sugoy

“rwa”s are trading onchain….hyperliquid”

S&P Dow Jones Indices and trade[XYZ] have joined forces to launch the first official S&P 500 perpetual contract, available exclusively on Hyperliquid. For 69 years, the S&P 500 has been a defining reference point for global finance. Until now, access to that benchmark has been shaped by market hours, intermediaries, and geography. Today, that changes. The S&P 500 perp is now available 24/7/365, anchored by the official index data required for deep liquidity and institutional confidence at scale.  SPDJI helped define modern indexing. They are stewards of an iconic benchmark, the standard against which portfolios across the globe are measured. We are honored to bring that legacy on-chain. Trade[XYZ] is bringing the world's most iconic assets towards a future of global, continuous markets — a future powered by Hyperliquid.

I am but a humble liquidity provider. Thank you Project X for allowing me to generate delightful yields on my spot holdings

My HYPE/USDC LP is PRINTING again on this glorious day. Was out of range for about 10 days, but now back in the meaty party of the liq curve...and since paired against USDC, no IL from the time spent outside. I think the best way to prove you sometimes know what you're doing in crypto is to actually show yourself making money...and I think LPs/DeFi are one of the most straightforward for that if you aren't a good discretionary trader. Have set aside a decent stack of HYPE not in the LP for a moon mission :)

Not discrediting what Hyperliquid has achieved - clearly it's both a major source of liquidity and price discovery, as shown with several ~$1B positions having been opened (congrats!) - but this type of surface level comparison of book depth as a measure of liquidity is pretty misleading. $1 in HL OB ≠ $1 in Binance OB. Hyperliquid implements a "speedbump" (cancel orders have priority against taker orders) so essentially any maker can place orders of size, in which they have no intention of filling. In contrast to Binance, there is no way really to duck from an incoming order because i) you don't see it and ii) the cancellation vs new order placement latency is very similar. These two factors make it much easier to get picked off providing liquidity. As an example, if we take a recent short-term movement in ETH perps from today at 9:41PM UTC, likely led by Binance, you can see quite clearly the difference in the actual available liquidity across exchanges for this period. Hyperliquid, having only ~$2.5M volume, is working by design to combat "toxic takers". What may have been ~$20m at ±0.7% book depth liquidity starting from $2,914 (before the move upwards) has largely been cancelled, leading to very few matches and thus low volume. Looking at only the :22 bubbles, other CEXs show a substantially larger amount of liquidity being taken, despite their order books not appearing “as liquid.” Just as you wouldn't say "it only takes $2.5M to move ETH 0.70% on HL" (true here under these conditions, but generally not), you also wouldn't compare these orderbooks in the first place as they have completely different properties!