todos los dias tenemos una nueva oportunidad para ser mejores personas, en esto en aquello, pero lo importante es hacer cosas que nos apasionen, convicción.
Michoacán de Ocampo, México
Joined August 2016
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THE ROOKIE 🐲✨ retweeted
Equity perpetuals are here: Americans can now trade perpetual futures on individual stocks listed on U.S. exchanges for the first time.
The @CFTC deemed the contracts approved as security futures, which the CFTC and @SECGov regulate jointly. U.S. investors get the protections of both agencies, the oversight Congress intended when it created a dedicated regime for security futures products.
In our August comment letter, we made the case that security futures treatment is the best path for these markets to flourish. Both CFTC- and SEC-regulated exchanges can list security futures, so venues primarily overseen by either agency can compete to offer this new class of product. That competition will improve outcomes for investors.
Equity perpetuals expand the tools that market participants can use to manage risk and take positions on securities in a single contract that never expires. We commend the staff of both agencies for this milestone in our derivatives markets.
Today, equity perps can begin trading for the first time on @CFTC registered exchanges.
This move reflects my commitment to ensuring that America’s markets remain the most innovative, liquid, and well-regulated in the world. Instead of being forced to turn to offshore, unregulated venues to access equity perpetual futures, Americans may now access equity perps on CFTC-regulated markets subject to robust safeguards.
I appreciate the continued partnership of @SECGov and @SECPaulSAtkins as we work to further harmonize our agencies' regulatory initiatives.
THE ROOKIE 🐲✨ retweeted
Growing up in the United States, NYSE was synonymous with the story of American capitalism. I vividly remember learning about the Buttonwood agreement in 9th grade history class. 24 stockbrokers met under a tree on Wall Street and formed the beginning of what would become the world's financial center. From pits to computers to now onchain markets, America has always led the way in innovating markets to improve price discovery and capital formation. Today the next chapter begins with ICE, trade[XYZ], and Hyperliquid.
ICE started as an electricity-trading platform in 2000, growing to acquire NYSE itself in only 13 years. It is a key infrastructure provider of America’s energy, bond, and mortgage markets. ICE is a rare story of exponential growth of a financial giant over decades, continually embracing innovation and technology.
trade[XYZ] was the first HIP-3 deployer and responsible for spearheading the flourishing global RWA perpetual market today. Only a year ago, trade[XYZ] launched its first RWA perpetual markets. They took a bet on HIP-3, which had just launched after months of tireless development. Having followed their journey from day 1, I cannot overstate how much Shoku and the team have poured into growing these markets to a genuine source of price discovery for the most important assets in the world.
Over the past three years, Hyperliquid has pioneered onchain infrastructure to house all of finance. Hyperliquid is nothing without its world-class builders. I am honored that trade[XYZ] and ICE have chosen to build on Hyperliquid to bring perpetual contracts to America.
When I first spoke to Jeff Sprecher around a year ago, he asked what success looks like to me. I thought for some time and joked that it would be seeing ICE building on Hyperliquid's technology. I could never have predicted the progress that we've made as a community in a single year to make this come true. Excited to see what we can build together next.
Intercontinental Exchange (ICE) and trade[XYZ] have announced their plan to use Hyperliquid as the infrastructure layer to deploy perpetual futures markets for US traders across crypto, equities, commodities, foreign exchange, and other real-world assets, subject to regulatory approvals. ICE operates NYSE and some of the largest exchanges and clearing houses globally.
In this structure:
+ Hyperliquid serves as the underlying technology infrastructure via HIP-3*
+ trade[XYZ] designs and implements the markets
+ ICE operates the regulated market and clearing structure
Existing trade[XYZ] HIP-3 markets will remain unchanged.
Hyperliquid is a neutral infrastructure layer with the goal of supporting large parts of the financial system. 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.
THE ROOKIE 🐲✨ retweeted
H Y P E R L I Q U I D
⠀⠀ ⠀⠀⠀⠀⠀⠀⠀⠀⢀⣴⣿⣿⣶⡄
⢀⣴⣶⣦⡀⠀⠀⠀⠀⠀⢠⣾⣿⣿⣿⣿⣿⡄
⣾⣿⣿⣿⣿⣄⡀⠀⠀⣠⣿⣿⣿⣿⣿⣿⣿⣷
⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿⣿
⢿⣿⣿⣿⣿⡿⠋⠉⠉⠻⣿⣿⣿⣿⣿⣿⣿⡿
⠘⢿⣿⣿⠏⠀⠀⠀⠀⠀⠈⢿⣿⣿⣿⣿⣿⠃
⠀⠀⠉⠀⠀⠀⠀⠀⠀⠀⠀⠈⠻⣿⣿⠿⠃
hyperliquid:native
THE ROOKIE 🐲✨ retweeted
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.
