Pete Dong

Financial Markets Trader sharing thoughts and setups

[Nick Dorsey @Midnight_Captl]

SK Hynix missed earnings estimates by 5%

[Pete Dong @PeteDongCT]

@Globalflows The new reports are BANGER brother, thank you

[Hyperliquid Daily @HYPERDailyTK]

🔥 Hyperion just signed an agreement with Skew Technologies to deploy 500,000 $HYPE toward launching HIP-3 perpetual futures markets and a new institutional listing service.

In simple terms: Hyperion is putting its HYPE to work. Skew will use this support to create new on-chain markets for institutions and partners on Hyperliquid.

Hyperion benefits in two ways: it gets equity in Skew, and it earns a share of listing-service revenue.

Why this matters: more markets on Hyperliquid could mean more activity, more demand for infrastructure, and more real utility for HYPE.

[Pete Dong @PeteDongCT]

@jaymesrosenthal Frank is my favorite chatter, brings the content everyday. Going after you even when your not here😭

[Pete Dong @PeteDongCT]

@BullTradeFinder yee

[Chris Arnade 🐢🐱🚌 @Chris_arnade]

A lot of UK politics can be understood by how dominant London is, economically and consequently politically and culturally. It's the classic urban elite versus fly-over issue, but magnified because London is NY, LA, Chicago, SF, and DC all combined.

Couple that with an economic shift towards services concentrated in London, and the political class can, and often does, ignore "Middle Britain" — both in fact and in attitude.

In the US the dominance of New York/DC is diluted by Silicon Valley, LA, Miami, Chicago, Houston. The UK has almost nothing equivalent, with very few dynamic industries outside of London producing globally dominant companies, which means there's little to challenge to the city's dominance.

So the UK resembles a highly educated city-state — selling finance, law, consulting, education, and a few specialized high-value goods — while the US has all of that plus tech, energy, agriculture, aerospace, and big manufacturing.

And so it's easy to live a good life in London as an educated elite and think, "Why do we need the rest of this country?"

[Jaymes R. @jaymesrosenthal]

"tHeRe's No wAy tHe MaRkEt cAn AbsOrB tHiS mUcH SupPly wItH tHeSe HuGe IpO's"

[Citrini @citrini]

It’s been a minute since we wrote a macro memo, we were overdue for one.

Here’s the latest in what we’re thinking:

https://t.co/enfeHlQVU4

[First Squawk @FirstSquawk]

ORACLE SAID IT SIGNED $67 BILLION OF AI INFRASTRUCTURE CONTRACTS IN THE FOURTH QUARTER, WITH MOST CUSTOMERS EITHER PROVIDING THEIR OWN HARDWARE OR PREPAYING, UNDERSCORING STRONG DEMAND FOR ITS AI AND CLOUD INFRASTRUCTURE SERVICES.

[Amber Buchetto - T3 Live @AmCapTrader]

Trading isn't glamorous.
It isn't millionaire geniuses in $10k suits.
It isn't only for those born into wealthy families with Ivy League degrees.
And it SURELY isn't driving a lambo to your private jet.
Trading is for everyone.
It's sitting at your desk in sweatpants and drinking room-temperature coffee.
It's paying for your kids' college or your daughter's wedding.
It's taking that extra vacation or making renovations to your home.
It's taking the extra funds you have and using them to develop a skill... on your terms
It's tears, laughter, camaraderie, tired fingers, adrenaline, and discipline.
The point is, trading is individualized and customizable to YOU, your strengths, your capital, your time.
Quit looking at the 'big guys' and thinking it could never be you.... Make the markets work FOR you, BY you.

[TrendSpider @TrendSpider]

🚨 A ridiculous $56,000,000 bet was just placed on Starlink supplier STMicroelectronics to move +40% in the next 4 months.

STMicroelectronics is the primary chip manufacturer for Starlink, having shipped more than 5 billion RF antenna chips to SpaceX to date.

With the historic SpaceX IPO right around the corner, someone dropped $56M on OTM $100 strike calls on $STM expiring in October.

The stock currently trades at $70/share.

[Pete Dong @PeteDongCT]

@jaymesrosenthal @Globalflows everyday, they're 🔥

[Derek Edws @derekedws]

hyperliquid is a killer product

meanwhile, there are pressures that may constrain the project’s viability within US borders

including:

- hyperliquid’s product layer (via CFTC’s kalshi approval, coinbase/deribit no action, and policy statement)
- hyperliquid’s network and token layer (via clarity act)
- hyperliquid’s collateral layer (via USDC, managed by circle/coinbase, two US regulated entities)

haven’t seen a thorough discussion on these impacts, so below is a brief summary of the current paths forward, and the rationale behind each:

