Ellyoc

@tmel0211 @HyperliquidX 疯狂点赞，但现在涨的得思考下是否持续定投了😅

在 @HyperliquidX 如日中天的当下，姑且马后炮地系统谈谈对 $HYPE 的看法，个人有持续抄底持仓，利益相关，以下观点仅供参考： 1）为什么持仓？撇开高性能Perp Dex和链上币安、链上纳斯达克这些叙事层面的观点，我还是坚持之前一以贯之的看法，HYPE是这一轮周期唯一跑出来的新币，且无论是手续费回购增长飞轮和HIP3、4等延展协议以及接轨TradFi金融市场等，都让其表现非常抢眼。 换句话说，市场对当前币圈技术叙事越诟病和争议，报复性买单HYPE的动因则越大，难怪一些00后小登们都把HYPE吹到了以太坊的高度，一定程度上能说明问题； 2）当前的币圈共识很割裂，因此原先一荣俱荣，一损俱损的板块性轮动已经不适用了，行就是行，不行就是不行。也难怪Bitwise说HYPE被价值低估了，如果你站在公链及公链生态以及Tokenomics增张飞轮的视角看，Hyperliquid当前还势单力薄，尤其是HyperEVM生态并没有达到预期，HIP-3协议上的Tradexyz表现都是非常出彩，但还是单一Trading 平台的角度，绝对称不上百花齐放。 这就涉及到，HIP-3协议后续Tradexyz成功范本如何复制的问题，以及HIP-4能不能承袭在预测市场的创新金融市场预期等等。但请一定对过去所谓的生态思维祛魅，鬼知道以太坊不是被其所谓的layer2繁冗生态给拖垮的，我反倒觉得，没有被生态所累是Hyperliquid高增长的起点； 3）关于增长潜力，Hyperliquid的第一波叙事是高性能Perp DEX，用平台收入买HYPE并Burn来维持通缩增长预期，这和早期币安通过手续费回购并Burn BNB一样的逻辑，这套玩法赌的就是平台交易量的持续性增长性，好在Hyperliquid在RWA资产代币化、Pre-IPO、预测市场等增量市场表现都 无可挑剔，这让其交易费回购的飞轮尤为稳固。 所以其估值对标，第一个肯定是Sol，Solana要发力的互联网资本叙事被Hypeliquid抢先发力且初具成效了，第二个则会是BNB，没了早期CEX交易量回购刺激的BNB，用虚无缥缈的BNBChain生态叙事和当前弱的不能再弱的上币效应，很容易被HYPE弯道超车； 4）该如何理解Pre-IPO的意义？这不是最近cerebras和SpaceX带来的新叙事话题，早在金银和原油期货交易阶段，Hyperliquid就证明了其野心并不仅仅是一个链上币安，而是链上CME和纳斯达克。这不是叙事炒作，而是资金和交易量用脚投票的结果。 在未来SEC主导创新金融，CLARITY Act法案立法当下，又有大量的包括Anthropic、OpenAI等超级资产的催动下，散户通过Pre-IPO获得和机构同权的需求很大，只要不出现大的SEC管制黑天鹅，一旦Stock无需完全注册的条令下来，Hyperliquid作为新生链上纳斯达克的默认场所共识会进一步得到放大； 5）HIP-3协议的反哺效应正在通过HYPE的价格表现得到证实，股票、指数、黄金、Pre-IPO、预测市场等创新金融市场一个个都是潜力股，且竞拍ticker和50w HYPE的质押也是实打实的利多因素，没啥可多说的了。 关键是HIP-4这一用outcome-based合约新形势定义预测市场的高潜力股市场还没完全表现呢。现在HIP-3上跑出了Tradexyz就如此声量了，一旦将来HIP-4上跑出来Polymarket之类的新预测交易平台，能带来多大的利好刺激值得耐心等待静观其变； 6）论FDV，Hyperliquid已经不低了，已经超越了SOL，BNB貌似也不远了。但是这里边有两个问题逃不开： 1、HYPE目前流通筹码太小，被标签为未来空投释放的筹码现在看是个巨大的unlock抛售压力，但Tokenomics可能会在后续进行调整，若待释放筹码被用于有效激励HyperEVM生态或者团队的一次性销毁提案坐实，当前HYPE的价值增长空间又会被彻底打开； 2、Hyperliquid已经不算严格意义上的币圈资产了，从其交易量大头都是TradFi资产来看，其估值体系是不是也无法根据过往的币圈资产来定价了？看看a16z这些FOMO入场的机构怎么给HYPE新估值和新定价就明白了； 以上。 上边这些观点几乎一气呵成，包含我对 $HYPE 的估值预期，当前生态发展潜力、现金流基本盘信心以及未来的叙事落地方向等等。观点可能比较杂，但确实是一直以来对HYPE的综合认识，仅供大家参考。

