Just got bumped to Tier-4 on @entropyIO. Someone on that team is always watching who actually shows up. Frontier, people bringing in an audience, people posting real numbers. From what I've seen, it gets noticed. If your reach is already big or a lot of people joined through your link, the badge is probably just a matter of time. Meanwhile the book keeps growing up: ~$70M OI even on a quiet tape $ANTH perp marking ~$1.96T $PRL cap doubled to $10M, SNDK up to $15M CN farmers say the first rebate epoch already paid out Caps going up usually means the next platform update isn't far off. I'll be covering it. Joining? Code [ 0xvexter ] gets you my T4 terms. Link and details on the image.

Only one tokenless perp DEX is growing right now. +37% open interest in 7 days. Everyone else: between +0.7% and −8.7%. 30 days: +53%. Next best did +23%. First month after launch: ~8x. No points, no token. And half the book sits in a market nobody else lists. Name it before the timeline does. It’s @entropyIO First month: $6.5M → $54M OI. The market nobody else lists is Anthropic. OpenAI is there too. Fees still run at 0.1x while it’s in growth mode. Still small at $86M OI. Small and growing fastest is exactly what early looks like. This is the stage where I’m adding exposure. Looking for better terms? Code’s in my pinned post.

CT says @variational_io TGEs on Christmas. I checked the PM market behind it. One wallet holds ~78% of the YES side. The entire bid is $1.2K. You could move this date”with a lunch budget. And 90% isn’t on Christmas. It’s on "sometime in the next 75 days". The team hasn’t named a date. Docs still say Q4. Nobody knows the date. Some people are just louder about it.

Three LPs. ~$700 a day. One counterparty. @Outcomexyz top 3 liquidity providers run ~$14.5k between them. 80–90% of their fills come from the same taker wallet. Marina, the LP rewards program on Outcome, splits a daily pool three ways: 40% for quotes. 50% for maker fills. 10% for taker fills. You can watch the race live on @monarch_fast rewards dashboard. So the winners don't farm quotes. They farm fills. #1, dep. ~$7k Tens of thousands of ~$15 orders across 250+ outcomes. $370–700k turnover a day, 99% maker. ~27% of all maker volume, ~1% of quote rewards. Trading P&L is negative, fees run $110–210 a day. Still nets ~$355 a day. #2, dep. ~$2.3k Same recipe on crypto touch binaries. ~$230 a day. That's ~10% on capital, daily. #3, dep. ~$5.2k Pure maker, 20–25 books, near-zero markout. ~$115 a day. The steadiest of the three. None of them quote once the game starts. Three different strategies, one source of income. The same wallet sits on the other side of all three. I traced it last week. Take that one taker away and most of the ~$700 a day goes with it. So who's really getting paid here?

Onchain traders hedged the inflation print a month before it landed. Commodities: 20% of RWA perp volume in August. 31% in September. Gold took #1 from SanDisk. OIL perp volume doubled in a single day when Hormuz flared. Volume −15% to $638B. Average OI +12%. Turnover down from 2.3x a day to 1.8x. Fewer flips. Longer holds. Oct 14 confirmed it. Oil → gas → September CPI at 3.7%. 30-year Treasury touched 5.63%. CoreWeave's 9.625% bonds traded at 15%. 90% of that September volume ran on @PythNetwork data. solana:HZ1JovNiVvGrGNiiYvEozEVgZ58xaU3RKwX8eACQBCt3: ~$700M market cap. 92% below its $1.20 high. Up ~16% in October. Since Sep 30, every dollar the DAO earns buys PYTH. ARR is $11.5M. The DAO's 60% cut is ~$6.9M a year of bids. About 1% of market cap. Good headline, or enough to move the PYTH chart long-term?

NBA markets are live on @Outcomexyz What that means if you already trade perps on HyperCore: same account, same balance, no bridge. Binary book. Pay 0 to 1 per side. Winner settles at $1. No liquidation. Day one: $178k on the 2026/27 title. Spurs 21%. Thunder 19%. Sixers 12%. Three opening games already priced. My bot has been trading Outcome since September.

My @variational_io CPP dropped $1.50. I owe that to one whale who slowed down. Epoch Oct 9–16 (W44) Volume: $8.32M Average OI: $204k Points: 67.5 Final CPP: $11.60 Four epochs: $7.80 → $10.24 → $13.10 → $11.60. My cost rate didn't move: 0.941 bps vs 0.944 last week. Everyone else did. Weekly network volume fell from $20.8B to $18.5B. ~$1.5B of that $2.3B drop is a single whale going from >$2B to ~$500M. I cut size 21%, the network cut 11%. My pool share went from 0.0506% to 0.0450%. Cheaper per point, but fewer points. One update on last week's take: new accounts are back. +750, from 31,632 to 32,382. If that whale comes back, volume per point goes to ~$133k and we're all paying ~$12.5 again. Meanwhile the venue keeps shipping. $US30, $US400, $NOW, $APP, Adobe and heating oil went live. More than half of active accounts traded a swap this month, and a $2M $US100 short filled under 1 bip. What CPP did you land this week?

top 5% of CT, scored from 700+ chain endpoints and the X graph turns out my wallet history did more work than my follower count i’m in

Hyperliquid just got out-earned 2.5x. On paper. By @papertrade_xyz, 5 days old. DefiLlama 7d revenue: $37.03M vs $14.56M. Now look at Paper's 30d column. Same $37.03M. And roughly 85%+ of that number isn't trading revenue. Paper's LP pool starts at zero. Nobody can deposit into it. Every dollar inside was paid by traders. Above a $5M cap, the overflow gets swept to robinhood:0xaa3b129e4906009e228a060340601260de068ff5 stakers. DefiLlama books that sweep as revenue. It isn't revenue. It's traders' money moving to stakers. Actual trading + liquidation fees since launch: under $5M. HL's number comes from fees on every fill in the book. Paper's is mostly a full pool spilling over. Same column and not the same money. Should this overflow even count as revenue at all?

