Max Noted

building conviction in a permissionless world

[Max Noted @maxnoted]

day 1 / motion design

the first ever post about that on my page
made a simple one today

lmk what you think

[moneyfetishist @moneyfetishist]

spent the last few hours answering questions from strangers on the internet while sitting on a plane and the thing that keeps striking me is how similar every question sounds once you strip away the context

the BB analyst making $200K wants to know if his life has meaning. the 20-year-old in a frat wants to know if he is on the right path. the guy running a $15M environmental services company cannot sleep because his leverage ratio scares him even though his covenants are fine. the first-year law student wants someone to tell him the career pivot will work out. the immigrant who got laid off wants to know he is not falling behind permanently

the details are different. the feeling underneath is identical. am I going to be okay

we pretend that money and status and titles fix this. they do not. I sit in rooms with people who control nine-figure portfolios and they are nervous about the same things as everyone else. they just have more expensive language for it. the fund manager calls it "risk management." the analyst calls it "career strategy." the 20-year-old calls it "figuring out my path." same anxiety wearing different suits

I watched a grown man worth more than most people will earn in ten lifetimes throw a tantrum in a conference room because someone questioned his assumption in a model. not his competence. not his track record. an assumption in a spreadsheet. a cell in Excel. he turned red and raised his voice because for 15 seconds he felt like he might be wrong about something and his entire identity could not absorb that possibility

that is not a professional disagreement. that is a kid on a playground who got told he is not the fastest runner

Schopenhauer wrote that humans are not rational beings who occasionally feel emotions. we are emotional beings who occasionally think rationally. the rationality is the exception. the feeling is the baseline. every framework we build in finance and in business and in life is an attempt to impose order on a brain that is fundamentally running on fear and desire and the need to be seen as competent by other people who are also running on fear and desire

the most dangerous version of this is the person who thinks they have outgrown it. the one who believes that enough success or enough money or enough status has made them rational. that person is not more rational. they are less accountable. nobody around them pushes back anymore so the irrational impulses go unchecked and get rebranded as conviction and vision and leadership

the best operators I know are the ones who understand that they are still unreasonable kids underneath everything. they lose their temper over small things. they take criticism personally even when it is constructive. they make emotional decisions and reverse-engineer a logical justification after the fact. the difference is they know they do this. they have systems to catch it. they hire people who are allowed to tell them when they are being stupid. they build in a 24-hour delay before any decision made while angry

the worst operators are the ones who think they have evolved past it. they confuse pattern recognition with wisdom. they confuse wealth with emotional maturity. they confuse the silence of the people around them with agreement when it is actually just fear

Nietzsche said that the most common form of human stupidity is forgetting what one is trying to do. I think the more common form is forgetting what one is. which is a complicated animal that learned to use spreadsheets but never stopped being afraid of the dark

none of us outgrow being unreasonable. the question is whether we build a life that accounts for it or one that pretends it does not exist

thanks for the questions today. you are all going to be fine. even the ones who do not feel like it right now

[Max Noted @maxnoted]

@stalequant just buy keystone

[Max Noted @maxnoted]

@davidyjeong i see the chance sir

[Max Noted @maxnoted]

@ripdotxyz hyperliquid

[Max Noted @maxnoted]

@mmcrypto_fi this is crazy

[Max Noted @maxnoted]

@davidyjeong what exactly do you sell to institutional clients? is it API or something else?

[Max Noted @maxnoted]

ZAMA campaign slots are open on @tread_fi

before you reserve the greediest +10 bps config and blame the bot later:

> how blend mode works
you are MMing on HL and bot referencing price on binance for quotes + using 10/25/50 bps range from midpoint

zama will be low liquidity market so 10 bps spread is tight, set comfortable stop loss

my take: go +25 bps neutral like a sane person unless you actually know what you're doing

[tread.fi @tread_fi]

The slots are live for ZAMA/USDC with @useMonarch

> Reserve a slot. Higher rewards for tighter spreads.
> Bridge ZAMA to Hypercore (https://t.co/25eEk8RCvK) or buy ZAMA spot through Hyperliquid before your slot
> Rewards will be distributed on HyperEVM every week

[Max Noted @maxnoted]

@davidyjeong i guess its always better to ship asap to gather feedback and get the idea validation for the smaller business

[Max Noted @maxnoted]

@mmcrypto_fi @tread_fi how long this 3M bot has been running for?

