exact same eCommerce app at 1,000 req/s on AWS EKS. The results were eye-opening.
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for all you builders out there using Inter as your order book font and rainbow gradients on your depth bars
this is how to make an order book UI that doesn't suck:
- use a monospace font
- right-align numbers
- use moderate-high contrast for colors
- do not get cute with it. this is not the time to bust out a 9-color gradient fade

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Onboarding a new market maker. They started out 'market making' on @Kalshi by FULL TIME CLICK TRADING ON THE GUI for many months.
Nobody 'classically trained' in HFT on the team.
Will PMs spawn a new generation of HFT firms like @wintermute_t and @SeliniCapital, like crypto exchanges did in 2021?
I'm not so sure - here is my reasoning:
>@wintermute_t was started by the ex-Head of ETFs at Optiver, @SeliniCapital by one of the PM's at Tanius, ex-Tower and ex-GETCO. I did a full interview process with both of them, and it was obvious they were doing things 'right' from the get-go. The current batch of garage band PM MM's have no idea about HFT basics, and since most online stuff about HFT is garbage, it's not obvious they will be able to vibe-code their way out of it.
>PMs (or more accurately, venture firms) are paying through their nose for liquidity, so a lot of these firms are making money quoting on markets with no volume, which isn't really sustainable.
>It's arguable that the valuation and modeling is most important in prediction markets, which is very product-specific and not scaleable. Even trading a single sport profitably requires specific data and model setups where the infra costs don't really scale, and little is built that is 'generic' across the major asset classes.
>This is in contrast to the modern approach of HFT, which is to make generic, scaleable model pipelines which are closer to 'plug and play' (usually a different pipeline for futures and equities).
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I'm here for the follow-up tweet.
You're here for the free historical data.
We are not the same.
$GOLD $OIL
QFEX@QFEX
Introducing Product Historical Data. Product: → Basis (Mark vs Underlier Price) → Funding Rate → Open Interest Behavioral: → Long/Short Holder Ratio → Taker Volume
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I’m 15. If you’re between 6-10, start these habits before it’s too late:
JOKO@ItsJoko
I'm 30. If you're between 21–28, start these habits before it's too late:
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20x. $NATGAS. Retail traders are welcome.
QFEX@QFEX
NATGAS, a new listing is now live. 24/7, 365. Up to 20x leverage.
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Baran retweeté

Had some fun redesigning a trading screen for @QFEX
Wanted to explore a direction that feels cleaner, easier to scan, and more intentional for active traders.
If this feels interesting to the team, happy to share more @annanay @joshuawharton

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