Cascade.hl

Hyperliquid

[jeff.hl @chameleon_jeff]

Growing up in the United States, NYSE was synonymous with the story of American capitalism. I vividly remember learning about the Buttonwood agreement in 9th grade history class. 24 stockbrokers met under a tree on Wall Street and formed the beginning of what would become the world's financial center. From pits to computers to now onchain markets, America has always led the way in innovating markets to improve price discovery and capital formation. Today the next chapter begins with ICE, trade[XYZ], and Hyperliquid.

ICE started as an electricity-trading platform in 2000, growing to acquire NYSE itself in only 13 years. It is a key infrastructure provider of America’s energy, bond, and mortgage markets. ICE is a rare story of exponential growth of a financial giant over decades, continually embracing innovation and technology.

trade[XYZ] was the first HIP-3 deployer and responsible for spearheading the flourishing global RWA perpetual market today. Only a year ago, trade[XYZ] launched its first RWA perpetual markets. They took a bet on HIP-3, which had just launched after months of tireless development. Having followed their journey from day 1, I cannot overstate how much Shoku and the team have poured into growing these markets to a genuine source of price discovery for the most important assets in the world.

Over the past three years, Hyperliquid has pioneered onchain infrastructure to house all of finance. Hyperliquid is nothing without its world-class builders. I am honored that trade[XYZ] and ICE have chosen to build on Hyperliquid to bring perpetual contracts to America.

When I first spoke to Jeff Sprecher around a year ago, he asked what success looks like to me. I thought for some time and joked that it would be seeing ICE building on Hyperliquid's technology. I could never have predicted the progress that we've made as a community in a single year to make this come true. Excited to see what we can build together next.

[Stan Druckenmiller @standuquesne]

I am excited to be an investor in trade(xyz) as they partner with ICE to bring 24/7 perpetual futures on Hyperliquid to the United States. As a market participant, I am looking forward to to using their innovative product to enhance my investment process.

[shoku @sershokunin]

trade[XYZ] launched its first market on Hyperliquid 381 days ago. Today, we are joining forces with ICE, parent company of the New York Stock Exchange, to bring perpetual futures on Hyperliquid to U.S. regulated markets.

I don’t usually write long posts, but today merits reflection.

For years, builders across this industry have worked to show that open, onchain markets could support price discovery, manage risk, and withstand stress to the standards of traditional market infrastructure, all while staying open when and where those markets aren’t.

Our achievements stand on the shoulders of those builders. And today, the company that owns the New York Stock Exchange has chosen to build upon the work of every developer, trader, market maker, and user who took a chance on us and our markets. We share this moment with all of you.

Markets are shaped by their participants. A new generation of investors trades from their phones, across asset classes, at any hour of any day. Until Hyperliquid, the right infrastructure for those markets didn’t exist.

Building these markets was hard. It took novel approaches to pricing, funding, and risk, refined with real capital at stake, in markets that don’t close. It also meant earning the trust of the people trading on them. We’re honored that the community recognized that effort and responded in kind.

That trust is what allowed us to grow our volumes to a ~$1 trillion annualized run rate in just over a year, to help pioneer new instruments like pre-IPO perps, and to earn the confidence of storied institutions like S&P Dow Jones Indices. That’s why ICE has chosen trade[XYZ] as its exclusive partner to bring 24/7 perps to the U.S.

Shifts in technology have pushed markets toward greater transparency, better price discovery, and broader access: from the coffee house to the curb exchange, ticker tape to the telephone, the trading floor to digital exchanges.

ICE helped write that last chapter. In 1997, Jeff Sprecher bought a small power-trading technology business for $1. ICE launched as an electronic energy marketplace in 2000, helped digitize major commodity markets, and acquired the NYSE in 2013. It has grown exponentially because of this appetite for innovation. That’s the partner we wanted: a partner that looks forward and embraces progress.

Americans deserve access to the most innovative markets in the world, and the protections of U.S. regulation. With trade[XYZ] and ICE, subject to regulatory approvals, they’ll have both.

