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On September 18, @coinbase said it had sought approval to list perpetual futures tied to 50 to 60 large-cap U.S. stocks. Earlier in the month, Kalshi was preparing a filing for a perpetual WTI crude oil contract after filing for products tied to equity indices, metals, FX, and interest rates. @HyperliquidX already gives traders access to crypto, commodities, indices, and other markets through the same perpetual trading environment. The common feature is continuous leveraged exposure to instruments whose underlying markets still have their own trading hours, reference venues, and liquidity rhythms. This makes price formation part of the product. Once the underlying market closes or reprices sharply, the perpetual contract still needs a reference price participants can trust, funding and margin rules suited to the conditions, and enough depth for traders to enter and exit. A new perp market becomes meaningful once it meets volatility, gaps in underlying pricing, and live order flow.

Liquidity becomes real after a market goes live, when order flow, infrastructure, and risk all meet in the same book. We’ll be in Seoul on September 30 to discuss this with LPs, protocols, and infrastructure teams. See you at @ProofOfLiq

A new article by @bitmakerfi co-founder Roman Korotchin @korrom18 on Hyperliquid’s emerging market structure. HIP 3 has separated market creation from the exchange layer, while independent terminals are beginning to shape how traders manage accounts and strategies across venues. The question is whether Hyperliquid can remain the preferred execution layer as new deployers and access points emerge.

When someone opens an order book, there is a simple question behind every trade: can I enter or exit this position at a price I can rely on? The answer starts with information the market needs to share: • executable bids and offers • available depth across price levels • recently completed trades These signals allow participants to assess liquidity, estimate price impact, and form a view on value. Behind those quotes sits a second view of the market. The team managing liquidity needs to understand: • current inventory and market-risk exposure • quote parameters and execution logic • balances, credentials, and counterparty information This information defines how a trading operation manages risk. Its access belongs with the people and systems responsible for execution, oversight, and audit. Market infrastructure has to serve both views at the same time. Participants need clear market information to make informed trading decisions. Risk teams need controlled visibility into the positions and processes behind that liquidity. At @bitmakerfi, execution infrastructure combines market-data processing and order-book analysis with tenant isolation, encrypted credential storage, role-based access, and audit trails for strategy and order actions.

Glad to join Proof of Liquidity in Seoul during @kbwofficial and Singapore during @token2049 See you there 🇰🇷 🇸🇬

A useful example of why liquidity parameters need to follow the market regime. Funding normalized within two days, while the trading range remained several times wider than BTC on the same venue. For a market maker, that changes fill probability, inventory exposure, spread requirements and risk limits even when funding already looks normal.

Execution risk appears when the system’s view of the market starts to differ from what has already happened at the venue. - A market-data feed may be stale while the price has moved. - A cancel request may arrive after an order has filled. - A reconnect may leave the local position out of sync with the exchange. The trading strategy remains the same, while the actual exposure and execution price have already changed. This is why execution infrastructure needs controls of its own. Bitmaker’s technical design includes market-data freshness monitoring, idempotent order placement, retries and circuit breakers, as well as reconciliation of positions and PnL against venue state. The result is a system that can identify gaps between intended orders, reported orders, and actual fills while strategies are running.

Bitcoin traded down to $77,666 on Tuesday before recovering toward $79,000 as the market repriced expectations for next week’s FOMC decision. For a liquidity provider, a move like this changes the task within minutes. Aggressive flow alters inventory, the order book becomes more one-sided, and quotes calibrated for a quieter market can quickly carry too much directional risk. Keeping the same spread and balance target through that move can turn a temporary imbalance into a larger exposure. Liquidity management therefore continues long after capital has been placed in the book. Bitmaker’s execution framework tracks order flow, order-book imbalance, and market conditions, then adjusts quote skew, spread width, and balance limits within defined risk parameters. Visible liquidity is a snapshot. Maintaining it means responding to the market that exists now, rather than the one that existed five minutes ago.