Jake Chervinsky retweeted
MAYBE I WAS WRONG ABOUT BLOCKCHAIN TECHNOLOGY
I wrote about how I always used to make fun of the guys who said things like "Bitcoin is speculative, but the underlying blockchain technology is interesting." And now I think maybe they kinda had a point.
Jake Chervinsky retweeted
Frontier technology needs frontier markets.
Today @HyperliquidPC responded to the @CFTC’s RFC on compute derivatives.
We make the case that compute meets the conditions for successful futures markets, and perpetuals and dated futures can work side by side.
Jake Chervinsky retweeted
Today, HPC filed a comment letter asking the @CFTC to bring compute perpetual contracts to U.S. markets.
Data centers, their lenders, and the AI developers that rent compute all carry price risk, and the exposure runs around the clock with no fixed end date. Our comment explains why compute meets the test for a successful futures market and why perpetual contracts fit an exposure that never expires.
Read it here:
Jake Chervinsky retweeted
Today, HPC filed a comment letter supporting the @SECGov’s proposed Regulation Crypto Assets and recommending five refinements before the Commission adopts it.
For years, builders could not tell when the securities laws applied to their tokens, and many launched abroad or excluded Americans. The proposal gives them a federal path: offerings of up to $75 million a year, a safe harbor for tokens that no longer depend on their developers, and relief from state-by-state registration.
Read it here:
Great interview.
Few founders can explain both the grand vision and technical details of what they're building as thoughtfully and articulately as @chameleon_jeff.
This is the perfect intro for people new to Hyperliquid to understand what housing all of finance could look like:
NEW ODD LOTS:
It’s the podcast debut for Jeff Yan
@tracyalloway and I have an ultra-rare interview with the CEO and co-founder of Hyperliquid Labs about his plan to house the world’s entire financial system
open.spotify.com/episode/5Aq…
Jake Chervinsky retweeted
Thank you to @TheStalwart and @tracyalloway for having me on! Appreciate the research that went into the thoughtful questions and discussion.
We derived some interesting results live about how mechanisms such as HIP-3* ought to work. This wasn't scripted and reflects close listening and quick learning by the hosts. I was impressed and enjoyed the conversation.
NEW ODD LOTS:
It’s the podcast debut for Jeff Yan
@tracyalloway and I have an ultra-rare interview with the CEO and co-founder of Hyperliquid Labs about his plan to house the world’s entire financial system
open.spotify.com/episode/5Aq…
Jake Chervinsky retweeted
Hyperliquid is unlike any other crypto endeavor I can think of.
It’s not another memecoin casino. It’s a focused endeavor to re-architect finance and it’s the one where people are trading oil perps 24/7. It’s not a household name, but it’s caught up to Sol in USDC issuance
NEW ODD LOTS:
It’s the podcast debut for Jeff Yan
@tracyalloway and I have an ultra-rare interview with the CEO and co-founder of Hyperliquid Labs about his plan to house the world’s entire financial system
open.spotify.com/episode/5Aq…
Jake Chervinsky retweeted
Great job by @chameleon_jeff on one of my favorite podcasts - Odd Lots from @Bloomberg with @tracyalloway and @TheStalwart
I got the feeling that Tracy and Joe could've sat there for another 2 hours with Jeff. @HyperliquidX is so right down their alley!
P.S. I really appreciate the shout-out from Jeff on the pod.
P.P.S. A funny story. On Tuesday afternoon I was walking east on 59th St and bumped into Jeff - he was walking out of the Bloomberg office after finishing this podcast - I had no idea that he was in NYC - really small world.
Hyperliquid
@HypeStrat $PURR
NEW ODD LOTS:
It’s the podcast debut for Jeff Yan
@tracyalloway and I have an ultra-rare interview with the CEO and co-founder of Hyperliquid Labs about his plan to house the world’s entire financial system
open.spotify.com/episode/5Aq…
Jake Chervinsky retweeted
HPC spent last week in Singapore with the people building onchain markets. Our team joined the Hyperliquid community event, TOKEN2049, DAS Asia, and HypurrCo Gathers. The best part of the week was meeting the builders in person.
Every conversation in Singapore reinforced the same point: onchain perpetuals are traded all over the world, and our job is to make the case for bringing that market to America.
