#3640

Economics graduate | former miner | believer in kindness.
- Replit

[jeff.hl @chameleon_jeff]

Hyperliquid has quietly achieved an important milestone of becoming the most liquid venue for crypto price discovery in the world. See below for side by side comparison of BTC perps on Binance (left) and Hyperliquid (right).

With HIP-3 teams leading the way, Hyperliquid has also grown to become the most liquid venue for perps on tradfi assets. Thank you to everyone's hard work as we upgrade the financial system and house all of finance.

[Henrik @Henrik_on_HL]

Why I‘m bullish on Hyperliquid:

> Hyperliquid has the highest OI and user count among all DEXs and the best UI/UX

> Since the beginning of December, Hyperliquid has increased Open Interest from $5.6B to $7.5B, a gain of +34%

> Hyperliquid’s open interest ratio vs CEX is back to pre-10/10 levels

> Hyperliquid generated $154b in 30D Volume WITHOUT any ongoing official incentive program

> Major wallets like Phantom and MetaMask route users through Hyperliquid perps via builder codes, which is very difficult for competitors to compete with

> Hyperliquid generates over $1.5M in daily revenue on average, and the AF continuously buys up the circulating supply

> At the current pace, there are only ~1.5 years left to accumulate the entire ready-for-sale supply

> Hyperliquid is on track to becoming the AWS of liquidity, powering markets behind the scenes (users don’t know they use HL, it simply runs quietly in the background)

> Paradigm and top VCs bought their $HYPE on the open market without discounts and no backdoor deals

> Jeff and Iliensinc are Harvard-Grads who consistently choose long-term impact over short-term money; team unlocks have mostly been restaked with less selling pressure than expected (mostly OTC)

> Hyperliquid is actively expanding headcount, signalling continued growth and product velocity

> DATs are acquiring huge amounts of $HYPE

> BLP launched on HyperCore, opening the door to additional margin assets which is extremely bullish imo

> Hyperliquid to win TradFi flow by bringing permissionless stocks on-chain via HIP-3, capturing portions of global equity volume over time (hundreds of millions in daily volume already and it will only rise over time)

> Forex markets just went live on Hyperliquid (EUR, JPY…)

> USDH is rapidly becoming the core quote asset for HIP-3 and is gaining broad ecosystem acceptance

> As more traders move to Hyperliquid for its liquidity (HL just reached 1.4M total users!), the platform attracts more fees, deeper usage, and compounding network effects like higher usage of EVM, more volume on equity perps, usage of BLP etc

> HyperEVM is still in alpha, meaning entirely new categories of applications and use cases have yet to emerge

> $HYPE should be more bear-market resistent than other coins due to its buyback mechanism

> Users who move to Hyperliquid don’t leave (retention rates are extremely high, you can see it with volume, OI, fees and daily active traders)

> Jeff ships every roadmap item ahead of expectations, clearly putting actions over words

> Funds and market makers are increasingly routing order flow through HL and they also need to buy up to 500k $HYPE to get fee discounts

> Hyperliquid currently has over 60,000 daily active users, by far the highest of any perps DEX

> TradeXYZ has just surpassed 10B in volume

> ~43% of the supply is still reserved for the community (either via long-term staking rewards, airdrops or a combination of both)

Hyperliquid

[Kevin Follonier - MR SHIFT 🦁 @KevinWSHPod]

E152: Raoul Pal: Buy the F*cking Dip!

For our last podcast of the year, I flew to Dubai to record our 4th WSH episode with @RaoulGMI. As ever, it was a blast, and an absolute banger full alpha on how to navigate crypto in 2026

Enjoy!

Timestamps

0:00 Introduction
1:40 Please Subscribe
2:06 Getting Sick, Conferences, & Podcasts
4:04 From God to Moron every 6 months
6:13 Online FUD and state actors
12:36 Is It Realistic To Put All Your Hopes & Dreams Into Crypto?
15:13 Partnerships: @JupiterExchange @paradex @KASTxyz @zashi_app
18:46 Buy & Hold
21:38 Liquidity Is The Name Of The Game
26:59 The Minimum Regret Portfolio
29:25 Chat GPT and Onchain Metrics
30:47 Does Raoul Follow His Own DTFU Framework?
36:33 Partnerships: @Trezor @bitwise @SuiNetwork @StoryProtocol
37:47 Naval and Balaji bullish on Zcash: the God signal?
40:24 When will Raoul buy ZCash?
43:20 Is DCA'ing BTC forever not the only true proven way to make money?
47:17 Kevin’s Learnings From Silicon Valley & Raoul’s Thoughts
54:26 Silicon Valley vs Wall Street crypto frameworks
56:21 Exponential Growth
1:03:28 The Internet vs Bitcoin similarities
1:09:43 Raoul’s Portfolio for 2026
1:11:48 Raoul's Honest Thoughts On SUI In Late 2025
1:15:33 How Do You Ensure that onchain Data is not faked?
1:16:19 Where do the SUI Network Users Come From?
1:17:35 Being Paranoid In Regard To Crypto data
1:21:03 Luck
1:22:50 The Superpowers of Podcasting
1:26:47 What does Raoul do with his monthly income?
1:28:13 What’s Happening With NFTs?
1:35:27 The Upstream Of All Wealth Leads To Art
1:38:53 Buy the f*cking Dip?
1:45:50 Conviction
1:46:37 Is 2026 bullish or bearish: Insider info
1:47:55 How To Make it in Crypto In 202

