Perpsy

Last year was by all means a Brutal Bear Market for me, but I'm so glad to have stumbled into this @unchained podcast by @laurashin with core Gems💎 by @cburniske & @cobie. Plus the timing was f*cking perfect. I highly recommend for those navigating the #cryptomarket

I hate to be bearish but - You have 4 companies out of the Mag 7 that now hold more debt in depreciating assets (E.g. Datacenters) than cash in their balance sheets. - More spending on these datacenters that are expected to increase until 2028-2030. - Record breaking IPOs coming to the market in already tight liquidity environment. - Labor market that is in full stagnation. - A Fed that doesn’t have the leeway to cut rates anymore like they did in recent years. - Price discovery mostly being done in private markets now. - Hyperscalar bond issuance driving more liquidity away from equity markets. - A war that introduces more uncertainty in an already uncertain market environment. While the S&P still trades at a higher premium over its historical average.

Nothing like a conservative 8x return in a global bear market whilst on the brink of WW3.

After all the accomplishments in our first year, President Trump has even bigger priorities for 2026. The President's Council of Advisors on Science and Technology is hitting the ground running to deliver more wins for America. foxbusiness.com/politics/trump…

Sat down with Bittensor co-founder Jacob Steeves (Const) for a deep dive into the state of Bittensor in 2026. We covered how Subnet 3 trained a 72B parameter model in a fully permissionless decentralized way, how subnets create markets for digital commodities like gradients and inference, the dynamic TAO tokenomics that lock emissions into subnet liquidity pools, and why open ownership of AI matters more than ever as centralized labs head toward trillion-dollar IPOs. 0:00 Intro: Bittensor Co-Founder Jacob Steeves 1:13 Jacob's Background, From Deep Learning to Crypto 4:45 Founding Bittensor: The Monetary Computer 7:58 How Subnets Work as Markets for Digital Commodities 11:18 Subnet 3: Decentralized Model Training 15:28 Permissionless Training at Internet Scale 18:52 Why This Matters: Open Source AI Ownership 25:53 Subnet Tour: Optimization, Inference, and Compute 29:55 Affine: Beating Qwen 30B via Market Incentives 34:26 TAO Tokenomics and Dynamic TAO 51:54 How Investors Participate: Just Buy TAO 54:05 Open Ownership vs Fiat AI

opensea did $120m revenue in january 22 alone $120,000,000. in one month. i dont think people realize how crazy things were

David Sacks leaving the administration after zeroing the industry & making the Trump family over $1,000,000,000 in crypto

Hear what he said about Nigeria

"We need to upgrade the laws and regulations in the US so that Americans — individuals and institutions — can trade on Hyperliquid." @jchervinsky @HyperliquidPC

JUST IN: 🇺🇸 David Sacks' term as President Trump's crypto and AI czar ends.

@R89Capital @Selkis_2028 Selling your Bags at the Top and being able to Buy Back at the Bottom is a HUGE Accomplishment

He accomplished nothing

Good Read. Recent headlines: KALSHI IS RAISING ABOUT $1B AT $22B VALUATION meanwhile... POLYMARKET SEEKING FUNDING AT 15B VALUATION HIP4 will be game-changing bc of capital efficiency and composability with its options + perps offerings.

This weekend on Hotstuff, you can earn extra boosts for trading. • 2x points on all normal pairs • 5x points on all RWA pairs Starts late Friday and runs until the Hotstuff Volume Championship ends. Touch grass or level up. The choice is yours.

@tradehotstuff Access Code with Max Points Boost and Trading Fees Discount: RIPBinance Code: RIPBinance app.hotstuff.trade/join/RIPBinance

@CallumOnCrypto @paradex @Lighter_xyz @extendedapp Rookie numbers. Higher, much higher. I'm not getting out of bed for anything less than $5-10B

