The average Grayscale ETF is BEARISH, with a -10% performance at month 1 post-launch $HYPG, their staked $HYPE ETF, started today. Will the same pattern repeat? I’m not so sure. 1. Most of the assets Grayscale launched as ETFs had a large share of insider allocations in their tokenomics, which made the dump easier through strong outflows. See the attached screenshot for the assets (ChatGPTed of course). 2. Grayscale will be the most reputable asset manager to launch a $HYPE ETF: -> Bitwise and 21Shares, which dominate atm, have a combined $23B in AUM, while Grayscale alone reports $35B . 3. Grayscale’s ETF involves staked $HYPE asap, meaning additional yield. 4. Grayscale announced the lowest management fee on the market, at 0.29%. 5. Unlike other large assets launched as ETFs by Grayscale, this one does not have a “bigger competing issuer” expected to arrive soon and potentially trigger large outflows, leaving room for potential upside speculation. BTC had BlackRock/Fidelity in the same wave, ETH had Fidelity, etc. => $HYPE is one of the biggest performers of the moment, and it was not “predictable” through a product like ETHE before. There is very little potential for large funds waiting to dump on retail inflows. @Grayscale, prepare yourselves for an upgrade to your average month 1 asset performance. Hype is going to explode. You are early if you buy now. Hyperliquid.

Grayscale Hyperliquid Staking ETF (Ticker: $HYPG), the $HYPE ETP with the lowest gross management fee in the U.S.¹, starts trading tomorrow. $HYPE is the asset powering 24/7 onchain markets, with @HyperliquidX driving trillions in perpetual trading volume² Direct $HYPE exposure and staking. In your brokerage account tomorrow. Hyperliquid.

The Hyper $SWAP lifecycle

Kinetiq just became a top 3 LST by TVL and flipped Lido in FDV. (Congrats @0xOmnia 👏) This is the first step toward massive attention for everything being built around Hyperliquid, and that attention will only grow after every new $HYPE ATH. Every extra $1B added to $HYPE’s market cap makes CT even more HL-maximalist, and thinking that maximalism won’t spill over into the ecosystem is a mistake in my opinion. -> The main lending/borrowing dApp, @HyperlendX, has $560M in TVL for a $16.5M FDV: a 34x ratio, while 27% of the tokens are staked. Aave has $13.9B in TVL for a $1.32B FDV: a 10x ratio, with only 13.9% of tokens staked. Sounds like a mispricing to me. Imagine thinking Solana’s massive run last cycle wouldn’t spill over into its ecosystem. What other major Ethereum project that contributed to its success can we look at? Uniswap. I’m still building @HyperSwapX, and I still want it to become one of the biggest keystones of the Hyperliquid ecosystem. People often say that having a DEX inside the ecosystem of a DEX may not make much sense, and I couldn’t disagree more. -> Hyperliquid does not offer the same kind of strong yield source during ranging markets as a well-calibrated AMM pool. -> Spot listing costs are extremely high for any project that wants to launch a token in the ecosystem without a large dedicated budget. -> Some spot pairs will not have as much depth on the order book as they can have in our liquidity pools. Oh, and we’re not just a classic AMM DEX. -> You can tap trade on Hyperswap. -> You can trade on Hyperliquid through Hyperswap. -> You can predict on Hyperliquid through Hyperswap. -> You can pair trade on Hyperswap. And there is so much more to come. We’ve also burned the entire core contributors’ allocation 75% of Hyperswap revenues, resulting in more than 21% of the total supply being burned forever. That’s Hyperliquid-aligned. Why am I even comparing Hyperswap to Uniswap? It’s far better. Hyperliquid. Higherliquid. Hyperecosystem. Reminder, this is the Hyperliquid Ecosystem ⤵️

job's not finished 🐈

Hyperliquid.

We welcome today’s CFTC actions: approval of the first U.S.-listed perpetual derivatives contract, an accompanying Commission policy statement on the listing of perpetual derivatives, related interpretive guidance and no-action relief from the Market Participants Division, and a Staff Advisory on 24/7 Trading, Clearing, and Settlement, as a long-overdue acknowledgment that perpetual derivatives are a legitimate and essential tool for price discovery and risk management. For too long, regulatory ambiguity drove these markets offshore, depriving American traders and institutions of access to regulated venues and undermining U.S. competitiveness in the global derivatives markets. Today’s actions chart a new path forward. We look forward to engaging closely with the Commission to ensure that the framework it develops is workable not only for centralized intermediaries, but for the onchain protocols where the most significant perpetuals activity actually occurs.

21% of the total supply burned The only HyperEVM protocol that is doing buybacks btw

Over $65,000 in incentives will be distributed on HyperSwap this month alone 👀 More than $50,000 is allocated to the USDC/HYPE pair No backroom deals, no points requirements. Users get what they deserve 75% of revenues are used for buybacks, with on-chain proofs HyperSwap

~$8,000 in rewards will be distributed across the following @altdotfun pools on HyperSwap! The rewards consist of 75,000 xSWAP and 1,500 $USDC allocated to each pool

You can now swap between haUSDC and USDC directly on the HyperSwap AMM. 👇 app.hyperswap.exchange/#/swa…

Bitwise bought another 162,367 $HYPE($10.11M) over the past 2 hours. According to its official website, #Bitwise held 723,361 $HYPE($40.37M) as of May 21, 2026. intel.arkm.com/explorer/enti… bhypetf.com/

What a time to be alive. Happy ATHYPE💚

Hello there, HyperEVM users! Which @altdotfun pools should we add incentives to? The two most-voted pools will receive incentives on HyperSwap for the coming month 👀

~$16,000 in LP rewards have been allocated for the 8th month on HyperSwap AMM Enjoy boosted APRs across major HyperSwap pools with xSWAP rewards Swap and provide liquidity at: app.hyperswap.exchange/#/swa… xSWAP can be redeemed instantly for SWAP tokens, subject to a 50% penalty

Should we bid higher too?

HAPPY ATHYPE

The Hyperliquid ETF $THYP is growing volume each day since launch in the tens of millions now, 8x over Day One, which is really good sign of organic interest. It also went up 20% right out of the gate, that def helps the cause. Now can someone pls pass me a glow stick.