Thank you to @HyperliquidX, @token2049, @blockworksDAS, @hypurr_co, and everyone who spent time with us last week. We are back in Washington, and back to work.
Jake Chervinsky retweeted
Thank you to everyone who traveled near and far to make it to Monday's community event. Multiple members of the ecosystem hosted their own events to celebrate Hyperliquid and the community throughout the week. Thank you to every organizer for the hard work and dedication behind each one.
The builder booths were a highlight for many. To everyone building on Hyperliquid: thank you for bringing more of finance onchain and spreading the word.
Since last year, even more builders, users, and institutions have contributed to the ecosystem's growth. Hyperliquid's vision is to be infrastructure to house all finance, and every year, that vision becomes more of a reality.
I haven't seen a launch as fascinating as @papertrade_xyz in years.
Great way to mark 10/10 on HyperEVM and bring back the creative energy and experimentation that animated DeFi in the first place.
Best of luck to all, be sure to read the risk disclosures, enjoy getting liq'd!
papertrade launch timing and details
papertrade is expected to launch at 14:00 UTC on 10.10.2026, following the scheduled hyperevm network upgrade.
at this time trading through the frontend will be enabled.
deposits will pause for a short period of time at 13:45 UTC, fifteen minutes before, to ensure that trading has the utmost priority during launch. if you wish to participate in the launch you must predeposit.
launch congestion
papertrade will be congested at the start due to launch demand. expect temporarily long confirmation wait times, especially for smaller notional trades.
the frontend relayer plays an important role during launch, controlling how transactions are submitted to the hyperevm. some actions like staking distributions run separately in big blocks. the chain will always look as if only half of all possible gas is being used, this is optimal. using more than this would exponentially raise fees within minutes to unpayable prices.
oi limits
papertrade has individual atomic position limits of 10m. there is no limit on the number of 10m positions a user can have. papertrade also has floating oi headroom per market/side, which determines how much oi can be opened in a very short period. these are not designed to be triggered through normal trading usage and are set at 1bn per market/side for launch.
asym pnl fee parameters
papertrade inherits rollbit’s asymmetric fee pnl curve
the parameters are:
-baseRate: .1
-rateMultiplier: 15000
-rateExponent: 1
-referenceNotional: 100000*k (k=1m)
-positionMultiplier: 814.598 btc / 483.979 eth
-profit deadman: 0.2 basis points
a visualization of the pnl parameter curve is below
admin keys
the papertrade admins (2 of 3 multisigs consisting of @izebel_eth @blurr @UngusTrade ) perform three separate roles:
-guardian: pause opens and freeze individual/global markets. if a market is frozen any existing positions can still be closed against the paused bbo mid.
-owner: set impact curve and fee parameters. change configure relayers/keepers. list new markets and upgrade the contracts. all contract upgrades are gated by a 7 day timelock.
-markets: adjust the oi headroom per market/side. set the minimum margin and minimum position sizes.
read more about these features at: docs.papertrade.xyz
Jake Chervinsky retweeted
Had an absolute blast in Singapore! Loved meeting so many people from the Hyperliquid community in person.
Thanks to everyone who stopped by to say hi. Much love from all of us at @HyperliquidPC 💚
Hyperliquid.
The best part of Singapore has been spending time with the Hyperliquid community and meeting all the .hls I've known only by handle and pfp.
The @HyperliquidX event Monday was immaculate. @HLMedia_io crushed tonight. Can't wait for @hypurr_co tomorrow. This is Hyperliquid week.
Jake Chervinsky retweeted
Thanks to everyone for coming out to yesterday's event! Huge shoutout to @Valinorae for fulfilling a grand architectural vision down to the smallest details, @jaygee_hl for the top tier execution and coordination, and @iliensinc for the tireless work behind the scenes. Also thank you @RitzCarlton #Singapore for going above and beyond and for your warm hospitality. The community and ecosystem are deeply grateful to you all for putting on the best event that I and many others have ever experienced.
It's incredible to see how far Hyperliquid has come and the momentum with which the ecosystem is growing. Looking forward to another year of building alongside the ever-growing community.
Although the Clarity Act did not pass, there was broad agreement that crypto market structure should be regulated at the federal level.
@ChairmanSelig delivered with Reg CTX and Reg CAM, a proposed opt-in framework for certain exchanges.
A big step here:
cftc.gov/PressRoom/PressRele…
