R/R Ratio (Hyperliquid Arc)

Jane Street made ~$40B in 2025 with 3,500 employees, a ~2x from the year before. At ~65-70% profit margin, that's $8M profit / employee, the highest for a 1000+ ppl company. High-frequency trading continues to be the most efficient money making engine. I want to share an old story about my Jane Street interview in 2014. Jane Street was known for hiring a lot of math, physics and CS olympiad winners from top universities and putting them through many rounds - including, for trading roles, a gauntlet of mental math. It was my 6th interview and my final round and I recall being asked "What is the next day after today in DD/MM/YYYY where all the digits are unique?" They'd toy with you and say "You can use a pencil and paper, if you want" but you knew that was an instant no. Painstakingly and as quickly as I could, I came to an answer. "How confident are you that this is correct on a 0-1 probability scale?" the interviewer said. "0.95", I blurted out, not fully knowing how to answer that. "Are you sure?" After thinking harder for a few more seconds, I realized I could've flipped the digits around to get a closer date. I gave the interviewer my answer. It was correct. "0.95 huh?" he chuckled. That's when I knew I failed. Note: fwiw, other companies that come close in efficiency are - Tether ($90M+ profit/emp) - Hyperliquid ($80M+ profit/emp) and on revenue: - Valve ($50M/emp) - OnlyFans ($37M/emp) - Craigslist ($14M/emp) - Anthropic ($12M/emp, run rate) - OpenAI ($8M/emp, run rate) For comparison, Nvidia is very efficient at scale and is $4.4M/emp.

10 REASONS WHY THIS IS THE WORST CRYPTO WINTER EVER In today's newsletter, I wrote about how there are just numerous dynamics all happening at once -- from Epstein to quantum to AI to the death of crypto twitter -- clobbering the coins

Wasn't happy with my $SKR airdrop so I've decided to make it bigger by shorting it Thanks to it I could slurp more cheap $HYPE

Hyperliquid team is currently testing enabling borrow and lend natively on HyperCore events received on testnet just now what are the ecosystem implications?

Paradigm holds 19M HYPE ($800M+) with a $16.46 avg entry. They just consolidated everything to new wallets right before the SONN shareholder vote. The question: is this their exit liquidity or are they doubling down on Hyperliquid? Let me explain the setup: SONN is a failed (revenue was $18,626 in fiscal year 2024) biotech company trading on NASDAQ. In July 2025, they announced an $888M merger to become "Hyperliquid Strategies" - basically a publicly traded HYPE accumulation vehicle. The plan: - Get ~16.89M HYPE tokens from contributors ($744M) - Raise $305M cash - Buy $265M+ more HYPE - Ticker changes to PURR Become one of the largest public HYPE holders in America. Here's the genius (or the concern): On-chain, you see every token sale immediately. Paradigm dumps HYPE? Everyone knows. But stock sales? Much harder to track. Paradigm could contribute HYPE, get PURR shares, then quietly dump on American retail through traditional markets. The perfect exit disguised as institutional adoption. Or... they're actually committed. Maybe Paradigm sees this as the bridge between TradFi and DeFi. A way to bring massive retail capital into HYPE through regulated markets while they maintain long-term exposure. November 18: shareholders vote on the merger. If approved, SONN becomes PURR and starts accumulating HYPE. If Paradigm contributes their stack, they'll hold major equity in a publicly traded crypto company. What they do with those shares determines HYPE's 2026. This is the most interesting game theory setup in DeFi right now. Paradigm sitting on $400M+ profit, a public company desperate to pivot into crypto, and perfect exit liquidity disguised as institutional adoption. OR A genuine long-term commitment. To eventually House All Finance. We'll find out soon enough.

On Hyperliquid, there is no listing fee, no listing department, and no gatekeepers. Spot deployment on Hyperliquid is permissionless. Anyone can deploy a spot asset by paying a gas fee in HYPE. Deployers can choose to receive up to 50% of trading fees on their spot pairs. Everything is transparent and verifiable onchain. The full defi lifecycle includes building a project, launching a token, and trading that token. Every step of that journey can be done permissionlessly on Hyperliquid.