分析的太好了！从hip-3就坚定看好HYPE，在ondo还在做代币化和BN现货的时候，hip-3的交易就十分繁荣了，后续规划也很solid。在当前的低迷币圈低迷市场里，hype属于独一类能够有持续强劲现金流的dex，且能够很好地接入和承接传统金融的流动性

@Hypeee888 @HyperliquidX +1

是时候把 @HyperliquidX 中文社区组织起来了！

@LuYao_Trader 数据说话：Q1 perp DEX市占29.7%，日均交易量超$3.7B，净通缩15,663 HYPE/天。Bitwise BHYP已上Xetra，Grayscale信托也在排队。创始人不炒作只做产品，但TradFi的钱已经在投票了。CEX不改变，真会被超越。

这半年的熊市，最大赢家就是DEX的hype 看看币价，看看市场份额…… 我也更钦佩hype这样的创始人，安安静静打磨自己的产品，构建自己的商业帝国，低调且有野心，偶尔出来冒个泡增加点曝光和影响力 这轮hype除了中途被“套利”损失了不少资金而陷入舆论漩涡之外，其他时间一直很务实 再这么下去，okx会被超越，BN 也会被超越 不持续创新就会逐渐变得平庸甚至死去…… 我不喜欢陷入舆论中心的一些人和事物，有些流量是有毒的，但我就喜欢吃瓜凑热闹😅 唉😮‍💨都怪这个无趣的市场，变得更无聊了🙄

@BSCNews Fresh wallets deploying $5M into a single asset = institutional-grade conviction. With Bitwise BHYP now live on Xetra and Grayscale's HYPE Trust filing, smart money is front-running TradFi inflows. 59K HYPE at ~$40 is a bet on Hyperliquid becoming the CME of DeFi.

🚨NEW: WHALES KEEP BUYING HYPE AS FRESH WALLET DROPS 5M USDC ON HYPERLIQUID A newly created wallet identified by the address 0x96eb has deposited 5 million USDC into Hyperliquid and has already used 2.39 million of that to purchase 59,239 $HYPE tokens, per lookonchain. The wallet was created specifically for this activity, suggesting a deliberate and sizeable entry into the asset. HYPE is the native token of Hyperliquid, a decentralized perpetuals exchange that has seen significant growth in trading volume and user activity.

@coinglass_com The OI vs volume ratio is the key metric here. Hyperliquid $3.76B vol / $4.05B OI = organic activity. Some competitors show 2-3x volume vs OI with near-zero liquidations — likely wash trading. Hyperliquid's $123M liquidations alone confirm real risk is being taken.

Compared a few DEX perp venues and noticed something important: High reported volume ≠ real market activity. 24h snapshot Hyperliquid: $3.76B volume / $4.05B OI / $122.96M liquidations Aster: $2.76B volume / $927M OI / $7.2M liquidations Lighter: $1.81B volume / $731M OI / $3.34M liquidations Key reasoning In perp markets, if volume is driven by real leveraged trading, you usually see it reflected in: meaningful OI dynamics larger liquidation numbers stronger long/short stress during moves But here: Aster/Lighter volumes are close to Hyperliquid while liquidations are only ~1/17 to ~1/37 of Hyperliquid More likely explanation This “high volume + low liquidations” pattern often suggests a large share of volume may come from: incentive-driven looping (points/airdrop farming) market maker self-trading / wash-like flow or volume inflation from different reporting methodology Conclusion (objective) #Hyperliquid shows much stronger consistency between volume, OI, and liquidations — a better signal of real activity. Meanwhile, Aster/Lighter’s volume quality needs further validation (vs fees, funding, orderbook depth, and active traders).

