founder, fintech & telecom
Seattle
Joined May 2020
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equity perps aren’t just “perps but for stocks”. they are the fight over who owns the rail under every tokenized asset.
the last decade of defi and crypto (AMMs, lending, bridges, rollups, oracles) has basically been R&D for this moment: a financial OS for the internet
if everything ends up tokenized and 24/7, someone has to be the margin and leverage layer under all of it: stocks, indices, RWAs, FX, credit, whatever. whoever wins that rail is clearing trillions in notional and it’s probably a winner take most outcome.
imo that fight mostly comes down to @Lighter_xyz vs @HyperliquidX , even if a few other venues try to play in the same lane.
(thesis below)
starcraft2 retweeted
Following the security incident at Binance, Unit’s Guardians are introducing a protocol upgrade to deter attempts to move stolen assets through the protocol and to give incident-related intelligence more time to become available.
Effective immediately, every Unit deposit and withdrawal is subject to a processing delay. The length of the delay may change as the incident response develops.
Existing Guardian screening remains in place, including automated checks using third-party blockchain intelligence, and Guardians may update their screening as new information about the incident becomes available.
Do not attempt to move stolen assets through Unit. Transactions that fail Guardian screening may not reach the consensus required to complete.
Our sympathy goes to all users affected by the Binance incident. We also recognize these delays may disrupt Unit users, but limiting further harm to victims comes first.
These measures reflect the protocol’s current architecture. Responses to any future incident will depend on the protocol’s design and capabilities at that time.
coinbase reports tomorrow. if the tradexyz rumors from last month are true i wouldn’t be surprised if they announce it with earnings, they announced the deribit acquisition on earnings day last year too.
would explain some of the relative strength in hype and purr this week.
starcraft2 retweeted
The participation of AGI in capital markets is inevitable.
Trading real, live financial markets is among the ultimate forms of truth seeking, and will likely become widely recognized as one of the most integral AI benchmarks.
There is perhaps no better venue for superintelligent price discovery than a mathematically-secured, global, transparent ledger of linear cash-settled perpetual derivative markets.
We would be happy to assist any efforts by @SpaceXSI (and others) toward this frontier
starcraft2 retweeted
Joining forces with @tradexyz
Welcome to our community.
trade[XYZ] and ICE, owner of the New York Stock Exchange, are joining forces to bring 24/7 perpetual futures on Hyperliquid to the United States.
In just over a year, our markets on Hyperliquid have surpassed $650 billion in volume. They provide continuous price discovery for stocks, indices, and commodities, and have become trusted reference points for retail and institutions alike when traditional markets are closed. Much of the world trades them. Until now, Americans could only watch.
We intend to change that. Subject to CFTC approval, trade[XYZ] and ICE plan to establish a new, dedicated U.S. market, with novel exchange and clearing infrastructure built on Hyperliquid. Planned contracts span equities, indices, commodities, FX, and crypto, with access through participating brokers and platforms. We’ll share more on products, eligibility, and timing as approvals progress.
ICE brings more than 25 years of experience operating regulated markets, clearing, and managing risk. trade[XYZ] brings the product development, market design, and technology behind the most liquid and robust markets on Hyperliquid.
Innovation and the protections of U.S. regulation shouldn’t be a trade-off. Together, we plan to prove it.
ICE is making a strategic investment in trade[XYZ] and joins us in building towards the future of Hyperliquid. A small group of market luminaries is joining as well, beginning with Stan Druckenmiller. For more than four decades, few investors have anticipated the great turns in markets as often as Stan. We’re proud to have him with us for the next one.
We’re building the U.S. market in parallel with our existing HIP-3 markets, which we’ll continue to expand and innovate on. We expect both to flourish. They each have a long road map ahead, from new asset classes to new ways to trade them.
To the Hyperliquid community, whether you were here before us or came because of us, thank you. You took a chance on new markets and you made them matter. You’ll forever be a part of this story.
Anything. Anytime. On ICE[XYZ].
starcraft2 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.
starcraft2 retweeted
I am excited to be an investor in trade(xyz) as they partner with ICE to bring 24/7 perpetual futures on Hyperliquid to the United States. As a market participant, I am looking forward to to using their innovative product to enhance my investment process.
starcraft2 retweeted
*HYPERLIQUID STRATEGIES INCREASED ITS STOCK REPURCHASE PROGRAM FROM $30 MILLION TO $100 MILLION
$PURR
starcraft2 retweeted
There has never been an exchange compatible with every asset class.
When US equities are surging and volume picks up, Nasdaq has a great year. If crypto enters a bull market, Binance and Coinbase volumes 10x. If the Fed is active and rates vol increases, CME has a great quarter.
But the Nasdaq can't monetize flows in Japan. The Tokyo Stock Exchange can't make money off the commodites boom. Coinbase doesn't profit off heightened rates volatility. These exchanges aren't made to support a wide array of asset classes and opportunities. Their revenues are highly cyclical, tied to the underlying markets they serve.
TradeXYZ breaks this mold entirely.
XYZ can create a market for anything near instantly. Equities. Commodities. Rates. FX. There is always something happening in the world.
We're designed to capture idosyncratic moments of volatility in a world where anything can happen on any asset, anywhere, anytime.
The result is a diversified business that isn't long any single asset class or country, but rather long global asset volatility as a whole.
This is the final platform for traders, with deep liquidity for every major market in the world, open 24/7/365.
The universal venue. Powered by Hyperliquid.
Trade everything, trade XYZ.
Been looking at the $PURR dashboard's mNAV calculations. The 'Company Reported FD' line shows 1.06x (even lower now), which looks like a slight premium. But it dilutes the share count for warrants without crediting the ~$387M in exercise proceeds back to NAV. That double-counts the dilution.
If you add the cash to the numerator: ($652M Adj NAV + $387M) ÷ FD shares ≈ $6.76/share, and mNAV drops to 0.64x at $4.32. Circulating mNAV is 0.82x. Every correct version of the math shows a discount.
The warrants are also mostly locked until 12/2/26 and deep OTM (strikes at $9.375/$12.50/$18.75). So the actual near-term source of new shares is the $1B ELOC, which management said on earnings they'd only tap well above 1.1x mNAV. If you're benchmarking that decision against the unadjusted FD, it looks like you're already near the threshold. On a proceeds-adjusted basis, you're at 0.64x. Very different read on how much room there is before dilution.
Am I missing something here? Genuinely asking
Our dashboard is up. It shows live pricing of the HYPE token and our stock price, with our HYPE holdings, cash balances and share count updated weekly. Our goal is to provide shareholders with transparent and easy to understand information in order to make informed investment decisions. We will be adding and improving to this over time.
All comments and criticisms are welcome (and encouraged!).
Hyperliquid.
@HypeStrat $PURR
hypestrat.xyz/dashboard
starcraft2 retweeted
Don't worry, you're not bad at chess. You're actually bad at everything. Chess is just one of the only things with a good rating system.
