hyperliquid:native spent the week roughly 25% below its June 1 high, the kind of drawdown that usually leaves traders choosing between catching a knife and sitting out. As of Wednesday there is a third option: hyperliquid:native options are live on Aevo, full chains, calls and puts, expiries from 0DTE through end of July, in the same unified margin account as your perps. May CPI printed at 4.2% headline, in line with forecasts but the highest reading since 2023, and BTC held the same $60,000 to $63,000 range it entered the week in, with spot ETF outflows now at roughly $4.3bn over 13 sessions. Tuesday's call was long the BTC and ETH straddles into exactly this window. That trade is still live: CPI delivered chop rather than a move, theta is the cost of holding, and the larger catalyst lands June 17. We audit it properly next Friday. Elsewhere, the largest IPO in history priced and traded: SpaceX closed its first session at $161 against a $135 offer, roughly a $1.75tn valuation on day one. So will be rockets or internet money next week?

May PPI printed 1.1% against a consensus near 0.7%, a day after CPI came in at 4.2%. Gasoline drove most of it and core landed a touch under consensus; futures still price next week's FOMC as a near-certain hold. The event risk sits in the dot plot and a new Chair's first press conference. Tuesday we framed the week as a view on movement, not direction. It still is: spot dipped below 62k after CPI and recovered today; one-week implied sits near 50% after touching 60% in the selloff; one-month put skew holds around 24 vol points, more than double its pre-selloff level. A naked perp held through the event carries that gap risk in full, with nothing underneath. (1/2)

Two ways to hold exposure through it: - open the BTC long with our PERPS Limit My Loss; the floor is attached at entry, so the maximum loss is known before the event rather than after it. - own the downside with the 60k/55k put spread into the June 26 expiry; selling the lower strike funds part of the premium, and with skew this steep, the leg you sell is the expensive one. If the view runs through high beta instead, the same spread builds on hyperliquid:native : full chains live as of this week, 0DTE out to end of July, in the same unified margin account as everything else you hold. (2/2)

HYPE options are now live on Aevo. Calls and puts, multiple strikes per expiry, tenors from 0DTE out to end of July, all traded on an order book with market and limit orders. The first options chain we have listed beyond BTC and ETH. 🧵(1/5)

HYPE options plug straight into our unified margin. A HYPE perp and a HYPE put sit in one account and you can mix HYPE legs with BTC and ETH options or any perp on the book. One account, one margin balance. (4/5)

The Nasdaq lost 4% Friday, regained 1.4% Monday, and fell over 3% today on US-Iran strike headlines before recovering most of it by the close. BTC sits near $62k after last week's 10% flush, and the 13-session, $4.4bn ETF outflow streak just ended. CPI lands tomorrow; the FOMC follows June 17. Funding hovers near flat; neither direction pays you to wait. A long perp takes every headline gap with a liquidation price underneath it; a short takes the same risk in reverse. The cleaner expression is a straddle, BTC near $62k or ETH near $1,650, expiring after CPI, or out to FOMC week to cover both prints. The most you can lose is the premium, with no liquidation price attached. A perps-only venue has no trade for this week; every instrument on the book forces the direction call this market keeps punishing. On Aevo, both straddles share one margin account with the perps you run. One collateral pool, both views covered.

Tuesday's read was that crypto and equities had stopped telling the same story and that the clean way to hold the bearish crypto side into the jobs print was a defined risk BTC put spread, not a naked short. That side held: BTC fell from just under 70k at the call to an intraday low near 61k, so the 65k/60k spread sits deep in the money after riding through roughly 1.9bn in liquidations. The cross-asset half is where the week turned. A hot USA jobs print pushed long end yields back above 5% and pulled both markets down together: the Nasdaq fell more than 4%, its worst day since April 2025, with the Dow off nearly 700 points. Next week does not get quieter: May CPI lands Wednesday, a week before the Fed meets; after the week we just had, it is the number to watch.

Bitcoin is down roughly 13% on the week, and the timeline has its culprit: Strategy dumped its BTC. But, as you might have seen, put the size of that sale next to the size of the move and the two do not match. 🧵(1/5)

That last part is what a price screen will not show you. A repricing of belief or risk lands in skew and implied vol before it is a candle on a perps chart. On Aevo, the BTC and ETH options surface is where that read lives and becomes something you can take apart. (4/5)