Neil FTR

@vedantdotrpm @forloopcodes Bro we ain't allowed to use AI to code in a HFT 😭🙏 millions are at stake

@shimon_newman @cyberfund @EternaCapital Looking forward to join the alpha seams exciting and answering a real need imho

(1/9) I’m humbled and thankful to say that Moto has raised $1.8m from @cyberfund + @eternacapital to build the first true onchain credit card. We are live today with a small cohort of backers, with general rollout starting next January. What makes Moto different? 👇

@chrischang43 crazy work well done !

Quick recap of my Breakpoint talk where I covered - propAMM background - Tech Dive: Reverse Engineering a propAMM - Tech Dive: Tools and Techniques for RE - propAMMs vs. Toxic Flow

@crispheaney wdyt about humidify working on the validator side of things ? How could the validator optimal decision interfer with the MM validating updates optimal decisions ?

Show me the incentive and ill show you the opinion on Solana Market Microstructure

Stunning starling murmuration

Also does someone know where I can borrow some $ORCA ? 😅

You're currently getting paid 16% PER DAY to be long $ORCA on Binance. 6% per day on Phemex. $xORCA is at 25% discount vs 7d redeem value, ie 3.1% per day. Someone looks in distress. I saw the upbit hack a few days ago but if someone has a narrative I'm curious !

@systematicls Oooof 😭 (Its on point imho)

How small trading firms kill their expansion attempts: 1. You hire new entrants because economics dictate you can't experienced "sure-winners", then expect them to compete with established players in 6 months. Complex infrastructure takes 12 months minimum before you even START learning what works. 2. Your entire culture is built on fast wins, but you're asking people to do patient R&D. Your risk tolerance is measured in quarters. Research timeline is measured in years. Someone's getting fired. 3. You pivot them to "something easier" after 9 months because it's "not working." Congrats, you just hired expensive execution monkeys for strategies you already know don't scale. Either budget 18-30 months and treat it like R&D spend, or partner with someone who's already good at it. Most firms do neither, hire anyway, then blame the hires.

@DesoGames Thanks for keeping these updates sir ! Stay strong, have a good week !

But that's the shtick isn't it? Everybody shrugging and being like "Huh? What happen? What?" everytime the cartel chugs and influencers need a fucking out for their incessant pumping; or to otherwise explain why they don't know shiat. Again. I know why. It's fucking obvious.

#Tether watch! Mass confusion in the space continues for some reason considering i'm out here posting the answer every goddamn week. Bitfinex's peg is weak. The premium keeps getting wiped out on the smallest of pumps ever since the October crash. Tether's stopped printing too.

I'm competting onchain on SOL with an arber on a very small market. He saw that I'm here and started being more aggressive, reducing the size of the cake we could share. How to send a message saying I'm friendly and we can deescalate haha

@chameleon_jeff When there is no liquidity at all ( or no insurance fund to cover bad debt?) then ADL is triggered. Basically the HLP was too small for absorbing the liquidations. I might be wrong and will be happy to be corrected. This thread helped x.com/0xdoug/status/…

@chameleon_jeff Answering my question hopefully it helps feel free to correct : ADL is the very last layer before insolvency and is needed for Every platform. Bad debt can be created when there is liquidity in the order book, just not at the price of liquidation of the user to liq.