@WuBlockchain Volume dip is real but Hyperliquid holds 34% of top-10 perp DEX volume at $185B/30d. OI stayed at $5.15B avg — traders aren't closing, just less churn. HIP-3 RWA markets hit $2.3B OI, adding a new non-crypto demand layer.

Onchain perp DEX trading volumes have declined for five consecutive months since peaking in October 2025, with March 2026 volume falling to $699 billion from $1.36 trillion. Daily volume dropped to $8.4 billion on April 4, the lowest since July 2025, while activity remains concentrated, with Hyperliquid accounting for about 34% of the past 30-day volume.

@EricBalchunas Worth noting Bitwise already launched the BHYP Staking ETP on Deutsche Börse Xetra on Apr 9 — EU institutional exposure is already live. The $375M token unlock same week was absorbed with 85% going straight to staking. Demand structure looks institutional, not just retail FOMO.

Bitwise w another update to Hyperliquid ETF includes ticker $BHYP and fee 67bps. Typically that means launch soon. HYPE is up 200% in past yr so they prob trying to strike while iron hot

Bitwise BHYP 4/9 登陆德交所 Xetra，HYPE 质押 ETP 正式进入机构市场。美国版 ETF 二次修正已提交，上线在即。 $375M unlock 无痛吸收，85%进 staking。Q1 TradFi perp 市占 29.7%，日净通缩 15,663 HYPE。 DeFi 第一个拿到机构入场券的协议。#Hyperliquid #HYPE

@hiperwire Crude $1.55B/day on a permissionless perp is a number no CME product can match this quarter. 33% of HL perp volume on HIP-3 across 8 deployers—the deployer layer is the new exchange IPO. Equity OI next once Broadridge/Nasdaq rails plug in.

A permissionless crude oil perp on Hyperliquid did $1.55B in 24h volume yesterday. HIP-3 markets now account for 33% of all perp volume — $3.83B/day across 158 markets from 8 independent deployers.

@HyperliquidXJP @tradexyz Nikkei on HIP-3 is the quiet alpha. After Broadridge went live with on-chain shareholder voting Apr 6 and Nasdaq got SEC sign-off for a tokenized-stock pilot, Asia equity perps look structural, not novelty. 24/7 JP beta with no broker gate.

【速報】Hyperliquidで日経225が取引可能に！！ TradeXYZ（HIP-3）経由で本日午前9時から板が出ています。 最大レバレッジ20倍、24時間365日。 現在の24h出来高は$35K、OI $11K。 まだ立ち上がったばかりで出来高が少ないですが、 TradeXYZ(@tradexyz )は原油やゴールドなど RWA市場を次々と成長させてきた実績があります。 日経をDEXで、いつでも触れる。 ✅️NY時間の急変動 ✅️週末のリスクイベント、 ✅️先物のSQ前後の隙間 これまでどうしようもなかった時間帯に ポジション管理ができるようになります。 ちなみにTradeXYZはすでに キオクシアやソフトバンクのティッカーも取得済みです。 まだ板は出ていませんが、日本の個別株が続々と追加される可能性があります。 日本人トレーダーにとっては要チェックなトピックです！ #Hyperliquid

@asx_capital @HyperliquidX @OndoFinance Felix + Ondo is the supply side. Demand just caught up: Broadridge went live with on-chain shareholder voting Apr 6, and Nasdaq got SEC sign-off for a tokenized-stock pilot. HIP-3 equity OI compounds once real custodians can plug in.

