itjima

Robinhood vs Hyperliquid Q1 results Clear cyclical downtrend in crypto trading. Robinhood crypto revenue fell to $134 million (-39.4% QoQ), while Hyperliquid crypto trading revenue fell to $179.7 million (-31.0% QoQ). Still, Hyperliquid’s crypto revenue was higher than Robinhood’s crypto line, while its RWA revenue grew +454.8% QoQ. Users also grew 29.6% QoQ to 1.19M, versus Robinhood funded customers up roughly 1.5% QoQ. HYPE’s discount to TradFi comps has largely been a cyclicality discount on crypto-linked cash flows. But with RWA now >30% of volumes, HIP-4 adding binary outcomes, and revenue volatility already roughly in line with Robinhood through the slowdown, that discount looks less justified. At $192.3M of Q1 protocol income versus Robinhood’s $346 million of net income, HYPE looks incredibly cheap at a $9.5 billion circulating market cap against HOOD trading at $74 billion.

Be Mark Zuckerberg: > learn Mandarin > give speeches in Mandarin in China > put Xi Jinping’s book on your desk > get employees to read Xi Jinping’s book > ask Xi Jinping to name your baby > get rejected > host Chinese internet officials at Facebook > try to bring Facebook back to China > get rejected > explore China-friendly censorship tools > get rejected > quietly test a China-only app > get rejected > buy an AI company with Chinese roots > get rejected by China again

NEW: @HyperliquidX TEAM ANNOUNCES THAT ON THE NEXT NETWORK UPGRADE ORDER PRIORITY FEES WILL BE ACTIVATED FOR ALL PERPS, AGENTS WILL BE ABLE TO TRANSFER FUNDS BETWEEN DEXS FOR THE SAME USER, HIP-3 BACKSTOP LIQUIDATOR WILL SUPPORT WITHDRAWING PRINCIPAL AMOUNTS

- takes out massive Aave loan against his CRV bags - uses it to buy luxury real estate - CRV dumps, Aave gets into bad debt - industry rallies to bailout Aave - later on another Aave bad debt, industry rallies again - schools everyone on what should be done - is asked for financial contribution - "nah, I'd need to sell a kidney"

BREAKING: TRUMP SAYS “IRAN HAS JUST ANNOUNCED THAT THE STRAIT OF IRAN IS FULLY OPEN AND READY FOR FULL PASSAGE. THANK YOU!”

NEW: HYPERLIQUID DAILY REVENUE HITS HIGHEST LEVEL SINCE FEBRUARY SOURCE: defillama.com/protocol/hyper…

[ ZOOMER ] ANTHROPIC RELEASES THEIR LATEST MODEL, OPUS 4.7: BLOG

[ ZOOMER ] TRUMP SAYS ANTHROPIC IS NOT A SYSTEMIC RISK, AND WILL WORK OUT THEIR ISSUES, FOLLOWING DISPUTE WHERE THE ADMINISTRATION TRIED TO DESIGNATE IT A RISK TO NATIONAL SECURITY

Once you realize Hyperliquid is building the everything exchange, and cross-margin brings it all together, you realize that every other competitor is playing a much narrower, far less defensible game. On Hyperliquid, perps, spot, options, predictions, RWAs, and related markets are not separate products so much as expressions of a single, unified trading experience powered by a shared risk engine. At scale, the resulting liquidity and capital-efficiency flywheel should produce a winner-take-most market structure, leaving those who didn’t see the bigger picture fighting for scraps in siloed markets. Excerpt below on the approaching $HYPE endgame over the coming years.

NEW: @HyperliquidX SAYS “RWA TRADING ON HYPERLIQUID CONTINUES TO REACH NEW ATHS WEEK AFTER WEEK, SURPASSING $2.3B IN OPEN INTEREST”

NEW: FRANCE TO CARRY OUT WORLD'S FIRST ONCHAIN IPO APRIL 9 ON LISE STOCK EXCHANGE - PER @TheBigWhale_'S @gregory_raymond

JUST IN: OpenAI raises $122,000,000,000 at $852 billion valuation.

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

This looks complicated. Let me explain. All the money goes around in a circle. No meaningful value is generated, there is no AGI, only video slop generators with ads, no customers willing to pay a lot of money. It's all about pumping a stock to dump on retail as soon as possible

BREAKING: S&P DOW JONES INDICES LICENSES S&P 500® TO TRADE[XYZ] FOR PERPETUAL CONTRACTS ON HYPERLIQUID SOURCE: press.spglobal.com/2026-03-18-S-P…

HYPE perpetual futures are now available. Restrictions apply.

Context behind Aave having gimmicky swap widgets on their UI in the first place is that Labs needed to shoehorn in shitty features in search of revenue streams that could dodge tokenholders and go straight to Labs (Labs has no $, AAVE supply was jeeted last cycle for mansions)

BREAKING: KRAKEN BECOMES FIRST CRYPTO FIRM TO WIN ACCESS TO FED’S CORE PAYMENTS SYSTEM - WSJ SOURCE: wsj.com/finance/regula…

[ ZOOMER ] THE PENTAGON DECLARES ANTHROPIC A NATIONAL SECURITY RISK

NEW: TETHER INVESTS IN WHOP TO POWER STABLECOIN PAYMENTS FOR THE NEXT GENERATION OF THE INTERNET ECONOMY - PRESS RELEASE SOURCE: prnewswire.com/news-releases/…