For a product trading hundreds of billions in volume, perpetual contracts still don't have a settled answer to the most basic question under U.S. law: are they futures, or are they swaps?
One federal judge described the exercise as deciding "whether tetrahedrons belong in square or round holes".
In a new comment letter to the SEC and CFTC, @HyperliquidPC argues the fix has been sitting in plain sight: treat qualifying equity perpetuals as security futures, a category both agencies already oversee, and let exchanges compete on execution instead of jurisdiction.
The stakes: more than $480 billion in perpetual contract volume that's traded on Hyperliquid over the past ten months alone, waiting on a framework that lets it come onshore.
Letter and article available below.
https://x.com/HyperliquidR/status/2091864676283945362?s=20
One federal judge described the exercise as deciding "whether tetrahedrons belong in square or round holes".
In a new comment letter to the SEC and CFTC, @HyperliquidPC argues the fix has been sitting in plain sight: treat qualifying equity perpetuals as security futures, a category both agencies already oversee, and let exchanges compete on execution instead of jurisdiction.
The stakes: more than $480 billion in perpetual contract volume that's traded on Hyperliquid over the past ten months alone, waiting on a framework that lets it come onshore.
Letter and article available below.
https://x.com/HyperliquidR/status/2091864676283945362?s=20
Another $5M inflow day yesterday on the HYPE ETFs, right in line with the thesis laid out in our last piece.
Hyperliquid Strategies' onchain activity also suggests they've been using that mNAV premium to buyback more $HYPE.
In the meantime, a new HIP-3 deployer, Entropy, also launched, consistent with the thesis that with the regulatory overhang gone, the universe of assets, deployers, and builders only expands from here.
https://x.com/HyperliquidR/status/2092255887482057179?s=20
Hyperliquid Strategies' onchain activity also suggests they've been using that mNAV premium to buyback more $HYPE.
In the meantime, a new HIP-3 deployer, Entropy, also launched, consistent with the thesis that with the regulatory overhang gone, the universe of assets, deployers, and builders only expands from here.
https://x.com/HyperliquidR/status/2092255887482057179?s=20
X (formerly Twitter)
Hyperliquid Research Collective (HRC) (@HyperliquidR) on X
Another $5M inflow day yesterday on the HYPE ETFs, right in line with the thesis laid out in our last piece.
Hyperliquid Strategies' onchain activity also suggests they've been using that mNAV p…
Hyperliquid Strategies' onchain activity also suggests they've been using that mNAV p…
Perpetual Derivatives aren't a crypto side-quest, they're a better-designed derivative, and that's the whole thesis of this piece from Syncracy Capital.
No expiries, no strikes, no theta decay. Just linear, continuous leverage that does what it says on the tin — available 24/7, unlike an options chain or an opaque CFD desk. That simplicity is why retail options volume already tops 50% of all U.S. options activity and CFD volume runs $1T+ a month: people want exposure.
The case for DEXs winning this shift comes down to structure. Legacy market infrastructure fragments trading across intermediaries that can't unify margin the way a perp DEX does natively. Hyperliquid alone is running near $1B annualized revenue on ~99% margins with a 12-person team: software economics applied to an exchange.
The number that matters: perp DEXs are still under $40B in fully diluted value against an ~$8T daily options/futures/CFD pool. Capturing even 1% of that volume is a $3-7B annual revenue business for the winners.
Full piece here.
https://x.com/HyperliquidR/status/2092636556016177167
No expiries, no strikes, no theta decay. Just linear, continuous leverage that does what it says on the tin — available 24/7, unlike an options chain or an opaque CFD desk. That simplicity is why retail options volume already tops 50% of all U.S. options activity and CFD volume runs $1T+ a month: people want exposure.
The case for DEXs winning this shift comes down to structure. Legacy market infrastructure fragments trading across intermediaries that can't unify margin the way a perp DEX does natively. Hyperliquid alone is running near $1B annualized revenue on ~99% margins with a 12-person team: software economics applied to an exchange.