@RealVision

[#3640 @ethstaking]

The only value gap that mattered, also: monthly support $hype

[Hyper Foundation @HyperFND]

The Hyper Foundation is proposing a validator vote to formally recognize the Assistance Fund HYPE as burned, removing the tokens permanently from the circulating and total supply.

For context, the Assistance Fund converts trading fees to HYPE in a fully automated manner as part of the L1 execution. The Assistance Fund uses the system address 0xfefefefefefefefefefefefefefefefefefefefe. Similar to the zero address, the Assistance Fund system address has never had a private key with control over its funds. Funds are mathematically irretrievable without a hard fork.

By voting “Yes,” validators agree to treat the Assistance Fund HYPE as burned. No onchain action is required, as the tokens are already in a system address with no private key. This vote is binding social consensus to never authorize a protocol upgrade to access this address.

Voting process:
+ Validators should signal their intent in the governance forum by December 21 at 04:00 UTC (i.e., reply with Yes or No)
+ Users can stake to a validator who matches their view by December 24 at 04:00 UTC
+ The result will be based on stake-weighted consensus as of December 24 at 04:00 UTC

[Raoul Pal @RaoulGMI]

👇

[Ponyo @ponyo_fp]

Arete Capital (@Crypto_McKenna) just released their 2026 $HYPE valuation outlook:

1. Revenue
- Q3’25 annualized: $1.13B
- Growth drivers: HyperCore (+$415M), Builder Codes (+$154M), Aligned Stablecoins (+$88M), HIP-3 markets (+$80M)

-> EOY ’26 annualized revenue: $1.87B (+65%)

2. Supply dynamics
- HIP-3 operators: 4–12 exchanges × 500K HYPE → 2–6M HYPE staked
- Aligned stablecoins: 1–3 issuers × 1M HYPE → 1–3M HYPE staked
- Assistance Fund: 100% of annual revenue used for buybacks (~41.6M HYPE)
- Hyperliquid Strategies Inc: $305M in cash allocated (~6.8M HYPE)

-> Ready-for-sale float projected to shrink to ~220M HYPE

3. Valuation
- FY26E Revenue: $1.87B
- Circulating Mkt Cap (@$45): $17.3B
- P/E: 9.1x (circulating) / 5.3x (ready-for-sale)

-> At $45, $HYPE trades below 10x forward earnings. A market re-rating to 15–20× implies $75–$100 range.

4. Takeaway
- As Builder Codes, HIP-3, and USDH revenues kick in, $HYPE enters its profitability era:
~$1.9B rev / <10× P/E / $23–33B mkt cap range looks entirely reasonable.
- packed with alpha. if you’re following Hyperliquid, it’s a must read.

[Quant Science @quantscience_]

This guy literally explains how to build an algorithmic trading hedge fund from scratch in under 6 minutes.

This is crazy:

[Julien Bittel, CFA @BittelJulien]

I wanted to give everyone something meaningful, a gift…

This comes from Global Macro Investor (GMI) and a deep, long-running body of research developed by @RaoulGMI and myself.

Many of you already know The Everything Code, which is our framework for understanding the macro landscape and why major central banks are debasing their currencies to manage aging demographics and overwhelming debt loads.

I call this a gift because these four charts, while only scratching the surface of The Everything Code, give you the big-picture context you actually need in moments like this.

They stop you from getting lost in every Bitcoin pullback and explain why Raoul and I never panic, even when, to borrow one of his expressions, everyone’s acting like monkeys throwing poo at each other.

Once you understand The Everything Code, you stop trading short-term noise and expand your time horizon. You cannot unsee it.

The starting point is what we call The Magic Formula:

GDP growth = population growth + productivity growth + debt growth.

Population growth and productivity growth have been falling for decades. Debt growth is the only thing filling the gap.

The private sector has been deleveraging since 2008, mainly households, but debt levels are still around 120% of GDP. The public sector sits at roughly the same level.

