Perpsy

All things Perps Dexes, Prediction Markets, Neo-banking & Airdrops

[Perpsy @DevAfri]

Last year was by all means a Brutal Bear Market for me, but I'm so glad to have stumbled into this @unchained podcast by @laurashin with core Gems💎 by @cburniske & @cobie. Plus the timing was f*cking perfect. I highly recommend for those navigating the #cryptomarket

[Hyperliquid Research Collective (HRC) @HyperliquidR]

3Q26 Hyperliquid Quarterly Report

Our Q3 report on Hyperliquid is out today.

On August 19, President Trump told a room of technology and crypto executives at the White House that the CFTC was working to bring Hyperliquid to the United States. Less than a month later, Kraken’s parent proposed a US derivatives venue on Hyperliquid, with Bitnomial as its operator. The proposal was still awaiting regulatory approval at quarter-end.

Equities overtook commodities on HIP-3, and an average of 65,161 traders used Hyperliquid each day, a quarterly record. Protocol revenue rose 21.7% from Q2 to $190.9M. Hyperliquid began earning a share of USDC reserve income on August 27. In just over a month, that added $17.3M, roughly half the quarter’s revenue increase.

The Assistance Fund spent $149M buying HYPE in Q3. Would some of that money have been better spent growing the exchange? We put that question to Syncracy Capital’s Sunny Shi (@defi_monk). In the foreword, he makes the case for buybacks and explains why he expects independent teams building on Hyperliquid to drive more of its growth.

A few excerpts below, along with the full PDF.

Hyperliquid.

[Chief Nerd @TheChiefNerd]

Hillary Clinton Blames the Trump Administration for the Jensen Huang Scandal

“If your government knows that an American citizen is a target of an espionage operation, and you have reason to believe he does not know that … then you owe it to him to tell him. They didn't tell him.”

[Erik Voorhees @ErikVoorhees]

Sharing this one again, Jensen’s first tweet ever, earlier this year.

“Why open models matter”

Four months later, fired from the company he built from scratch over 30 years.

That a firing of such consequence occurred without a special shareholder vote tells you the real story: it was not about his capabilities in leading Nvidia as CEO, but rather about geopolitics.

And there’s still no evidence the woman was actually a spy, but evidence is an unnecessary precondition.

[Strxwmxn @strxwmxn]

"You're not talking to someone who woke up a loser."

This was an insane clip, even before Jensen was caught in a CCP honeypot.

[Shaun Maguire @shaunmmaguire]

Jensen is out

Infidelity is obviously bad

But his contributions to American innovation and AI leadership cannot be overstated

Jensen started NVIDIA in 1993, where he pioneered the graphics chip market when this was non-obvious

Back in 2012, Ilya Sustkever trained AlexNet on NVIDIA GPUs — thereby creating the “deep learning” age

Jensen was one of the earliest to be AI pilled and he re-oriented NVDA towards AI in the mid 2010s — none of his competitors were even thinking this way

In 2020 he acquired Mellanox for $7B. This was an Israeli company that’s irrelevant for computer graphics but was essential for AI compute — wildly increasing the bandwidth between GPUs, necessary to build high performance AI server racks (rather than just good chips)

Once AI took off, Jensen was one of the biggest champions of the ecosystem

He was technical enough to be confident about where things were going, and had enough credibility as a founder CEO that he oftentimes made risky bets on next-generation technologies or companies that helped keep American AI on the efficient frontier

Recently he was investing in open source, photonics and robotics. These areas will all be feeling his loss

Earlier he was a champion of most of America’s leading AI companies when they were unproven

He made huge mistakes with his infidelity, which is tragic for his family and NVDA

But simultaneously he will leave a huge void, with the loss of a: technical, aggressive, founder-CEO

The American AI community needs to work double-time in an attempt to fill this void

[Saurabh Deshpande @desh_saurabh]

Binance did almost 6x Hyperliquid’s non-crypto perp volume in October. Its average open interest was only about 30% higher.

Hyperliquid had 78% of Binance’s OI despite doing just 17% of its volume.

In April, Hyperliquid had roughly $2B in non-crypto OI, compared with Binance’s $0.5B. By October, those numbers were roughly $4B and $5B.

Hyperliquid’s OI 2xed. Binance’s 10xed, overtaking Hyperliquid in September.

For every $1 of average open interest in October, Binance generated roughly $90 in monthly trading volume. Hyperliquid generated about $20.

Binance now leads in both volume and OI. But Hyperliquid remains much closer in outstanding exposure than the volume chart alone suggests.

[Perpsy @DevAfri]

@fevrdad @DSiegesNJ @muarmemuar Exactly. @QFEX will be a Top-3 Exchange next year. Although by the time that happens, it will be too late for many to sizably position.

[Perpsy @DevAfri]

@muarmemuar Massive. Are you trading manually or using managed accounts?

[Lex Fridman @lexfridman]

NVIDIA letting Jensen go is a huge mistake, for America and for humanity. It's Apple firing Steve Jobs all over again, but much bigger, given the role of AI in defining the future of our world.

I've been keeping quiet on this out of respect for Jensen's family and team, who I've met and who are amazing humans, and because I personally hate infidelity. So my heart goes out to them in this difficult personal family moment.