The number that matters: perp DEXs are still under $40B in fully diluted value against an ~$8T daily options/futures/CFD pool. Capturing even 1% of that volume is a $3-7B annual revenue business for the winners.
Full piece here.
https://x.com/HyperliquidR/status/2092636556016177167
X (formerly Twitter)
Hyperliquid Research Collective (HRC) (@HyperliquidR) on X
Perpetual Derivatives aren't a crypto side-quest, they're a better-designed derivative, and that's the whole thesis of this piece from Syncracy Capital (@RyanWatkins_ & @defi_monk), now available …
Priority fees just crossed $8M in total revenue for $HYPE, a revenue line that didn't exist five months ago.
▫️Annualize the last 7 days and it's already running at ~$50M a year in revenue and buybacks.
▫️For context, HIP-3 itself is doing roughly the same ~$50M annualized, even while running fees cut over 90% in Growth Mode.
Layer that onto everything else moving at once: other volume look like it has bottomed and is trending back up, the regulatory overhang just lifted with the US moving to bring Hyperliquid onshore, Hyperliquid Strategies is buying HYPE ATM sitting at a ~30% premium, and HYPE ETFs pulled in ~$25M yesterday alone, the single best day of the run.
The base/bull case for HYPE have significantly improved and we don't think this momentum slows down soon.
More charts below. Hyperliquid.
https://x.com/GLC_Research/status/2093274873036526006?s=20
▫️Annualize the last 7 days and it's already running at ~$50M a year in revenue and buybacks.
▫️For context, HIP-3 itself is doing roughly the same ~$50M annualized, even while running fees cut over 90% in Growth Mode.
Layer that onto everything else moving at once: other volume look like it has bottomed and is trending back up, the regulatory overhang just lifted with the US moving to bring Hyperliquid onshore, Hyperliquid Strategies is buying HYPE ATM sitting at a ~30% premium, and HYPE ETFs pulled in ~$25M yesterday alone, the single best day of the run.
The base/bull case for HYPE have significantly improved and we don't think this momentum slows down soon.
More charts below. Hyperliquid.
https://x.com/GLC_Research/status/2093274873036526006?s=20
X (formerly Twitter)
GLC (@GLC_Research) on X
Priority fees just crossed $8M in total revenue for hyperliquid:native, a revenue line that didn't exist five months ago.
▫️Annualize the last 7 days and it's already running at ~$50M a year in r…
▫️Annualize the last 7 days and it's already running at ~$50M a year in r…
The most common criticism of Hyperliquid's buyback policy: burning ~99% of fees on HYPE instead of reinvesting in growth is bad capital allocation. That critique assumes Hyperliquid is a company optimizing ROI on retained earnings.
It isn't. It's a neutral network, and the buyback is the alignment mechanism, not a wasted opportunity.
You need to hold HYPE to build on Hyperliquid.
trade[XYZ] had to buy 500k $HYPE just to become a HIP-3 deployer, before a dollar of their own revenue.
The AF routes 99% of protocol fees straight into HYPE buybacks. So every dollar of value XYZ generates for the network flows back into the exact token they were required to hold to operate. Their upside isn't just their fee split, it's the appreciation of the entry ticket itself.
That's not "wasted" capital, it's the trust model: a neutral venue can't have a team discretionarily deciding who gets funded out of protocol revenue.
But growth capital isn't gone either. Separate from the fee engine, Hyperliquid still holds roughly $27B in future emissions and community rewards it can deploy and the two times it's actually chosen to spend from that basket are the best evidence for why people should trust them.
▫️The HYPE airdrop, funded entirely outside any VC allocation, is the reason this is one of the only tokens in the space with genuine trust and a famously meritocratic reputation.
▫️In February, a 1M HYPE grant, worth ~$29M then, ~$83M now, built the HPC. Six months later, that spend sits behind the CFTC publicly committing to bring Hyperliquid onshore, which just repriced the entire forward-looking earnings case for the token.
