Chase

[Chase @chase_mew_]

@BausBuns @RAnSacks They don't target retail

[Chase @chase_mew_]

The most profitable hyperliquid frontend per user isn't Phantom, isn't Based, isn't pvp.

It's insilico. $1,100 per user per month at a 0.01% fee.

Axiom charges the same 0.01% fee and makes $64/user.

One's a retail brokerage, the other is a hedge-fund terminal.

[Chase @chase_mew_]

@Hercules_Defi Onboarding the right users 💪

[Chase @chase_mew_]

@ryohhno They're killing it!

[Chase @chase_mew_]

Hyperliquid front ends have made $64 million in total, and growing $5.6M a month.

80+ active front ends, with 40+ tracked on DefiLlama.

[Chase @chase_mew_]

Comparing Phantom and Based Hyperliquid front ends.

Phantom had 121,800 users on Hyperliquid last month, Based had 42,700. Yet based earned more!

Revenue per user was $139 vs $326. Based users trade 5x harder per head.

[Chase @chase_mew_]

3 out of every 4 liquidations on Hyperliquid are shorts.

Shorting on HL is a $44 billion mistake.

[Chase @chase_mew_]

@Alex4DeFi Fortunately the creator fees are performance fee only. And they have to have skin in the game with their own capital. So don't think there are malicious actors. But constantly earning high risk adjusted returns is hard, and most aren't doing it on Hyperliquid vaults currently.

[Chase @chase_mew_]

A Hyperliquid vault advertising 1,672% APR has a realized monthly Sharpe only of 0.44.

A vault advertising 30% APR (PF1) has a Sharpe of 1.09.

The high-APR vaults are typically running $10k-50k TVL. the leaderboard sorts them to the top because the math is asymmetric, one good month on a small base produces eye-popping annualized numbers.

If you are depositing into a "1000%+ APR" vault, you are buying variance. probably a lot of it.

[Chase @chase_mew_]

@maxbphi I'm sure will be green again in another 5 weeks...

[Chase @chase_mew_]

Top 15 Hyperliquid user vaults by realized monthly Sharpe:

1. IKAGI — Sharpe 1.20, TVL $12k
2. PF1 — 1.09, TVL $173k
3. pmalt — 0.98, TVL $1.4M
4. BitRocket — 0.86, TVL $14k
5. Hyperliquidity Trader (HLT) — 0.75, TVL $686k
6. Wonderland — 0.73, TVL $102k
7. Ultron — 0.71, TVL $5.2M
8. Acrypto trade — 0.69, TVL $117k

[Bounce.Tech @BounceTech]

The Bounce public mainnet is now live.

[Chase @chase_mew_]

@remoteviewer_ Overall, I'm surprised. The Sharpes look rather bearish for the vaults.

[Chase @chase_mew_]

Here's every Hyperliquid user vault with TVL above $10k, plotted by displayed APR vs realized monthly Sharpe.

Yhe red cloud (negative Sharpe vaults) extends well into the "0% APR" zone. dozens of vaults advertise neutral-or-positive returns and are quietly losing money.

Meanwhile the only two vaults clearing Sharpe = 1.0 (IKAGI and PF1) are at very different APRs: 1,069% and 30%.

APR alone tells you nothing about consistency.

[Chase @chase_mew_]

Massive Unlock for HyperEVM development! Brings visibility to Core <> EVM interactions that were near impossible to trace before. Give this a bookmark for sure.

[juan.hl @0xjuaan]

1/ Introducing https://t.co/ZlEjIZILla

We're building the only explorer purpose-built for HyperEVM.

Trace CoreWriter calls, view unified EVM+Core state, and bridging flows- all in one explorer.

[alt.fun @altdotfun]

alt season starts today.

[Chase @chase_mew_]

@BlueThylacine Will share alpha soon 👀

[Chase @chase_mew_]

9,450 user vaults exist on Hyperliquid. 241 have a TVL above $10k and are open. I computed the Sharpe for all of them.

38% have a negative Sharpe over the trailing 12 months. they're losing money risk-adjusted right now.

Only two of them have a Sharpe above 1

[alt.fun @altdotfun]

Introducing alt(.)fun: Launch coins backed by Hyperliquid perps