steven.hl
@stevenyuntcap
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Chief Degen Officer @YuntCapital. Tweets are opinions, not financial advice.
Joined September 2016
Hyperliquid bucket list update (HYPE $49): - Spot listings for majors✅ - Binance lists spot HYPE - Coin margin for perps - HL lists non-crypto perps✅ - A T2 CEX uses HL for perps liquidity - HL flips OKX in OI✅ - Perps allowed for US users - HYPE enters the top 10
Hyperliquid bucket list update (HYPE $35): - Spot listings for majors✅ - Binance lists spot HYPE - Coin margin for perps - HL lists non-crypto perps - A T2 CEX uses HL for perps liquidity - HL flips OKX in OI✅ - Perps allowed for US users - HYPE enters the top 10
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Some have noticed one of the team wallets shorting HYPE. The team has clarified that this wallet belongs to an ex-employee terminated in Q1 2024. Furthermore, team members are PROHIBITED from trading HYPE perps or do any sort of MNPI inside trading. Hyperliquid
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The beauty in HIP-3 deployments is not just that you can deploy non-crypto perps, but also because parameters are adjustable to fit any given asset class. Lowering the default funding rate on equity perps is a small but necessary change towards housing all finance. Hyperliquid
The default funding rate for crypto perps has remained unchanged at 0.01% / 8 hours since Bitmex first introduced the mechanism in 2016. Now that trade[XYZ] has introduced equity perps, it’s time to rethink this baseline. Borrow rates for traditional asset classes are closer to
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Portfolio margin probably goes live this weekend. To bootstrap the lending pool, ~1% of HLP deposits may be allocated to BLP (~$3.8M as of writing) to satisfy borrow demand. It's expected for lenders to get paid more than HLP's baseline APY. Hyperliquid
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Staking emits ~1% of supply annually. That gives the team 10+ years to adjust tokenomics later. A popular idea is for trading fees to accrue to stakers after the AF has already bought and burned a significant amount of supply (current rate is 38% burned by year 10). Hyperliquid
@stevenyuntcap Is that actually good long term though? what about staking rewards?
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The Hyper Foundation is allowing validators to vote on burning all HYPE tokens accumulated by the AF. This means the current 37M HYPE tokens and all future tokens will be removed from total token supply. If passed, > 13% of circ supply will be burned immediately. Hyperliquid
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We believe fears over the current competitive landscape to be overblown, as “point tourists”, or those hopping from platform to platform to earn points, will ultimately come back to the platform with the deepest liquidity and best execution, which we believe is HYPE. Hyperliquid
Perhaps the only thing good about DATs is that Wall Street can make money trading & banking the stocks, which means you get some actual research coverage and interest in the stock (and thus the token) Good initiation on $PURR (and thus $HYPE) by Cantor https://t.co/5Fnq2sqg5g
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Hyperliquid Assistance Fund update (11/27 - 12/15): - HYPE holdings: 37M tokens (+1M in 19 days) - Highest buyback day: 12/1 ($2.85M) - Lowest buyback day: 12/13 ($440K) - Average buyback per day: $1.65M - Cost basis during this buyback period: ~$31.41
Hyperliquid Assistance Fund update (11/13 - 11/26): - HYPE holdings: 36M tokens (+1M in 14 days) - Highest buyback day: 11/21 ($4.47M) - Lowest buyback day: 11/15 ($1.35M) - Average buyback per day: $2.63M - Cost basis during this buyback period: ~$36.84
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Based on the most recent altcoin ETFs, usually a crypto ETF starts trading 1-2 weeks after it gets to this step in the amended S-1 (fee is disclosed, ticker is chosen). We should see HYPE trading in the form of an ETF by EOY if no issues come up! Hyperliquid
Bitwise just filed amendment for its Hyperliquid ETF which added the 8a thing, the fee (67bps) and the ticker $BHYP. Usually that means launch imminent. Stay tuned.
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Hyperliquid: $780M+ in 2025.