Two different pools of capital, two different jobs.
One turns revenue into permanent alignment. The other proves that when discretion is used, it's used well. Neither is Hyperliquid leaving growth on the table.
You can't grade any of this against normal company capital allocation, either. A normal company doesn't generate ~$1B in annual revenue on a ten-person team.
Hyperliquid.
https://x.com/HyperliquidR/status/2093298336346362226?s=20
It isn't. It's a neutral network, and the buyback is the alignment mechanism, not a wasted opportunity.
You need to hold HYPE to build on Hyperliquid.
trade[XYZ] had to buy 500k $HYPE just to become a HIP-3 deployer, before a dollar of their own revenue.
The AF routes 99% of protocol fees straight into HYPE buybacks. So every dollar of value XYZ generates for the network flows back into the exact token they were required to hold to operate. Their upside isn't just their fee split, it's the appreciation of the entry ticket itself.
That's not "wasted" capital, it's the trust model: a neutral venue can't have a team discretionarily deciding who gets funded out of protocol revenue.
But growth capital isn't gone either. Separate from the fee engine, Hyperliquid still holds roughly $27B in future emissions and community rewards it can deploy and the two times it's actually chosen to spend from that basket are the best evidence for why people should trust them.
▫️The HYPE airdrop, funded entirely outside any VC allocation, is the reason this is one of the only tokens in the space with genuine trust and a famously meritocratic reputation.
▫️In February, a 1M HYPE grant, worth ~$29M then, ~$83M now, built the HPC. Six months later, that spend sits behind the CFTC publicly committing to bring Hyperliquid onshore, which just repriced the entire forward-looking earnings case for the token.
Two different pools of capital, two different jobs.
One turns revenue into permanent alignment. The other proves that when discretion is used, it's used well. Neither is Hyperliquid leaving growth on the table.
You can't grade any of this against normal company capital allocation, either. A normal company doesn't generate ~$1B in annual revenue on a ten-person team.
Hyperliquid.
https://x.com/HyperliquidR/status/2093298336346362226?s=20
X (formerly Twitter)
Hyperliquid Research Collective (HRC) (@HyperliquidR) on X
The most common criticism of Hyperliquid's buyback policy: burning ~99% of fees on HYPE instead of reinvesting in growth is bad capital allocation. That critique assumes Hyperliquid is a company o…
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Hyperliquid's 7d/14d annualized revenue run rate crossed $1B again.
https://x.com/GLC_Research/status/2094059771577954593?s=20
https://x.com/GLC_Research/status/2094059771577954593?s=20
X (formerly Twitter)
GLC (@GLC_Research) on X
Hyperliquid's 7d/14d annualized revenue run rate just crossed $1B again.
All it needed was a little market momentum.
All it needed was a little market momentum.
2026 Trade[XYZ] Q2 Report
Today, we're excited to release Trade[XYZ]'s 2026 Q2 Report.
While three of its HIP-3 rivals, Felix, Ventuals, and Dreamcash, shut down entirely this quarter, Trade[XYZ] pulled further ahead. Its share of HIP-3 volume climbed from 84.5% to 95.1%.
Quarterly volume rose 79.2% to $202.36B.
More importantly, this was the quarter Trade[XYZ] stopped competing for the category and started defining it.
Pre-IPO Perpetuals launched in May, and Cerebras, SpaceX, and Quantinuum all ran the whole way through to their public listing and converted cleanly into standard equity perpetuals, the first real evidence that a permissionless, onchain market can price a private company's opening trade with remarkable accuracy.
Equity volume grew 377% to $58.9B, the fastest-growing segment of the quarter, and the CFTC's approval of the first US-regulated perpetual futures contract gave the clearest regulatory validation Hyperliquid has had to date, a landmark Trump has since built on, saying CFTC Chairman Mike Selig is working to bring Hyperliquid into the US.
Enjoy the read. Some excerpts below, with the link to the full PDF.