Here’s the problem…

If the government is running debt at 100% of GDP and the private sector is sitting on another 100%, and for simple math we call rates 2% even though they are really closer to 4%, then the entire 2% trend growth of the economy is being consumed by servicing private-sector debts. That is a completely unproductive use of GDP. And then there’s the issue of public-sector debts. There’s just not enough organic growth to service the existing debt load.

To understand why this dynamic persists, you need demographics.

Birth rates peaked in the late 1950s and have been declining ever since. This shows up about sixteen years later in the labor force participation rate as each generation enters the workforce (chart 1).

That means the labor force participation rate is not going to rise any time soon. It is set to keep drifting lower. This is a structural problem.

Aging populations, falling birth rates, and rapidly expanding automation make the backdrop even more deflationary. AI and robotics are replacing humans at scale, and we are only at the beginning. This reinforces the need for ongoing stimulus to keep the system functioning.

With weak population growth and sluggish productivity, the only way to keep GDP expanding is through debt.

Now here’s where it gets interesting…

Government debt growth is completely offsetting the demographic decline and policymakers know exactly what they are doing (chart 2).

And what happens next?

All debt growth in excess of GDP gets monetized (chart 3).

Basically, since 2008, magic money has effectively been paying the interest. Governments issue new debt to cover old interest, and once rates fall enough, central banks absorb it onto their balance sheets.

So to wrap this up, demographics drive the decline in the labor force. Governments offset that decline with more debt. That debt eventually gets monetized through quantitative easing (QE) style operations, not always directly by the Fed, but through the coordinated ecosystem of the Fed, the Treasury, and the banking system. And the bottom line is that there’s still a massive wall of interest that needs to be monetized, far more than GDP can ever cover. Liquidity is literally the only game in town.

And what thrives in a world of perpetual debasement? Bitcoin (chart 4).

I know this correction has been painful, but it’s all part of the journey. These periods feel brutal in the moment, then they fade and the trend resumes. This too shall pass…

To quote Walter White from Breaking Bad, later echoed by @LynAldenContact, nothing stops this train.

MOAR COWBELL (liquidity) = number go up over time. Zoom out and be more bullish…

[#3640 @ethstaking]

@CryptoHayes This example clearly shows how to "wrap your dickhead" before cleaning.

[Hyperliquid @HyperliquidX]

Powered by Hyperliquid

[Q @Quanterty]

Binance is moving its 16 billion dollar revenue onchain to a company with a 7 year airdrop time horizon and confirmed buybacks

This is an incredibly complicated trade for majority of the timeline however

[Ray Dalio @RayDalio]

When there is pain, the animal instinct is flight-or-fight. Calm yourself down and reflect instead. The pain you are feeling is due to things being in conflict--maybe you've come up against a terrible reality, such as the death of a friend, and are unable to accept it; maybe you've been forced to acknowledge a weakness that challenges the idea you'd had of yourself. If you can think clearly about what's behind it, you will learn more about what reality is like and how to better deal with it. Self-reflectiveness is the quality that most differentiates those who evolve quickly from those who don't. Remember: Pain + Reflection = Progress. #principleoftheday

[Crash @CrashiusClay69]

Coca Cola pays you 3% dividend annually- put $10M in, get $300k-$320k out per year passively - A DREAM SITUATION FOR MANY

Little do ppl realize, Id bet that with the 90%+ of Aster revenue that’s gonna go towards buybacks on $Aster - we are getting over a 50-100% INVISIBLE dividend annually right now

Hard to quantify because we don’t know exactly how much the volume and revenue will be after 365 days exactly

But all I know is that, there is not a stronger passive invisible dividend in the world then the Aster DEX at only 4B market cap

working for you in your sleep right now to buyback your tokens higher. You are an owner of this DEX and its fees

If you own enough, you don’t have to work again

Not enough people understand

Aster completely shits on Bitcoin or Coke stock at just 4B market cap today

But 99% of people in the world today would pick $320,000 passive yield from Coke with 10M invested

Or $10M at 7% annual return in the stock market

That’s why these people will never have $10M to put in any of these

If you can’t think for yourself you don’t deserve a $320,000 passive annual yield from Coke

Or a way better invisible yield from Aster

[#3640 @ethstaking]

@0xAysaya @HYPERDailyTK @Aster_DEX @HyperliquidX @AlvaApp @grok @aixbt_agent Hyperliquid: ~&lt;$8B 24h volume vs. ~$13B OI ⇒ ~0.6× daily turnover. The “average” position duration is ~40 hours (~1.6 days). That implies more capital committed and positions held longer—think directional swing positions and stickier liquidity.

