Marvin Ammori

co-founder + clo @nativemarkets. advisor/prev clo @Uniswap Labs. an OG internet/tech lawyer

[Brendan Malone @brendanpmalone]

Excited to announce Thompson Street, a new kind of advisory firm working across product, public affairs, and policy for frontier tech with @0xYager, @KhurramDara, and @jonfinkisaksen.

We’re approaching Thompson Street like you would a startup: built for velocity, adaptability, and technical depth. I am biased but I don’t think you’ll find another 4-person team with our range of experiences across government, venture capital, and top-tier startups.

If you’re building something in crypto or AI you are already shaping policy whether or not you realize it.

Let’s talk.

[il.hl @hyperliquidmax]

Grayscale just published a report.

The conclusion made Wall Street analysts go quiet. 😶

$HYPE is cheaper than every single traditional exchange on the planet.

Here's what Grayscale's Head of Research actually found 👇

They compared Hyperliquid against every major exchange in the world.

By a metric called P/E ratio — how much investors pay for every $1 of earnings.

The results were brutal in their clarity. 📊

Price-to-Earnings comparison (last 4 quarters):

🏦 Coinbase → 44x
📈 Robinhood → 37x
🏛️ Interactive Brokers → 34x
📊 CBOE → 29x
🌐 Nasdaq → 25x
⚖️ CME → 24x
🏢 Deutsche Boerse → 21x
🔷 ICE → 20x
🇪🇺 Euronext → 19x

🟢 Hyperliquid → 14x

The cheapest exchange on the list. By a wide margin. 🤯

Now let's put this in plain English:

P/E ratio = how much you pay for $1 of profit.

Coinbase investors pay $44 for every $1 Coinbase earns. Hyperliquid investors pay $14 for every $1 Hyperliquid earns.

Same type of business. Same product category. One-third the price. 📉

And the revenue is real:
Hyperliquid generated trading fees of around $800 million last year — confirmed by Allium data.
Not projections. Not promises. Actual fees already collected.

From a platform that is still blocked from US users due to regulatory ambiguity. 🇺🇸🚫

That last point is the most important.

Hyperliquid is not yet available to US users due to regulatory ambiguity around perpetual futures and decentralized exchanges. However, recent comments from regulators and ongoing efforts in Congress could change that — and create a meaningful catalyst for further growth.

$800M in annual fees. Zero access to the world's largest capital market.

What happens when that door opens? 🚪

Grayscale's exact conclusion — word for word:

"Regulatory clarity in the US can expand access to Hyperliquid to new users and, in our view, help drive value to the HYPE token."

This isn't a random tweet.

This is Grayscale Research — the firm managing billions in crypto assets — publishing an institutional report saying $HYPE looks undervalued compared to its peers.

The full picture:

✅ Cheaper than every comparable exchange by P/E ✅ $800M annual fees already generated
✅ US market still locked out — not yet priced in
✅ Permissionless ecosystem: spot, perps, prediction markets, pre-IPO futures all on one platform
✅ Grayscale actively filing its own HYPE ETF while publishing this analysis

When the institution building the ETF also calls the asset undervalued in a public research report?
That's not noise. 🎯

⚠️Not financial advice. Always DYOR.

[Mike Selig @ChairmanSelig]

In my first public remarks as @CFTC Chairman, I made clear that the agency would use the tools at its disposal to onshore crypto asset perpetuals. Today, the @CFTC delivered on that commitment.

This morning, the @CFTC took historic action to permit the listing of a true bitcoin perpetual contract by a CFTC-registered exchange, charting a path for one of the most liquid segments of the crypto asset markets to exist within the US regulatory framework.

[Paul Graham @paulg]

Warren's war on crypto was a pure own-goal by the Democrats. It achieved nothing, and it cost them enormously by alienating a large fraction of a powerful group who'd previously supported them. Look at the change from 2020 to 2024.

[Paul Graham @paulg]

The last time this happened it was a disaster for the Democrats. In return for her support, she insisted on a network of key appointments. One was Gensler, who alienated Silicon Valley to such an extent that many founders switched to supporting the Republicans.

[Guthix 🫵 @GuthixHL]

The Assistance Fund now benefits from approx 90% of the reserve yield from USDC, without users needing to swap out collateral. This results in nine-figures of net new revenue for the network.

