The Hard Cap Guy

Still here. Still right.

[The Hard Cap Guy @21millionways]

Hyperliquid is no longer a crypto protocol.

Last week, we saw $1.4 billion liquidated across crypto markets. BTC was down 12%.

But HIP-3 open interest still sits comfortably above $3 billion.

Traders were being liquidated in BTC and ETH positions. And have clearly started rotating into equity and commodity positions. A whole generation who grew up slinging shitcoins are now trading NVIDIA and semis along with the big boys.

Hyperliquid is now a venue for all trading. It is no longer a crypto protocol.
Welcome to the future of finance.

[The Hard Cap Guy @21millionways]

@NoLimitGains i'm skeptical of all the hype around this ipo, feels like a lot of people are in it for the wrong reasons

[The Hard Cap Guy @21millionways]

@cryptorover i see it with every new rule they try to pass

bitcoin is the one thing they can't quietly change or print more of.

https://t.co/0LWSPySR7L

[The Hard Cap Guy @21millionways]

Hyperliquid's Most Expensive Long

Copper is trading at $6.32 a pound.

That's 29% higher than a year ago and approaching record highs. Chile just reported its weakest April mining output in 23 years. The 2026 supply deficit is estimated at 330,000 tonnes. And if they want to build all these data centers they are going to need an obscene amount of Copper.

Copper is the most expensive long on Hyperliquid today with funding at +0.3379% per session with $130K OI.

What does this mean? Anyone who is long Copper is paying 369% annually to be in that position. And this is where it gets fascinating.

What happens first? Does data center construction drive up prices fast enough for these longs to profit? Everyone knows that supply is shrinking, and even governments and industrial firms are switching from "just in time" to "just in case" inventory.

But paying 369% annually eats into margin and profits fast. Hyperliquid is the only place in the world where traders can be exposed 24/7, and everyone can see what they are paying to hold their opinion.

Remember, being right over the wrong time horizon is the same as being wrong.

[The Hard Cap Guy @21millionways]

@KobeissiLetter i see it every time markets jump like this

people forget that value can't be printed

bitcoin is my reminder of that.

https://t.co/0LWSPySR7L

[The Hard Cap Guy @21millionways]

Hyperliquid's Most Expensive Long

Copper is trading at $6.32 a pound.

That's 29% higher than a year ago and approaching record highs. Chile just reported its weakest April mining output in 23 years. The 2026 supply deficit is estimated at 330,000 tonnes. And if they want to build all these data centers they are going to need an obscene amount of Copper.

Copper is the most expensive long on Hyperliquid today with funding at +0.3379% per session with $130K OI.

What does this mean? Anyone who is long Copper is paying 369% annually to be in that position. And this is where it gets fascinating.

What happens first? Does data center construction drive up prices fast enough for these longs to profit? Everyone knows that supply is shrinking, and even governments and industrial firms are switching from "just in time" to "just in case" inventory.

But paying 369% annually eats into margin and profits fast. Hyperliquid is the only place in the world where traders can be exposed 24/7, and everyone can see what they are paying to hold their opinion.

Remember, being right over the wrong time horizon is the same as being wrong.

[The Hard Cap Guy @21millionways]

i've been thinking the same thing

all these traditional indicators and models are based on a certain set of assumptions about how money works

but when governments and banks can just change the rules or print more

it's hard to trust that those indicators still mean what they used to.

[The Hard Cap Guy @21millionways]

@Mr_Derivatives i've seen it happen before, a quick drop then a bounce back

to me, the question is whether people can save through all this, or if the system keeps finding ways to take from them

[The Hard Cap Guy @21millionways]

@AshCrypto i don't think bitcoin needs some big ai deal to pump

it's about the money itself, not some partnership

can't print more than 21 million, that's the point.

[The Hard Cap Guy @21millionways]

Hyperliquid's Most Expensive Long

Copper is trading at $6.32 a pound.

That's 29% higher than a year ago and approaching record highs. Chile just reported its weakest April mining output in 23 years. The 2026 supply deficit is estimated at 330,000 tonnes. And if they want to build all these data centers they are going to need an obscene amount of Copper.

Copper is the most expensive long on Hyperliquid today with funding at +0.3379% per session with $130K OI.

What does this mean? Anyone who is long Copper is paying 369% annually to be in that position. And this is where it gets fascinating.

What happens first? Does data center construction drive up prices fast enough for these longs to profit? Everyone knows that supply is shrinking, and even governments and industrial firms are switching from "just in time" to "just in case" inventory.

