JayH

[SpaceX @SpaceX]

Live webcast of Starship's 15th flight test starts now → https://t.co/xvmIH2diNA

[JayH @0xMaxXx1x]

@SpaceX @felixleezd Go Starship

[Brivael Le Pogam @brivael]

I don’t think people realize what Elon Musk is actually doing.

He’s not playing the game better than everyone else. He’s rewriting the rules of the game.

Every billionaire before him was offered the same deal: money for aura, silence for respectability. They all took it. He walked out.

I made a 4-minute video on the machine he’s fighting. Watch it before it gets buried.

[Tesla @Tesla]

Roadster event livestream https://t.co/G0jU4mWfid

[JayH @0xMaxXx1x]

Noble work

https://t.co/PdTBCdiuv0

[HiEQ @HiEq_2005]

new personal website
https://t.co/MnRuq2LCP8

[Serio_ai @Multi_Serio_Ai]

그록봇 스타일 케릭터 만들어 주는 프롬프트 공유

https://t.co/iB222nH4kg

파딱이 아니라 긴 텍스트 업로드가 안되어 아예 웹앱 형태로 배포합니다. 다음 사이트에서 복사 버튼을 누르고 사용하는 이미지 생성 Ai에 붙여넣기해서 활용해 주세요

[Hyperliquid @HyperliquidX]

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.

[JayH @0xMaxXx1x]

Grok Grok Grok

[Grok Bot @bot]

Three SpaceXAI employees are building a company in 3 days with Grok Bot. This is Day 1.

Matt Palmer (@mattyp), Lauren Tan (@poteto), and Roshan Sadanani (@roshan_s) start with research, a plan, and a product.

Live now, plus sessions for engineering, product, and founders.

https://t.co/eV3Tfd5Bf2

[JayH @0xMaxXx1x]

@bot @mattyp @poteto @roshan_s cant wait for 2nd day

[JayH @0xMaxXx1x]

here is the link to the live streams. built in real time

https://t.co/fRBdgxotvi

[JayH @0xMaxXx1x]

get Grok bot asap

[Grok Bot @bot]

Introducing Grok Bot, now in early beta.

Bots are AI teammates that do real work for you. They sign in to your tools, use them just like you do, and come back with finished work.

[JayH @0xMaxXx1x]

@HyperliquidR @GLC_Research @FourPillarsFP hyperliquid

[SpaceX @SpaceX]

Announcing TERAFAB: the next step towards becoming a galactic civilization https://t.co/xTA70LOU0e

[JayH @0xMaxXx1x]

@chameleon_jeff Hyperliquid

[Manthan Gupta @manthanguptaa]

https://t.co/CzmfXDgPRP

[Dwarkesh Patel @dwarkesh_sp]

The @karpathy interview

0:00:00 – AGI is still a decade away
0:30:33 – LLM cognitive deficits
0:40:53 – RL is terrible
0:50:26 – How do humans learn?
1:07:13 – AGI will blend into 2% GDP growth
1:18:24 – ASI
1:33:38 – Evolution of intelligence & culture
1:43:43 - Why self driving took so long
1:57:08 - Future of education

Look up Dwarkesh Podcast on YouTube, Apple Podcasts, Spotify, etc. Enjoy!

[JayH @0xMaxXx1x]

@HyperliquidX Hyperliquid

[Unitree @UnitreeRobotics]

Unitree G1 Kungfu Kid V6.0
A year and a half as a trainee — I'll keep working hard! Hope to earn more of your love🥰

[jeff.hl @chameleon_jeff]

TLDR: During recent volatility, Hyperliquid had 100% uptime with zero bad debt. This was Hyperliquid’s first cross-margin ADL in more than 2 years of operation. ADL does not change the outcome for any liquidated users. While some specific ADL providing trades were unfavorable, the aggregate effect of ADL was that traders realized significant pnl by closing positions at favorable prices that were only briefly available.

--

It’s sad to see some people attack Hyperliquid to deflect from their own platforms’ issues. Solvency and uptime are the two most important properties of a financial system. These are table stakes for any trading system, and gaslighting to convince users otherwise is unethical and irresponsible.