Hyperliquid.
https://x.com/HyperliquidR/status/2094778194377183275?s=20
https://hyperliquidresearch.xyz/reporting/tradexyz-2026-q2
Today, we're excited to release Trade[XYZ]'s 2026 Q2 Report.
While three of its HIP-3 rivals, Felix, Ventuals, and Dreamcash, shut down entirely this quarter, Trade[XYZ] pulled further ahead. Its share of HIP-3 volume climbed from 84.5% to 95.1%.
Quarterly volume rose 79.2% to $202.36B.
More importantly, this was the quarter Trade[XYZ] stopped competing for the category and started defining it.
Pre-IPO Perpetuals launched in May, and Cerebras, SpaceX, and Quantinuum all ran the whole way through to their public listing and converted cleanly into standard equity perpetuals, the first real evidence that a permissionless, onchain market can price a private company's opening trade with remarkable accuracy.
Equity volume grew 377% to $58.9B, the fastest-growing segment of the quarter, and the CFTC's approval of the first US-regulated perpetual futures contract gave the clearest regulatory validation Hyperliquid has had to date, a landmark Trump has since built on, saying CFTC Chairman Mike Selig is working to bring Hyperliquid into the US.
Enjoy the read. Some excerpts below, with the link to the full PDF.
Hyperliquid.
https://x.com/HyperliquidR/status/2094778194377183275?s=20
https://hyperliquidresearch.xyz/reporting/tradexyz-2026-q2
X (formerly Twitter)
Hyperliquid Research Collective (HRC) (@HyperliquidR) on X
2026 Trade[XYZ] Q2 Report
Today, we're excited to release Trade[XYZ]'s 2026 Q2 Report.
While three of its HIP-3 rivals, Felix, Ventuals, and Dreamcash, shut down entirely this quarter, Trade[…
Today, we're excited to release Trade[XYZ]'s 2026 Q2 Report.
While three of its HIP-3 rivals, Felix, Ventuals, and Dreamcash, shut down entirely this quarter, Trade[…
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Tokenized equities and commodities on Hyperliquid are now cheaper to cross than the crypto perps sitting next to them.
Final week of Q2, same rule on both books:
▫️Trade[XYZ] RWA markets: 3.57 bps median spread
▫️Hyperliquid crypto perps: 5.44 bps
In Q1 the RWAs trailed, 6.2 vs 5.0. They crossed it in one quarter, while the market set nearly doubled to 84 contracts.
Most of these contracts are months old, and the book they went through is one of the tightest in the industry.
They win the median, not the tail: 16.1 bps at the 90th percentile against 11.1 for crypto: SP500 quotes at 0.14 bps, DKNG at 36.1 with nothing inside 10 bps, for example.
https://x.com/GLC_Research/status/2095118143404294444?s=20
Final week of Q2, same rule on both books:
▫️Trade[XYZ] RWA markets: 3.57 bps median spread
▫️Hyperliquid crypto perps: 5.44 bps
In Q1 the RWAs trailed, 6.2 vs 5.0. They crossed it in one quarter, while the market set nearly doubled to 84 contracts.
Most of these contracts are months old, and the book they went through is one of the tightest in the industry.
They win the median, not the tail: 16.1 bps at the 90th percentile against 11.1 for crypto: SP500 quotes at 0.14 bps, DKNG at 36.1 with nothing inside 10 bps, for example.
https://x.com/GLC_Research/status/2095118143404294444?s=20
X (formerly Twitter)
GLC (@GLC_Research) on X
Tokenized equities and commodities on Hyperliquid are now cheaper to cross than the crypto perps sitting next to them.
Final week of Q2, same rule on both books:
▫️Trade[XYZ] RWA markets: 3.57 b…
Final week of Q2, same rule on both books:
▫️Trade[XYZ] RWA markets: 3.57 b…
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USDC reserve yield is now live on our Hyperliquid financial dashboard: daily revenue, share of total protocol revenue, eligible supply, rates and payments, all in one place.
Built by HRC and HL Eco, from Singapore.