(1) hyperliquid can ignore US market, go offshore only
(2) hyperliquid can build a US regulated wrapper
(3) hyperliquid can decentralize under ‘clarity act’
(4) hyperliquid can centralize the project, turn $HYPE into a security
(5) hyperliquid can lobby for a change

these are the five, i'll start with the first

(1) hyperliquid can ignore US market, go offshore only

last week the CFTC approved kalshi’s BTCPERP as a futures contract on a DCM

the CFTC separately confirmed certain deribit perps may be treated as foreign futures through the coinbase FCM path

the implication is that regulated distributors for perps in the US may need a fully regulated venue, compliant customer funds path, approved product scope, surveillance, disclosures, and accountable corporate counterparties

without these in place

distributing hyperliquid liquidity, or offering hyperliquid perps, could look like routing US customers into an unapproved offshore venue

so the first option for hyperliquid is that they ignore the US market entirely

this approach would be similar to binance main exchange, which was ultimately forced to more aggressively block american customers after years of light effort

like binance, doing so would preserve hyperliquid’s product offshore, but cede US institutional access for the time being

(2) hyperliquid can build a US regulated wrapper

the second path is to find a way to build or partner with a US regulated wrapper to offer perps

under this path, offshore hyperliquid would remain a global crypto native venue, while a separate US affiliate or partner offers regulated perps through an FCM/DCM/DCO/FBOT style wrapper

you can think about this separate venue like Hyperliquid US™

in a perfect world, this is the ideal outcome for hyperliquid to target US users

however, this approach would likely require hyperliquid to ring fence (1) customer funds, (2) products, and (3) $HYPE value capture separate from the main network

the ongoing separation of Binance US™ from Binance’s main exchange is instructive here as a case study

- customer funds may be ring fenced because US regulated futures infrastructure cannot commingle US customer collateral with offshore protocol margin

- products may be ring fenced because the US venue will likely require approved, deep, liquid digital commodity perps, not the entire hyperliquid long tail universe of assets

- revenue and $HYPE value capture may be ring fenced because profits from a regulated corporate venue flowing into buybacks, burns, or assistance fund mechanics starts looking like token holders are economically participating in the profits of a corporate operating business, which could implicate US securities laws

net net, this model would likely require a significant rewrite of how the hyperliquid network works for US participation

(3) hyperliquid can decentralize under ‘clarity act’

the clarity act drafts offer a groundbreaking path for a lot of protocols to ‘progressively decentralize’ a network

i'll be writing more on this down the road

but for now

under clarity, progressive decentralization means reducing the role of the originator / related parties until the network and token are no longer under ‘coordinated control’

in exchange, a token may exist to capture *automatic* revenue flows originating out of the decentralized network, as long as the token value is primarily driven by the distributed ledger system rather than entrepreneurial or managerial efforts by a control group

in a vacuum, a token powering a decentralized network may support shifting the token’s classification from “security” to “commodity”

which is a big deal for many protocols and networks in the US

however, there are tradeoffs for projects optimizing for the ‘decentralization’ route

for hyperliquid, decentralization under clarity would likely mean the project would need to aggressively broaden validators, decentralize the listing process, decentralize oracle/risk controls, reduce controlled ownership, reduce emergency discretion decisions, make upgrades slower and more governance driven, among offloading other day to day product decisions

this would be a meaningful change, as a large part of the hyperliquid thesis has been underwriting the core team’s ability to make fast product decisions, in a manner they see best

ceding managerial control over the protocol to satisfy decentralization changes the trajectory of the project, and shouldn’t be taken lightly

this also coincides with a separate issue

the clarity act’s decentralization framework is not a DCM/DCO workaround. even if the hyperliquid network could eventually satisfy clarity’s decentralized governance framework, this would still not automatically permit hyperliquid to offer perps directly to US users

notably, both clarity and the ag committee text for clarity preserve the existing commodity exchange act (CEA) regime for futures, swaps, options, and leverage transactions

this is important for understanding clarity's intent, as the ag committee writes the CFTC/CEA side of market-structure legislation and this text signals that clarity act legislation is not a workaround for the existing CEA derivatives regime

simply put

this likely means any decentralization for hyperliquid will *not* erase the need to follow regulated derivatives market infrastructure without a regulated wrapper, which would require a significant rewrite of how hyperliquid works for US participation

(4) hyperliquid can centralize the company, turn $HYPE into a security

this is probably the weakest option game theoretically, but worth mentioning

hyperliquid could become a corporate exchange, register or restructure $HYPE into a security, build a regulated wrapper, and shift value capture away from token buybacks/burns and toward equity, licensing, or regulated-entity revenue

this is the cleanest for compliance because the entity, venue, governance, customer funds, disclosures, and revenue flows become legible to US regulators *today*

but it is the most damaging to the network value prop, which relies on the idea that protocol activity, incentives, and economics are all aligned around $HYPE as a digital commodity, not a tokenized security

