shadow@0xmev
What we are trying to do (whether we succeed or fail) is a small but true step function evolution in finance.
Perpetual equity futures are a novel financial instrument. One which, we believe, have the potential to disrupt capital markets as stablecoins did to the payments space, or as prediction markets did for binary events, notably politics.
Yesterday we witnessed a glimpse of what this could become.
Toward the end of the weekend, XYZ100 persisted a small move to the upside. Smart traders bid (above the oracle price), willing to pay the funding over several hours which they bet (correctly) would be exceeded by the returns of a higher fair after external markets opened.
Friday closed ~$25,360. On Sunday 4pm est, the most accurately priced venue in the world may have been XYZ100 on @HyperliquidX at ~$25,460.
CME was the first traditional venue with a correlated asset to open 1-2 hr later. It opened +80 bps from prev close, confirming the direction and extending the move discovered over the weekend.
Obviously this discovery has been minuscule thus far - not yet significant to affect other markets in any real sense - but it's exciting to see the direction of something so highly anticipated @tradexyz There's a long road ahead.
Perpetual Renaissance.
Hyperliquid.