THE ROOKIE 🐲✨ retweeted
Actualización sobre la situación de Hyperliquid en cuánto a regulación:
Hace dos semanas os conté los tres frentes de Hyperliquid en Washington y os di dos fechas. Las dos han pasado sin ruido, y mientras tanto se ha abierto un cuarto frente que no va de perps: va del token.
➡️ Las dos fechas:
- 13 de octubre, plazo del Comité de Supervisión del Congreso para que HL entregara documentos sobre KYC y detección de operaciones sospechosas. Que yo haya visto, nadie ha dicho nada en público: ni Jeff, ni la Foundation, ni @HyperliquidPC , ni el Comité. Si han entregado algo, no lo ha contado nadie.
- 16 de octubre, la @CFTC tenía que contestar a @CMEGroup en el tribunal. En la copia pública del expediente sigue sin aparecer su réplica. Esa copia a veces va con retraso; lo tengo vigilado y lo contaré cuando salga.
➡️ El cuarto frente: la @SECGov . Y aquí el protagonista es el token hyperliquid:native
Hasta ahora los frentes eran sobre producto: la CFTC, el regulador de derivados, decidiendo si un perp es un futuro o un swap, y el Congreso preguntando por el KYC. Sin embargo, la SEC es el otro regulador, el de valores, y lo que decide es si un token es un valor, es decir, una acción encubierta con sus obligaciones de registro.
Hasta ahora, lanzar un token en US era jugártela: la SEC podía decir que era un valor, como una acción, y obligarte a registrarlo con folleto, auditorías y años de abogados. Por eso casi todos los proyectos lanzaban fuera y bloqueaban a los americanos. En agosto la SEC propuso una regla, Regulation Crypto Assets, que por fin dice cómo lanzar un token en US sin pasar por eso: un proyecto puede vender tokens hasta cierto límite sin registrarlos, y cuando la red ya funciona sola, sin depender del equipo, el token deja de ser un valor. A ese último paso lo llaman «puerto seguro».
El 19 de octubre HPC, el Hyperliquid Policy Center, el lobby de HL, mandó a la SEC su carta. Apoya la regla y pide cinco cambios:
1⃣ Airdrops. Que la regla diga por escrito que un token regalado no es un valor: si no pagaste nada por él, no invertiste nada. Y que conectar la wallet para cobrarlo no cuente como pago.
2⃣ Trading. Que esos tokens se puedan comprar y vender desde el primer día, y que la SEC diga claramente que un protocolo on-chain puede ofrecer ese trading sin ser un broker registrado.
3⃣ Puerto seguro. Que para usarlo no haya que firmar que el token fue un valor en el pasado. Tal como está, el proyecto tiene que certificar que «ya terminó su trabajo», y eso es admitir que antes el token dependía del equipo, lo cual perjudica claramente a HL.
4⃣ Buybacks. Que las recompras automáticas con reglas públicas no se traten igual que las que alguien decide a mano. Y que tener muchos validadores y usuarios con los mismos intereses no convierta a esa gente en un «grupo de control» del token.
5⃣ Estados. Que la protección federal valga para siempre. Tal como está, en cuanto el token madura vuelve a tener que registrarse estado por estado.
Bajo mi punto de vista, el 1 y el 4 describen a HYPE casi al dedillo: HYPE nació con un airdrop del 31% del supply a sus usuarios, y el Assistance Fund compra HYPE con las fees automáticamente, con una regla pública.
➡️ Mientras tanto, on-chain:
- El unlock de Labs del 7 de octubre, 3,75M de HYPE, ya está en manos del comprador del OTC, y hoy sigue entero: 3,13M en staking, 625k en una wallet de HyperEVM sin tocar y 0 en la cola de salida. Vendidos al mercado: 0.
- HYPE ha pasado de un máximo de $94 el 5 de octubre a $78,5 hoy.
