It's now been 9 years that I've been a founder in the crypto space. Roughly 10 months ago I think everything changed. @HyperliquidX broke the collective hallucination this industry was living in. This breakdown is showing itself in slow motion in one extremely simple way: the current altcoin market conditions. What does an industry do when nearly every single top altcoin makes absolutely marginal revenue in relation to their multi-billion dollar valuations, and then 1 single project comes along and shows it all was a facade? I think the first thing it did was denial. People had significant capital invested in projects that generated no value. We were all living in this distorted reality where somehow something can be worth billions, yet it is hard to precisely describe the value it brings to the world. Therefore there was significant financial incentive from millions of altcoin holders worldwide to propagandize their existing bags, and they did exactly that. However, you can delay the market becoming rational but you cannot forever avoid the arrival of market participants capitalizing off mispriced assets. We are seeing this play out in slow motion right now. We have had almost a full decade of convincing ourselves that these networks are somehow different, and don't need to actually generate quantifiable financial returns downstream of their operations. At this point I can say the following with complete confidence: it is inevitable that crypto projects with poor economics that generate little revenue will die. It does not matter how strong their community is. All of this happened while I found myself as a founder of a network that specifically had failed to generate sizable revenue. That project was called Omni Network. I've always worked on interoperability, chain abstraction, whatever you want to call it. It's just been clear to me since 2017, since the founding of my first company and my final year at Harvard that it's too difficult for people to actually work across the onchain financial system. Omni was an attempt to fix this. Transparently, it mostly failed. We had a lot of projects build on us during testnet (later we realized this was not because of the product, but because people thought we were good at marketing and wanted to get amplified) and as we had launched mainnet it was grueling trying to convert projects to mainnet deployments. So in May of 2025 I found myself as the cofounder of a project that simply can be described in many ways as the opposite of @HyperliquidX. Little usage, little revenue and no PMF. Seeing the amount of revenue that Hyperliquid was able to generate as a blockchain made it very clear the standard had been elevated and the project needed to achieve PMF or it would die. Downstream, I stopped behaving like a more traditional crypto founder that writes posts optimized for crypto twitter and tries to generate hype around his project to incentivize other builders to launch on his platform. Instead, I worked in a more traditional non-crypto founder way and defined a hyper specific customer segment and talked to hundreds of people that fit that mold. Specifically people who have a net worth of $400k - $2m and make multiple onchain transactions per day. This started in May of 2025, and it took about 4 months for us to clearly understand the problems that segment was experiencing and deliver the first version of our product that had a clear path to substantial revenue. This is when we officially pivoted to Nomina publicly. It's been 6 months now and I think the traction we have built has definitively proven the hypothesis: that this customer segment is willing to pay substantial amounts of money not only for superior onchain execution, but simply for it not being a huge pain. Onchain markets are still incredibly immature, and if you're coming from traditional finance trading these markets feels absolutely primitive. Many people currently think of Nomina as a trading terminal, but the goal really was to prove out the hypothesis that people would be willing to pay for simplified execution of trades across multiple platforms. Moving forward, less of our work is going to be on the terminal as that was primarily a way to validate this hypothesis. What people primarily care about is the core engine that abstracts away all the nuances of each venue. They just want to talk to one system and place their transactions. We're going to be expanding our work and launching products on top of the core engine we have built, and as time progresses the unified API will be available for early build partners to launch their own businesses. Altcoin markets will continue to get pulverized. Almost every single project in this industry has absolutely hollow economics. However, if you look carefully there are a few projects out there right now that are actually making incredible progress despite the market conditions and will be the key winners over the next bull cycle.

i recently got early access to @Nomina it's a platform designed for funding arbitrage supporting @HyperliquidX, @tradexyz, @Lighter_xyz and @extendedapp as you can see it displays the best arbitrage opportunities in real time and from what i know features like auto switching pairs and other custom rules are coming

Free Alpha: Polymarket market farming opportunity With a $10,000,000,000 valuation and the founder confirming $POLY this is likely to be one of the largest airdrops ever Here is how to do it and an analysis on the scale you can run it at: The Strategy: Identify markets that expire in <24h with a winning outcome already at 96-98%, then plow size into that outcome until it hits 99%. The Benefits: - You can move size in this, because you're taking the fat side of the book you're getting ~100x greater size you can deploy compared to betting against the crowd. People don't know if volume is going to be an important variable in the airdrop or not, but if it is this could be very useful. - This capital "inefficiency" would suck except all the markets resolve within 24 hours, so you're constantly rolling over your deployable capital. The Risks: - Obviously this is going to work a majority of the time but there is a clear tail risk that you bet wrong on one of these outcomes that really hurts. To lower risk consider starting with just 98% opportunities instead of 96-98%. Analysis Of The Scale You Can Run It At: - There are currently 1,101 markets that expire in the next 24h - You need $103,377 to push them all from 96-98% to 99% Even If You Don't Run This At Serious Scale: - This likely can be a lower risk way to participate consistently, which is also likely to be rewarded by a future $POLY drop. It might be worth it to just to throw $1k into opportunities like this per day. - If you end up doing this I recommend filtering on opportunities that are 98% to start then considering expanding to 96-98% over time if you feel you can properly assess between a 96% that should be 99%, or a 96% that truly should be 96%. If you end up trying this out DM me, I'd be curious to hear your thoughts. Also if you have other strategies like this feel free to hit me in replies / DMs, I would be very curious to hear about other strats people have in mind.

