Hyperlines_xyz

Excited to work with Payward to forge a path for onchain derivatives built on Hyperliquid's infrastructure. Kraken is one of the most trusted and respected exchanges in crypto. They are also true believers in the technology and crypto ethos. We're honored that they are building on Hyperliquid to bring the next evolution of perpetual markets to the United States.

total monthly users: 35m losing traders: 88.5% where’s all this money going?

Ehhh this is like $174M across multiple chains and cold/hot wallets sent to 0x770b10b273fC44Fe9197D6bF20F145c2e98463Ee over the past hour.

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.

BREAKING: President Trump says he will issue a $5,000 "dividend" to every adult citizen in the US if the Republicans win the midterm elections. There are currently ~245 million US citizens age 18+, meaning this dividend would cost ~$1.2 trillion. This would mark the biggest economic stimulus payment since the pandemic.

The 2026 rini roadmap: 1) Security audit wrapping up now. 2) Beta opens September 2026: 20+ vault managers & traders already in, native HIP-3 and HIP-4 access, custom performance and management fees instead of a fixed rate. 3) Public launch by end of 2026: open to every manager, plus the communication layer between managers and depositors. Not whitelisted yet? rini.xyz/#waitlist Managers or depositors, which stage are you watching for?

A note on the SPCX pre-IPO (IPOP) contract: TradeXYZ IPOP contracts are price-based perpetual contracts that track the market-implied expected price of one share of Class A or common stock. Neither share count nor market cap are an input to the market specification, oracle methodology, or conversion treatment. Our documentation had previously featured educational examples showing how a user might derive their own fair price in a scenario where they started with a view on both market cap and share count. Although these examples were included for context, we received feedback that they caused confusion, so we have removed them from the documentation. TradeXYZ does not use, publish, or rely on a share-count or market-cap denominator for SPCX or any other XYZ market. When SpaceX completes their IPO and sufficient external market data becomes available, SPCX is expected to transition to standard external oracle pricing, and the contract is expected to converge toward the public trading price.