➡️ Mi lectura:
Hace dos semanas os dije que la regulación de HL ya no era un riesgo imposible de medir. Ahora lo es todavía menos. Los dos reguladores que importan están escribiendo sus reglas a la vez: la CFTC las del producto, los perps, y la SEC las del token. Y HL, a través de HPC, está en las dos conversaciones pidiendo exactamente lo que le conviene.
Lo único que falta son decisiones, y por eso las dos fechas que esperábamos han pasado sin que nadie decidiera nada.
El precio no ha acompañado y, bajo mi punto de vista, eso es el mercado y los desbloqueos, no Washington: nada de lo que ha pasado en la regulación estas dos semanas me parece malo para HL. Yo sigo dentro de HYPE
➡️ Lo que viene:
- La réplica de la CFTC, cuando aparezca en el expediente.
- 20 de noviembre: siguiente hito del pleito de CME contra la CFTC, el que decide si un perp es un futuro o un swap. Ese día las dos partes presentan sus escritos finales al tribunal de Washington y le piden que resuelva sin ir a juicio. El fallo, sin fecha.
- Primeros de noviembre: segundo pago del AQAv2, el rendimiento de los USDC depositados en HL que va al Assistance Fund, más recompras de HYPE.
- La regla final de la SEC, con los comentarios recibidos. Sin fecha.
Lo iré actualizando.
Carre.
Hyperliquid has three fronts open in Washington, and none of them is what it looks like. How does this affect you as a HYPE holder?
Let me explain it from the very beginning: the players, the timeline, what's actually being argued, who wants what, and what it means for you.
➡️ The players, one line each:
- @HyperliquidX (HL): the biggest on-chain perps exchange. No KYC (it doesn't ask who you are) and it blocks US users only on its website.
- A perp, or perpetual: a contract to bet on a price going up or down, with leverage and, IMPORTANT, no expiry date. As you know, it's HL's product.
- The @CFTC : the US derivatives regulator. It decides what counts as a future and who can list one. Its chairman is @ChairmanSelig .
- @CMEGroup : the biggest futures exchange in the world. The one suing the CFTC.
- @Kalshi : a CFTC-regulated exchange that listed the first legal perp in the US back in May.
- Congress: a House of Representatives committee investigating bets made with inside information.
- @HyperliquidPC , HPC: HL's lobby in Washington, funded with 1M HYPE.
- Retail: the small investor. You and me.
➡️ The real question:
Can a perpetual legally exist in the US for retail? All three fronts hinge on that. And so does whether HL can ever enter the US without ceasing to be what it is.
➡️ The timeline:
1- May 29, 2026. The CFTC approves Kalshi's BTC perp and classifies it as a future. First legal perp in the US. From that day on, any regulated exchange can list crypto perps; Coinbase and Kraken already do.
2- June 18. CME sues the CFTC, its own regulator. Its argument: a perp is not a future, it's a swap. I'll explain the difference later, because it's the key to everything.
3- August 19. Trump says the CFTC is working to bring Hyperliquid to the US "legally and compliantly". The White House is now calling HL by its name.
4- September 2. The CFTC asks the court to dismiss CME's lawsuit: it says CME can't sue because nobody is stopping it from listing the very same perps.
5- September 3. HL enables permissioned markets on HIP-3, the feature that lets third parties create their own markets on HL. Permissioned means only a list of wallets controlled by whoever creates the market can trade there.
In practice: whoever creates the market, Kraken for example, runs KYC on its clients, and that's how they can trade on HL through Kraken legally. It's the technical piece of onshoring, which is what making HL legal in the US is called.
6- September 9. HPC joins the lawsuit on the CFTC's side, with a brief signed by Elizabeth Prelogar, the former US Solicitor General.
7- September 16. Payward, Kraken's parent company, announces it will use those permissioned markets to offer HL perps to US clients with KYC: Bitnomial, its regulated exchange, creates the markets and handles clearing; NinjaTrader holds the accounts. Pending approval, no date.
8- September 29. Letter from the House Oversight Committee to Jeff Yan, HL's founder. It's not a lawsuit or a fine: it requests documents by October 13 on KYC, detection of suspicious trades, and contracts on Fed decisions, elections and geopolitics.