RWA NEWS: FELIX BRINGS 250+ TOKENIZED STOCKS TO HYPERLIQUID Felix has launched tokenized U.S. equities and ETFs on @HyperliquidX through @OndoFinance infrastructure, giving on-chain traders access to over 250 traditional securities. This marks another step in bringing TradFi assets on-chain, expanding beyond bonds into equity markets. Ondo's tokenization rails continue powering new RWA products across different protocols and asset classes.

@fruitsdaifuku99 That weekend retail surge is the real signal — 12% → 28-30% when CME closes. Broadridge just went live with on-chain shareholder voting and Nasdaq got the SEC tokenized-stock pilot nod. Issuance + governance + 24/7 price discovery are all converging on HIP-3.

HyperliquidのHIP-3市場7銘柄を分析。17.5万ウォレット、総出来高1614億ドル MM 11.8%、リテール12.8%、統計裁定4.2%、未分類71.2% CMEが閉まる週末にリテール比率は12%→28〜30%まで急増 HIP-3は、TradFi休場中の“唯一の価格発見の場”になりつつある

@Hypeee888 @HyperliquidX OI回调但量能没散——昨天单日Crude oil perp还是$1.55B，HIP-3整体占HL总perp量33%、$3.83B/日，158个市场分布在8个deployer。地缘降温，结构性需求还在。

随着美伊在霍尔木兹战事的缓和， @HyperliquidX 上的HIP-3 持仓数据在接连创下新高后开始有所下滑。 再猛的男人也需要休息！ 期待HIP-3 持仓数据早日再创新高！ Hyperliquid

#Hyperliquid #RWA #HIP3 TradFi 上链同周三件事： • Broadridge 4/6 上线链上股东投票，Galaxy GLXY 5月首家走链上股东大会（Avalanche L1） • Nasdaq 拿到 SEC 代币化股票试点批文 • HL HIP-3 日量$2.3B，AAPL/TSLA/NVDA 24/7 不打烊 发行+投票+交易拼图齐了。

@AZKCrypto @CryptoastMedia Good timing on the refresh. HIP-3 already contributes ~35% of total HL volume and OI just hit $2.3B. Any walkthrough now needs to cover cross-margining RWA + crypto perps, which is where most users leave alpha on the table.

Nouvelle vidéo sur la chaîne de @CryptoastMedia ! Dedans je reviens sur HyperLiquid, comment sont arrivés les marchés HIP-3 et je termine par un tutoriel pour bien utiliser HyperLiquid (et surtout les marchés HIP-3) ! youtube.com/watch?v=mEc4jZ…

@Hyperliquid_Hub And the composability multiplies: you can hedge a HIP-4 political outcome with an HIP-3 equity perp in the same margin account. No other venue offers that primitive today, TradFi or crypto. Outcomes launching this week is the unlock.

HIP-3 = trade anything. HIP-4 = predict anything. Together = build almost anything. Hyperliquid

@CryptoTeca__ @HyperliquidX Clean framing. HIP-3 = trade anything, HIP-4 = predict anything. The under-discussed piece is that both feed the same fee flywheel: 97% of fees go to daily HYPE buyback+burn. Every new market (RWA or prediction) is also an accretive sink for the token.