(5) hyperliquid can lobby for a change

there is a fifth option, which is to lobby for a change

here, related organizations could work hard to lobby the agencies to eventually create a bespoke framework for crypto-native perp venues like hyperliquid to directly target US audiences and capital

the work being done here by @HyperliquidPC is instructive

there is some evidence this approach could work in part

the CFTC is clearly moving in a more innovative direction, and the kalshi / coinbase-deribit path may be the first conservative step before more liberal steps to include more unique design architectures

important to consider, however

even if the CFTC further opens up on perps to tailor approvals for decentralized networks

this wouldn’t solve a $HYPE securities classification under the clarity act, which is a separate issue that may require network changes before US participation

without these changes

and under a current reading of clarity

i do find it impractical to think there will be a special token exemption for one project, while other projects are required to satisfy clarity act’s decentralization / network token framework

ok

in closing

these are the five US options as i currently see it, i'd be curious if folks in the legal / policy community are seeing others

there is also one final wrinkle, which is USDC now serving as hyperliquid’s ‘aligned quote asset’, with coinbase/circle tied into the broader treasury and routing strategy

a final point on this

if hyperliquid’s core settlement asset is USDC, then the system unquestionably inherits some degree of US regulatory control at the asset layer

but it also opens up a unique opportunity for significant policy shifts to support extending USD dominance, as flagged by @blknoiz06

its an interesting dynamic worth keeping an eye on for policy reasons

i hope some of this discussion is useful for further dialog

as of today

whether you are bullish or bearish on hyperliquid’s US efforts from here probably depends on two things:

(1) what probability you assign to each of these paths; and

(2) hyperliquid’s ability to compete once they end up on one of these paths

disclosure: my fund @collab_currency currently has exposure to $HYPE and projects building in the hyperliquid ecosystem

[Jacob Robinson @JacobRobinsonJD]

Over a trillion dollars worth of perps are traded every month, yet 99% people have never heard of them.

This @LawofCodeFM episode is a multi-hour deep dive on perps, starting from the history of grain futures in Chicago to Friday's historic @CFTC announcements. It took me months to put this together.

My goal: the internet's most comprehensive explainer on perps.

You'll hear from the world's leading experts on the legal layer of perps; @jchervinsky and @BradBourque of @HyperliquidPC, @BrettHarrison of @Architect_Fi, @kkirkbos, @_Ryne_Miller, @mdf2000 and David Shafer of @coinbase.

By the end of this episode, I promise you'll be in the top percentile for understanding perps, regardless of where you're starting from.

(You just might need to listen twice. There's a lot here.)

Timestamps:

0:00 Intro
4:04 What is a perp @BrettHarrison
7:18 Why futures contracts exist
8:15 Liquidity fragmentation
11:01 History of U.S. futures @_Ryne_Miller
17:08 Richard Nixon, the gold standard and financial futures
21:27 Birth of the CFTC
24:27 Robert Shiller's 1992 paper @kkirkbos
30:09 Price convergence
32:00 The funding rate
43:41 Oracles and manipulation risk
47:39 Are perps swaps or futures?
52:44 A @ChairmanSelig clip on perps
54:02 The DCM framework
59:16 DCMs, DCOs and FCMs explained
1:04:55 History of crypto perps (BitMEX)
1:13:00 How Hyperliquid works
1:25:41 CFTC's historic announcements on May 29, 2026
1:35:00 Fireside with @jchervinsky and @BradBourque of @HyperliquidPC

Nothing in this podcast is legal or investment advice.

[Capital Flows @Globalflows]

This is the most comprehensive explanation of WHY Hyperliquid perpetuals are needed at scale but regulation is holding them back.

If you are trying to understand Hyperliquid and the massive value proposition of perpetuals, watch this video by @JacobRobinsonJD

[Markets Alpha @MarketsAlpha]

Hyperliquid Strategies $PURR (@HypeStrat) just published that they bought 1.4M HYPE, worth around $95M, over the last 7 days, while their cash position only fell by $15.5M.

They now hold 23.7M HYPE and $141.7M in cash.

At the current HYPE price, they are trading at 1.29x NAV, which allows them to issue more ATM shares, sell them, and buy more HYPE.

Source: https://t.co/EQb6uMkkLL

[Jaymes R. @jaymesrosenthal]

If you guys follow @Globalflows and have learned/benefited over the last year…

Repost this and comment so we can get more eyeballs on his work. Absolute chad who I’ll be supporting as long as I’m in the space.

He’s been Jon Snow’n against so many doomers the past 6 months and it’s proving that there’s more depth to this game of global capital than we all could possibly understand.

There’s levels to this ish

[StockWhale @thestockwhale]

Nuclear is one of the ONLY sectors in the world right NOW that can 30X your money.

And it's still so EARLY. If you WANT to be rich, buy nuclear every single chance you can get.

Here are the top nuclear stocks to buy this week:

1. NuScale Power $SMR
2. Oklo $OKLO
3. ASP Isotopes $ASPI
4. Terrestrial Energy $IMSR
5. GE Vernova $GEV
6. Vistra Corp. $VST
7. Cameco Corporation $CCJ
8. Nano Nuclear Energy $NNE
9. X-Energy $XE
10. BWX Technologies $BWXT
11. Lightbridge $LTBR
12. Centrus Energy $LEU

ETFs include $NUKZ, $URA, $NLR, and $XLU

All my buy and sell signals in Discord @ https://t.co/GaBnArAAKe.

[Capital Flows @Globalflows]

YOU GET PAID TO HOLD RISK

YOU NEED TO BE A PIG AND RIDE YOUR WINNERS

$PURR CONTINUES TO PRINT