It cites the $1.1B short on BTC and ETH opened minutes before Trump's tariff announcement on October 10, 2025, closed with more than $150M in profit. The same investigation started in May with Kalshi and Polymarket, and the same day they wrote to Crypto .com
9- October 2. CME replies to the CFTC in court. And it does so by quoting HPC: it uses a tweet from HPC's CEO ("sorry, competition is here") as proof that competition is hurting it. It describes HL as "poised to compete with CME if it enters the US". My read: CME already sees that entry as likely and is afraid of losing market share. Bullish for HL.
10- October 5. The CFTC unveils its first crypto rules, Regulation CTX and Regulation CAM. They're advance notices, not rules yet, and they draw a ladder from easiest to most demanding: spot (buying and selling directly) with no leverage, state licenses; exchanges with leverage, registration in a new category built for crypto, with proof of reserves and KYC; exchanges with perps, the full framework of the futures markets.
And one line from Selig that sounds written for HL, even though it doesn't name it: "a person should not have to register as a broker simply because that person shipped code". The CFTC is drafting a policy so that whoever publishes software without taking orders or holding funds is not an intermediary.
➡️ Future or swap, explained with The Big Short:
Here's the concept in dispute. Is a perp a future or a swap? Let's go with an example:
- A future is a contract with an expiry date, listed on a regulated exchange. Anyone can trade it, retail included, with standard margin and a tax advantage.
- A swap, on the other hand, is an agreement between two parties to exchange payments based on the value of something. In The Big Short, Burry pays a premium every so often and the bank pays him if the mortgages collapse: that's a swap. A perp has funding, a periodic payment between longs and shorts that keeps its price pegged to the real one. CME says that payment is exactly what defines a swap. In fact, the perp was born on BitMEX in 2016 under the name "perpetual swap".
- Swaps are designed for institutions: more margin, more registration, and retail out. If CME wins, Kalshi and Coinbase have to pull or restructure their perps, and US retail loses easy access to regulated perps. Not on Kalshi, and not on a future legal HL.
➡️ What's next:
- October 13: HL's deadline to answer Congress. In my opinion it will point to the Kraken route: the protocol stays KYC-free, but whoever comes in from the US through Kraken goes through Kraken's KYC. In other words, US users could trade on HL through exchanges like Kraken, where they do pass KYC.
- October 16: the CFTC answers CME in court. After that, the judge decides whether to dismiss the case, no date.
- 60 days of public comments on the CFTC's rules.
➡️ The three scenarios:
1⃣ The court dismisses CME's lawsuit and Selig's rules go ahead. A perp is a future, the CFTC opens its on-chain path (shipping code doesn't make you a broker) and Kraken opens the door to the US. The best case.
2⃣ The court lets the lawsuit continue. Years of uncertainty, but the rules move forward on their own track and Kraken can operate in the meantime.
3⃣ CME wins: a perp is a swap. The worst case for HL, and I'll explain why below.
➡️ How it affects you today:
Not at all. HL currently blocks the US and you trade the same tomorrow. What's at stake, in my view, is what happens between now and 2027. Hyperliquid is perps. If a perp is a future in the US, there's a regulated door to walk through, Kraken is already building it, and Trump already said in August he wants it open.
If a perp is a swap, that door closes for retail: Kraken's markets on HL couldn't be futures for the small investor, onshoring would become an institutions-only product, and HL would miss out on the volume and market share of the biggest market in the world. I've held HYPE since the TGE and I'm still in, so this hits home.
Bottom line: HL's regulation has stopped being a risk nobody knew how to measure and now has a shape, dates and players, with the regulators that matter all pushing in the same direction except one: CME.
I'll keep this updated as these dates play out.
Carre.
THE ROOKIE 🐲✨ retweeted
Hyperliquid Labs has entered an OTC deal to sell 3.75M tokens to an institution for the October team unlock.
Interesting... $HYPE
THE ROOKIE 🐲✨ retweeted
POR QUÉ SIGO BULLISH EN @Kinetiq_xyz (Y POR QUÉ ELYSIUM ES LA PIEZA QUE FALTABA)
Vamos con el post didáctico: te cuento cómo captura valor kinetiq:native , qué es Elysium y por qué es bullish, y cuánto pueden valer los kPoints de la Season 2.
Holdeo el airdrop de kinetiq:native desde noviembre y no lo vendí a $150M de FDV (la valoración contando todo el supply). Hoy cotiza a más del doble y, bajo mi punto de vista, el mercado sigue sin entender qué es Kinetiq.