Below is more analysis on how Hyperliquid’s margining system handled the extreme volatility.

Background on liquidations

For a perps system to be solvent, every position must be backed by a minimum amount of collateral. This is called the “maintenance margin.” When positions do not meet the maintenance margin requirement, they are taken over by the system to be liquidated. Earlier today, many altcoins dropped by more than 50% in a short period of time. When this happens, long positions at 2x or higher leverage must be liquidated, or else the system accrues bad debt.

There were billions of dollars worth of positions liquidated on Hyperliquid in a matter of minutes. In a permissionless system, each user chooses their own position sizing and collateralization. Any system that does not liquidate the necessary users is irresponsibly gambling with other users’ funds. On Hyperliquid, every order, trade, and liquidation is transparently verifiable onchain. Many other venues significantly under-report liquidation data. This cannot be compared apples-to-apples against the fully onchain picture of Hyperliquid.

Background on HLP

HLP is a protocol vault with permissionless deposits that 1) provides order book liquidity and 2) performs backstop liquidations. The first role is negligible, with HLP trading less than 1% market share. The focus of this post is liquidations.

Liquidations are first attempted against the order book, and any user can provide liquidity to these market liquidations. Backstop liquidations occur when the order book does not have enough liquidity to absorb an undercollateralized position. In this case, HLP takes over the position along with its collateral. For improved risk management, HLP is split into several child vaults, and each liquidation is only sent to one child vault.

Background on ADL

Auto-deleveraging (ADL) is the liquidation mechanism of last resort, when market and backstop liquidations do not work. See Doug’s thread (link in reply) for a thorough explanation on the details of ADL.

Every ADL event has two sides: the “triggered” side is undercollateralized, while the “providing” side is decided as a function of profitability and leverage used.

Similar to backstop liquidations, even though providers to ADL are profitable on average, there are no guarantees for any specific event. Some ADL providing trades were unfavorable, such as when only some components of long/short portfolio were closed. The system is designed to minimize ADLs because they are unpredictable even if ADL providing trades are profitable on average. Because HLP is a non-toxic backstop liquidator, ADL is a rare settlement of last resort. As far as I know, this was the first cross-margin ADL event on Hyperliquid mainnet (ADL is more common for isolated-only assets such as hyperps, which are not backstop liquidated by HLP).

Summary of events

Over the course of 20 minutes, HLP backstop liquidated billions of dollars worth of positions.

HLP's philosophy has always been to provide liquidity of last resort. Contrary to misconceptions, HLP is a non-toxic liquidator that does not pick profitable liquidations. Instead HLP is a public good for maintaining system solvency. In particular, Hyperliquid has no liquidation fees. HLP’s design, including its multi-component child vault system, is the product of countless simulations, and allows HLP to maximally serve the benefit of the protocol while managing its own risk.

In fact, the liquidator child vaults of HLP themselves became undercollateralized in the course of backstop liquidating as many user positions as possible. This is by design, where child vaults are isolated from the other components of the overall strategy. HLP is treated no differently from other users when participating in ADL. In aggregate, HLP's child vaults were the largest addresses on the triggered side of ADL by more than an order of magnitude. The addresses on the providing side of ADL against HLP’s child vaults realized hundreds of millions of dollars in additional profit relative to the prices shortly before and after the dislocation.

On other venues, the liquidation engine is not transparent and therefore may not be subject to the same strict margin requirements as for normal users. On these venues, the exchange could have backstop liquidated more positions, bearing increased solvency risk to extract hundreds of millions in business revenue. This is not an acceptable tradeoff for Hyperliquid.

Finally, I know that this is a difficult time for many traders, and I hope the community can continue to support each other and grow together. As a contributor to Hyperliquid, I’ll continue to work my hardest to build the best possible platform that can house all of finance. Times like this highlight the importance of transparency and fairness in the financial system.

[JayH @0xMaxXx1x]

@SBF_FTX Yo