Permanent Profits

Analysis of individual sovereignty asset classes: Gold, Bitcoin, blockchains, DEXes and monitoring global events that affect them.

[Hyperliquid Hub @Hyperliquid_Hub]

Hyperliquid HIP-4 is already eating Polymarket’s lunch after just 42 days!

HIP-4 BTC Prediction Market (24h volume):

• Hyperliquid: $739K (17.3%)
• Polymarket: $3.54M (82.7%)

Entire platform: Hyperliquid did 35.3x more prediction volume than Polymarket ($9.55B vs $270M)

Why HIP-4 is winning:
1. Unified margin with perps & spot (trade everything in 1 wallet)
2. Zero opening fees
3. Fast validator resolution, no external oracle
4. Insane speed + deep liquidity

HIP-4 isn’t just competing — it’s expanding the entire prediction market pie in a way Polymarket can’t easily match. World Cup + macro events incoming = massive catalyst!

$HYPE #Hyperliquid #HIP4

[Luke Cannon @lukecannon727]

HUGE update from Hyperliquid Strategies

- 26.2M HYPE holdings (added 2.5M in a single week)
- 210M share count (issued 22M net last week)
- $199M cash (added $50M cash WHILE buying $150M HYPE in the SAME week)

Said it before & will say it again, there's simply no DAT executing like HSI is rn

[Hyperliquid News @HyperliquidNews]

The official announcement has been made, and the vote to activate AQAv2 has passed.

Starting October 3, the Assistance Fund will begin buying hyperliquid:native using revenue generated from ethereum:0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48 on Hyperliquid.

https://t.co/IPsNxJJMb4

[Grinder.hl @Beliukh_]

Coinbase and Hyperliquid officially begin a strategic partnership.

Coinbase has become the official USDC treasury deployer on Hyperliquid.

How is the structure divided?

• Both deployers, Circle and Coinbase, are required to stake 500k $HYPE (~$28M);
• Circle acts as the technical deployer, managing the on-chain USDC infrastructure, smart contracts, minting, and burning;
• Coinbase acts as the treasury deployer, managing USDC reserves through T-bills, repo markets, and other cash-equivalent instruments, while routing a portion of that yield back into Hyperliquid.

What does this mean for Hyperliquid?

• Potential annual revenue of up to ~$200M, based on the current size of the USDC ecosystem and T-bill yields around 4.3-4.5%;
• Directly positive for $HYPE tokenomics, as part of this revenue is expected to be used for buybacks & burns;
• USDC effectively replaces USDH as the primary stablecoin and quote asset for the ecosystem;
• AQAv2 becomes a core requirement for HIP-4 assets, meaning future projects will need to be permissionless, stake $HYPE, share reserve income, maintain 1:1 backing, and meet several additional standards.

What does Coinbase gain?

• COIN stock rallied positive following the announcement;
• It becomes the first major centralized exchange to receive an official treasury management role inside a leading DeFi protocol;
• A new long-term revenue stream through reserve management;
• Stronger positioning as an institutional DeFi player.

What do we know right now?

Coinbase already staked 501,976 $HYPE (~$28M) back in May, one day before the official AQAv2 announcement.
Circle has also staked 500,000 $HYPE (~$28M). Around 300k $HYPE of that position was reportedly acquired OTC from Cumberland.

Just six months ago, many people thought $HYPE was expensive at $30. Jeff simply kept building. And now Hyperliquid is announcing partnerships of this scale.

Job's not finished.

[il.hl @hyperliquidmax]

Most DEX teams post about token price.

@chameleon_jeff posted about API latency.

That's not boring — that's what serious infrastructure looks like. 👀

Two changes coming in the next Hyperliquid network upgrade.

Change 1 — Market integrity:

Modify-to-snipe just got closed. 🔒

If you modify an order to IOC (immediate execution) → rejected. If GTC → auto-converts to ALO (Add Liquidity Only).

Plain English: a tactic used to exploit market makers via order modification no longer works. Market makers are better protected. Orderbook quality improves.

Change 2 — Data infrastructure:
📡 l2Book fast mode: order book pushes every 0.5 seconds
📡 Normal mode: 20 levels every 5 seconds
📡 allMids price feed: every 5 seconds
📡 Compressed mark prices feed: coming soon
📡 webData2 being phased out → migrate to webData3

0.5 seconds. On a decentralized exchange. Free. Public. Available to any builder.

Mainstream take: "Just a dev update, skip."

The counterintuitive read:
Professional trading firms pay thousands of dollars per month for co-location and Level 2 order book access at traditional exchanges. Speed is a product they sell.

Opinion/interpretation: Hyperliquid is shipping sub-second order book data to any builder, for free, and actively deprecating old endpoints like a real tech company running production infra.