🔵 KINETIQ NO ES "UN LST"
- kHYPE es el liquid staking token dominante de Hyperliquid: más del 80% del HYPE en liquid staking, unos 13,25M de HYPE (~$1.050M) contando sus LST institucionales.
- Markets es su DEX de perps HIP-3 (el estándar de Hyperliquid para que un equipo lance sus propios mercados) con app móvil y copy trading.
- Launch permite que la comunidad junte HYPE para que cualquier equipo lance su DEX HIP-3 sin poner los 500.000 HYPE.
- Y ahora Elysium, su L2 (una cadena que corre encima de Hyperliquid). Cuatro productos, un solo token que captura el valor de todos
🔵 CÓMO CAPTURA VALOR kinetiq:native
-El protocolo cobra un 10% de las recompensas de staking de kHYPE. A un APR (rendimiento anual) del 2,14%, son unos $2,26M al año de revenue, de los que el 70% va a recomprar kinetiq:native.
- Si los validadores comparten la mitad de sus comisiones, el LST solo genera ~$1,75M al año de recompras. Y eso con kHYPE en unos $1.050M de TVL: si el TVL crece, las recompras crecen con él.
-Markets aporta poco todavía por el Growth Mode de Hyperliquid, que recorta las fees un 90% para bootstrapear liquidez. Cuando lo desactiven, las fees de deployer se multiplican x10 con el mismo volumen.
KIP-5 (15 de septiembre): el 100% de lo recomprado va al Assistance Fund y se quema. Antes se repartía a los stakers; ahora es quema pura para todos los holders.
-Ya se han recomprado ~5M de KNTQ (~$755k) a $0,15 de media. Con el precio en $0,32, esas recompras se hicieron a la mitad de lo que vale hoy.
🔵 ELYSIUM: EL PROBLEMA QUE RESUELVE
- HyperCore produce un bloque cada ~0,07 segundos. HyperEVM, uno por segundo en sus bloques pequeños, y encima no es atómico con HyperCore: un contrato que manda una orden a HyperCore y comprueba el resultado está leyendo el estado del bloque anterior.
- Eso hace muy difícil en HyperEVM todo lo que necesita velocidad: bots de riesgo, liquidadores, mercados de predicción de 60 segundos, AMMs profesionales, agregadores que combinen AMM y spot de HyperCore.
- Elysium es una L2 de propósito general para Hyperliquid, con HYPE como gas y un precompile propio que le da a las apps el libro de órdenes completo de HyperCore, no solo el mejor precio.
Testnet abierto desde el 22 de septiembre.
🔵 POR QUÉ "VALUE ACCRETIVE" NO ES MARKETING
- Las L2 de Ethereum apenas pagan a Ethereum: el 5 de septiembre, todas juntas, unos 0,7 ETH (~$1.700) en el día. Por eso las llaman parasitarias.
- Elysium liquida en HyperEVM igual que ellas, pero como explica @ericonomic, tiene dos vías que sí devuelven valor a Hyperliquid.
1⃣ El USDC de Elysium es USDC nativo de HyperEVM, y con AQAv2 (el programa por el que Hyperliquid cobra por su USDC nativo) cada dólar que Elysium atraiga genera revenue para Hyperliquid.
2⃣ Cada diferencia de precio entre Elysium y HyperCore es arbitraje que genera volumen spot, fees y quema de HYPE.
Y para kinetiq:native de las fees del sequencer (quien ordena y ejecuta las transacciones de la L2), 25% a los builders, 25% a la tesorería de Kinetiq y 50% a recomprar y quemar KNTQ. Una L2 cuyo uso quema el token del equipo que la construye.
🔵 Y LOS kPOINTS DE LA SEASON 2
- Último snapshot el martes 29. En 46 semanas se han repartido unos 36,8M de puntos, el triple que en la S1.
Kinetiq no ha anunciado qué reparte. Si el 30% de "growth" (300M de KNTQ fuera entero a los puntos, saldrían ~8 KNTQ por punto (~$2,6 a precio de hoy); con la mitad, ~$1,3; con un tercio, ~$0,9.
- Mi estimación: entre $0,9 y $2,6 por kPoint, con un reparto parcial o con vesting como escenario base. Haz números, pero no los des por confirmados.
⚠️ RIESGOS, QUE LOS HAY
- Elysium tiene que convencer a builders y liquidez de moverse a otra cadena, y HyperEVM ya demostró lo difícil que es eso.