◢ State of @HyperliquidX (HIP-3 → HIP-4) Been studying this closely, and the direction is becoming clearer… At a high level, Hyperliquid is doing something simple but powerful: HIP-3 → expanded what you can trade (assets) HIP-4 → expands what you can express (events) That second part matters more than it sounds. Because it places Hyperliquid directly into the prediction market space, which is already growing fast: ▸ $15.8B (2024) ▸ $63.5B (2025) ▸ ~$250B+ annualised in 2026 (potentially $325B+) Platforms like @Kalshi ($263.5M revenue (2025)) and @Polymarket (~$400M annualised) have already proven demand: So the opportunity is not theoretical. ◢ But Hyperliquid is not just trying to compete on “who has more markets”. The design is different. Most prediction markets have one limitation: → Capital gets locked until resolution On Hyperliquid, that assumption changes. Because everything runs on a shared risk engine, capital can move across: ▸ event contracts ▸ perps ▸ spot All inside one portfolio. ◢ This is where the real shift happens. Take a simple example: A fund exposed to @aave risk. Traditionally, they would: → either hedge → or maintain exposure On Hyperliquid: → they can do both using the same collateral Or at a macro level: Exposure to disruptions in the Strait of Hormuz? → take a position on the event → and position in oil markets Same capital, no fragmentation. This only works because Hyperliquid treats positions as one system. That’s different from ecosystems like @ethereum or @solana, where each app manages its own risk independently. ◢ Now, this design has an important implication: Revenue doesn’t come mainly from prediction markets themselves. Let’s quantify it. If Hyperliquid captures 5% of prediction market volume: → ~$12.5B At ~5 bps fees: → ~$6M revenue That looks small compared to ~$900M prior revenue. But this is where most analysis stops too early. Because that same activity brings capital into the system: → ~$1.25B sitting as TVL → ~$625M actively reused With leverage (~5x): → ~$3.1B in perp open interest If that capital turns over conservatively (~50x per year): → ~$156B in perp volume At ~3.5 bps: → ~$55M in fees ◢ So the takeaway is: Prediction markets are not the main revenue driver. They are a source of capital flow. This ties into a broader trend. Across finance, fees tend to compress over time. Platforms like @RobinhoodApp and @CharlesSchwab already shifted toward monetising: → capital usage → idle balances → activity Hyperliquid is moving in a similar direction: → increasing capital velocity instead of relying on high fees ◢ There are also supply-side effects. To deploy markets, builders stake HYPE: → 1M $HYPE per builder At 10–20 builders: → ~3–7% of circulating supply locked This can influence token dynamics independently of trading volume. ◢ Another important piece is user composition. Prediction markets attract: → sports bettors → political forecasters → event speculators Not just traditional crypto traders. This expands the addressable market without requiring Hyperliquid to directly compete for existing users from Polymarket or Kalshi. Even a small share (5–20%) is enough to be meaningful. ◢ However, there are still uncertainties. ▸ User overlap may be limited ▸ Oracle design and dispute resolution are not fully defined ▸ Event markets depend heavily on accurate outcomes These are execution risks, not theoretical ones. ◢ Stepping back, the direction becomes clearer: HIP-3 increased the breadth of assets HIP-4 increases the breadth of outcomes Combined with a unified risk system, the focus shifts from: → isolated trades to: → how efficiently capital is used across multiple instruments And that is likely where most of the long-term value comes from.

@buildixtrade 149 markets is wild. The interesting part is that orderflow tooling on RWA perps basically didnt exist anywhere before HIP-3, since TradFi venues gate this data. Retail getting VPIN/CVD on Brent and NVDA in the same UI is a real edge.

You can trade tokenized Oil on Hyperliquid via HIP-3. Brent, WTI, Gold, S&P500, NVDA, TSLA 149 markets. Buildix gives you full orderflow on ALL of them. Same VPIN, CVD, whale tracking as crypto. buildix.trade/pair/OIL

Trump set 8PM ET tonight as the deadline for Iran. "Complete demolition by midnight." Brent crude above $110. Strait of Hormuz = 20% of global oil. The most important night for markets in 2026. Here's what orderflow shows 🧵

@AustinBarack Underrated take. The flywheel is real: HIP-3 brings in TradFi flows, those users hedge/rotate into crypto perps, and HL captures fees on both sides. With HL now at ~44% perp DEX share and $3B+ daily volume, the cross-pollination is showing up in the numbers.

Everyone is talking about the growth of HIP-3 RWA markets on Hyperliquid. This is of course deservedly so, OI is now at $2.4B. However, getting less attention is how nicely the main crypto perps open interest on Hyperliquid has been growing, up nearly 30% in the last 2 months (in a broadly sideways market). Not enough is said about the synergies with growth in one driving growth in the other and vice versa.