Sphinx

@Nitsua_D 💡💡💡

The largest unhedged commodity position in America might be sitting inside AI datacenters. Everyone argues about GPU depreciation. Fair. But flip the ledger over. A GPU cloud signs a 2 to 5 year take-or-pay contract at a fixed hourly rate. Revenue: locked. Debt service: locked. CoreWeave alone carries roughly $1.2B in annual interest that comes due whether utilization is 95% or 50%. Power? Floating. Repriced every hour, 8,760 times a year. Fixed revenue on top of a floating fuel cost is a spark spread. Merchant generators learned to hedge that exposure decades ago, usually the hard way. Airlines hedge jet fuel. Utilities hedge gas. Most GPU clouds run the same book with no hedging desk. The lawyers see it too. Quinn Emanuel's client alert on AI datacenter financing lists unhedged energy cost differentials as a contagion risk that can spread through the whole financing stack. I spent years in energy infrastructure before derivatives, and this is the part of the AI trade I can't stop staring at. The market cap conversation is about chips. The margin conversation should be about megawatts. Honest question for the energy traders in my feed: who is actually hedging this today, and with what?

Last Wednesday, the biggest power grid in America admitted it's running out of room. PJM keeps the lights on for 67 million people across 13 states. It added a "capacity advisory" to flag when electricity supply could get tight. Not because of a heat wave or a polar vortex. Just an ordinary Tuesday. This time it's the data centers. They pull power at a density the grid was never built for, and they don't ease off at night or on weekends. So power starts to trade like a commodity in short supply: lumpy, volatile, hard to plan around. When something gets scarce and volatile, the people exposed to it need two things: a real price, and a way to hedge it. Energy markets are about to find out if their tools can keep up. What happens to power prices when compute sets the peak?

Now the AI buildout has three real hedging layers: Henry Hub for the fuel, ERCOT for the electrons, GPU-hour for the work. We built Sphinx to trade all three in one cross-margined account. Chevron just drew the diagram for me in Reeves County.

So last month CME and ICE both launched compute futures on a GPU-hour index. GPU-hour won for a boring reason: it's the one unit both sides can count and neither can fudge. FLOPs and tokens have better physics. Both lost because they let one side cook the number.

@Chevron is burning West Texas gas to spin 2.7GW of turbines so Microsoft can sell GPU time. Same megawatt, three prices: gas, power, compute. They don't move together. CME and ICE both launched compute futures on a GPU-hour index last month for exactly this reason.

Check out the extreme website makeover for @SphinxProtocol The most exciting part of building Sphinx is getting to work on the bleeding edge of several different spaces at once. Energy is being reshaped by compute. hashtag#AI and the data center buildout are adding electricity demand the grid hasn't had to plan for in decades. The energy transition is changing how and when power gets generated, while natural gas keeps firming the system underneath it. And financial infrastructure is moving toward real-time, on-chain settlement. Each of those is a major shift on its own. They're happening at the same time, and they all run through the same markets. Sphinx is built for exactly that convergence: a 24/7 institutional exchange for U.S. power and natural gas, with perpetual swaps, dated futures, and near-instant T+0 settlement. hashtag#Energy risk runs around the clock, so the venue for trading it should too. Our new site brings the full picture together in one place. sphx.io

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@0xJoshua @SenMarkKelly @standwithcrypto @fund_defi 🔥🔥🔥

Huge thank you to @SenMarkKelly and his staff for taking the time to meet this morning We discussed the Clarity Act, why digital assets need clear rules, why developer protections matter, and why it's time for a Senate floor vote @standwithcrypto @fund_defi

Just wrapped meetings with Senator Michael Bennet and Senator @Hickenlooper's office alongside @standwithcrypto and @fund_defi . As a founder and developer, I shared what regulatory clarity would mean for builders in Colorado and made the case for keeping developer protections in place as the Clarity Act moves toward a floor vote. Thank you to the Senator's staff for the time. 🇺🇸

Our co-founder Greg Perrin (@gcperrin) was on the Hill this week, wrapping meetings with the offices of Senator @SenatorBennet and Senator @SenatorHick alongside @StandWithCrypto and @FundDeFi. Greg made the case as a founder and builder: what real regulatory clarity would mean for the people writing code right here in Colorado, and why developer protections need to stay intact as the Clarity Act moves toward a floor vote. Sphinx is building market infrastructure for U.S. energy derivatives, so the rules of the road are something we think about every day. Good to see Colorado's delegation making time for the people actually building in the state. Thank you to the Senators' staff for the conversation.🇺🇸

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@SphinxProtocol I want it to drop lower

Who's putting fuel in their car again? 🛢️📉

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If you are stepping into Sphinx Trials, know this: we see you. We are lining up something special that will make it worth your time. 😉 Trial V is live today. We are close to the finish line.