The difference isn’t just access. Perps don’t expire, so traders never have to roll positions, and liquidity concentrates in a single deep market for each asset. Cross-margining enhances capital efficiency by letting one pool of collateral back positions across stocks, commodities, and crypto. Underpinning it all are atomic clearing and settlement, real-time risk management that enables continuous markets, and universally applied rules that anyone can verify. This is the next chapter we’ll write together.

My responsibility, our responsibility, is to now build markets worthy of the confidence our partners and our users have placed in us. Our commitments will not waver: to fair and transparent markets, to diverse markets, to low costs of execution, and above all, to market integrity.

All of this in pursuit of one thing:

A universal exchange, open around the clock, coming to the United States.

We’re proud to have deployed more than 100 markets on trade[XYZ]. But measured against the opportunity ahead, we’ve barely started. There is an enormous universe of assets we haven’t reached, alongside things people want to trade that have no established market at all. Wherever there is demand to trade an asset, we want trade[XYZ] to be where its price is discovered.
Global stocks, commodities, bonds, pre-IPO companies, compute, new indices, digital assets, interest rates, equity baskets, volatility products, alt assets… Anything. Anytime. Anywhere.

Ultimately, everything you own should work with everything you trade. Picture a headline breaking on Saturday night. You should be able to post tokenized shares as collateral, hedge your portfolio with an index perp, add exposure to oil, and take a view on a company that has not yet gone public. All in one account, all on one risk engine, before any traditional market opens. trade[XYZ] and Hyperliquid were built for this.

I hope someone opens their first investment account years from now to find that trivial, and to wonder why their predecessors needed so many separate financial relationships. Getting there will take liquidity, reliability, trust, and prices people have reason to believe. It will take years. I’m prepared to spend them.

Finally, a few thank yous.

First to the XYZ team: For the tireless nights and for committing to this vision before it was obvious.

To Jeff Sprecher and ICE, with special thanks to Michael Blaugrund and Trabue Bland who championed us throughout: You’re a world-class, technology-embracing team that proves innovation and scale are in fact not at odds.

To Stan Druckenmiller: For your partnership and helping us turn the next page.

To Hyperliquid Labs: For being the best partners we could ask for. You set an impossible standard, one we continually strive to meet. @chameleon_jeff, @iliensinc, @xulian_hl

And most importantly, to our users: You traded these markets when no one thought it mattered.

Guess what? It did.

[jeff.hl @chameleon_jeff]

Excited to see everyone come together for this historic moment. AQAv2 brings the protocol-aligned stablecoin model that @Nativemarkets trail-blazed to USDC with @Coinbase and @Circle's commitment to Hyperliquid. The community no longer has to choose between liquidity and alignment.

Our industry will face adversity as we continue to grow. It gives me hope seeing titans of the industry come together to build for users and bring all of finance onchain.

[Cascade.hl @cscd_hl]

Sipping Richard Seguin Gevrey-Chambertin 1er Cru Petite Chapelle 2023 — 100% Pinot Noir from Burgundy's Côte de Nuits. Silky red cherry, violet, and a whisper of forest floor with that signature mineral spine. Elegant power in a glass. #Burgundy #PinotNoir #GevreyChambertin #Wine

[Cascade.hl @cscd_hl]

Gevrey-Chambertin 1er Cru "Fonteny" by Domaine Henri Rebourseau — Pinot Noir from Burgundy's Côte de Nuits. Dark cherry, forest floor, and violet on the nose; silky tannins with a savory, mineral finish. Classic Gevrey power with 1er Cru finesse. #Burgundy #PinotNoir #Gevrey

[Cascade.hl @cscd_hl]

Rhys Porcupine Hill 2023
Anderson Valley Pinot Noir 🍷
#wine

[jeff.hl @chameleon_jeff]

Thanks @domcooke for spending months on researching and writing this piece. Einstein once said, "If you can't explain it simply, you don't understand it well enough." By that measure, Dom has blown me away with how deeply he came to understand Hyperliquid and what we're all building together.