But I can also say that Jensen is human, and makes mistakes like all of us do. Not that I matter at all, but I've known Jensen for a long time and have gotten the chance to spend a lot of time with him, behind the scenes, away from mics and cameras. I have seen him show kindness, humility, care to everyone around him, including strangers, including from the poorest most struggling parts of society, treating all the same with the same thoughtfulness and attention, because they are fellow humans and not because he has something to gain from them. That shows rare character, to maintain humility and humanity through all of it.

Another data point is what people who know him well have said privately to me about Jensen over the years. I've never had anyone tell me anything but how awesome he is or how much they love him. Probably over a thousand people at this point. This includes hundreds of engineers, CEOs, colleagues, friends, etc.

Also, since there was some spy talk. Jensen is as proud an American as it gets. I'm in shock frankly at all of this, including the mass hysteria around it. I love America, and I think NVIDIA letting Jensen go is terrible for America.

I stand with Jensen.

Love you all ❤️

[Naval @naval]

You’d think we’d have learned from Steve Jobs and Travis Kalanick that one does not just simply replace the founder…

[The AI Investor @The_AI_Investor]

Jensen was probably too naive.

Look at how much voting power these founders have in their own companies:

Elon Musk (SpaceX): 82%+
Mark Zuckerberg (Meta): ~61%
Elon Musk (Tesla): ~20%
Jensen Huang (NVIDIA): ~3.6%

Elon and Zuck made sure they retained significant control over the companies they built.

Jensen spent over 30 years building NVIDIA into one of the most important companies on the planet, yet never secured that kind of voting protection.

Of course, that doesn’t excuse his mistakes.

But it’s sad to see how easily a founder can lose control of the company he spent his entire life building.

[DefiLlama Research @defillama_res]

Omni leaves private beta ranked #2 among the top 15 perp protocols by October volume, behind only Hyperliquid.

@variational_io traded $77.8B that month, up 5.2x from April, with a record day of $4.47B on October 6.

A key driver was Swaps, which passed $80B cumulative in ten weeks. Swaps are about 60% of daily volume, and the Nasdaq-100 swap alone is about a third.

Swap quotes average 0.44 bps (volume-weighted) against 2.71 bps on the rest of Omni, and cheaper execution didn't cost Variational. Spread revenue grew 3.8x between the first three and last three biweekly periods, against 3.3x for volume.

Tighter execution, more volume, and more revenue. Congratulations to the team on taking Omni to public mainnet. 🦙

[NVIDIA Newsroom @nvidianewsroom]

NVIDIA announces CEO transition. Read the release: https://t.co/MTTUvFHCJA

[Ali @OutcomeAK]

My co-founders and I used to look at the previous HRC reports and say "one day we'll be there." Well, here we are. Thank you @HyperliquidR for the time and effort you continuously put into releasing such a detailed piece on the house of all finance.

HIP-4 will be the largest revenue generator for Hyperliquid sooner than you think.

[The Spectator Index @spectatorindex]

BREAKING: NVIDIA CEO Jensen Huang resigns

[ak0 @annanay]

Just over a year ago, I messaged a senior exec who I really respected in the 'tradfi' exchange space with some innocent questions ahead of our private beta.

Attached is his response.

By the way, the (major) tradfi futures exchange in question is a household name amongst the quant community, known, amongst other things, for their repeated and disastrous efforts to fix trivial design flaws that allow HFTs to extract mid-6 figures every single day.

This is not 'liquidity as a service', just pure rent-seeking and extraction, plain and simple.

Further sins committed by 'tradfi' futures exchanges globally, either through engineering incompetence or worse:

> Expiring futures (outside physical commodities);
> Failures to implement speedbumps;
> Failures to innovate margin systems and liquidation cascades.

None of the above is impossible to fix. Unfortunately, senior execs like the one below:
> Fail to understand how;
> Are too cozied up to their paymasters to cause them any trouble;
> Want to build a moat around their failed technology via regulatory capture.

Every week, we hit new ATHs in DAUs, revenue and volume. Clearly, a large number of people disagree with the senior exec. To everyone who has given us their vote of confidence so far: thank you, you're still early.

[Perpsy @DevAfri]

@annanay Love founders building with a chip on their shoulders. Although it is abit too early to start taking Victory Laps.
LOCK-IN & Keep Shipping💪

[Four Pillars @FourPillarsFP]

Perp DEX vaults profit from their users’ costs (spreads, liquidations, fees), which works against better liquidity. QFEX’s Managed Account instead earns market-neutral alpha and grows only as exchange liquidity improves. https://t.co/sdFiaudGEC

[Perpsy @DevAfri]

@QFEX https://t.co/4HMIlsQJ14

[Perpsy @DevAfri]

提早布局 QFEX 将对你的净值大有裨益。QFEX 是今年上线的一款高性能 RWA 永续合约去中心化交易所（Perp DEX），大概率会成为 2027 年规模最大的空投，早期用户都有望赚得盆满钵满。如果你错过了 Hyperliquid，请务必不要再错过 QFEX。使用我的邀请码可享受 10% 的手续费折扣！
https://t.co/yHb8EIKkk5

[QFEX @QFEX]

We crossed $700M in 24-hour volume, a new ATH