Now live on Nomina: TradeXYZ Equity arbitrage opportunities are now available between @Lighter_xyz and @tradexyz. HIP-3 markets are just beginning, but TradeXYZ has already driven over $8,600,000,000 in volume. Let us know which HIP-3 market you want us to integrate next ↓

Perp DEX meta just entered a new stage: smart margin This is the new, best strategy for @extendedapp using the XVS upgrade - 60% APRs (plus 14% boost) - Delta neutral - Zero fees @Nomina is still in private beta, but I'll share access codes with 5 people in the replies ⬇️

With @HyperliquidX's portfolio margin update people are missing the most important point Yes, it improves capital efficiency. This mechanism is how hedge funds were extended $2,500,000,000,000 in margin last year. But for some reason nobody is talking about the far more important part: how HIP-3 and portfolio margin synergize. What does the portfolio margin upgrade have to do with HIP-3? The best way to understand this is to first understand the role of a key player in traditional finance: Prime Brokerages Big funds trade on a lot of exchanges. Often they'll be long on one exchange and short on another. This becomes problematic because each exchange doesn't know that you're actually hedged elsewhere, so they can't extend as much margin. To fix this, funds instead park their capital with a prime broker. This prime broker can see that you're hedged across exchanges and downstream they are comfortable crediting you more margin on each. This role is so valuable that since DeFi's earliest days, people have asked: what if a smart contract could do this instead? This has been the holy grail of DeFi as it would become the core primitive upon which the rest of DeFi would be built. Many teams have tried to create this but they all have failed so far. They actually haven't failed because of technical reasons. You very easily could build a smart contract that says "Hey, here is my new global margin account, now everybody come rely on our contract for your DeFi protocol." But nobody wants to create a third party dependency for their business unless it comes with huge benefits, so it's really more of a business / product strategy challenge. Hyperliquid has executed on a completely novel strategy, and it might actually work First they built initial liquidity by launching a product that people loved, now they are expanding horizontally to seize this new opportunity. With this portfolio margin upgrade, they have effectively created an algorithmic prime broker across all HIP-3 markets. This is the key thing I have not seen anybody talk about yet: this portfolio margin upgrade creates a flywheel for HIP-3 markets. Every new HIP-3 market launched makes it more attractive for others to launch a new HIP-3 market. This is because users can run hedged strategies across all of them from a singular unified margin account that extends margin based on aggregate risk across them all, not just the number or size of positions. People need to begin shifting their mental model of Hyperliquid from an exchange, to exchange infrastructure. If you're looking for a cringe normie parallel it's like Amazon's expansion from them directly selling books, to them allowing third party sellers to sell books, to third parties selling far more than books. But instead of books its derivatives. And then spot. And then prediction markets. etc. Accordingly, this week you will see us integrate our first HIP-3 market on @Nomina. Profiting from delta neutral strategies on these markets has been consistently requested by our private beta users and from our analysis there are many highly profitable opportunities that are not being well capitalized on right now. We will continue gating access so that our users can harvest the lion's share. Why are we making this bet now? I historically have disagreed with the meme "The house of all of finance" when people talk about why they are excited about Hyperliquid. It just didn't make sense to me. However, with the launch of portfolio margin combined with HIP-3 I have changed my perspective on this. I think it is entirely possible that the internet financial system begins to be re-architected around these DEXs at a fundamental level. Downstream, I believe that early and consistent usage of these platforms are possibly some of the highest EV opportunities we may experience in our lifetimes. Higherliquid

