Hyperliquid (HYPE)

Over the past year I have been searching for my Hyperliquid, but this year I have changed! Teaching people is hard, but teaching a matter only requires once! 1. The 2025 Perp frenzy I missed the Hyperliquid airdrop, so last year I was blindly rushing to find my own hype. I participated in many projects, and the effort was not lacking, but the final result is hard to describe in a few words. Calming down to review, it was actually self‑indulgence in the bubble of copy‑trading. When it came time to submit the answer sheet, whether it was the backpack or edgeX, the results were truly unsatisfying. I will not conclude that Dex is dead, because the "2026 Q1 Cryptocurrency Market Share Research Report" shows Hyperliquid, as a Dex representative, entered the top‑10 for the first time. Yet I will no longer blindly believe that Dex can overthrow Cex; truly groundbreaking Dexes are hard to come by. 2. Data does not lie The data in the Q1 report completely changed my blind spot. OI and trading volume may be painted gloriously, but ultimately capital is the most honest metric. Dex impacts trading‑dimension data, but users’ money still ends up in exchanges. Binance’s trading share is 35%, yet its asset share remains 74% of the entire industry despite prolonged FUD. In other words, after the points end, money still flows back to the place users trust most. Trading volume can be fought over with fee wars or point grabs, but the trust to store money requires time, a lack of systemic incidents, and the ability to backstop when problems arise. Therefore, reflecting on my past blindness, I realize I oversimplified users’ habit and behavior formation. 3. Move beyond airdrop logic, view Dex with a layered approach My viewpoint has changed; it’s not that Dex is bad, just that I won’t be so fixated. Dex has its unique value. Whether it’s KYC‑free or the pursuit of on‑chain native user anonymity, there are advantages. However, the large capital, Old Money, compliance, etc., brought by RWA are still preferentially selected by strong‑depth, well‑compliant head‑tier CEXs like Binance. The AI wave’s impact on crypto is unprecedented; previously sectors could rotate, now they simply lie flat. Major exchanges are pushing to build VIP user offerings—this is the most effective way to select the best among existing assets. High‑quality users gravitate toward platforms with deep liquidity and strong compliance, reinforcing the dominance of top CEXs, while mid‑ and low‑tier CEXs are being eroded by low‑price Dexs—this is the future truth. Dex will still exist in the future, but the Hyperliquid belonging to us will no longer be there!

CoinGlass 2026 Q1 Cryptocurrency Market Share Research Report One key takeaway from the Report: Trading stayed active, but liquidity and capital became even more concentrated at the top. Binance remained the clear leader in volume, OI, depth, and reserves, while Hyperliquid showed that on-chain derivatives are now part of the mainstream conversation. Q1 was not about euphoria. It was about recovery, concentration, and shifting market structure. https://t.co/aFBjRn5EQA

Just caught up with a former colleague, and he told me that Hyperliquid was being used on the desk to figure out where pricing was an dictated how they traded the open. $65b hedge fund…but they don’t own Hyperliquid

CoinGlass 2026 Q1 Cryptocurrency Market Share Research Report One key takeaway from the Report: Trading stayed active, but liquidity and capital became even more concentrated at the top. Binance remained the clear leader in volume, OI, depth, and reserves, while Hyperliquid showed that on-chain derivatives are now part of the mainstream conversation. Q1 was not about euphoria. It was about recovery, concentration, and shifting market structure. https://t.co/aFBjRn5EQA

HIP-4 Documentation about the fees updated today. HIP-3 deployer = HIP-4 deployer. So if you want to deploy prediction, 500K $HYPE need to be stake. The final article and a thread is coming, explaining all you need to know about HIP-4. https://t.co/PVjQ9ty0hf Hyperliquid.

Threadguy reacts to Polymarket making $13M since turning fees on “Polymarket turned on fees last week and is now a top 4 crypto protocol by revenue. $2M to Hyperliquid’s $2.4M” “Maybe the only thing that can save crypto right now is Polymarket, the way things are looking right now”

i am very specific about the exchanges i support, and i have large positions in each: 1. hyperliquid is the best, and i continue to support them and their ecosystem 2. lighter is #2 with retail advantage + specific tech advantages that i think will let it do spot collat best 3. variationals model is click trading + rfq = not fighting other exchanges for clob liquidity i fully believe the perp pie will grow enough that i will make money on all three

Hyperliquid is, first and foremost, liquidity. You can copy the UI, copy the tokenomics, copy the tickers - hell, copy every single move… but you can’t copy liquidity. https://t.co/ks0CUjFtNl