Link below. Hyperliquid.
https://x.com/HyperliquidR/status/2106712406500274575?s=20
Built by HRC and HL Eco, from Singapore.
Link below. Hyperliquid.
https://x.com/HyperliquidR/status/2106712406500274575?s=20
The US is opening up, Europe next?
The US is moving. American regulators are openly trying to bring Hyperliquid onshore. Mike Selig:
"Our goal is always going to be to onshore those markets and to have the markets subject to our regulation here in the United States and accessible to our U.S. persons here in the U.S."
Things are moving on the private side too. Bloomberg reported that Hyperliquid is in advanced talks with Payward, the parent company of Kraken, about giving US traders regulated access to Hyperliquid through permissioned HIP-3 markets. That access would go through Bitnomial, an exchange the CFTC already regulates. Neither company has confirmed a deal yet, but the direction is clear: a legal path for Hyperliquid in the US is taking shape.
Europe may be the next market. The EU is a large pools of capital in the world, and it was the first major jurisdiction with a dedicated crypto rulebook: MiCA.
But MiCA was built for crypto companies like exchanges, custodians and stablecoin issuers. It doesn't clearly answer a newer question:
"What happens when a regulated financial firm wants to use a public blockchain to deliver a regulated product?"
That's the real problem. A broker, a bank or a trading firm that wants to build on Hyperliquid and offer its perps and liquidity to clients or institutions doesn't have clear answers to basic questions: which rulebook applies, which regulator is in charge, and whether using a public blockchain changes how the product is treated.
The path just isn't clear, yet.
That's why this letter is a big deal. HPC is asking the EU to make that path clear using rules it already has.
Perps would be treated as normal derivatives under MiFID II. A firm using a public blockchain would be judged under the rules for its product and its business, the same as any other firm. And the public onchain record would count toward transparency requirements.
Read HPC full article & response below.
https://x.com/HyperliquidR/status/2106971383590785479?s=20
The US is moving. American regulators are openly trying to bring Hyperliquid onshore. Mike Selig:
"Our goal is always going to be to onshore those markets and to have the markets subject to our regulation here in the United States and accessible to our U.S. persons here in the U.S."
Things are moving on the private side too. Bloomberg reported that Hyperliquid is in advanced talks with Payward, the parent company of Kraken, about giving US traders regulated access to Hyperliquid through permissioned HIP-3 markets. That access would go through Bitnomial, an exchange the CFTC already regulates. Neither company has confirmed a deal yet, but the direction is clear: a legal path for Hyperliquid in the US is taking shape.
Europe may be the next market. The EU is a large pools of capital in the world, and it was the first major jurisdiction with a dedicated crypto rulebook: MiCA.
But MiCA was built for crypto companies like exchanges, custodians and stablecoin issuers. It doesn't clearly answer a newer question:
"What happens when a regulated financial firm wants to use a public blockchain to deliver a regulated product?"
That's the real problem. A broker, a bank or a trading firm that wants to build on Hyperliquid and offer its perps and liquidity to clients or institutions doesn't have clear answers to basic questions: which rulebook applies, which regulator is in charge, and whether using a public blockchain changes how the product is treated.
The path just isn't clear, yet.
That's why this letter is a big deal. HPC is asking the EU to make that path clear using rules it already has.
Perps would be treated as normal derivatives under MiFID II. A firm using a public blockchain would be judged under the rules for its product and its business, the same as any other firm. And the public onchain record would count toward transparency requirements.
Read HPC full article & response below.
https://x.com/HyperliquidR/status/2106971383590785479?s=20
X (formerly Twitter)
Hyperliquid Research Collective (HRC) (@HyperliquidR) on X
The US is opening up, Europe next?
The US is moving. American regulators are openly trying to bring Hyperliquid onshore. Mike Selig:
"Our goal is always going to be to onshore those markets and …
The US is moving. American regulators are openly trying to bring Hyperliquid onshore. Mike Selig:
"Our goal is always going to be to onshore those markets and …
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