Monarch

Scaling Frontier Markets | Performance-based Liquidity Rewards for Market Makers

[Monarch @monarch_fast]

buckle up, World Cup season is upon us ⚽️

[Monarch @monarch_fast]

Source: https://t.co/RN4fxQGzNC

[Monarch @monarch_fast]

buckle up, World Cup season is upon us ⚽️

[tt @TTx0x]

https://t.co/Z9D9L0brY0

[tt @TTx0x]

Are you ready for $140 hyperliquid:native ?

Did some moon math for HYPE ETF based on historical BTC/ETH/SOL returns vs mcap adj flows

[tt @TTx0x]

Not every market is created equally

TLDR: @ventuals market is barely tradeable , @tradexyz has at least 100x more liquidity

an illiquid perp market is a death sentence, you will get liquidated

[Monarch @monarch_fast]

@corgil @SpaceX @tradexyz @ventuals We published a dashboard to examine the live @tradexyz vs @ventuals liquidity

https://t.co/bMUjeiJL4M

[Monarch @monarch_fast]

Public @tradexyz & @ventuals historical orderbook data dashboard:

https://t.co/AwLzuREoFP

https://t.co/B1J9xdbfjT

[Monarch @monarch_fast]

@ericonomic @coinbureau You can examine the historical data for yourself here

https://t.co/bMUjeiJL4M

[Monarch @monarch_fast]

Public @tradexyz & @ventuals historical orderbook data dashboard:

https://t.co/AwLzuREoFP

https://t.co/B1J9xdbfjT

[Monarch @monarch_fast]

Public @tradexyz & @ventuals historical orderbook data dashboard:

https://t.co/AwLzuREoFP

https://t.co/B1J9xdbfjT

[Monarch @monarch_fast]

https://t.co/13wj8oRUZp

[Monarch @monarch_fast]

@katexbt @ventuals We did a deep dive into exactly what happened

https://t.co/DOYJ7aNsue

[Monarch @monarch_fast]

https://t.co/13wj8oRUZp

[Monarch @monarch_fast]

@sportytechworld @coinage_x_daic @ventuals exactly, we did a deep dive comparing ventuals vs tradexyz liquidity, there is a HUGE difference

https://t.co/DOYJ7aNsue

[Monarch @monarch_fast]

https://t.co/13wj8oRUZp

[Monarch @monarch_fast]

Key Takeaways for traders
- DYOR on deployer's oracle setup and check order book liquidity before you size up
- An illiquid orderbook increases the chance of a scam wick liquidation
- Depth vanishing is the kill signal. Get out

[Monarch @monarch_fast]

https://t.co/13wj8oRUZp

[Monarch @monarch_fast]

Before the stock opened, CBRS on @HyperliquidX was already clearing real risk.

$157.60M traded from IPO pricing evening to public open.

Real price discovery was happening fully permissionlessly on-chain for everyone to see

[Monarch @monarch_fast]

https://t.co/kadvmMJGCi

[Monarch @monarch_fast]

@tradexyz CBRS:

- $157.60M traded
- 170,068 trades
- $52.15M taker open-long
- $40.29M taker open-short

SPCX:

- $73.09M traded
- 122,505 trades
- ~$207.17 VWAP
- roughly $2.46T implied valuation using the $150 = ~$1.78T launch reference

[Monarch @monarch_fast]

A pre-IPO ticker is not the product.

The product is the market turning private-company debate into prices, fills, and risk transfer.

CBRS showed IPO event-risk transfer before Nasdaq opened.

@tradexyz SPCX is already pricing the SpaceX valuation debate before public equity trading exists.

[Monarch @monarch_fast]

https://t.co/XxawIdTIuY

[Monarch @monarch_fast]

https://t.co/XxawIdTIuY

[Monarch @monarch_fast]

The best time to long Hyperliquid was yesterday

The next best time is right now

HYPERLIQUID

[Monarch @monarch_fast]

79.2% maker-volume share means the rewarded makers were not just posting decorative depth

They were risking capital with tight liquidity that traders actually hit

For a new market, that matters because rewards should favour liquidity that improves the market's tradeability

[Monarch @monarch_fast]

Liquidity rewards should not pay for capital sitting idle on a book

They should pay for useful quoting behavior:
- tight spreads
- depth close enough to trade against
- maker fills
- reliable uptime

In ZAMA/USDC Epoch 6, our Marina makers filled 79.2% of maker volume

That's efficient rewards resulting in genuinely tradeable markets