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

@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.

Why does it cost less to build a base on the moon than high speed rail from sf to la

Hyperliquid & TradeXYZ just did more 30D volume than the entire rest of the perp DEX market combined. Total dominance.

Is the average monthly salary in Nigeria really $51?

Every year since 2023, we’ve asked one question: How are Nigerians really doing with money? In 2025, we went deeper, deploying over 90 data collectors to reach more than 25,000 Nigerians across rural and urban communities in all six geopolitical zones. This year, beyond tracking income and spending, we wanted to understand something more honest: Are Nigerians actually moving forward… or just surviving? The Piggyvest Savings Report 2025 is here. Read it. Share it. Let's talk about it! 🚀 👉🏾: piggyvest.com/reports/2025

🚨 UPDATE: Crypto Fear and Greed Index falls from 14 yesterday to 10.

Cathie Wood explains WHY Bitcoin is about to explode: 1) Agentic Ai 2) Global Monetary System 3) Leverage Flushed Out 4) Iran War 5) Only 21 Million 6) More scarce than gold 7) Generational Wealth Transfer

I bailed out Barron from a crypto fraud scheme at the First Family’s request; he grifted anyway. I helped keep Lutnick out of Treasury; his firm’s raking it in. I set up the Tucker-Fuentes interview to elevate anti-Israel / anti-war voices; we’re invading Iran. I tried. 🤷‍♂️

the best marketing strategy in 2026 is just being genuinely helpful on the internet

I keep repeating this. The biggest disservice Western culture did to Africans was to sell individualism and resilience as the solution, while the real hack behind the scenes for them was community. It was what we always had, but we gave it away. I need to write a thread on this.

BREAKING: President Trump’s “five-day” pause on strikes against Iranian power plants and energy infrastructure is set to expire in 48 hours, with no new announcement of an extension.

Our goal for DAS this year was simple. Inject optimism back into this industry. Optimists always win. Always. But I get the sense crypto has been overtaken by pessimism. We need to snap out of that NOW. We have been building Blockworks since Dec 2017. I have never seen this much momentum, this many tailwinds, this much institutional and political support for crypto, this much real world adoption. And all I hear on this app is complaining about the tokens going down. Most tokens will stay down, that’s ok! But what most seem to be missing is that the winners are emerging. Their tech will get adopted globally. Their platforms will be seen as staples of society. And yes, their tokens will go up (a lot). We wanted to show you with DAS this year that crypto will win. I hope we’ve played a small role in sparking your optimism in this idea. Crypto will win.

@definikola He reflects the Ethos of Solana. I’m glad he has found a befitting Ecosystem

we should join forces to cancel tourists like this from DeFi as an industry once and for all max extract, careless about the project from the moment he leaves (gets laid off), careless about the industry in general and its core values happy Wednesday, my fellow comrades

even in a saturated market, God will make room for you.