merp

color as texture

@Havochl_ @Bechtold77 @Henrik_on_HL 🫡

@0xMerp @Bechtold77 @Henrik_on_HL well explained

Why is hype suffering the most rn

@poopmandefi @tradexyz ofc

@0xMerp @tradexyz nice info thx

with $CBRS listing in less than 12 hours, its currently trading at a 57% premium to the $185 open price on @tradexyz funding has mostly normalized open interest is at $19,139,131 @ $56.4b FDV at offering it ranks as the largest IPO since 2022, and the 10th most expensive IPO of all time $CBRS at $185 trades at 1/95 the full valuation of NVDA, 1/17 of both MU and SKHX, but trades at over a 4x price to sales multiple of $NVDA, more than 7x compared to $MU, and 17x compared to $SKHX below is some relevant data as well as a list of some previous IPO's, their first day MCAP, and their first day performance tomorrow should be a window of how far we are into the bubble, or the AI supercycle whichever way you want to describe it

@goodalexander bro is locked in

@0xMerp do the thing creature

*cracks whip*

@CookerFlips at $289 youre actually shorting at almost $90b so it changes things a bit, it mostly comes down to how accurately u think the IPOP traders can price this

@0xMerp Let’s see assuming you’re shorting At 50-60b valuation how much further can you get to the downside considering OpenAI is spending more than 20b on chips It’s extremely -EV

part of me wants to short because of the gap the other part of me wants to max long because i see 1/95 of NVDA valuation and that makes it seem extremely free if you look at it in a vacuum and assume it can be a complete frenzy

@Yaugourt @tradexyz @HyperliquidX Hyperliquid

Tomorrow is a first. @tradexyz deployed pre-IPO perpetual on @HyperliquidX. CBRS, Cerebras Systems, the biggest AI hardware IPO of 2026. $36M in volume and 2,218 traders before a single share traded on Nasdaq. Tonight Cerebras priced at $185 per share, above the expected range. $5.55B raised. $56.4B valuation. When Nasdaq opens continuous trading tomorrow, the CBRS perp automatically transitions from pre-IPO discovery mode to a standard equity perpetual with external pricing and 10x leverage. First time this has ever happened on-chain. Pre-IPO price discovery to live equity perp. No forced close, no settlement, positions just carry over. Not shares. Not tokenized equity. Permissionless derivatives on real world assets, running 24/7 on an L1 orderbook while TradFi was still printing prospectuses. Hyperliquid.

@blade_ makes sense

@0xMerp def possible but i feel that for such an IPO in the current climate it's a super high variance trade where you could possibly get fucked at open, and due to current spreads positions are difficult to open or close (and books could remain weird for a short bit after open too)

@0xgoodie @tradexyz yea pretty much this lmao

@0xMerp @tradexyz

@blade_ given that the IPOP price has such a big premium it probably changes the math no

@0xMerp shorting pre IPO is extremely -EV imo

@0xgoodie @tradexyz maybe the right curve is the left curve will bid so you bid

@0xMerp @tradexyz agreed boss idk how left curve and right curve can be so dramatically opposing lol

Cerebras Systems, Inc. (CBRS) is expected to IPO tomorrow, May 14, 2026. Shortly after Nasdaq's IPO Cross executes and CBRS opens for continuous trading, Trade[XYZ]'s CBRS will transition to a standard equity perpetual with external pricing.

@0xgoodie @tradexyz or at least perceived to be cheap

@0xgoodie @tradexyz there is prolly the 10iq argument to be made that its 1/95 of NVDA valuation and therefore should probably be much more expensive

@bitfloorsghost Is 46 good

if your resting heart rate is above 60 please do not speak to me

@0x_zKfbg Doge also lmao

@0x_zKfbg I was noticing it earlier too actually

$JTO Broke out of Q1'26 range on /SOL pair. tiem to run it bacc iwo 🫳 @0xMerp

@bitfloorsghost @tentaclepapi AGI next week dont worry.

@tentaclepapi @0xMerp I had to spend all this time setting up guardrails to make sure it used every single piece of data for every single player every single time lmao like come on how did you not surface this to me

@0xMerp I downloaded 20 years of nfl data to train some models for my dynasty league and I found out after like a whole day that it was only using 80 players and a few stats lmao

@MiladyRespecter @phygitals wtf so sick

Pulled a 1/1 Gengar from a $10 pack Thank you @phygitals