Top 3 chains, annual revenues: 🥇 Solana: $657m (+2.8% y/y) 🥈 Ethereum: $604m (-76%) 🥉 TRON: $601m (+8.5%)
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The docs page for Portfolio Margin is now live! - Initial LTV is 0.5 - Borrowers pay interest to lenders hourly, just like funding payments - Initial caps per user is $1000 USDC as a borrower and 100 HYPE as a lender https://t.co/QNMrz9YJMN Hyperliquid
hyperliquid.gitbook.io
Testnet-only, pre-alpha mode
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With the official HL announcement, we now know that: - PM hits mainnet this weekend - HYPE is the only confirmed collateral asset (BTC soon) - USDC the only borrowable asset (USDH soon) - Initial caps will be VERY low to start
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When creating Portfolio Margin, BLP was built in such a way that it does not deprecate existing HyperEVM lending protocols. CoreWriter will be upgraded in the future to allow BLP interoperability with smart contracts for the creation of onchain yield-bearing tokens. Hyperliquid
Portfolio Margin is now on testnet, the feature that allows for spot tokens to be used as collateral for perps positions. HYPE is confirmed to be an eligible collateral asset. Hyperliquid
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Portfolio Margin is now on testnet, the feature that allows for spot tokens to be used as collateral for perps positions. HYPE is confirmed to be an eligible collateral asset. Hyperliquid
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“We note that open interest post October 10, 2025 that suggests that Hyperliquid has lost nearly 50% of open interest, whereas competitors such as Lighter and even Binance have recovered to pre-event levels.” ??????
Those who can, do Those who can't, fud Before writing a paper maybe learn the definition of what you are studying? ADL does not "transfer pnl to HLP." It treats HLP entirely symmetrically with users. **ADL has nothing to do with HLP or backstop liquidations** ADL did not
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With HyENA HIP-3 perps now live, we have quite an assortment of ways to trade: - @tradexyz: equities with USDC - @felixprotocol: commodities with USDH - @ventuals: pre-IPO with USDH - @hyenatrade: crypto with USDe - @markets_xyz: Not yet live with USDH Hyperliquid
Introducing HyENA - the Internet Trading Engine with Native Rewards. → USDe-margined perpetuals DEX built on Hyperliquid’s HIP-3 standard → Earn rewards based on your USDe margin collateral while you trade → Idle margin becomes a productive savings account → HLPe combining
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New perp DEXs are in a tricky situation: if fees are the same as Hyperliquid, they will never gain market share if they charge no fees, they will never be a cash printing machine, which means their token will never be attractive to hold in the first place what should they do?
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I think this is a non-event. They have $305M in cash, but the CEO specifically said only $265M would be used to buy more HYPE, citing $40M would go towards “operating expenses”. It makes sense that $30M of that $40M was allocated towards stock buybacks. Hyperliquid
Hyperliquid Strategies Inc ( $PURR) Announces $30 million Stock Repurchase Program. Par value $0.01 per share. The stock repurchase program will be in place for up to 12 months.
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At last, USDC has been linked between HyperCore <> HyperEVM! This means the Arbitrum bridge will gradually be depreciated in favor of native USDC being minted on HyperEVM. FYI, you may get temporarily get errors when moving large USDC to the EVM in the meantime. Hyperliquid
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Hyperliquid Strategies update post merger: + 12.6M HYPE staked, will look for better yield as time goes on + $305M cash sitting in a bank account for now + David takes his fiduciary responsibility seriously…they will not be issuing more shares if MNAV is < 1 Hyperliquid
"It (Oct. 10) was an incredibly fascinating day. The blockchain (#Hyperliquid) that was built by Jeff and team behaved and operated exactly as advertised: not a second of down time. Incredible liquidations and transactions and volatility." - Bob Diamond https://t.co/nN1O5ykF8V
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Gotta love the openness of the blockchain! Anyone can track all of HSI's HYPE holdings that they received in-kind as part of their merger. They've only staked 425K of their HYPE so far (< 4% of their holdings). What are the chances they put some HYPE into an LST? Hyperliquid
$PURR (Hyperliquid Strategies Inc) just moved all their in-kind HYPE contributions to Hypercore, fully exposing every wallet. In total, 12M HYPE ($411M) was bridged from HyperEVM to Hypercore across 32 wallets, and they already began staking the HYPE, transferring a total of
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