TLDR: During recent volatility, Hyperliquid had 100% uptime with zero bad debt. This was Hyperliquid’s first cross-margin ADL in more than 2 years of operation. ADL does not change the outcome for any liquidated users. While some specific ADL providing trades were unfavorable, the aggregate effect of ADL was that traders realized significant pnl by closing positions at favorable prices that were only briefly available. -- It’s sad to see some people attack Hyperliquid to deflect from their own platforms’ issues. Solvency and uptime are the two most important properties of a financial system. These are table stakes for any trading system, and gaslighting to convince users otherwise is unethical and irresponsible. Below is more analysis on how Hyperliquid’s margining system handled the extreme volatility. Background on liquidations For a perps system to be solvent, every position must be backed by a minimum amount of collateral. This is called the “maintenance margin.” When positions do not meet the maintenance margin requirement, they are taken over by the system to be liquidated. Earlier today, many altcoins dropped by more than 50% in a short period of time. When this happens, long positions at 2x or higher leverage must be liquidated, or else the system accrues bad debt. There were billions of dollars worth of positions liquidated on Hyperliquid in a matter of minutes. In a permissionless system, each user chooses their own position sizing and collateralization. Any system that does not liquidate the necessary users is irresponsibly gambling with other users’ funds. On Hyperliquid, every order, trade, and liquidation is transparently verifiable onchain. Many other venues significantly under-report liquidation data. This cannot be compared apples-to-apples against the fully onchain picture of Hyperliquid. Background on HLP HLP is a protocol vault with permissionless deposits that 1) provides order book liquidity and 2) performs backstop liquidations. The first role is negligible, with HLP trading less than 1% market share. The focus of this post is liquidations. Liquidations are first attempted against the order book, and any user can provide liquidity to these market liquidations. Backstop liquidations occur when the order book does not have enough liquidity to absorb an undercollateralized position. In this case, HLP takes over the position along with its collateral. For improved risk management, HLP is split into several child vaults, and each liquidation is only sent to one child vault. Background on ADL Auto-deleveraging (ADL) is the liquidation mechanism of last resort, when market and backstop liquidations do not work. See Doug’s thread (link in reply) for a thorough explanation on the details of ADL. Every ADL event has two sides: the “triggered” side is undercollateralized, while the “providing” side is decided as a function of profitability and leverage used. Similar to backstop liquidations, even though providers to ADL are profitable on average, there are no guarantees for any specific event. Some ADL providing trades were unfavorable, such as when only some components of long/short portfolio were closed. The system is designed to minimize ADLs because they are unpredictable even if ADL providing trades are profitable on average. Because HLP is a non-toxic backstop liquidator, ADL is a rare settlement of last resort. As far as I know, this was the first cross-margin ADL event on Hyperliquid mainnet (ADL is more common for isolated-only assets such as hyperps, which are not backstop liquidated by HLP). Summary of events Over the course of 20 minutes, HLP backstop liquidated billions of dollars worth of positions. HLP's philosophy has always been to provide liquidity of last resort. Contrary to misconceptions, HLP is a non-toxic liquidator that does not pick profitable liquidations. Instead HLP is a public good for maintaining system solvency. In particular, Hyperliquid has no liquidation fees. HLP’s design, including its multi-component child vault system, is the product of countless simulations, and allows HLP to maximally serve the benefit of the protocol while managing its own risk. In fact, the liquidator child vaults of HLP themselves became undercollateralized in the course of backstop liquidating as many user positions as possible. This is by design, where child vaults are isolated from the other components of the overall strategy. HLP is treated no differently from other users when participating in ADL. In aggregate, HLP's child vaults were the largest addresses on the triggered side of ADL by more than an order of magnitude. The addresses on the providing side of ADL against HLP’s child vaults realized hundreds of millions of dollars in additional profit relative to the prices shortly before and after the dislocation. On other venues, the liquidation engine is not transparent and therefore may not be subject to the same strict margin requirements as for normal users. On these venues, the exchange could have backstop liquidated more positions, bearing increased solvency risk to extract hundreds of millions in business revenue. This is not an acceptable tradeoff for Hyperliquid. Finally, I know that this is a difficult time for many traders, and I hope the community can continue to support each other and grow together. As a contributor to Hyperliquid, I’ll continue to work my hardest to build the best possible platform that can house all of finance. Times like this highlight the importance of transparency and fairness in the financial system.

Warming up

🤖

whenever i face failure in my life, i order taco bell and watch this speech

@devdotsasha GL sir😶‍🌫️

backtest framework done strategy done data collector done data collected time to see if it makes some bread

Tokenized equities on @Solana xStocks are bringing Nvidia, Tesla, Circle, Strategy (MSTR), and SPY onchain, revolutionizing internet capital markets for everyone, everywhere; faster and fairer than the traditional systems Raydium is the hub for tokenized equities on Solana

Im looking to share a private grpc endpoint with an individual or a team to mitigate costs, anyone interested ? My data consumption is small but I need a latency performant data source. Let me know fam $FTRX

@allaboutvol Congratz on the resilience and hard work sir, lets go

~32k fills after started sharing these, so far pnl curve like this despite the "wrong" bias towards reducing on a market up