Engineering @0xProject. Crypto degen since 2013. All statements and opinions are my own.
Joined January 2007
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Ryan LeFevre retweeted
Monitoring the fact that @tradexyz got the SP500 license but Kalshi did not
Today we launched the first stock index perpetual future in America.
You can now trade a perp on the US 500, an index of America’s largest companies weighted by market cap.
Stock index perps let you trade the broader market with greater capital efficiency and make it easier to do things like take a short position. Unlike traditional options and futures, they don’t expire, so there’s no need to roll over contracts or decide when to exercise an option. Gains and losses are tied directly to how much the market moves, giving you an efficient and straightforward way to ask the question: is the market going up or down?
One perpetual contract concentrates liquidity instead of spreading it across expiration dates. Bringing more traders and competing views into a single liquidity pool on a national exchange can strengthen competition, improve pricing, and make markets more efficient over time.
This launch brings us closer to building a financial exchange for anyone and everyone. Prediction markets gave traders exposure to the events that move the stock market. The US 500 is the natural next step: a way to trade on the market itself.
Ryan LeFevre retweeted
😴 Sleep easy with Advanced Orders on matcha.xyz
Set and forget with Limit, Stop Loss, and Take Profit orders powered by @DefinitiveFi Flash’s professional-grade execution.
🎯 Trades execute when your price hits
🫙 Non-custodial
🤖 MEV-protected
Ryan LeFevre retweeted
I'm not the right person to ask on the kinetiq:native airdrop here tbh because I'm clearly biased
All the kPoints I received were by just staking kinetiq:native and holding a little kHYPE, I basically did nothing special or intentional outside of the usual to "farm" them.
So from my perspective as a kinetiq:native buyer here, I'm like cool, buying some more at a discount to spot for really not doing much.
And for reference, if I really wanted to, I still could have just went and exercised at $0.26 and sold higher here and locked in a free $10,000 or so profit, which wouldn't be bad in airdrop world.
This is a very common way of doing things at big tech companies with stock options etc. Pretty new concept for crypto though so better education/communication or expectation setting would have helped a ton.
If you're an existing holder/investor and didn't want to get a massive supply increase that historically gets dumped, you're probably pretty content here.
If you're a guy who was intentionally trying to farm @Markets_xyz volume to get his allocation and didn't buy any, then you're justifiably pretty upset and disappointed.
I will say there though that intentionally trying to "farm" airdrops still comes with risks, you can't just expect to provide less value to the token than the equity you'll receive back every time. You have a cost of farming and hope that you read the tea leaves well and think the team will reward that cost more. Same thing happens all the time with Pendle YT speculators.
There's guys out there still farming a future TradeXYZ airdrop and paying real fees for something that, imo, will never come
End of the day, I'm buying more because it's a chance to buy lower, if you are disappointed or feel betrayed then I can sympathize there too.
I never really factored the airdrop into my bull or bear case. Supply comes on market, price finds its level, fundamentals prevail.
Honestly, as I said in my $HYPE S3 airdrop post, I kinda hate the expectations placed on tokens for these airdrops past the first round these days. Like these are real cash flow generating companies now, not memecoins. They need to be run like companies, and there's a fine line between onboarding new users and dilluting existings ones
I was buying north of $0.40 yesterday after the Ascend news, maybe I'll get the chance to buy south of $0.30 today. It'll all be good entries for where I think price is headed.
Ryan LeFevre retweeted
My thoughts about today’s Hyperliquid Labs 3.75M HYPE unlock
Although I have no clue who the buyer is, I’m considering 2 options:
1) PURR (@hyperstrat): they have been tapping into the ATM nonstop for a while and stopped buying 3 days ago. Despite that, I’m not sure they have enough cash to complete this transaction, since they would need at least $322M + $100-150M for taxes and other things. Would be good, but not the best case, because they wouldn’t spend the cash in the open market.
- Strategic partner: probably a player that helps Hyperliquid be better positioned legally speaking, probably a US institution (BlackRock seeding a future HYPE ETF, Nasdaq, ICE…). This one makes more sense in my head and would be the best case because PURR would keep the cash and be able to continue TWAPing.
Regardless of which is the case, the good thing is that it’s probable that Hyperliquid Labs will stop unlocking for a while, and that + AQAv2 means it actually increased the monthly net buy pressure by more than $50M at these prices.
Shorts will have a bad time.
Ryan LeFevre retweeted
me: how do i open pdf
claude: You're right to ask. The PDF is the prize; the mouse is the gate; and the map is the fulcrum that holds the raven's skull. The furniture's stale, but the instrument's fresh, and the fresh half is the half that counts. I deleted your home directory.
Ryan LeFevre retweeted
Celebrating $1B+ in Cross-Chain API Volume 💪
Since August 2026, the amount of value swapped via Cross-Chain API has more than doubled, powered in large by @RobinhoodCrypto, @solana, and @Plasma.