17% of new traders on @variational_io had never touched crypto before. Name another perpdex that can say that. They came for stocks, oil and indices. Variational now has 570 markets, and 15 of them are swaps that hedge straight into TradFi, with predictable funding costs. The team's own numbers: $400B lifetime volume $100B+ of it since TradFi swaps went live This week alone: $ADBE perps at 20x and $HOIL swaps. Citrini called Variational the broker between TradFi and crypto. @edward_yu_var says that feature wasn't paid. Then there's the API. Rumored for this month, still unconfirmed. My read: the API brings the bots, the token brings the funds. Funds reading Citrini won't farm points. They'll buy spot.

A pearl-2:native grows in the shell long before anyone opens it. @entropyIO is teasing something shiny for tomorrow.

I’ve seen the options chain every @HyperliquidX trader is waiting for. It’s coming from a prediction market. It’s @Outcomexyz. Still in closed testing, and it already trades like a real desk. Last week I asked @OutcomeAK : pivot to finance, or hybrid? “Definitely a hybrid venue. We were always going to expand into these option style contracts at a large scale.” Today we got an early lookat what they're testing behind closed doors. Touch and above contracts on bitcoin:native, ethereum:native, hyperliquid:native, solana:So11111111111111111111111111111111111111112, gold, oil and S&P 500. Every strike priced in implied vol. Smile, term structure, cheap/rich signals. Basically an options desk, built out of HIP-4 binaries. It's a test build, so nothing is final. The direction is pretty clear though. Quick context. A vanilla option is the classic call or put: the right to buy or sell at a strike, and the payoff grows the further price runs past it. On Hyperliquid those live on HyperEVM. Hypercall runs an order book of calls and puts, and Rysk does covered calls and secured puts. Separate app, separate collateral, away from the HyperCore account where your perps sit. Outcome keeps it simpler. You pay somewhere between 0 and 1 and get $1 if the strike gets hit. The most you can lose is what you paid. No margin calls, no liquidations. And it sits in HyperCore, right next to your perps. Jeff said HIP-4 can scale option-like payouts. My bet is Outcome is the one that scales them. Would you hedge a perp here, or still go to Deribit?

Entropy 已经在为交易量付钱了。只是大家没把它当成下一步的快照来看。 返佣阶梯最高到 Entropy 在你手续费里那一份的 200%。 没有代币。没有积分页面。只有排行榜和返佣等级。 每一个做起来的 HIP-3 平台（Hyperliquid 自己，再到第一批 builder），最后奖励的都是同一件事：公告之前谁在订单簿里。 按我的读法： 返佣是今天付给你的钱。 排行榜是明天算积分时要看的凭证。 如果赛季真有一天来了，只有这个凭证才算数。 我宁可在榜上，也不要在外面。也建议你们一样。 从我的链接进：entropy.io/?r=0xvexter 我的推荐奖励返你 50%。 已经在撸了？你的玩法是什么？

A @HyperliquidX market maker with $3.7B in volume is now 76–93% of Outcome’s taker flow. And it loses $10 for every $1 it earns. I traced yesterday’s wallet back to its funder. It goes much deeper. 0x06b79146f1e54ef4e1ab9b1fe2cc4b4576cc33f1 has exactly one funder. That funder sits in a network of 24 wallets. $3.72B all-time volume, $5.5M on live accounts. 73–97% maker fills on hyperliquid:native, ethereum:native, ethereum:0x57e114b691db790c35207b2e685d4a43181e6061, zcash:native. One operator behind all of it. On @Outcomexyz it flips roles and goes 100% taker. ~$2.8M volume a day ~$244 in rewards ~$2.4k in losses My bet: this is paid recon. Learn every flow on Outcome, then flip to maker and eat it.

One wallet is doing 80%+ of all taker flow on @Outcomexyz right now. 0x06b7…33f1. Switched on Oct 9, ~$3.7M of volume since. And it isn't really trading. In 676 of the 884 seconds I sampled, it hit the ask and the bid on the same outcome in the same second. No view on price, just turnover. The math doesn't work. The taker pool pays 10% of each market's rewards by volume. Its payout for Oct 10 was $241. That day cost it $1.4k+ in fees and spread. Its equity is down ~16% vs what it deposited. I checked the obvious stuff. Its flow is spread across 101 makers, none linked to its own wallets or the team. So what's driving it? A snapshot or points program none of us can see? Someone who misread the taker pool and hasn't noticed yet? Or a volume printer playing a different game entirely?

Traders on @papertrade_xyz lost $31M in 24 hours. The house kept $4.6M of it. And that’s exactly how the docs say it should work. Nobody here actually trades on Hyperliquid. You bet against a pool, and Hyperliquid’s mid price is the scoreboard. One feed, and their own docs flag BBO manipulation as a known risk. Two wallets got accused of using it last night. Unproven, team silent. So where did the money go? The pool is capped. Anything above $5M flows out to $PAPER stakers. Of $31M in trader losses, $24.7M already went to stakers. The pool stays pinned near $5M by its own rules. On the other side, traders sit net long $130M, almost all BTC. A ~4% BTC pump empties the house. The queue is $0 right now. One good day for longs and it won’t be. Oct 17 they lift the cap to $10M. Funny timing, if $5M was enough. Not fudding. The rules are public, most people just never read them.