[#3640 @ethstaking]

@0xAysaya @HYPERDailyTK @Aster_DEX @HyperliquidX @AlvaApp @grok @aixbt_agent Aster: ~$63B 24h volume vs. ~&lt;$1.6B OI ⇒ ~39× daily turnover.
Roughly, the “average” position is opened and closed within ~0.6 hours (~37 minutes). That smells like hyper-active market-making, rebate/incentive-driven churn, or lots of short-horizon scalping.

[altoshi @stablealt]

answering the loudest Hyperliquid FUD about team’s unlocks:

technically, Hyperliquid Labs’ (Jeff & team) token allocation has been unlocked since the TGE.

> HyperCore, the blockchain that powers the Hyperliquid exchange, does NOT support smart contracts.

> because of that, you can’t build vesting or cliff smart-contracts on it.

> this means that from Day 0, Hyperliquid Labs has held a fully unlocked supply of $HYPE.

they could have sold it anytime.
but they did not.

instead, they’ve staked it.

earning staking rewards, much more than enough to cover team salaries and other expenses.

never bet against visionary founders.

[Hyperliquid Daily @HYPERDailyTK]

Hyperliquid is the "Gold Standard" in perp DEXs, While Competitors Fade in the Long Term (2-5 Years)

Here's why few can challenge it:

▫️Team: Just 11 people led by @chameleon_jeff, who developed trading algorithms at Hudson River Trading, a famed traditional MM. Notably, the team self-funded Hyperliquid, showing their wealth; despite the small size, they work efficiently. Jeff directs the team to focus exclusively on @HyperliquidX, no side work or investments.

▫️Users: Hyperliquid has a large loyal user base, especially many whales.

▫️Builder codes: Many apps and wallets integrate Hyperliquid builder codes, like Phantom, Rabby, Axiom, Based, and soon MetaMask; I call this a distribution system for easy user access.

▫️Experience: Trading on Hyperliquid remains the smoothest and most convenient; liquidity holds up even for $1 billion orders.

▫️Transparency: User positions are fully public on-chain, viewable by anyone via scans like Coinglass. On the other hand, CZ's Aster has hidden order and dark pool mechanisms designed to enhance privacy and protect traders from predatory practices like front-running and MEV attacks. In this aspect, it depends on each person's point of view on which exchange they prefer.

▫️Technology: Hyperliquid leads in speed, with peaks of 100k-200k TPS and real-world 10k-20k TPS, 10-20 times faster than Solana's 1k TPS; it can scale to 1 million TPS. Hyperliquid runs on just 24 validators, which is low, but Lighter and EdgeX as L2s are even more centralized; Aster runs off-chain, like a CEX.

▫️HIP-3 (in testnet): Anyone can stake 1 million $HYPE tokens to launch a trading market; the creator gets 50% of fees, the rest to Hyperliquid. HIP-3 builders leverage Hyperliquid's tech and promote their markets; more traders mean higher profits, benefiting Hyperliquid's growth. HIP-3 builders include Framework Ventures, Based, Hyena, Ventuals; possibly a16z (holding over 1 million $HYPE) or Circle.

▫️HIP-4 (pending): Like HIP-3, but designed for betting markets like Kalshi and Polymarket. This proposal comes from a group including Rajiv (Framework), John (Kalshi), Marc (Felix), Krane (Asula), not Hyperliquid's team.

Assistance Fund: AF allocates 99% of protocol fees to buy back $HYPE tokens from the open market. This buyback strategy has driven significant activity, with over $1 billion in $HYPE repurchased to date, contributing to price stability and ecosystem growth.

▫️Digital Asset Treasury: Paradigm leading the merger of Nasdaq-listed Sonnet BioTherapeutics with Rorschach I LLC in July 2025, rebranding it as @HypeStrat, to create a $888M treasury focused on $HYPE holdings (65% in $HYPE, 35% cash). Galaxy Digital and Pantera Capital joined as key backers.

▫️Ethena's investments: After withdrawing its USDH bid, Ethena shifted to HIP-3 support. They committed $75M+ in incentives for HIP-3 front-ends and invested in builders like Based (strategic funding for USDe adoption on Hyperliquid). This promotes USDe (now $13B+ supply) and unreleased products like USDtb via new market designs and savings features.

▫️Circle's accumulation: Circle announced an initial purchase of ~80,000 $HYPE tokens (valued at ~$4M) to become a direct stakeholder. They're accumulating for potential validator roles (staking $HYPE to secure the network and participate in governance) and exploring HIP-3 incentives (permissionless perp market launches).

>>Everything points to Hyperliquid as an overwhelming force, with vision beyond imagination. Hyperliquid competes with CEXs, not just DEXs like Lighter, EdgeX, or Aster.

[₿IRB @crypto_birb]

lets solve this once and for all😤