- Markets sigue lejos de trade.xyz en volumen y liquidez, y pasó de 23 mercados a 4 pares (5 con BVIV) tras la migración.
-Queda por repartir el 30% del supply de "growth": 300M de KNTQ que, según cómo se suelten, pesan sobre el precio.
🟡 QUÉ ESTOY HACIENDO YO
- Holdear el airdrop, como dije en noviembre.
- Apurar los últimos días de la Season 2 de kPoints.
- Y seguir de cerca el testnet de Elysium, porque si las apps llegan, el 50% de las fees del sequencer acaba en quema.
🟡 CONCLUSIÓN
Tesis en una frase: Kinetiq es la única forma líquida de tener exposición a los LST, a HIP-3 y a la capa de ejecución de Hyperliquid a la vez, y desde KIP-5 cada dólar que recompra desaparece del supply para siempre.
Los artículos completos de @ericonomic y @0xHakai_ sobre Elysium y kinetiq:native en comentarios. Si quieres seguir mis movimientos en tiempo real, te espero en el Telegram gratuito.
Si este post te ha aportado valor, un Like + RT se agradecen muchísimo 🙌
Carre.
THE ROOKIE 🐲✨ retweeted
Trailing stops are now available for perp markets.
A trailing stop's trigger price follows the mark price as it moves in favor of the position. When the mark price retraces from its best level by the selected distance or percentage, it triggers a market order. For long positions, the trigger price follows the highest mark price reached since activation; for short positions, it follows the lowest. An optional activation price determines when tracking begins. Without one, tracking begins immediately at the current mark price.
THE ROOKIE 🐲✨ retweeted
Most tech giants in the 2000s built their infrastructure and product as one entangled unit. Amazon had the foresight to separate out AWS as an API layer, of which Amazon retail was the first of many users. Today, AWS generates more profit than all of Amazon's other business lines combined.
Hyperliquid is built with the same philosophy. Housing all of finance requires thoughtfully designed, open financial primitives. Each primitive should obey the Unix principle of "Do one thing and do it well." Talented builders then have the foundation to chain these together to create magical applications.
HyperCore borrowing is an example to highlight this philosophy in action.
Most other platforms implement portfolio margin by marking an account's collateral to market value with an LTV haircut, creating borrowed assets without an explicit lender. This system is simpler to implement, but misses a golden opportunity for composability.
Hyperliquid instead begins with a borrow/lend protocol on HyperCore. Every borrowed asset is sourced from a supplier, so risk is isolated within the borrow/lend primitive instead of platform-wide. HyperCore's portfolio margin system is implemented as an orchestration layer that composes borrow/lend, with other primitives such as perps, spot, and outcome trading.
This decomposition has several nice corollaries:
1. Today's announcement of manual borrowing is not a new feature, but simply an extension of the underlying primitive. Borrowers on day one have access to 400M and growing of supplied liquidity.
2. Portfolio margin users earn interest on their idle stablecoin collateral. This is not a new feature, but a natural byproduct of composing trading with lending.
3. System safety is easier to reason about when perp and borrow/lend margining are independent.
In the same way that math theorems almost prove themselves when the right abstractions are defined, composable designs just feel right.
Manual borrows are live on Hyperliquid
Portfolio margin and manual borrows use the same underlying HyperCore infrastructure, with $269M in assets borrowed today.
Users can supply HYPE and BTC as collateral to borrow quote assets (USDC and USDT). Borrowed quote assets pay interest, and supplied quote assets earn interest, with rates set by utilization.
THE ROOKIE 🐲✨ retweeted
Hyperliquid is building the rails for regulated markets.
HIP-3 will allow deployers to create permissioned markets with onchain allowlists.
US users. Institutions. Regulated assets.
All on Hyperliquid.
THE ROOKIE 🐲✨ retweeted
JUST IN: 🇺🇸 Hyperliquid $HYPE in talks with Kraken's parent company to enter US market.
THE ROOKIE 🐲✨ retweeted
Today, Hyperliquid officially activates AQAv2, using $USDC reserve yield to buy back and burn $HYPE.
The first payout comes in October, adding approximately:
• $178.5M annual revenue
• $14.5M monthly revenue
• $489K daily revenue
A new catalyst for $HYPE and significant daily buy pressure.