Hyperliquid just announced Portfolio Margining But I don't think most people understand how important this is When it was introduced in TradFi it added $7,200,000,000,000 to the derivatives market in just a few years The Historical Context: This used to be illegal. In 1934 the government mandated margin minimums (downstream of people getting insanely levered during the 1929 crash). Like with many regulations, this was well intentioned but it was oversimplified and ultimately choked liquidity causing even more volatility in the future. Why? Because you can't run delta neutral strategies in a capital efficient manner. It doesn't matter if you're hedged, you need a huge lump of margin for each leg. Eventually the CME introduced Portfolio Margining in 1988 which substantially lowered margin requirements based on an actual analysis of the total risk of one's combined positions (so hedged positions net one another out risk wise). The messed up part? This was gate kept only to broker-dealers and market makers with exchange seats for nearly 30 years until finally in 2006 retail customers got access. So what does all this mean for Hyperliquid? The impact on liquidity growth: They key thing here to understand is simple: you get far more Open Interest and Volume per $ of margin in the system. Basically with this live, we get a substantial liquidity multiplier for every new $ of margin entering Hyperliquid. But even more importantly: Portfolio margining is an essential tool used by any large scale liquidity provider in traditional finance. Without this, it simply would be uneconomical for larger scale TradFi players to provide liquidity on Hyperliquid because the returns per $ of margin would be so much lower than alternative traditional exchanges that allowed portfolio margining. Basically all I've done for the past 6 months at @Nomina is hop on calls with people who are interested in using perp DEXs for user research and when I've talked with larger TradFi funds one of the most obvious roadblocks was inefficient margining systems. There is more work to be done, but with this rollout one of the biggest issues I repeatedly heard cited will no longer be a blocker. Higherliquid

The DTCC custodies $99,000,000,000,000 in assets. Today they received a no-action letter from the SEC regarding the tokenization of their equities and ETFs. I don't know why but I don't see people talking about the clear overlap with perp DEXs? The key thing people are missing is that the DTCC is not an exchange itself. It's a depository. What does that mean? It's the institution that actually custodies the $99 trillion (actual amount, check their press release from today if you don't believe me) in assets that trade on a daily basis on exchanges like NYSE and NASDAQ. Ok so why does that matter? Because through the absurd, regulation-strangled evolution of the U.S. financial system over the past 100 years we ended up with one company that custodies the entire U.S. financial system (and more). The key thing that for some reason I haven't seen anybody cover: Because the DTCC is not an exchange, as it proceeds with tokenizing it's $99 trillion in assets, it will need exchanges to actually facilitate trading onchain in a similar way to the role that NYSE and NASDAQ provide it offchain today. * ahem ahem * @HyperliquidX @Lighter_xyz @extendedapp i don't really care which one you think is awesome and which you think is trash, that's not the point of this post. The point is that a majority of this space is drastically underestimating the market opportunity for becoming the most performant DEX and thinks this "perp dex meta" is just the latest farming rotation. The race happening right now is basically to become the most battle tested, and legitimate machine for processing trades using permissionless ledgers in preparation for the traditional financial system adopting that technology (Like the DTCC clearly signaled today). This is going to be a heated, multi-year battle because of how big the opportunity is. As the DTCC becomes the tokenization engine for the U.S. financial system they are going to find complementary businesses to fulfill onchain trade execution in the same way that they have NYSE and NASDAQ fulfill offchain trade execution. This is the addressable opportunity for the perp DEXs of today. It's simply to become the best DEX, and inhale all of the liquidity that will be tokenized. Some people think we are building @Nomina because its probably the best way to get points on these exchanges right now, but that's so shortsighted. We're building it because when Trump got elected we took a huge bet that he would actually follow through with moving the financial system onchain, and serious traders would need a unified portal to access this new system without getting buried in the weeds of bridging, different wallets, gas tokens or any of the other absurd stuff we force into the UX of crypto today. Everything we have seen so far is peanuts. We trade dump vaporware coins at 50x leverage. The absurd reality is that through our degeneracy we are bootstrapping machines that are going to become the foundation of the global, internet native financial system. And somehow in the process they are sharing ownership with us in exchange for this activity? Don't question a good thing, just lock in and capitalize.

People do not understand how big of an impact @extendedapp's new margin system upgrade will have And it's the same reason people keep incorrectly calculating FDV projections by just calculating "X% of Hyperliquid" You can understand the actual scale of the opportunity by understanding why traders loved FTX: their margin system. FTX came out of nowhere, within 6 months of it launching Binance saw it as a serious enough threat to take a 20% stake. This is primarily because they innovated on their margin system. FTX built a more flexible margin system than the rest of the industry. It allowed for a unified margin pool that was far more flexible and incorporated far more assets than other exchanges. Why did this seemingly in the weeds feature drive so much adoption? Because a small minority of traders / teams out there drive a majority of trading activity, and these people all care very very deeply about how capital efficient their margin system is. Honestly a ton of respect for the @extendedapp team seeing this opportunity and acting on it. Basically the entire thesis behind the work we're doing at @Nomina is that perp DEX teams are not actually competing with Hyperliquid, but with Coinbase and Binance, and it's innovations like this new margin system that are just going to accelerate that market shift even faster. That's why I think it's dumb to calculate FDV as just some discount to @HyperliquidX. The major perp DEXs scaling up right now are all differentiating in meaningful ways and the people who just see this opportunity as the latest farming rotation are missing the forest for the trees.

