Didn't think I'd see BTC be the calm asset on a crash day lol
US stocks lost ~$2.8T and chips got hit hardest. BTC is down 5%
Stock perps on Hyperliquid kept trading after the Nasdaq closed. trade_xyz did $9B in 24h, the most I've seen there
Extended just closed Xpoints. Final rate is ~4.29 XTEN a point, so 4,750 points is about 20,357 XTEN, ~$4.8K at pre-market
One line I'd want more on: 97 Discord testers got Xpoints that came from points "adjusted in our final programme review". Whose points, and how many? Not said
Now I just need to check mine survived the review lol
At $0.237 the whole 300M pool is ~$71M. Users paid Extended ~$35M in fees so far, so farmers as a group are still roughly 2x
Variational says they spent the last two months on security. I checked the part I wrote about last week, and on-chain nothing has changed yet
Same 17 operator keys can still pull from any pool. The last one was added in Nov 2025 and the admin is still one wallet. Zero role changes since my post
To be fair, audits, pentests and red teaming don’t show up on-chain. And they say public mainnet and the trading API land this month, TGE still this year
Meanwhile TVL went from $290M to $230M in five days
Still farming, waiting for the multisig lol
I farm Variational, so I read the contracts myself after this. The on-chain part checks out: your USDC sits in your own pool, but only Variational’s 17 operator keys can take it out, 16 of them plain wallets, and the admin is one wallet
To be fair, there’s a reason it works this way
Margin and PnL are calculated off-chain, so the pool contract can’t know how much of your balance is free. The docs say you can withdraw up to the maintenance margin requirement, and only their engine knows that number. Their transactor also pays the gas on every deposit and withdrawal, which is why the keys send them and not you
Pools are isolated too. A blown-up account can’t touch anyone else’s pool. The contracts were audited by Zellic and Spearbit, and there are no reported losses so far
Of the big perp DEXs, Lighter is the only one you can exit without the team
Still, one key being able to pull any amount out of any pool is a lot of trust for ~$290M. What would fix most of it without changing how trading works:
- Admin on a multisig with a timelock instead of one wallet
- collectFees paying a fixed treasury address, not whichever key calls it
- Hourly withdrawal caps per key, so one bad key can’t empty everything
- No new party added to a pool without the user’s signature
- A forced exit if a withdrawal isn’t processed in X days
- The OLP vault from the docs as an actual contract
- Publishing what the Fireblocks policy enforces
@variational_io would love to see this on the roadmap. Still farming
Got some heat under my Variational post, so to be fair, the trading side there is really good
A $100K BTC market order shows a $0 fee, with the $45 crossed out right next to it. The buy/sell gap was ~1bp when I checked, so a full round trip costs about $10. Same trade as a taker on Hyperliquid is ~$90 in fees
That's why I'm still farming it lol
Variational says they spent the last two months on security. I checked the part I wrote about last week, and on-chain nothing has changed yet
Same 17 operator keys can still pull from any pool. The last one was added in Nov 2025 and the admin is still one wallet. Zero role changes since my post
To be fair, audits, pentests and red teaming don’t show up on-chain. And they say public mainnet and the trading API land this month, TGE still this year
Meanwhile TVL went from $290M to $230M in five days
Still farming, waiting for the multisig lol
The CFTC just approved perps on single US stocks. Hyperliquid has been doing that for months without asking anyone lol
Jokes aside, look at the numbers. trade_xyz on Hyperliquid runs 115 single-stock perps. Last 24h: $2.4B in volume, $2.3B in open interest. That’s the “offshore, often unregulated” market the chairman’s statement is about
On Hyperliquid: this morning ICE and Kraken’s parent both said they want to run US perps on HIP-3 rails. HYPE jumped from $85 to $87.5 within minutes of the CFTC post
On my farms: Variational and Lighter both list NVDA and AAPL perps, Extended has 182 RWA markets, and QFEX trades nothing but stocks and commodities
I think regulated US perps won’t kill the DEX ones. Most of that volume will end up running on the same infra
Interesting week to be farming perps lol
@ChairmanSelig Releases Statement on Equity Perpetual Futures: cftc.gov/PressRoom/PressRele…
tradexyz right now: 142 markets, $4.55B volume and $4.23B OI in 24h. The 115 stock markets are $2.45B of that volume. Biggest single stock is SK Hynix at $294M a day, more than most altcoins
If you want stock perps today, this is where I farm them. Variational has NVDA, AAPL, GOOGL, MU and more with zero trading fees: omni.variational.io/?ref=OMN…
Code - OMNIHD1HUN44 (+15% points boost)
Extended finally dropped the $XTEN tokenomics. Best line in the whole thing: their own market-making desk farmed 17.4M XTEN out of the community airdrop lol
Jokes aside, most of it is clean. 1B supply, 30% to points holders, fully unlocked at TGE. Team and investors get 50%, but nothing unlocks for 12 months, so the only float at launch is the airdrop
On the desk: X10, the company that runs the exchange, made markets from Dec 2024 to Apr 2026 and earned points under the same rules. That’s ~4M points worth. I have 4,750 lol. To be fair, they disclosed it, and the tokens go to XTEN liquidity and the ecosystem fund, not the team
On the price: pre-market went from $0.278 to $0.255 after the post. My ~20K XTEN dropped from ~$5.7K to ~$5.2K in three hours
I think the real date is month 12. That’s when investors unlock 62M at once, about a fifth of the whole airdrop
Waiting for the claim window.
Numbers from their post: team 251M and investors 249M, 12-month lock, then vesting to month 48. 150M is a staking reserve. Polymarket has FDV above $150M at launch at 78%, above $300M at 34%. Pre-market is at ~$255M
Binance got hacked for $6.3B and today they sent me 100 USDC for not leaving. Best trade I made all week lol
Jokes aside, the contrast is wild. Binance is handing out 100 USDC vouchers and a 20M USDC pool to say thanks, while the hacker sits on 430K ETH, ~$985M, and hasn’t sent a single transaction in 4 days
On the users: CZ says only 2.1% net left in the first 12 hours after withdrawals reopened. My BEP20 USDT got stuck on hack night and came through Sunday morning, so I’m in that 98% too
On the money: Tether and Circle froze ~$2.2B of his stables on Ethereum. ETH can’t be frozen, that’s why he swapped the alts into it. Another hacker sent 4K ETH into Tornado today, this one is just waiting
I think the real risk now isn’t Binance anymore, it’s the day those 4 wallets wake up
Spending my 100 USDC on fees while I wait lol
Biggest of the 4 wallets, 197K ETH and still zero transactions sent: etherscan.io/address/0x8532F…
Extended said $XTEN tokenomics would follow “from Oct 31”. Key word “from”, they never said until when
Jokes aside, it’s a funny setup. No tokenomics yet, but the pre-market already lives its own life: $0.268 on Hyperliquid, ~18% off the listing-day high. And that whole “price” runs on ~$220K of daily volume. That’s what’s pricing an $80M airdrop
On the points: 300M XTEN goes to 70M points, so ~4.3 tokens each. At today’s price that’s ~$1.15 a point. My 4,750 points are ~$5.5K now. Would’ve been ~$6.6K at the top, but who sells the top
Was farming worth it? Users paid Extended ~$35M in fees. Even at today’s price the drop is 2.3x that, and honestly that’s rare for an airdrop
I think the price gets pushed around until tokenomics drop, the real number only shows at launch. Polymarket has FDV above $150M at 75%, and farmers as a group are green from ~$117M
And if you’re not on Extended yet, my ref gets you 10% off fees on your first $50M. Link below
