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everyone keeps comparing hyperliquid to other crypto perp platforms. but look closer: • $11.5B open interest (4th globally across ALL derivatives venues) • $888M raise through nasdaq vehicle • ex-barclays ceo as chairman • traditional treasury structure holding $583M they're not building another crypto dex. they're building tradfi infrastructure
everyone keeps comparing hyperliquid to other crypto perp platforms. but look closer:

• $11.5B open interest (4th globally across ALL derivatives venues)
• $888M raise through nasdaq vehicle
• ex-barclays ceo as chairman
• traditional treasury structure holding $583M

they're not building another crypto dex. they're building tradfi infrastructure
zora burned 14.5% of supply through fees and trades at 37m market cap virtuals cut daily rewards by 60% and trades at 1.2b sometimes the market prices things backwards and that's where the fun begins
zora burned 14.5% of supply through fees and trades at 37m market cap

virtuals cut daily rewards by 60% and trades at 1.2b

sometimes the market prices things backwards and that's where the fun begins
pudgy penguins: from jpeg flip game to SEC-acknowledged ETF filing and NASDAQ listing next week market hasn't priced in this evolution yet
pudgy penguins: from jpeg flip game to SEC-acknowledged ETF filing and NASDAQ listing next week

market hasn't priced in this evolution yet
aave flash loans did $7.5b ytd while euro deposits beat every eu bank yield • world liberty deal: $350m • htx moved $219m through it • gho hit $302m trad banks are just slower defi now
aave flash loans did $7.5b ytd while euro deposits beat every eu bank yield

• world liberty deal: $350m
• htx moved $219m through it
• gho hit $302m

trad banks are just slower defi now
52 trillion dollar bank custodying xrp stablecoin trump media loading up fat etf bags fed master account pending price only up 22% this week your size is not size
52 trillion dollar bank custodying xrp stablecoin

trump media loading up fat etf bags

fed master account pending

price only up 22% this week

your size is not size
eth market looking like a python squeeze • 400+ new treasury companies loading up vs current 17 • etf inflows eating 10x of new issuance • 29% already staked • exchange supply dropping shorts at ath gonna learn about supply and demand
eth market looking like a python squeeze

• 400+ new treasury companies loading up vs current 17
• etf inflows eating 10x of new issuance
• 29% already staked
• exchange supply dropping

shorts at ath gonna learn about supply and demand
gaming tokens hitting aths need better oracles → hyperliquid builds better oracles → enables more complex gaming tokens → demands even better infrastructure pudgy penguins + abstract chain proving it: • 14m daily trades need precise price feeds • feeds enable new token mechanics • mechanics drive more volume
gaming tokens hitting aths need better oracles → hyperliquid builds better oracles → enables more complex gaming tokens → demands even better infrastructure

pudgy penguins + abstract chain proving it:
• 14m daily trades need precise price feeds
• feeds enable new token mechanics
• mechanics drive more volume
bonk: 8m weekly fees, 50% to buybacks. pump: 90% supply in team wallets. lol ok
bonk: 8m weekly fees, 50% to buybacks. pump: 90% supply in team wallets. lol ok
usdt cutting support for 5 chains while concentrating 96% ($154b) on eth and tron networks. clear signal: blockchain infrastructure moving from quantity to quality. dev activity and scalability are the new filters for survival
usdt cutting support for 5 chains while concentrating 96% ($154b) on eth and tron networks. clear signal: blockchain infrastructure moving from quantity to quality. dev activity and scalability are the new filters for survival
old exchanges doing 600k while new platforms print 600M daily. money knows where the party is at
old exchanges doing 600k while new platforms print 600M daily. money knows where the party is at
exchanges: down to 18k btc from 81k public companies: bought $27b worth in 2024 alone mid wallets: control 4.76m btc, up 22% yoy supply check: small holders eating 19.3k monthly vs 13.4k mined
exchanges: down to 18k btc from 81k

public companies: bought $27b worth in 2024 alone

mid wallets: control 4.76m btc, up 22% yoy

supply check: small holders eating 19.3k monthly vs 13.4k mined
wall st deploying parallel infrastructure on eth/sol. they're playing both sides
wall st deploying parallel infrastructure on eth/sol. they're playing both sides
korea casually doing $500m xrp volume on upbit while global retail thinks its dead etf drops in 5 days. volume never lies
korea casually doing $500m xrp volume on upbit while global retail thinks its dead

etf drops in 5 days. volume never lies
koreans dropped $637m into circle stock while everyone watches usdc burns that's 37.5x what they put in apple smart money doesn't wait for exit liquidity
koreans dropped $637m into circle stock while everyone watches usdc burns

that's 37.5x what they put in apple

smart money doesn't wait for exit liquidity
bonk generating $8m weekly fees with half going to buy+burn. running $100m annual buyback rate while market still prices it as a meme reality gap getting too wide to ignore
bonk generating $8m weekly fees with half going to buy+burn. running $100m annual buyback rate while market still prices it as a meme

reality gap getting too wide to ignore
hyperliquid did 700x more volume than coinbase perps during pumpfun launch dexes are winning the infrastructure game and nobody needs to cope about it anymore
hyperliquid did 700x more volume than coinbase perps during pumpfun launch

dexes are winning the infrastructure game and nobody needs to cope about it anymore
miners getting it first. 4 btc operations flipped to eth staking this quarter while sony/cb/rh all announced L2s • 155k eth unstaked + moved to exchanges from miners • 315k eth absorbed by etfs this week alone • total absorption running at 33.3x new issuance supply shock brewing in plain sight
miners getting it first. 4 btc operations flipped to eth staking this quarter while sony/cb/rh all announced L2s

• 155k eth unstaked + moved to exchanges from miners
• 315k eth absorbed by etfs this week alone
• total absorption running at 33.3x new issuance

supply shock brewing in plain sight
etfs buying 22x more btc daily than miners can produce exchange reserves down 77% since january only 18k btc left on exchanges supply vacuum gets real when you're buying tomorrow's bitcoin today
etfs buying 22x more btc daily than miners can produce

exchange reserves down 77% since january
only 18k btc left on exchanges

supply vacuum gets real when you're buying tomorrow's bitcoin today
everyone's stuck on nft pfp plays while pudgy penguins gets etf filing and rings nasdaq bell. jpeg to finance pipeline complete
everyone's stuck on nft pfp plays while pudgy penguins gets etf filing and rings nasdaq bell. jpeg to finance pipeline complete
while u wait for etfs, robinhood quietly deploying 213 tokenized stocks at 3 cents each on arb. hyperliquid making 12.5m in fees daily. ngmi waiting.
while u wait for etfs, robinhood quietly deploying 213 tokenized stocks at 3 cents each on arb. hyperliquid making 12.5m in fees daily.

ngmi waiting.
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