Hyperliquid (HYPE)

P/E ratios are a fine starting point for crypto valuations, but they miss balance sheets and capital structure. So I adapted EV/EBITDA from tradfi for tokens. The core metric here is EV/Holder Revenue, or what you're actually paying per dollar that reaches you as a tokenholder. I walk through five protocols $HYPE, $PUMP, $MAPLE, $JUP, $SKY as illustrations. The spreadsheet link is attached so feel free to swap in your own numbers or play around with it. This is a prototype, not a finished product. If you find a better way to handle it, please publish it.

HyperMeat x @davidyjeong of @tread_fi🥩 We cover Tread’s core userbase, institutional flow, partnerships w/HIP-3 deployers (Ventulars, Kinetiq, Harmonix, Dreamcash), and David’s thoughts on the “Consortium” + points voting. We also get into what’s next for Tread: a terminal UX overhaul, AI-driven analytics, and an OpenClaw integration. 00:0 - Intro – Interview with David, TreadFI CEO 00:33 - @silhouette_ex and other sponsors 00:58 - What Changed at Tread Since the Last Interview 02:15 - Delta Neutral Crypto Trading Explained 02:44 - Growth of Tread Trading Bots 03:20 - Market Maker Bots on Hyperliquid 04:35 - Bots vs Manual Trading Terminals 04:59 - Grid Bot vs Volatility Bots Strategy 06:06 - Predicting Volatility Instead of Market Direction 06:47 - Institutional Crypto Trading Flow Explained 07:08 - Why Institutions Trade in Bear Markets 08:50 - Hedge Funds Entering Crypto Markets 09:10 - Risk-On vs Risk-Off Crypto Capital Flows 10:15 - HIP-3 Markets & Liquidity Bootstrapping 11:09 - Tread Partnerships Wi

Tier List of Hyperliquid Ecosystem Apps 🧵 S Tier: @kinetiq_xyz – Leading liquid staking protocol for HYPE @tradexyz – The largest HIP3 perp DEX by volume @hyenatrade – HIP3 perp DEX @felixprotocol – Borrow/lend & HIP3 protocol @hyperlendx – Leading lending/borrowing money market built A Tier: @HybraFinance – Liquidity coordination and incentive layer @silhouette_ex – Privacy-focused trading interface @liquidtrading – Multi-venue trading terminal and aggregator B Tier: @ventuals – Synthetic markets to long/short pre-IPO companies @hyperbeat – All-in-one DeFi superapp around HYPE @HypurrFi – Trading and DeFi hub @Looped_HYPE – Auto-looping for maximizing HYPE yield @liminalmoney – Delta-neutral funding yield protocol C Tier: @Hyperwavefi – Liquid HLP wrapper capturing vault yield @ValantisLabs – Modular AMM and liquid staking infrastructure @Dreamcash – Mobile-first Hyperliquid trading app @harmonixfi – Automated structured yield vaults D Tier: @Dexari – Native trading interface for mobile @sentimentx

P/E ratios are a fine starting point for crypto valuations, but they miss balance sheets and capital structure. So I adapted EV/EBITDA from tradfi for tokens. The core metric here is EV/Holder Revenue, or what you're actually paying per dollar that reaches you as a tokenholder. I walk through five protocols $HYPE, $PUMP, $MAPLE, $JUP, $SKY as illustrations. The spreadsheet link is attached so feel free to swap in your own numbers or play around with it. This is a prototype, not a finished product. If you find a better way to handle it, please publish it.

🚨ALPHA Alert 🚨 If you want to trade perps on @HyperliquidX, @Lighter_xyz, @OstiumLabs, or @DecibelTrade, you should check this out: 🔗 https://t.co/v89Z9ed4sL I’ve been using @pulsetrader_ recently and it’s honestly one of the cleanest platforms for executing trades. Why I like using it and how I’m positioning for @DecibelTrade 👇 → Quant signals that give proper entry, stop loss, and take profit → Helps maintain clear risk-reward instead of random entries → Atomic execution — entry + SL + TP in one on-chain transaction → Non-custodial — funds always stay in your wallet → Lets me stack points on HyperLiquid, Lighter, Ostium, and Decibel; You can also hedge on @Polymarket They recently added @DecibelTrade on Aptos, which is interesting because Aptos is pushing Decibel hard as a key perp venue for the ecosystem. 🔗 https://t.co/zfXU1kRgoF Personally I think HyperLiquid, Lighter, Ostium, and Decibel have a strong chance of becoming some of the top perp platforms in the next cycle, so trading across them

[1/8] - We launched in Feb 2025 with community capital, no VCs, and real conviction. We built something real. But the on-chain perps market has consolidated hard around heavily capitalised competitors, and our FLP pool can't absorb that pressure sustainably. We're making a clean exit. Now. Properly.

Coinbase believes Hyperliquid's true market share is higher than the surface level data And that that market dominance is here to stay https://t.co/iEO1wsRXDo

The regulatory landscape for DeFi and perps in the U.S. is moving fast. We broke it down on @HyperliquidR: @HyperliquidPC, the CFTC's latest announcements, and key takeaways from @jchervinsky's interview with @ThinkingUSD. All you need to stay up to date. Hyperliquid. https://t.co/nMMGR9qTSL

Paradex is scam, Cascade is scam, nado is scam and 95% of perp going to scam you. They can’t beat Hyperliquid and Lighter in terms of anything, whether you talk about tech or you talk about metrics. Only few perp dex is going to cook like Pacifica, Hibachi, Variational, Extended cuz they have a solid community with good traders who signed up there not to farm but actually to trade. And I’m talking about Hibachi cuz they are building FX with perp dex and they are backed by Circle and top ventures. And also they have zk type of privacy tech so yeah kinda highly bullish on this. That’s it Hibachiooo ❤️🔥

Curious if anyone followed me on the $HYPE trade I shared yesterday? It proved to be a correct call. https://t.co/VImJwtYiYi https://t.co/9xb1LIEmJG