100X

On-chain perpetual futures is starting to push CEXs with 17% being Hyperliquid, and 83% being Bybit and Binance combined. Onchain perpetual futures are challenging CEXs, with Hyperliquid at 17% and Bybit and Binance at 83% combined. Hyperliquid dominates ~70–80 % of the perpetual DEX market, with $6 - 8 B daily volume after the record-breaking $HYPE airdrop that created millionaires. To compete, challengers need strong airdrops. Three stand out with their own narrative: ⚡ Lighter @Lighter_xyz VC Stack: a16z, Lightspeed; founder ex-Citadel HFT Edge: proprietary ZK roll-up → 5ms latency Daily Volume $1 - 2 B in closed-beta with points program; some may be inorganic LLP Vault: 100%+ APR Currently 0% taker / maker fees 🟨 Aster @Aster_DEX Backers: YZi Labs (formerly Binance Labs) Liquidity ties with Binance market makers Edge: First fully-integrated hidden orders ❇️ Extended @extendedapp Team: Former Revolut Edge: Cross - asset collateral + TradFi index perps (S&P 500, NASDAQ 100, Crude Oil) 20% APY vault capped at $7.5 M, fills quickly But while the challengers are rising fast, there's still one clear king. 🐲 Hyperliquid @HyperliquidX Custom L1 with sub-second finality HLP vault: key liquidity provider with stable APR Spot market and HyperEVM 70-80% perpetual DEX market share Hyperliquid redefined the standard: speed, UX, mega-drop, and sticky flow. Any challenger meeting these four criteria could be the next Hyperliquid, . . or perhaps there is no next Hyperliquid.

3/ James Wynn's Hyperliquid Diary 3 Jun: Rebuild 5.06K BTC long (worth $535M); week-to-date unrealized –$36.8M, yet intraday hovers green. 5 Jun: Mega-long still live while BTC whipsaws $105-106 K. Meanwhile Hyperliquid posts a record ~$244B May volume, thanks in part to the Wynn-watching frenzy. 6 Jun: A fresh dip forces liquidation of 379 BTC (~ $2.7 M); wallet now ≈ $706 K equity, lifetime score + $80 M peak → – $17 M net. His real-time transparency turned his trades into market theatre, pumping Hyperliquid volumes and reminding every crypto desk—retail and institutional alike—that 40× on-chain perps magnify both glory and ruin.

2/ James Wynn's Hyperliquid Diary 2 Jun (04:00 UTC): Wynn unstakes & sells 126,116 HYPE for $4.13M, pocketing a +32% flip and tweeting a dramatic “I’m leaving perps for good” thread; he also sweeps all remaining USDC off Hyperliquid. 2 Jun (08:00 UTC): Just 4 hours later, he’s back. Deposits $2M, opens a 945 BTC long (worth $99.5M, 40×) at $105,890—an instant “revenge trade.” Unrealized PnL flips to -$1.7M within minutes. Community response: He claimed he is fighting against “the market making cabal” on his timeline and ask for donation to support his cause. Followers send ≈ $20K;

James Wynn’s Hyperliquid Diary — A Lesson in Leverage From the start of $4.65M USDC on Hyperliquid in early March when he started sharing his address; runs balance up to over $40M realized PnL. “James Wynn” are on everyone’s feed.

9/ TL;DR The HYPE Thesis • Genesis drop was the biggest airdrop in crypto history • CEX-grade liquidity & sticky volumes • 9-figs annually revenue-driven buy-backs • Utility stack expanding ( staking, fee tier, HyperEVM ) • ~39 % supply still in the incentive pool Fundamentals keep strengthening; the question is whether the market has fully priced them in. #Hyperliquid

9/ HyperEVM = growth engine. Launched Jan ′25, it brings EVM-compatible smart-contracts to the high-throughput Hyperliquid chain — opening doors for native DeFi.

🚀 $HYPE Phenomenon: Why Smart Money Is Rushing In Smart money is piling into @Hyperliquid’s $HYPE. From the record-breaking airdrop to 9-figure buy-backs and a brand-new HyperEVM, here’s the data-driven rundown you need 🧵👇

10/10 What could happen next? • JGB yields keep rising, no policy pivot → global yields march up; watch the Fed. • Fed cuts / restarts QE to stabilize the Treasury market → caps USD yields, eases dollar funding; liquidity impulse follows • BoJ re-caps JGBs / steps up buying → yen carry trade reopens; risk-on for BTC, equities, gold. 📌 Track JGB auction cover ratios, USD/JPY trend, and FOMC guidance to see which path takes hold. Japan’s US $1.13T Treasury stash gives it real market leverage. #JGB #BoJ #USTreasury #Fed

9/10 Pressure overseas is real, but Japan’s own debt load may force the next move. The public debt is too high ≈ 260 % of GDP; +10 bp increase in yields add ~¥1.3 T to interest. While BoJ already owns > 50% of JGBs, ammo is thin. So markets expect the BoJ to pivot with easier policy. • re-state a yield cap (YCC) • shift purchases to super-long bonds. • let inflation run above yields to erode the debt load.

💹 30-yr Japan’s Government Bond Yield makes new high— why this matters for global markets & crypto 🧵 Before we go, a few jargons you need to know JGBs = Japanese Government Bonds BoJ = Bank of Japan YCC = Yield Curve Control (BoJ capping long-term bond yields) Carry trade = Borrow cheap interest rates (JPY), invest in higher-yield assets