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Payward, the parent company of Kraken, announced its intention to be the first CFTC-regulated deployer on HIP-3* markets. Payward will use Hyperliquid as the infrastructure layer to deploy perpetual futures markets for US clients. Subject to regulatory approval, Bitnomial, Payward’s CFTC-regulated DCM and DCO, would act as the HIP-3* deployer: creating, owning, and administering the markets and clearing and settling the contracts. If approved, NinjaTrader Clearing, Payward’s CFTC-registered FCM, would carry client accounts.
HIP-3 will support optional deployer configuration for permissioned markets in a future network upgrade. This set of additional deployer functionality is collectively called HIP-3*. At its core, HIP-3* activation involves an onchain allowlist managed by the deployer or its sub-deployers. The functionality is strictly additive to HIP-3; its use is optional and up to the deployer. Existing markets remain unchanged. The initial release is available on testnet, where specifications are preliminary and subject to change based on feedback.
Hyperliquid is a neutral infrastructure layer with the goal of supporting large parts of the financial system. HIP-3* gives deployers additional functionality to operate deployments consistent with the requirements applicable to them. As with HIP-3, HIP-3* deployers are independent operators who use Hyperliquid as the onchain infrastructure layer for their own markets, while retaining control and responsibility over their deployment.
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We’re excited to share the recording of our Q3 Investor Update call.
Thank you to everyone who joined, we’re building Lighter with you, and for you. On to Q4 🕯️
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Over the next week, more than 25 of the companies behind perp markets listed on Omni are expected to report earnings.
Whether earnings are released before, during, or after market hours, you can trade them 24/7 on Variational.
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Gvar Lords 👑
If you couldn't listen the space from Variational today there is a short version ⬇️⬇️
🔷️ 7 key takeaways from Variational’s Pro Space 📢
1️⃣ A massive market — Variational cited ~$850T in outstanding OTC derivatives notional. This is the scale of the market, not the revenue opportunity.
2️⃣ Variational Pro — An on-chain RFQ platform designed to make institutional derivatives trading faster, more competitive and easier to settle.
3️⃣ Institutional adoption is the key — The challenge is attracting market makers and major clients at the same time. Partnerships and real trading activity will matter most.
4️⃣ Omni benefits too — Shared infrastructure could bring deeper liquidity, more products and potentially options to retail users over time.
5️⃣ Stablecoins are critical — On-chain collateral and settlement could modernize institutional workflows, provided regulatory requirements are met.
6️⃣ TGE: coming soon — The team reiterated its launch preparations and previously indicated Q4 2026. No tokenomics or confirmed listings were announced in this Space.
7️⃣ The real catalyst — Named partners, live institutional products, sustained volume and clear token value accrual. The opportunity is huge, but execution is what matters.
My takeaway: Pro could become a major growth engine for Variational. The next milestones to watch are adoption and, crucially, how the ecosystem’s success translates to the token.
Not financial advice. If you want all the details listen the space on @variational_io
As they said TGE is near so if you want to join before and get points:
omni.variational.io/?ref=OMN…
Or use referral code: OMNI8VTUVJXH
#Variational #DeFi
🤖 Made with AI
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Variational Pro Spaces recap w/ @variational_lvs and @andyyy
◾️ OTC derivatives are one of the largest financial markets in the world.
◾️ Variational Pro is going after institutional OTC derivatives, including options, rates, FX, and structured products.
◾️ ~$850T in OTC derivatives notional outstanding vs ~$100B in BTC derivatives OI. Different measures, but gives you an idea of the scale.
◾️ Lucas expects Pro to eventually become a bigger business than Omni.
◾️ Traditional OTC derivatives trading is surprisingly antiquated:
- Calling bank desks for quotes
- Negotiating prices manually
- Sending contracts back and forth
- Managing collateral and counterparty risk
- Manual clearing and settlement processes
◾️ Pro aims to automate this through multi-dealer RFQs, smart contracts, and stablecoin settlement. Think what stablecoins did for payments, but for derivatives.