BREAKING: David @friedberg says "California is functionally bankrupt" "People don't realize how screwed California is, & I worry that if California falls, so does the union. "$250 billion to $1 trillion short." "This is because for California to get rescued would be a big cost to red states, & I think it creates in the years ahead a lot of tension." "California's functional bankruptcy is a major risk to the country. & I think we need to figure out what we can change to fix it." How we got here: "California has a public pension system, & that public pension system retirees have paid into it & they get some benefits out, & the amount that they're owed back out is somewhere between $250 billion - $1 trillion dollars more than has been paid in. $250 billion to $1 trillion short. If it was the federal government, it would be like, okay, we'll just print more money. California doesn't have the ability to print money, so California has to pay this out, and you can't restructure retirement benefits. There is a Supreme Court case in California that said that once an employee has been offered retirement benefits, even if they're currently an employee, you can never restructure their retirement benefits. It has to stay forever, and the state cannot declare bankruptcy. There's no way for the state to functionally declare bankruptcy. There's no law to allow it. No state has ever declared bankruptcy, and the retirement benefits sit senior to the bonds in California. So you have to pay out the retirement benefits before you pay out all the bond holders that have loaned California the money that they use to run all their programs and services." Hill & Valley Forum 2026 (@HillValleyForum)

Spot equities are now live I’ve shared this previously, but when our team began ideating on how to create a way to trade equities fully on-chain, the two issues we determined were most crucial to solve for were 1) optionality and 2) liquidity. Optionally enables on-chain natives to leave their tradfi brokerages behind. Liquidity makes buying these assets fully on-chain actually feasible (no more $100k buy order and 5% slippage) By building with @OndoFinance and tapping directly into NYSE/NASDAQ liquidity via the RFQ model we’ve implemented, we enable the largest spot equities optionality anywhere onchain today and parity liquidity with what you can get at your off-chain brokerage. No more need to off-ramp, pay insane FX swap costs, etc. This product is by the on-chain native for the on-chain native. Thanks to all the private beta testers who helped with multiple rounds of iteration. Excited for many more gFelix

Hyperliquid

Perpetual futures will become a primary venue for price discovery in TradFi markets, but they will not replace dated futures and options. Today, price discovery happens across different instruments. Equities and FX primarily trade on spot markets, while commodities and energy rely on dated futures. USDC-settled perpetuals offer structural advantages that make them a strong alternative for trading and liquidity concentration: 1. They trade 24/7 2. They aggregate liquidity into a single order book and are structurally standardized 3. They enable higher capital efficiency through continuous margining Importantly, many of these advantages are structural. Traditional financial markets are not 24/7 not only due to historical inertia, but because risk management and settlement operate in discrete cycles. Margining is not continuous, and collateral transfers and custody updates occur in batches, requiring system-wide coordination. At the same time, traditional derivatives markets fragment liquidity. Dated futures split liquidity across expiries, while options spread it further across expiries and strikes. As a result, liquidity is distributed across many instruments. Perpetuals reverse this dynamic by consolidating liquidity into a single instrument per asset and providing a standardized structure across markets, with no rolling and simpler basis management. This makes them easier to hedge and trade. Perpetuals also allow for more capital-efficient use of margin through continuous risk management and liquidation mechanisms, although this comes with different risk trade-offs compared to the more conservative, discrete systems used in TradFi. Given these dynamics, USDC-settled perpetuals will become a primary venue for trading and price discovery in TradFi assets over time. However, several challenges remain: 1. Trust and inertia: Institutions will need time to build confidence in crypto-native infrastructure and adapt their internal processes and risk frameworks, for example moving from futures term structure to perp funding dynamics. 2. Index definition: Perpetual markets depend on a clear and reliable reference price. For TradFi assets, this requires consistent and widely accepted methodologies. This means spot-based references for equities and FX, and derived spot prices from futures for commodities and energy. In practice, areas like futures roll and non-trading hours are not yet fully standardised across the industry. We also recognise that the current approach used by Extended is not yet ideal, and we are actively working to improve the definition of a fair and robust reference price. Even if perps become dominant for trading, they will not replace dated futures and options, as these serve different purposes: 1. Dated futures provide time-specific hedging and a strong link to the real economy through physical delivery and convergence to spot at expiry. 2. Options provide convex payoffs and enable trading and hedging of volatility. In summary, perpetuals are structurally better suited for liquidity aggregation and continuous trading, and will play a leading role in price discovery. However, they will coexist with dated futures and options, which remain essential for time-specific hedging and non-linear risk management. Bridging perps and TradFi represents one of the largest and most durable opportunities in financial markets and is a core focus for Extended.