Today's XVS launch by @extendedapp is a big upgrade for the perp DEX landscape, and even more so for Nomina users. How? You'll be able to compound yield from both your collateral and your funding rate arbitrage. Look out for @AustinKing's tutorial on how this can be done.

TONIGHT: 🇺🇸 @AustinKing Joins Good Evening Crypto For LIVE Interview! Join us as we discuss all things $XRP, Defi, Crypto Adoption and much more! 🙌 CLICK BELOW TO WATCH NOW!! 👇👇 youtube.com/live/4zmE41eam9I…

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Pretty crazy stat: this weekend @Lighter_xyz launched spot ETH/USDC and in the past 24 hours it has processed more volume than @coinbase's ETH/USDC market. 24h Volume on ETH/USDC Lighter: $350,467,028 Coinbase: $330,002,912 Hyperliquid: $9,386,855 However, the key thing to understand is only possible if you read between the lines: 1) Goes without saying, Lighter is pre-TGE and the anticipated airdrop is increasing activity 2) The spot launch is Lighter's latest "hot thing" whereas Hyperliquid's latest "hot thing" is HIP-3 markets 3) Look at the attached charts. What do you notice that's different about Lighter's volume compared to HL and Coinbase? In my opinion, these are the most important things to take away: 1) The future of trading is onchain. Did you know Coinbase charges 60 BPS even for advanced mode and most "simple" mode trades end up paying 2%? Insane. What happens when people can onboard directly onchain through apps lke @brightside_gg and @lumosdotwtf and experience 0 fees on the DEX? Huge market shifts are around the corner, and this will serve as tailwinds to the winners of this new era of onchain CLOBs like @Lighter_xyz and @HyperliquidX. 2) There is FUD around Hyperliquid right now downstream of no official S3 airdrop comms. In my experience, it is almost always EV to counter-trade the current sentiment on crypto twitter. If you can participate in the maturation of HIP-3 markets while others are complaining it will likely pay off handsomely in the longer term. A ton of respect to Lighter HL teams. I've been building in this industry for 8 years and finally getting trustless, permissionless performant DEXs is the biggest change I have ever seen, and I think right now we're only seeing the beginning of the impact this will have on the industry.

Product update: everybody is making more money now For perp DEXs, delta neutral funding rate arbitrage is one of the best strategies for trading during market chop. It takes skill though. However, one thing we've realized that has been huge for improving PnL is the fact that we can change default UX paths to nudge users to trading styles that improve their profitability. For example, the chart below shows order types for opening (blue) and closing (yellow) arbitrage positions over the past 24 hours. At the red arrow we shifted the default for closing positions to (limit x market) from (market x market) and in less than a day shifted usage 100% to a more efficient order type, improving all those users' PnLs. For people running funding rate arbitrage with tens of millions at prop shops I'm sure this comes across as frustratingly obvious. However the reality is this industry is filled with smart, hungry, well capitalized degenerates who trust themselves to experiment and rapidly get better at new strategies. And we're putting in work to empower them by: 1) sharing vids on how to run this strat better (excuse my cringe tutorial videos) 2) improve app design so they trade better by default We're still in early beta for Nomina which is why we've been restrictive about sharing codes, so thank you to everybody who has shared feedback at this early stage as it's been extremely helpful.

Current perp DEX FDV prediction markets for @Lighter_xyz @extendedapp & @paradex Notice anything strange?

how to minimize losses wen farming points for perp dexes? enter @Nomina: it taps into funding rate arb and executes delta neutral trades near simultaneously currently on gated access, it supports lighter, HL & @extendedapp. i hope they'll integrate @pacifica_fi soon enough

Nomina AMA ft. Extended x.com/i/broadcasts/1yoKMPMkz…

How to farm @extendedapp with zero fees in 99 seconds There are 3 primary costs when trading on Perp DEXs: 1) Fees 2) Slippage 3) Directional exposure This strategy removes fees completely and greatly reduces (2) and (3)

The farming just got much easier. Nomina - open delta neutra position, arbitrage, find best funding rates. Couldn't arrive at the better time. DM for access

Funding Rate Arbitrage PnL improvements in 1 minute How to: use historical data with @Nomina Benefits: - Maintain those 100% APRs longer - Lower total trading costs - Minimize position volatility Still in private beta, but I'll share 5 codes to people in the replies ⬇️