William Peets

„Don’t worry Bro, we got them magic money printer.“

Perpetual futures trading in crypto began with crypto traders trading crypto assets. However, now more than ever, this infrastructure is being used to power perpetual futures trading in TradFi assets. In 2025, basically 100% of perpetual futures notional open interest was in crypto assets. Now, less than 16 months later, this asset category regularly represents less than 80% of sector-wide open interest.

Food for thought. Trump, Hormuz and the End of the Free Ride For half a century, Western strategists have known that the Strait of Hormuz is the acute point where energy, sea power and political will intersect. That knowledge is not in dispute. What is new in this war with Iran is that the United States, under Donald Trump, has chosen not to rush to “solve” the problem. In Hegelian terms, he is refusing an easy synthesis in order to force the underlying contradiction to the surface. The old thesis was simple: the US guarantees open sea lanes in the Gulf, and everyone else structures their economies and politics around that free insurance. Europe and the UK embraced ambitious green policies, ran down hard‑power capabilities and lectured Washington on multilateral virtue, secure in the assumption that American carriers would always appear off Hormuz. The political class behaved as if the American security guarantee were a law of nature, not a contingent choice. Their conduct today is closer to Chamberlain than Churchill: temporising, issuing statements, hoping the storm will pass without a fundamental reordering of their responsibilities. Trump’s antithesis is to withhold the automatic guarantee at the moment of maximum stress. Militarily, the US can break Iran’s residual ability to contest the Strait; that is not the binding constraint. The point is to delay that act. By allowing a closure or semi‑closure to bite, Trump ensures that the immediate pain is concentrated in exactly the jurisdictions that have most conspicuously free‑ridden on US power: the EU and the UK. Their industries, consumers and energy‑transition assumptions are exposed. In that context, his reported blunt message to European and British leaders, you need the oil out of the Strait more than we do; why don’t you go and take it? Is not a throwaway line. It is the verbalisation of the antithesis. It openly reverses the traditional presumption that America will carry the burden while its allies emote from the sidelines. In this dialectic, the prize is not simply the reopening of a chokepoint. The prize is a reordered system in which the United States effectively arbitrages and controls the global flow of oil. A world in which US‑aligned production in the Americas plus a discretionary capability to secure,or not secure, Hormuz places Washington at the centre of the hydrocarbon chessboard. For that strategic end, a rapid restoration of the old status quo would be counterproductive. A quick, surgical “fix” of Hormuz would short‑circuit the dialectic. If Trump rapidly crushed Iran’s remaining coastal capabilities, swept the mines and escorted tankers back through the Strait, Europe and the UK would heave a sigh of relief and return to business as usual: underfunded militaries, maximalist green posturing and performative disdain for US power, all underwritten by that same power. The contradiction between their dependence and their posture would remain latent. By declining to supply the synthesis on demand, and by explicitly telling London and Brussels to “go and take it” themselves, Trump forces a reckoning. European and British leaders must confront the fact that their energy systems, their industrial bases and their geopolitical sermons all rest on an American hard‑power foundation they neither finance nor politically respect. The longer the contradiction is allowed to unfold, the stronger the eventual synthesis can be: a new order in which access to secure flows, Hormuz, Venezuela and beyond, is explicitly conditional on real contributions, not assumed as a right. In that sense, the delay in “taking” the Strait, and the challenge issued to US allies to do it themselves, is not indecision. It is the negative moment Hegel insisted was necessary for history to move. Only by withholding the old guarantee, and by saying so out loud to those who depended on it, can Trump hope to end the free ride.

🚨BREAKING: Drift Protocol just got drained for over $200 million Solana's largest perps DEX. Gone in one transaction batch. The attacker didn't find a smart contract bug. They didn't exploit a flash loan. They walked in with the keys. On-chain data shows a single account initiating massive outbound transfers. SOL, JitoSOL, WETH, wrapped BTC, stablecoins in USD, EUR, and JPY. Even FARTCOIN. They took the FARTCOIN. A blockchain security researcher confirmed what everyone suspected: a private key compromise. The admin signer was either leaked or someone with access pulled the trigger themselves. And here's what makes it worse. The attacker funded the wallets a week before the exploit. Ran a test transaction. Then waited. This wasn't a hack. This was a heist with a rehearsal. Phantom Wallet already cut off access to the protocol. Drift posted about "unusual activity" and told users to stop depositing. $200 million gone and the official response is "unusual activity." Some estimates put the real number closer to $270 million. We won't know until the dust settles and the wallets stop moving. The funds are already being swapped to USDC and bridged to Ethereum. Classic exit playbook. This is potentially the largest Web3 exploit in three years. But who needs security when you have speed, right Kyle? 🚀

brent oil perp on Hyperliquid has more OI than solana

ETF News after market close: Morgan Stanley amended an S-1 to propose a spot Bitcoin ETF (ticker MSBT) charging 14 basis points, below Grayscale’s 0.15% and BlackRock’s 25 bps products. If approved, it would be the first spot Bitcoin ETF issued directly by a major U.S. bank. The filing and NYSE listing notice could trigger fee competition and attract adviser-driven flows given Morgan Stanley’s wealth-management distribution.

1/ Today we're unveiling Obex's inaugural cohort. 8 projects to join the Sky Ecosystem. $1B in capital deployment begins today. Meet Cohort 1: Maple | Securitize | Centrifuge | Daylight | USDAI | Better | River | TVL Capital 🧵👇

MICHAEL SAYLOR: “Bitcoin’s a solution to everyone’s problem.” “Go buy the Bitcoin and wait because hundreds of trillions of dollars of capital from all around the world are going to flow into cyberspace to the Bitcoin network.”