Because the AF only bids for HYPE via limit orders (and doesn't chase the price up right away), over $9M has been accumulated in the AF, waiting to buy HYPE. This indirectly confirms today as the first day Hyperliquid's revenue exceeds the $10M mark! Hyperliquid

The numbers are in! Today's buybacks exceeded $20M, almost 3x the previous high of $7.7M from all the way back on August 18th. To put in perspective just how large of an outlier this is, here's a visual of what all the daily buybacks have looked like since July. Hyperliquid

If the ADL convo was too technical for you, this is the situation ADLing avoided yesterday: the longs losing so much that they "owe" their counterparty money. This is not meant to be a knock on Backpack, but just a living example of why ADL exists. Hyperliquid

Hyperliquid Assistance Fund update (10/5 - 10/12): - HYPE holdings: 33m tokens (+1M in 8 days) - Highest buyback day: 10/10 ($20.1M - new ATH) - Lowest buyback day: 10/4 ($2.67M - new ATH) - Average buyback per day: $5.35M - new ATH - Cost basis during this buyback period: ~$42.8

"For example on Binance, even if there are thousands of liquidation orders in the same second, only one is reported." Jeff taking time out of his day to explain why CEX liq numbers are inherently inaccurate. Hyperliquid

Remember when HLP got stuck with a $4M JELLYJELLY short? That only happened because of a flaw in the ADL implementation. That ended up being a blessing in disguise. The ADL logic was fixed, stress tested by Friday's liquidation event, and passed with flying colors. Hyperliquid

HIP-3 has hit mainnet! It will take time for the effects of HIP-3 to be felt, but here’s a recap: + HIP-3 perps can only be traded on third party FEs, NOT the HL FE + 500K HYPE locked per deployer + New token sink: perps ticker auctions + Isolated margin only Hyperliquid

I have had the privilege to play around with Trade’s frontend and put on XYZ100 perps positions. I know that not many are in this position, so ask me anything you’d like to know and I’ll try to answer people’s questions. Hyperliquid

Meanwhile the token listing process at HL is: - Fair price: perpetual auction for new tickers where price decays if no demand - Harmonized incentives: deployers receive up to 50% of all trading fees - Transparent: all ticker costs are verifiable & onchain Hyperliquid

If you bought or sold some Hypurrs on Opensea, you may have some HYPE to claim from their rewards system. I don't know how it works, I just know they have given me 48 HYPE. opensea.io/rewards/reward… Hyperliquid

I view how HyperEVM projects launch their token as a litmus test of their competency on HL and the way the blockchain is architected. Or more plainly, if there isn’t a good reason why the initial float trades on HyperEVM instead of HyperCore, that’s a red flag. Hyperliquid

In case you missed it, Brian Armstrong and Coinbase 🛡️ confirmed paying $25M to bring back 8 eps of Up Only. If you are part of the crowd that sees guests joining the podcast as a top signal, you may want to sell your HYPE because Cobie may be booking Jeff! Hyperliquid

If David Schamis and Bobby diamond hands can raise the $1B in addition to the $300M they already have allocated to buy HYPE, that would mean they have enough ammo to buy 15% of the current circulating supply at today’s prices. Hyperliquid

Not only is it surprising to see a traditional finance exchange like Robinhood list HYPE in 2025, but to see them list it BEFORE Coinbase, Kraken, Binance, etc. would not have been a bet I would have taken. Hyperliquid

The hl.xyz FE will be updated to show HIP-3 perps. There will be 3 “levels” to HIP-3 perps: 1) New perps - Not visible on HL FE 2) “All” list - Perps with contract & docs info 3) “Strict” list - Perps that meet volume & liquidity standards Hyperliquid

With the inclusion of HIP-3 perps on the HL FE, I think this is the game plan for 2025/2026: 1) Lay down groundwork for permissionless perps (HIP-3). ✅ 2) Let builders scale oracle infra ⏳ 3) Incentivize usage to start user flywheel of adoption 🔜 Hyperliquid

HL decides to list HIP-3 deployed perps the same day a new CFTC chair is appointed. Coincidence? Unlikely. Michael Selig worked for then-CFTC commissioner Christopher Giancarlo, the same Mr. Giancarlo that helped HL draft the letter to the CFTC to legalize US perps. Hyperliquid