◾️ Some Pro instruments, including options, could eventually become accessible to retail on Omni.
◾️ Already working with major institutional partners, with large clients expected on Pro soon.
Keyword: TRILLIONS.
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Ondo Stocks is now live on Jumper.
450+ tokenized US stocks and ETFs across Ethereum, Solana, BNB Chain and HyperEVM, all in one place.
Explore @Ondo on Jumper RWA: rwa.jumper.xyz/providers/ond…
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JUST IN: JPMorgan expands crypto deposit token JPM Coin to Ethereum, allowing institutional clients to transfer money 24/7.
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wall street has been negotiating block trades for decades
now we're getting quotes on hyperliquid perps before they hit the book
HIP-3 next 👀
Perps RFQ is now live on HyperCore.
Request a quote, accept it, and the trade prints on the @HyperliquidX order book.
- BTC and HYPE to start, HIP-3 markets next
- Up to $100k per quote, higher caps coming
Which market should we add? UX feedback welcome too.
Size finds size. 🖤
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I’ll be interviewing @dschamis, CEO of Hyperliquid Strategies (@HypeStrat).
They’ve accumulated 38.7 million hyperliquid:native ($3 BILLION), making them one of the most influential players in the Hyperliquid ecosystem.
What would you like me to ask him? 👀👇
You cannot see this and still expect @variational_io to have a ceiling at a $5B FDV.
We are heading for multi-billions.
$IBKR (at a $140B market cap) is the main target.
Replying to @0xasrequired @DEXoverCEX
Pro (options, structured products, institutional OTC derivatives) will be one of our main areas of focus in 2027. It's already where I spend a good chunk of my time.
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Variational now lists 9 swap markets not available anywhere else on-chain:
➡️ Cocoa
➡️ Volatility Index
➡️ Dollar Index
➡️ Heating Oil
➡️ FANG+ Index
➡️ US30 Index
➡️ US2000 Index
➡️ Taiwan Index
➡️ China Index
Which markets do you want to see brought on-chain next?
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Welcome back to the Variational biweekly update!
PRODUCT
➡️ The most recent mainnet release was v0.38.1
➡️ Improvements to portfolio page
➡️ Extended QR-linked mobile session log in timer to 30 days
➡️ Preparations for trading API release
➡️ /v2/stats read API endpoint
METRICS
➡️ Total Volume Traded: $417.92B
➡️ Current Dual-Sided OI: $2.04B
➡️ TVL (Excludes OLP Hedging Accounts): $290.88M
➡️ Total Markets Currently Listed: 575
➡️ Total Rewards Claimed: $8,831,643
➡️ Total Losses Refunded (Sunset): $4,559,196
➡️ Total Referral Rewards Claimed: $4,272,447
➡️ 2w Spreads Paid (Gross Revenue): $6,561,755
➡️ 2w Net Revenue: $3,682,137
➡️ 2w Rewards: ($303,768)
➡️ Referral Rewards: ($303,768)
➡️ 2w Net Profit: $3,378,369
➡️ 2W Protocol Treasury Inflow: $1,312,351
➡️ 2W OLP PnL: $2,066,018
➡️ Lifetime OLP PnL: $23,424,969
➡️ Current Protocol Treasury Holdings: 11,077,933 USDC
Thank you for your continued trust and support!
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JUST IN: @PUMPFUN ADDS HYPERLIQUID BUILDER CODE.
YOU CAN NOW TRADE WITH LEVERAGE ON PUMPFUN APP.
STRYED0R retweeted
JUST IN: PumpFun launches crypto perpetual futures trading powered by Hyperliquid $HYPE.
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38 pour, 37 contre. C’était serré mais ça passe...
Ce n’est pas encore fini.
Reste le sénat et la seconde lecture.

