[Max Noted @maxnoted]

@Rezzi_sol @etherealdex mentioned in post

[Max Noted @maxnoted]

new points week on @etherealdex

farmed 58k points
at $0.005/point valuation = $290

best setup right now:

> Ethereal 30k BTC Long + 30k ETH Short
> Nado / Extended / Variational 30k BTC Short + 30k ETH Long

on top you also get ~13% APR on OI

change positions sizes as you like

always watch liquidity on both venues or you risk liquidation

[Max Noted @maxnoted]

season 1 ends in may 2026

https://t.co/tH7gAf34Gq

[Max Noted @maxnoted]

tread turning bots into actual DMMs

retail finally gets the same economics big firms had:
token projects pay retainers for guaranteed liquidity, and tread coordinates the whole group so no one has to solo-quote 24/7

demand for bots is about to go parabolic because everyone wants a slice of those deals

hyperliquid is a house of finance, tread is its power grid

[tread.fi @tread_fi]

Designated market makers are third party liquidity providers who quote on the limit order book 24/7 to allow for the markets to work efficiently.

As an aggregate, our retail trading bots have been providing liquidity on the book, but the missing element was guaranteed liquidity.

Next week, we will be rolling out a feature that allows users to coordinate their market making efforts to act as a designated market maker for token projects.

This opens the door for tread market makers to unlock the token deals and retainer economics that drive large market making firms.

During the pilot days, the rewards will be split amongst the users who participate. https://t.co/NeRHsoWvhL will backstop empty slots to allow for consistent quoting.

[Max Noted @maxnoted]

@tread_fi we are the market

[Max Noted @maxnoted]

@tread_fi lets tread

[Max Noted @maxnoted]

@Tom_Degen68 @tradexyz @tread_fi there are no official points rn

[Max Noted @maxnoted]

my perp dex tierlist based on farming priority

this market force me to be extremelly picky

GOAT tier:

> @tradexyz
97% of polymarket revenue last week, the only real place to trade equities 24/7, HIP-3 + HL airdrop exposure

> @tread_fi
institutional order management trading terminal. visionary team, tradfi clients, perp dex account abstraction infrustructure. solves the real problems. top 5 HL builder by 30d revenue

> @HyperliquidX
the core farm. deepest liquidity, real flow, and still a ~40% rewards bucket after the first airdrop. this is the base layer

> @etherealdex
points + yield is the combo. USDe collateral earns while you hold positions, and multipliers can get aggressive. strong ethena alignment creates the upside

Promising tier:

> @nadoHQsolid
weekly points and easy to farm through tread integration. still early enough to be underfarmed,and the L2 narrative gives it optionality

> @Dreamcash
real USDT rewards on top of XP, plus you still farm HL activity. mid-tier but practical: dual exposure without needing complex setups

> @extendedapp
balanced incentives: points + vault liquidity yields. less crowded than the top venues, so points per effort can be better if you're consistent

Better be in tier:

> @01Exchange
early-stage points + referrals. fast terminal, backed by Founders Fund, smaller scale and fewer confirmed incentives

> @hyenatrade
good for multi-farming ethena + hyperliquid using USDe collateral, with huge weekly points. not my first pick for pure airdrop ROI, but useful as an add-on layer

> @hibachi_xyz
points for volume, referrals and quests. underfarmed, decent backing, but lower liquidity/hype means you size it like an option, not a main farm

[Max Noted @maxnoted]

@Tom_Degen68 @tradexyz @tread_fi yes, it counts

[Max Noted @maxnoted]

@ckndoris @tradexyz @tread_fi kind of

[Max Noted @maxnoted]

@Big1Tasty @tradexyz @tread_fi which one is leading?