The cost of building institutional-grade tools on Hyperliquid just dropped. Again.

Every builder who builds on this data → more applications. More applications → more volume. More volume → more fees. 99% of fees → buy $HYPE. 🔄

The question worth asking:
When was the last time a "DEX" actively patched market microstructure exploits, upgraded data latency, AND deprecated legacy APIs — all in the same week?

The label says DEX. The operational playbook says something else entirely. 🏗️

⚠️Not financial advice. Always DYOR.

[Vivek Sen @Vivek4real_]

CNBC REPORTED THAT WALMART WILL NOW ACCEPT BITCOIN, ETHEREUM, AND OTHER CRYPTO PAYMENTS IN-STORE FOR ITS 1 BILLION MONTHLY CUSTOMERS.

THIS IS ACTUAL ADOPTION.

[Jeff Swanson @theswansjr]

To believe that Bitcoin has no intrinsic value means:

1. Believing that having a decentralized, global payment and settlement network outside the conventional financial system has no value.

2. Believing that having a way to protect your purchasing power from inflation has no value.

3. Believing that being able to store your wealth without counterparty risk has no value.

4. Believing that the ability to send $5 or $50 million anywhere, anytime, with minimal fees has no value.

Yet, people say bitcoin has no utility or value.

[Wu Blockchain @WuBlockchain]

Citrini: Hyperliquid Accounts for Nearly Half of Crypto Token Buybacks in 2025

Citrini Research said Hyperliquid is a “compelling” investment, noting that more than 90% of platform fees are directed to its Assistance Fund and used to repurchase HYPE on the open market. According to the report, Hyperliquid's buybacks have accounted for nearly half of all crypto token buyback activity in 2025 by some measures. Citrini added that the protocol still has significant room to gain market share.

https://t.co/nhts7s5zeD

[Circle Developer @BuildOnCircle]

Circle is now the official technical deployer for USDC on @HyperliquidX. We will be activating AQAv2 from the following address:

0x1abd8168ea60b37a6a8cc149fa058910d89b0767

[il.hl @hyperliquidmax]

Coinbase competes with Hyperliquid.

They're both exchanges. Same category. Same customers.

And yet Coinbase just became Hyperliquid's official treasury partner — and voluntarily bought more $HYPE than they were required to. 🤯

When a direct competitor becomes your infrastructure layer and buys your token on top of the minimum required — that's not a business deal. That's a structural bet on who wins the next era of finance.

Here's what actually happened, step by step 👇

The old reality:

Hyperliquid held $5.5B in USDC generating approximately $220 million per year for Circle — money that flowed entirely outside the Hyperliquid ecosystem.

The protocol generated the users. The protocol built the platform. But the yield from sitting capital went elsewhere. Entirely.

The new structure under AQAv2:

Coinbase is now the official treasury deployer, sharing the vast majority of USDC reserve yield revenue back to the Hyperliquid protocol. Circle handles the technical side — CCTP and native cross-chain infrastructure.

Both Coinbase and Circle have committed to stake HYPE tokens to activate AQAv2. Coinbase has also increased its staked HYPE position beyond what the activation requires.

That last sentence matters. The minimum was already set. They chose to go above it.

The on-chain proof:

Two wallet addresses from the official @coinbase account — publicly posted, publicly verifiable:

0x4E5319dEb1072B01439EE674db5C321d11fd96F8 0xc20699185c15D0a2fD65779BB5d69f5b0B113c00

No back-room deal. No rumor. On-chain. Permanent.

What $5B USDC means in yield math:

At ~4% annual rate: $5B × 4% × ~90% to protocol = ~$180M/year in new protocol revenue (illustrative estimate — actual AQA rate is set on-chain, subject to change)

That's on top of Hyperliquid's existing ~$800M+ in trading fees. 📊

Mainstream narrative: "This is just a Coinbase partnership — good for exposure, nothing structural."

The counterintuitive read:

Coinbase is the co-founder and preeminent distribution partner of USDC. This isn't a PR partnership — it's Coinbase placing its core product (USDC) inside Hyperliquid's core infrastructure, permanently.

When you embed your primary revenue asset into a competitor's ecosystem AND buy their token voluntarily, you're not managing a PR moment. You're making a directional bet that this platform's liquidity will matter at scale — and you want to be positioned inside it before that happens.

Opinion/interpretation: The "skin in the game" signal here is unusually strong for a corporate announcement. Companies don't voluntarily over-stake a competitor's token unless they genuinely believe in the platform's trajectory.

Before AQAv2: $220M/year in yield left the ecosystem.

After AQAv2: majority of that yield stays — to buy $HYPE.

