Ryan LeFevre

Hyperliquid just had one of the wildest stretch of validation ever. ICE partnered with trade[XYZ] to bring perpetual derivatives to the US. The CFTC and SEC are aligning on equity perpetual derivatives as futures, not swaps. And we have @standuquesne backing XYZ. Yet, $HYPE has given back the entire move. Look at where the revenue actually comes from. Hyperliquid made $80.1M over the last 30 days, about $974M annualized, and two lines carry it: - native crypto perpetual derivatives - the USDC reserve yield Every headline above is about HIP-3 and HIP-3*. Yet HIP-3 is Hyperliquid's fourth revenue line: 4.4% of revenue over 30 days, less than priority fees.. Druckenmiller is not underwriting today's 4.4%. He is underwriting Jeff, Shoku and HIP-3 taking perpetual derivatives global through ICE and its partners. Some of that growth is priced in but what the market underestimates is how much perpetual derivatives can grow. Most investors outside crypto have never had access to perpetual derivatives. That is starting to change, with regulators setting the rules and the largest players in finance building the distribution. Headlines and macro can weigh on $HYPE in the short term. But today’s revenue reflects almost none of what's coming. This is the tip of the iceberg. Hyperliquid. ICE[XYZ].