2026 has been wild. First we got Trump mentioning Hyperliquid by name and now we have CZ openly glazing Hyperliquid and crediting HYPE for leading all coins out of the bear market. “HYPE coin jumps and then every other coin follows. BNB went up…even Bitcoin went up!”

🆕 New HIP-3 ticker The pearl-2:native ticker has been purchased for 554.89 HYPE ($51,016) by @entropyIO

About time.

Hyperliquid has not only regained all the OI since the washout on 10/10 but is even making new ATHs! This is even more impressive when you look at where other exchanges are at relative to their 10/10 level. Binance is ~20% under while Bybit ~50%.

It would be helpful when you frame the question in the future to point to what exactly you think is bad about the current setup, instead of just constantly saying “two dozen validators in tokyo” in these tweets as if it’s a given that such a thing is the literal spawn of satan (and then forcing us to assume your own argument for you) Is it the two dozen part? Well clearly that’s not a problem for regulators because finance today is run on highly centralized venues. There isn’t an obvious principle under which financial infrastructure becomes legally acceptable only after some minimum number of independent consensus participants. Is it the tokyo part? I sort of see your view there, but again, blockchains are fundamentally transparent technologies where the location of your validators shouldn’t matter for auditing purposes. I mean, there are American companies that are validators on Hyperliquid. The actual compliant market operators on Hyperliquid will be U.S. licensed companies. So I’m not sure what’s left besides imaginary scenarios where the Japanese government decides to go after Hyperliquid and we can’t stop them, but who cares? We don’t stop American companies from sourcing from TSMC because China can invade Taiwan. Just spin up a new set of validators in the U.S. if it happens. Isn’t this what’s cool about blockchains in the first place - that finance can become truly borderless? Finally, I think investing on the basis that everyone else in the world will hold themselves to your own principles and worldviews is just a bad way to invest. If you can’t see that regulators clearly don’t seem to care as much as you do, idk what to tell ya. This thing is going to happen, and it’s going to happen soon. I just don’t think there’s an incentive for the CFTC and SEC to give a shit, if it’s what the people and president want and it’s what brings a great American entrepreneur home. This shit is really just about incentives at the end of the day, just like you’re incentivized to say this as a Solana stakeholder and I’m incentivized to say this as a HYPE stakeholder. Respect your thoughts as always though, which is why I choose to respond.

Think being long $HYPE at these levels is still very contrarian and asymmetric risk / reward. So many funds and individuals have reduced sizing or taken profits after having been so early into the trade; but reality is we are going much higher as Hyperliquid is still early in its story for main stream adoption. It doesn't take a genius anymore to tell you Hyperliquid is "the next big thing", but it does take balls to make 10x from here.

Open interest reached an all-time high of $18B on Hyperliquid

Hyperliquid is coming to the US. We recapped where US regulation stands, what it means for HYPE, and how permissioned HIP-3 markets can bring US traders onto Hyperliquid. Full report below:

If Hyperliquid's revenue chart were a price chart, ~$1.1M in daily revenue would look like a pretty strong support. Looking at the 14D and 30D averages, revenue has repeatedly bounced around that level over the past year. Today, we're sitting closer to ~$2.2M in average daily revenue, roughly 2x in the past month. And this still doesn't include USDC yield. Including it, current revenue levels would already put Hyperliquid above $1B in annualized revenue, while the last 7 days would bring that figure closer to $1.2B. What's interesting is that this is happening without what we'd consider euphoric market conditions or consistently large trading volumes. Meanwhile, open interest on Hyperliquid is at all-time highs. If volatility and volumes expand from here while OI remains structurally higher, we could see revenue push toward new highs. And trading activity is only one part of the equation. Months ago, $2B in annualized revenue looked like a longer-term milestone. The path toward it is now becoming increasingly visible. That's also why we think Hyperliquid's valuation needs to be viewed against how quickly its revenue base can expand, rather than against a static snapshot of TTM earnings. source below. Hyperliquid.

Don't midcurve AQAv2

Everyone will trade on Hyperliquid without knowing it. Fueling the infinite buybacks. Hyperliquid

Love to see btc and eth run while alts chill. Perfect recipe for early bull.

Onchain finance isn’t a rebrand for DeFi. It’s a new product category built with one goal in mind: competition. DeFi takes trust out of finance. Onchain finance adds some back in to make the best product. @RebeccaRettig1 and I explain in @FortuneMagazine: fortune.com/2026/09/18/oncha…

Last cycle, in the beginning of bull market we actually wicked in a similar fashion. Bitfinex whales are indeed telling us the future once again. fill_the_wick.exe

To anyone who lost interest during the bear market and left to trade equities: welcome back to crypto, where you can speedrun 20+ years of TradFi returns by simply holding the right tokens.

And $PURR mNAV is still at a 30% premium, accumulating more $HYPE WoW while increasing their cash position.

it fluctuates but this is one of the highest i've seen the earn rates go higher utilisation > higher rates > more usdc inflows > more AQAv2 bid > more solana:98sMhvDwXj1RQi5c5Mndm3vPe9cBqPrbLaufMXFNMh5g taken off the market lfg

With the current buying pressure coming from the AF, burns, ETFs, and DATs, it would take roughly 6 months for the current float to be absorbed at the current pace. Buying pressure and float methodologies below. These are based on assumptions and don't account for unlocks or new supply entering the market through staking rewards or the community allocation pool. That said, the point is simple: buying pressure relative to the amount of sellable HYPE is still insanely high right now. In our view, $HYPE's current valuation multiples are already pricing in a significant amount of forward growth. However, we still don't think the valuation is overextended, especially when compared with historical multiples reached elsewhere in the industry during bull market conditions, or even with public equities such as $HOOD and $COIN. Happy New $HYPE ATH to everyone who believed. Hyperliquid.