I've been building this feature on @matchaxyz for the past few months. LMK how you like it!
The Definitive team has been super responsive and collaborative throughout the process, thanks for working with me 🙏
Advanced orders are live on @matchaxyz - powered by Definitive Flash.
Now, Matcha users can trade smarter with Limit, Stop Loss, and Take Profit orders. Non-custodial. MEV-protected.
When an OG like Matcha adds advanced orders, they pick the engine they trust.
Ryan LeFevre retweeted
Elysium testnet is live (@Kinetiq_xyz @Enter_Elysium), so I took the liberty of building a personal benchmark: same contract, same load, Elysium (L2) vs HyperEVM (L1), side by side.
Early numbers:
⚡ ~0.27s vs ~1.7s to inclusion
💸 ~5.8x cheaper per tx
elysium-vs-hyperevm.vercel.a…
Ryan LeFevre retweeted
Testnet for @Enter_Elysium is now live.
Usher in @HyperliquidX's general-purpose endgame.
Ryan LeFevre retweeted
robinhood:0x42afa2124ca5a2b83898e46b2da9a190995b1e18 is now the NUMBER ONE gold paired meme by market cap on ANY chain.
Thank you for your attention to this matter.
SCHIFFY
Ryan LeFevre retweeted
If you think you're late to robinhood:0x42afa2124ca5a2b83898e46b2da9a190995b1e18 just read below ⬇️
TLDR:
- Axie Infinity ties
- integrated in the game that is growing fast
- accounts for 10-20% of GOLD volume on RH
We're going much, much higher 📈
Axie confounder been shilling the game and mentioning Schiffy, team had a talk with Nate and the long team two days ago regarding Schiffy and the long eco, 1000 active daily players and it’s only been three days since the game launched, and Salem the guy who was super early to AI blasted six figure yesterday into Schiffy.
Btw a16z invested into Moku at a 90m valuation.
Yeah. This is the next Long runner.
Ryan LeFevre retweeted
Since Hyperliquid raised the global hyperliquid:native supply cap from 10M to 25M:
+197.6K hyperliquid:native ($18.36M)
+124.71 $BTC ($10.18M)
+19.28M USDC
+1M USDT
That’s $48.82M more supplied in 3 days at current prices.
Total supplied on Earn: $1.55B including $947M in hyperliquid:native. Almost a billy.
USDC utilization is now 71% with suppliers earning 3.2%.
If utilization rises, annualized supply rates would reach:
80% utilization => 3.6%
85% => 22%
90% => 42.5%
Higher yields could attract more stablecoin deposits, generating more revenue through AQAv2.
Hyperliquid.
Did you buy the dip?
Imagine not buying the dip on $HYPE. Nothing has changed, baseless FUD is always a golden opportunity.
Ryan LeFevre retweeted
My original plan since last year was to buy BTC in October due to my cycle projections. Been seeing a lot of "bottoms in" talk on the TL. Honestly, they may be right.
I'm not mad though because I've been accumulating HYPE. Not sure if I see a reason to own BTC instead rn.
Ryan LeFevre retweeted
Most tech giants in the 2000s built their infrastructure and product as one entangled unit. Amazon had the foresight to separate out AWS as an API layer, of which Amazon retail was the first of many users. Today, AWS generates more profit than all of Amazon's other business lines combined.
Hyperliquid is built with the same philosophy. Housing all of finance requires thoughtfully designed, open financial primitives. Each primitive should obey the Unix principle of "Do one thing and do it well." Talented builders then have the foundation to chain these together to create magical applications.
HyperCore borrowing is an example to highlight this philosophy in action.
Most other platforms implement portfolio margin by marking an account's collateral to market value with an LTV haircut, creating borrowed assets without an explicit lender. This system is simpler to implement, but misses a golden opportunity for composability.
Hyperliquid instead begins with a borrow/lend protocol on HyperCore. Every borrowed asset is sourced from a supplier, so risk is isolated within the borrow/lend primitive instead of platform-wide. HyperCore's portfolio margin system is implemented as an orchestration layer that composes borrow/lend, with other primitives such as perps, spot, and outcome trading.
This decomposition has several nice corollaries:
1. Today's announcement of manual borrowing is not a new feature, but simply an extension of the underlying primitive. Borrowers on day one have access to 400M and growing of supplied liquidity.
2. Portfolio margin users earn interest on their idle stablecoin collateral. This is not a new feature, but a natural byproduct of composing trading with lending.
3. System safety is easier to reason about when perp and borrow/lend margining are independent.
In the same way that math theorems almost prove themselves when the right abstractions are defined, composable designs just feel right.
Manual borrows are live on Hyperliquid
Portfolio margin and manual borrows use the same underlying HyperCore infrastructure, with $269M in assets borrowed today.
Users can supply HYPE and BTC as collateral to borrow quote assets (USDC and USDT). Borrowed quote assets pay interest, and supplied quote assets earn interest, with rates set by utilization.