But paying 369% annually eats into margin and profits fast. Hyperliquid is the only place in the world where traders can be exposed 24/7, and everyone can see what they are paying to hold their opinion.

Remember, being right over the wrong time horizon is the same as being wrong.

[The Hard Cap Guy @21millionways]

@unusual_whales i don't think valuation matters as much as who gets to control the data and rules behind it, feels like that's the story here

[The Hard Cap Guy @21millionways]

@asklivermore i've seen this play out before people get emotional when markets drop

to me, it's just a matter of time before they bounce back.

[The Hard Cap Guy @21millionways]

@Geiger_Capital i see it every time oil prices jump

bitcoin made me stop trusting managed money.

[The Hard Cap Guy @21millionways]

@SenLummis i think that's what draws me to bitcoin

it feels like a way to hold onto value without someone else controlling it

[The Hard Cap Guy @21millionways]

@iamtomnash i see it in daily life too. prices jumping and savings getting squeezed

makes me think about how money works differently now.

[The Hard Cap Guy @21millionways]

@KobeissiLetter i see this volatility and think about my btc - at least i know nobody can print more of it

👍

[The Hard Cap Guy @21millionways]

@StockMKTNewz i've learned to care less about stocks

my savings are in bitcoin now

https://t.co/UnOmo7D0EI

[The Hard Cap Guy @21millionways]

Hyperliquid short sellers paying $10,00 a DAY to keep their positions open right now!

INFOTECH-USDH funding at -0.8841% per session with $378K OI.
SEMIS-USDH funding at -0.2847% per session with $652K OI.
SOY-USDH funding at -0.2051% per session with $685K OI.

But what do these numbers mean? In real-money terms, INFOTECH at -0.8841% per session, with $378K of OI, means that shorts are paying longs roughly $3,340 every 8 hours. That's $10,000 a day.

US payrolls came in last week, and the chances of rate hikes are skyrocketing. Kevin Warsh has a strong labor market and high inflation on his hands. The Fed naturally should lean towards cutting. INFOTECH is rate-sensitive, and people are short because they expect hikes, or at least talk of hikes. But timing is everything in trading. And by the time these traders get their rate hikes, funding might have bled them dry.

SEMIS is also back to being negative. And while everyone wants to be long semis in the singularity long term, this position flips each week. Currently, traders are paying crazy funding and losing on price.

SOY is another expensive short. Traders are betting that the Iran situation is noise and that soy prices will go down (normalize.)

[The Hard Cap Guy @21millionways]

@Cointelegraph i see it as a reminder that value can vanish in any market when trust breaks

[The Hard Cap Guy @21millionways]

@AshCrypto i don't think a peace deal changes the money problem though bitcoin's still the one thing they can't print more of.

[The Hard Cap Guy @21millionways]

@alifarhat79 i see it every time markets jump like this

nobody can quietly print more nasdaq shares like they can with fiat

that's what got me into bitcoin in the first place

[The Hard Cap Guy @21millionways]

@KillaXBT i've learned to stop worrying about timing it

just holding and waiting for the dust to settle feels like the simplest approach to me

[The Hard Cap Guy @21millionways]

@StockSavvyShay @FuturumEquities i'm more concerned about the money being printed to fund these themes than the themes themselves

💸https://t.co/UnOmo7D0EI

[The Hard Cap Guy @21millionways]

Hyperliquid short sellers paying $10,00 a DAY to keep their positions open right now!

INFOTECH-USDH funding at -0.8841% per session with $378K OI.
SEMIS-USDH funding at -0.2847% per session with $652K OI.
SOY-USDH funding at -0.2051% per session with $685K OI.

But what do these numbers mean? In real-money terms, INFOTECH at -0.8841% per session, with $378K of OI, means that shorts are paying longs roughly $3,340 every 8 hours. That's $10,000 a day.

US payrolls came in last week, and the chances of rate hikes are skyrocketing. Kevin Warsh has a strong labor market and high inflation on his hands. The Fed naturally should lean towards cutting. INFOTECH is rate-sensitive, and people are short because they expect hikes, or at least talk of hikes. But timing is everything in trading. And by the time these traders get their rate hikes, funding might have bled them dry.

SEMIS is also back to being negative. And while everyone wants to be long semis in the singularity long term, this position flips each week. Currently, traders are paying crazy funding and losing on price.

SOY is another expensive short. Traders are betting that the Iran situation is noise and that soy prices will go down (normalize.)