Lots of midwit takes on the TL today about IPOPs. Hyperliquid did NOT price another IPO correctly. The theo auc before Nasdaq open forces convergence which is why it opened at the same px Look at the vwap 1D, 1W, 1M before vs Nasdaq 1st D,W,M for SPCX, QNT, CBRS. All wrong

Certain perps on Hyperliquid are paying dividends. $500M volume on SpaceX IPOPs in 24h. Bitwise Hyperliquid ETF did $40M day one.

While we wait for $SPCX to officially list on Nasdaq, Hyperliquid's Pre IPO Perps (IPOPs) have traded over half a billion dollars in volume in the last 24 hours. Price discovery occurs on Hyperliquid.