10 minutes ago, Garrett Bullish (@GarrettBullish) began moving a significant amount of USDC out of Hyperliquid and into Binance. So far: $120M USDC withdrawn from Hyperliquid $100M USDC deposited into Binance Address: markets.xyz/trader/garretbul…

JUST IN: $HYPE listed on Binance spot・.

JUST IN: Cme group to expand crypto derivatives suite with Bitcoin, Bitcoin cash and Uniswap futures.

JUST IN: Strategy purchases $80.5M of $BTC, and $174M of strc stock over past week.

Is the $445M PnL you see on the Hyperliquid leaderboard real, or is it just larp? TL;DR: both. We went through the top 10 all-time PnL addresses to find out who they are and, more importantly, whether that PnL actually represents money they made. Here’s the breakdown: 1/ 0x393d0b87ed38fc779fd9611144ae649ba6082109 Kinetiq Staking Manager Leaderboard PnL: $544M Yes, that’s us. This contract receives HYPE and issues kHYPE in return. We’ve been running it for over a year, it now holds more than $1.2B in TVL, and HYPE has appreciated significantly over that period. So the leaderboard sees a massive PNL, but this is obviously not trading profit. Larp 👎🏻 2/ 0x4ec8fe22a531a96c8a846aaf5cbef73202649a80 River deployer Leaderboard PnL: $445M When a spot token is deployed, one address often holds most of the supply for bridging purposes. In this case, the deployer retained ~90% of the supply and hardcoded a very high market cap. The token never even started trading on HyperCore. That alone creates hundreds of millions in apparent PnL. Larp 👎🏻 3/ 0xecb63caa47c7c4e77f60f1ce858cf28dc2b82b00 Wintermute Leaderboard PnL: $230M Wintermute is one of the largest market makers on Hyperliquid. But market makers constantly hedge inventory across venues, assets and derivatives, so the PnL shown on a single Hyperliquid address is not comparable to the profit of a directional trader. Larp 👎🏻 4/ 0x488d2a9b70cc18ef66057a48ab3d59da1c59fe08 Hyperliquid Strategies Leaderboard PnL: $185M This is the address that received the in-kind HYPE raised as part of their merger transaction. Most of the PnL simply comes from holding that HYPE as the price appreciated. But unlike the previous examples, the appreciation represents an actual economic gain on their holdings. Legit 👍🏻 5/ 0x9794bbbc222b6b93c1417d01aa1ff06d42e5333b SmartestMoney Leaderboard PnL: $144M He accumulated most of his HYPE around the TGE and kept buying the dips. He has never sold a single HYPE. And because a large part of his position it's not in this address, his real PnL is actually closer to $600M. Legit 👍🏻 6/ 0x4eb8d907136189a34c9b087950211b6a566f7819 TechnoRevenant Leaderboard PnL: $138M Similar story. He accumulated HYPE at an average price below $10, but transferred it into this account around five months ago when HYPE was already trading near $35. So the leaderboard understates his actual gains. Legit 👍🏻 7/ 0x493db0ed7514c975e9abcc110bd40c473b6763e3 OG anon Leaderboard PnL: $135M A true Hyperliquid OG. He received ~186k HYPE in the airdrop, doubled down around the TGE, and currently holds more than 1.1M HYPE. He was also an early Hyperliquid Alpha user. Legit 👍🏻 8/ 0x05cafe987297448f21a3c7ae0ae815fddecac655 Paradigm Leaderboard PnL: $132M Most of their HYPE appears to have been accumulated through CEXs, likely somewhere around a $20 to $40 average entry. They also hold significantly more HYPE outside this address and are probably among the largest HYPE holders overall. Legit 👍🏻 9/ 0xbdfa4f4492dd7b7cf211209c4791af8d52bf5c50 Bizyugo Leaderboard PnL: $128M He received roughly 850k HYPE in the airdrop and bought another 200k HYPE at ~$2.90 around the TGE. He still holds more than 910k HYPE today. Legit 👍🏻 10/ 0x7fdafde5cfb5465924316eced2d3715494c517d1 Fasanara Capital Leaderboard PnL: $123M Fasanara is an investment firm that primarily runs delta-neutral strategies. A large portion of its positions are hedged elsewhere while it captures funding and other spreads, meaning the Hyperliquid leaderboard only shows one side of the trade. Larp 👎🏻 So, are the insane numbers on the Hyperliquid PnL leaderboard real? Sometimes. But the leaderboard measures what happens inside a Hyperliquid account, not necessarily the trader’s actual economic PnL. And once you look under the hood, the top 10 is much more interesting than the raw numbers suggest.

Yesterday was a record day for $PURR (@Hyperstrat). The stock traded ~$796M in dollar volume, its highest-volume day ever and well above the previous record of ~$547M set on Aug. 27. At that level of volume, $PURR could have raised roughly $157M in a single day by issuing and selling shares through its ATM facility. To put that into perspective: that’s ~58x the amount the Hyperliquid Assistance Fund bought yesterday.

JUST IN: SEC approves a temporary, conditional exemption allowing limited trading of tokenized stocks on-chain.

JUST IN: 🇺🇸 Federal Reserve raises interest rates by 25bps.

JUST IN: Payward (Kraken) is building a permissioned Hyperliquid $HYPE HIP-3 markets for US clients.