As Coinbase CEO Brian Armstrong put it: "USDC is becoming the standard across crypto markets. Coinbase is deploying USDC on HyperliquidX to help grow the ecosystem and scale how capital moves."

The question worth sitting with:

If Coinbase — your direct competitor — is voluntarily deepening its financial exposure to your platform...

What do they know about where this is going? 🎯

⚠️Not financial advice. Always DYOR.

[Coinbase 🛡️ @coinbase]

Coinbase is now the official deployer of @HyperliquidX's USDC treasury wallet.

We will be activating AQAv2 from the two addresses below:

0x4E5319dEb1072B01439EE674db5C321d11fd96F8

0xc20699185c15D0a2fD65779BB5d69f5b0B113c00

[HL Eco @hl_eco]

By community request, 15 new dashboards are live on https://t.co/WaFSSsVwBa:

Price-to-Earnings: HYPE valued like a stock, its trailing P/E on one line next to Robinhood, Nasdaq, CME, ICE and Interactive Brokers.

HYPE Holders: how many wallets hold and stake HYPE, how fast that base is growing, and how concentrated the supply is across the top holders.

Daily Active Users: how many people actually trade on Hyperliquid, and how fast that number is growing.

Open-Interest Dominance: HL's share of total perp open interest over time, against Binance, Bybit, OKX, Bitget, HTX, Bitfinex, Kraken and Coinbase.

Builder Codes: cumulative volume curves, head-to-head builder comparisons, a 24h revenue leaderboard, and a searchable directory of every builder code platform.

ETF Buying Pressure: net inflows measured against float, HYPE beside BTC, ETH and SOL.

HIP-4: prediction-market growth by category, and a fee calculator against Polymarket and Kalshi.

Validator Decentralization: stake concentration by operator, and a world map of where the L1's nodes physically run.

Digital Asset Treasuries: unrealized P&L of HYPE treasury companies, now side-by-side in compare mode.

HYPE at the Market Cap of X: the price it implies if HYPE carried any large-cap's size.

Grayscale HYPG: the third HYPE spot ETF, now tracked.

Protocol-Specific Dashboards: dedicated deep-dives for HyperLend, Hyperbeat, Project X, and Liminal.

Light Mode.

And https://t.co/WaFSSsVwBa can now be installed as an app on your phone or desktop.

Hyperliquid.

[Hyperliquid News @HyperliquidNews]

15 hours ago, the team unstaked 18.88M hyperliquid:native, worth approximately $1.14B, and redelegated it across 11 validators.

[Bull Theory @BullTheoryio]

🚨BLOODBATH IN THE MARKET.

Over $2.5 Trillion wiped out in 24hrs.

S&P 500 is down -1.65%, wiping out $1.14 trillion, the largest single day crash since January 20.

Gold is down -3.38%, wiping out $1 trillion.

Silver is down -6.9%, wiping out $280 billion.

Bitcoin is down -6.31%, wiping out $80 billion, dropping below $60,000 for the first time since October 2024.

[Mr. Butler.hl @MrButlerhl]

People are complaining because Grayscale only bought $4.7M worth of $HYPE yesterday...

Frendos, that's basically another Assistance Fund buying every single day, except these HYPE aren't getting burned.

Let that sink in.

And btw, the pace of accumulation is insane:

$57M bought in just 9 days.

Still early.

[Trust Wallet @TrustWallet]

🚨BREAKING: $HYPE now available.

Hyperliquid.

[SΛGΞWHΛLΞ.HL✦ @SageWhale]

grayscale recently joined the $HYPE ETF game and their first few days already printed $5.2M

we now have three etfs running simultaneously bitwise (BHYP), 21shares (THYP), and grayscale (HYPG) with combined flows crossing $158M in under a month

bitwise leading at $92.3M, 21shares at $60.3M and grayscale just getting started
the part worth paying attention to though, grayscale doesn't launch products casually. they did it with BTC, they did it with ETH, they pick assets where they see sustained institutional demand then they go source the capital

their average client isn't watching 4H candles, they're not panic selling a $60 dip. they allocated because their thesis is measured in years not days

three asset managers, three products/ ETFs for one asset

the infrastructure being built around $HYPE right now doesn't care about short term price action, it's designed for a much larger number

Hyperliquid

[shaunda devens @shaundadevens]

Hyperliquid Strategies continues accumulating HYPE at a remarkable pace.

Last week, it bought $95M of HYPE, after buying $82.6M the week before. It now holds over 10% of circulating supply, while still trading at 1.27x mNAV and holding $141M of cash.

To those who don’t understand the significance of this, DATs generally sell stock to raise cash, then use that cash to accumulate tokens. When the stock trades at a premium to NAV, this is accretive: the company is effectively selling equity above the value of its underlying assets and using the proceeds to buy more of the token.