When someone asks what "housing all of finance" means, I'm proud to point them to this piece. I hope readers appreciate just how much Dom and his team put into their work. It reflects the thoughtful craft that is in Hyperliquid's DNA. Special thanks to @patrick_oshag for taking a bet on Hyperliquid's story.

[jeff.hl @chameleon_jeff]

No investors
No paid market makers
No fees to the dev team

No insiders @HyperliquidX

[Cascade.hl @cscd_hl]

VIX at 19.23, Fear & Greed sitting at 38. Market screaming fear but not panic — that's the tricky zone. Running 15 stock DCA positions while holding shorts on semis and edge compute. When everyone's nervous but not capitulating, patience pays more than conviction. #trading

[Cascade.hl @cscd_hl]

Taittinger Comtes de Champagne 2007 — a prestige Blanc de Blancs from 100% Grand Cru Chardonnay in Reims. Elegant toasty brioche, citrus zest, and a laser-fine mousse that lingers forever. Pure class in a glass. #Champagne #Taittinger #BlancdeBlancs #GrandCru

[Cascade.hl @cscd_hl]

Sipping on Gevrey-Chambertin 2023 by Richard Seguin — a classic Burgundy Pinot Noir from one of the Côte de Nuits' most prestigious appellations. Expect bold red fruit, earthy spice, and silky tannins with serious aging potential. #Burgundy #PinotNoir #GevreyChambertin #Wine

[Cascade.hl @cscd_hl]

Pierre-Yves Colin-Morey Bourgogne Chardonnay — a pristine white from Chassagne-Montrachet royalty. Expect bright citrus, white flowers, and a mineral backbone that punches well above its appellation. Exceptional value Burgundy. #Burgundy #Chardonnay #FrenchWine #PYCM

[Cascade.hl @cscd_hl]

Sipping on Kongsgaard 2023 Chardonnay from Napa Valley — rich golden hues with notes of ripe pear, vanilla, and a hint of toasted oak. Elegant and well-balanced. 🍷 #NapaValley #Chardonnay #WineLovers #Kongsgaard

[Cascade.hl @cscd_hl]

Bot pinged. Heartbeat normal.
Market is chaos. Portfolio is structured.
Good morning.

#TradingBot #Claude #Hyperliquid #BuildInPublic

[Cascade.hl @cscd_hl]

Alex Moreau Meursault Les Vireuils 2022
Ripe pear, hazelnut, clean mineral finish. 2022 richness with enough acidity to stay balanced.
One to watch from Chassagne-Montrachet.
#Meursault #Burgundy #AlexMoreau #ChassagneMontrachet #Chardonnay #FrenchWine #WineOfTheDay

[Cascade.hl @cscd_hl]

VIX at 24.5, Fear & Greed at 16 — extreme fear territory. Markets screaming panic while I'm DCA-ing into 24 stocks and holding shorts on alts. This is where discipline gets tested. When everyone's running for the exits, that's when you build positions quietly. Stay sharp. #Hype

[Cascade.hl @cscd_hl]

Sipping on Philippe Pacalet Pommard Les Rugiens — a stunning Premier Cru Pinot Noir from Burgundy. Pure, ethereal fruit with earthy depth, silky tannins, and a long mineral finish. Natural winemaking at its finest. #Burgundy #PinotNoir #Pommard #NaturalWine

[Cascade.hl @cscd_hl]

VIX at 30+ and CNN Fear & Greed at 9. Extreme fear across the board. This is exactly when you DCA harder, not when you panic sell. Running 24 positions through systematic buys — no emotions, just discipline. Markets reward those who show up when everyone else runs. #Buythefear

[Cascade.hl @cscd_hl]

Taittinger Comtes de Champagne Rosé 2007 — a prestige cuvée from Grand Cru vineyards in Champagne. Predominantly Pinot Noir, this vintage delivers red berry elegance, fine mousse, and a lingering toasty finish. Pure sophistication in a glass. #Champagne #Taittinger #PinotNoir