A note on the SPCX pre-IPO (IPOP) contract: TradeXYZ IPOP contracts are price-based perpetual contracts that track the market-implied expected price of one share of Class A or common stock. Neither share count nor market cap are an input to the market specification, oracle methodology, or conversion treatment. Our documentation had previously featured educational examples showing how a user might derive their own fair price in a scenario where they started with a view on both market cap and share count. Although these examples were included for context, we received feedback that they caused confusion, so we have removed them from the documentation. TradeXYZ does not use, publish, or rely on a share-count or market-cap denominator for SPCX or any other XYZ market. When SpaceX completes their IPO and sufficient external market data becomes available, SPCX is expected to transition to standard external oracle pricing, and the contract is expected to converge toward the public trading price.

How Two Things Can Be True At Once - Hyperliquid I find myself in a weird place with Hyperliquid. I am incredibly bullish on the hyperliquid:native token. But I am becoming increasingly bearish on Hyperliquid as a trader-facing exchange. For many months now, I’ve talked about how much I wish Hyperliquid would spend real time improving its user interface and overall user experience. Because traders live and work inside these products. The interface matters. The flow matters. Intuitive design matters. The small things that reduce friction matter a lot when real money is on the line. And yet, for over a year, Hyperliquid has failed to ship any meaningful improvements in those areas. As one of the largest revenue-generating protocols in all of crypto, at some point you have to ask: why? The answer seems pretty clear. They chose to be an infrastructure company. They chose to build the rails. The engine. The backend. The liquidity layer. The thing other people can build on top of. And to be fair, they have done that incredibly well. For a while, I wondered if I was just a lone voice in the wilderness. Maybe the things I wanted only mattered to me. Maybe most traders were perfectly happy with the experience as-is. But $82 million generated by builder codes tells me I’m not alone. Over 20,000 unique traders connect to Hyperliquid through another interface every single day. That is not a rounding error. That is the market speaking. That is traders saying, “We like the liquidity. We like the engine. But we want a better cockpit.” Companies like Based, Insilico, and even wallet apps have listened to what active traders actually want. They have focused on smoother trading interfaces, better workflows, simpler execution, and features that make the experience feel less like you're fighting the product and more like using it. That revenue exists only because the demand exists. And that’s the part I don’t think should be ignored. It is entirely possible to focus on infrastructure while also improving the customer experience. I understand Hyperliquid runs an incredibly lean team. I understand the desire to pick a lane and stay focused. A lot of infrastructure companies don’t try to be everything to everyone. They focus on becoming the best infrastructure layer possible. There is nothing fundamentally wrong with that. But that is much closer to a B2B business model. And my personal passion is B2C. It's where I've spent much of my adult life. And I am a consumer of these products, after all. I am a trader. I care about what it actually feels like to use them every day. And from that perspective, Hyperliquid has become a strange contradiction inside my own mind. As infrastructure, I think Hyperliquid will continue to dominate. As the "AWS of perps", it may become one of the most important companies in the entire industry. And because so much revenue flows back toward HYPE, I believe the token has some of the best potential in crypto. I fully expect HYPE to be one of the darling runners of the next cycle. In fact, it already has been - in a bear market no less. But as a trader? I keep feeling disappointed. Because it could be so much better. That is the frustrating part. The trader experience still feels like an afterthought. And the data shows I'm not alone in feeling that. So yes, two things can be true at once. HYPE can be one of the best tokens in crypto. And Hyperliquid can still be leaving a massive amount of trader love, loyalty, and user experience on the table. 🫡 From the depths — The White Whale 🐋

12 ways to earn on Hyperliquid right now - Depositing into open public vaults: copy the exact trades of the platform's most profitable accounts automatically. - Providing liquidity to the HL-Liquidity vault: deposit $USDC into the native market-making engine to collect a share of trading and liquidation fees. - Staking your spot $HYPE: delegate your tokens to network validators to secure the L1 and earn a cut of transaction fees. - Providing liquidity to native Spot AMM pools: pair up your favorite spot tokens in the liquidity pools to earn continuous retail trading fees. - Trading the new HIP-4 prediction markets: use your existing perp collateral to capitalize on mispriced real-world event contracts. - Deploying your own strategy vault: run a public trading vault and pocket a 10% profit share from everyone who pools capital with you. - Yield farming ecosystem spot assets: deposit into early-stage, high-incentive reward pools launched natively by ecosystem projects. - Arbitrage trading between Hyperliquid and CEXs: pocket risk-free gains by exploiting price discrepancies between Hyperliquid and legacy exchanges. - Cross-margin yield plays: keep your capital in one unified pool to farm yield while simultaneously backstopping your perp trades. - Farming the Funding Rates: match spot holdings with short positions to passively harvest hourly funding payouts during heavy market imbalances. - Building ecosystem dApps via Builder Codes: code your own trading bots or interfaces to earn a direct rebate on all transaction fees they generate. - Running a High-Frequency Grid Bot: set up an automated grid bot to passively capture small profits from constant daily price fluctuations. Hyperliquid.

This was really just the start, to explain why assessing traders before copying them, collaborative insights, taking your financial lives into your own hands & for us ☝️ building decentralised trustworthy infrastructure will be so important, to make DeFi and AI the great equalizer, instead of the new divider.

Hyperliquid gets yield on ALL of USDC on HL. At $5b that's about $175 Million per year. Hard to say no to that. But also feels like the end of an era with Hyperliquid Foundation giving out grants for the transition phase and to teams building on HIP-3. Thoughts?

Hyperliquid Labs is hiring 2 backend engineers and 1 frontend engineer. You will join a team of 11 building the rails to house all of finance. Hyperliquid Labs is famously one of the most efficient and productive engineering teams in the world. If you are interested in distributed systems, performance optimization, and high performance financial systems, there is no better place to work. This is reflected in both compensation and personal growth. The role is demanding, and the bar is high. Requirements: Raw intellectual horsepower, e.g., you’ve built something from the ground up with substantial systems engineering, placed highly at IOI, etc. Experience architecting complex software systems Fluency in Rust (for backend) In-person in Singapore, relocation covered Apply using the link below