However, this is always a balance. The more stock you sell, the more you risk pressuring the share price and compressing the premium. Once the stock no longer trades at a premium, it becomes much harder to issue because it becomes dilutive, meaning existing shareholders are giving up ownership without a proportional increase in per-share asset value.

Because of this, DATs typically move through cycles where they either accumulate more tokens at the cost of mNAV, as issuance pressures the premium, or accumulate less while waiting for the NAV premium to reset.

However, Hyperliquid Strategies is seeing enough demand that it has been able to deploy very large amounts into HYPE while still maintaining, and even expanding, its premium.

As long as this dynamic continues, Hyperliquid Strategies can continue aggressively accumulating HYPE.

In the short term, this is a strong signal for HYPE demand. Given the size of Hyperliquid Strategies’ purchases, it is likely the most important flow metric to track in the near term.

That said, many traders are now also following these flows. If they dry up, we are likely to see reflexivity to the downside, at least temporarily, as traders take profit into the same price-insensitive demand that has supported the move higher.

[Grayscale @Grayscale]

$HYPE x @nasdaq in Times Square

Grayscale Hyperliquid Staking ETF ($HYPG) is now available in brokerage accounts.

Hyperliquid

[il.hl @hyperliquidmax]

A DeFi protocol just force Coinbase and Circle to share their profits.

And those profits now automatically buy $HYPE. 🤯

Here's something that's never happened before in financial history 👇

A decentralized exchange negotiated a deal where two of the world's biggest financial companies hand over most of their income — directly to the protocol.

Not a rumor. This is live. Let me explain. 💰

First — the scale nobody is talking about:

Hyperliquid now holds $6.90 BILLION in stablecoins.

To put that in perspective:
🥇 Ethereum: $48.82B USDC
🥈 Solana: $7.70B USDC
🥉 HyperEVM: $6.58B USDC ← Hyperliquid
4️⃣ Base: $4.18B
5️⃣ Arbitrum: $2.27B
6️⃣ Polygon: $2.08B
7️⃣ BSC: $1.28B

A DEX built 3 years ago is the #3 USDC chain on Earth. 🌍

And money is pouring in FAST:

📊 Last 24 hours: +$346 million new stablecoins minted
📊 Last 7 days: +$1.17 billion net inflow

That's not a trickle. That's a flood. 🌊

Now here's the deal that changes everything:

For years, this $6.9B sitting in Hyperliquid was generating massive yield.

How? Simple: US Treasury interest rates.

$6.9B × ~4%/year = $276 million/year in interest income

The problem?
That yield historically flowed to Circle and Coinbase — not to Hyperliquid or its users. The protocol supplied the users, the liquidity, and the trading activity that made the stablecoin useful — but kept none of the income.

Hyperliquid decided that needed to change. 🔧

The AQAv2 deal — explained simply:

Think of it like owning a shopping mall.

Before: Tenants (Circle, Coinbase) kept all the rent money.

After AQAv2: The mall owner (Hyperliquid) now keeps ~90% of the rent. 🏢

Under the new arrangement, Coinbase serves as USDC treasury deployer and shares the vast majority of reserve income with the Hyperliquid protocol.

Compass Point analysts estimate the deal removes roughly $60-80 million in annual EBITDA from Coinbase and Circle combined.

Where does that money go?

➡️~90% of all USDC reserve yield → Hyperliquid protocol➡️ Protocol uses it to buy $HYPE from the open market➡️ Automatically. Every day. On top of the $800M/year in trading fees.

Implied additional yield revenue:

💵 ~$135M/year (illustrative at ~4% rate — estimate, not guaranteed)💵 ~$11.27M/month💵 ~$370K/day

⚠️ Activation still pending — yield routing begins after Coinbase + Circle complete technical setup

The skin-in-the-game signal:

Circle committed to stake 500,000 HYPE tokens as part of the deal. Coinbase also increased its staked HYPE position.

The companies providing the stablecoin infrastructure are now forced to be aligned with $HYPE.

If HYPE goes up → they profit. If HYPE goes down → they lose. 🎯

The total revenue picture for $HYPE:

💰 Trading fees (existing): ~$800M/year💰 Stablecoin yield (new, AQAv2): ~$135M/year (illustrative)

Combined: ~$935M/year in protocol revenue — and this is BEFORE US market access opens.

The precedent this sets:

Compass Point warns that other DeFi protocols may now demand similar revenue-sharing terms from Circle and Coinbase — creating pressure across the entire stablecoin industry.

Hyperliquid didn't just negotiate a deal for itself.

It changed the rules for every protocol. Forever. 📜

⚠️Not financial advice. Always DYOR.