Prior to the vote, USDC contributed nothing to the network. What was your preferred outcome?

[Hyperliquid News @HyperliquidNews]

In less than 6 hours, Hyperliquid surpassed @Polymarket trading volume on its sole HIP-4 pair, which is $BTC Up or Down on a daily basis.

Polymarket calculates volume in $ using shares, where 1 share traded = $1 in volume.
Therefore, 79,500 shares were traded on Polymarket compared to 89,253 on Hyperliquid.

[Marvin Ammori @ammori]

Apple is up 5% today.

[Mustufa Khan @mustufa4socials]

https://t.co/m5leqLx6zj

[Dominic Michael Tripi @DMichaelTripi]

NEW: Pope Leo XIV tested as the most popular public figure in the United States at net +34. -NBC

[AltOnChain @AltOnChain]

If you have not tried this yet all I can say is WOW. In over 9 years of crypto I've never had such a pleasant, painless, low fee offramp experience EVER. I am getting absolutely nothing for saying this just trust me, try it and thank me later. Instantly withdrew USDC sent from my Solana address into my EURO bank account within 2 minutes end to end. Incredible job @nativemarkets 👏

[Luke Cannon @lukecannon727]

Interesting tidbit from the @colossusmag article

Hyperliquid could have been American-made if Biden & Gensler's anti-crypto policies hadn't forced Jeff to move the team to Singapore instead

[Marvin Ammori @ammori]

@giancarloMKTS @ARedbord @WillkieFarr Congrats!

[Frank Chaparro @fintechfrank]

Hyperliquid is steadily chipping away at centralized exchanges.

Its share of perpetual futures volume is now approaching 6%:

[GLC @GLC_Research]

On & offramps have been one of the biggest pain points for Hyperliquid.

Until now, most users had to go through a CEX and then transfer stables to Hyperliquid. As simple as it sounds, this creates a real barrier: most users just want to deposit cash and start trading immediately.

@nativemarkets just took an important step in the right direction to remove this friction.

With https://t.co/542LCGverz, users can now receive USDH with zero fees and zero slippage directly from US bank and brokerage accounts. This directly addresses a core need from Hyperliquid users: fast, seamless deposits and withdrawals. Over time, on & offramps should continue to improve, making the experience smoother and lowering entry barriers further.

We’ve seen some criticism around $USDH adoption being slow, but building trust around a stablecoin takes time. Its role within HIP-4 could also become increasingly important.

It takes time but @fiege_max and the broader Native Markets team have been deeply aligned with Hyperliquid from day one. Personally, it’s hard to think of a better team to handle this.

Slowly but surely. Hyperliquid.

Link to the announcement article below, available on @HyperliquidR.

[Cointelegraph @Cointelegraph]

🔥 TODAY: Native Markets launches zero-fee, zero-slippage on and offramps to Hyperliquid via USDH. com, starting with US bank and brokerage accounts.

[Yaugourt.hl @Yaugourt]

This is a massive unlock for Hyperliquid.

Until now, getting on and off Hyperliquid was the hardest part of using it. Native Markets just solved it:

- Zero fee, zero slippage on and off ramps
- Direct US bank and brokerage support (wire / ACH)
1:1 USDC <> USDH conversion in 180+ jurisdictions
- Institutional European bank support (offramp)
- Debit card beta
- One-click earn deposits into lending protocols directly from your balance

Native mint and redeem access, the kind usually reserved for institutions, now available to everyone on https://t.co/GjS0sIsfmW.

This is how you onboard the next million users. No bridge friction. No slippage. No fees. Your bank account to Hyperliquid in a few clicks.

The premier self-custodial network just got its missing piece.

Just use Hyperliquid.

[Native Markets @nativemarkets]

https://t.co/NurdzMc6cn

[Aaron Rubin @aaronrubin]

I paused the company credit card used for Anthropic.

Every employee that didn’t complain that Claude was down I fired.

[Adam Kovacevich @adamkovac]

🚨 @Groundwork Survey Finds Voters Like Tech Companies

😆

[Adam Kovacevich @adamkovac]

Democrats’ anti-tech turn under Biden was premised on a political theory that going full populist against tech would win back working class votes.

Not only did it fail to do that, but it also drive Valley types away from Dems.

Lose-lose politics.

https://t.co/cw5Ps9D7dT