Co-founder @alphashellio | DeFi, Perp Dex, Delta-neutral
Joined December 2021
- Tweets159
- Following1.4K
- Followers2.3K
- Likes494
Pinned Tweet
DeFi deserves real non-custodial yield. No locks. Funds stay in your wallet.
The strategy of a vault.
The custody of a wallet.
AlphaShell runs delta-neutral basis trading from your perp DEX account.
Live on Hyperliquid, Lighter & Extended.
Waitlist open → alphashell.io
Until now, @papertrade_xyz's rules rewarded whoever showed up first.
The new rules change that. Now it's about efficiency: PAPER is minted on losses, so the winner is whoever gets each PAPER cheapest.
Pair every loss with a hedge and you only pay the haircut and monitor the payout queue 👇
Introducing new AlphaShell module for @papertrade_xyz: Paper Print Machine.
PAPER is minted on losses. So it opens a long and a short on Papertrade (BTC or ETH) and closes both after a X% move: one leg mints PAPER, the other pays only the haircut.
Payout queue monitored. Your funds stay yours.
Reply PAPER to get in.
I spent part of my career at Ledger. The last ten days have been hard to watch.
A regular scene from back then: one or two people, from all over the world, waiting outside the Paris office on their own. They’d found the address on Google Maps and had come to buy a device in person rather than trust a reseller. They weren’t paranoid. They understood that the risk wasn’t the chip, it was everything between the factory and their hands. Users got it years ago.
The chip held this time too. The distribution didn’t. And that’s the real lesson: the company kept expanding, into services and new devices, while the most basic question, how a device reaches a buyer untouched, was still open.
Some of the anger is earned. People who lost their savings have every right to it. But most of the pile-on isn’t coming from them. It’s coming from people who like the smell of blood, and here’s what they miss: self-custody is what makes a crypto user sovereign, and flaws and all, Ledger is still the main entry point to it for ordinary people. If it loses trust, the winner isn’t a competitor. It’s custodians.
So: go back to fundamentals, own the whole chain, from factory to the buyer’s hands, the way users were already asking you to.
If you’re cheering for Ledger to go down, tell me who onboards the next ten million people to self-custody.
Come back antifragile. I’d bet on them to.
Update from Ledger Donjon on the CryptoBilis investigation 🔽
@DonjonLedger is investigating Ledger signers sold by CryptoBilis, a reseller in Southeast Asia, that contained an unauthorized hardware implant. Ledger confirmed this on October 10th for one affected user's signer. All confirmed fund losses tied to the incident disclosed on October 9th involve signers sold through CryptoBilis. We have not verified a drain linked to a signer bought elsewhere. CryptoBilis has confirmed it stopped selling Ledger signers while the investigation continues.
Based on the Donjon's analysis of the attack, the implant sits inside the enclosure and reads the data shown on the screen. During setup, the signer displays the 24-word recovery phrase. When the implant detects these screens, its microcontroller decodes the words and transmits them over LTE using a provisioned eSIM. The implant is a separate component. It does not modify the Secure Element or the Ledger operating system, and it does not alter transactions or signatures.
The Donjon will analyze the signers it receives and will share more as the investigation continues.
We have not confirmed the total number of affected users or the total value lost. Figures circulating online come from third parties and Ledger has not fully verified them. If your funds were drained and you have not contacted us, please do so through Ledger Support so we can include your case. We are also reviewing reports of implants in other signers and locations. We will continue to share information as the investigation progresses. Rest assured the Ledger team is going above and beyond to leave no stone unturned to investigate this situation to the strongest possible outcome.
If you bought a Ledger signer from CryptoBilis and have not set it up, do not set it up and contact Ledger Support. If you have set it up, transfer your assets promptly to a new signer with a new recovery phrase. Do not enter or restore any recovery phrase on a signer bought from CryptoBilis. Never enter your recovery phrase into a website, app or form.
If you lost funds or hold a tampered signer, contact Ledger Support at support.ledger.com and file a report with local law enforcement. Do not send the signer to anyone before speaking with Ledger Support or local law enforcement. If you lost funds, coordinate with law enforcement before opening the signer. Researchers and others with relevant information can write to [email protected].
If you did not buy from CryptoBilis and want to inspect the inside of your signer, the guide is at support.ledger.com/article/4…. Use caution and make sure your recovery phrase is backed up first, because opening a signer can damage it.
Ledger will never call you, message you directly, or ask for your 24-word recovery phrase. We will update this post when we verify new information.
We're integrating @arcus_xyz as a venue in @alphashellio .
Two reasons:
1) Funding arbitrage. Equity, index and commodity perps run 24/7, with funding anchored to SOFR + 0.5% off-hours. Comparing that against crypto perp funding on other venues creates new spreads to capture with delta-neutral positions.
2) Points. Arcus runs a Season 1 points program. With one non-custodial execution layer across venues, users can allocate positions to include Arcus volume in their points strategy.
We’re integrating @arcus_xyz into AlphaShell.
Arcus is the perp DEX on Robinhood Chain, built by the dYdX team with Robinhood Crypto as an investor. It did $2.94B in volume in the first week of its points program.
Season 1 is only in week 3: 250K points every week, running into mid-2027, and no token yet.
AlphaShell will run delta neutral on Arcus around the clock. Collect funding and earn points, without betting on price.
Reply “Arcus” and we’ll DM you the moment it’s live.
Guilhem P retweeted
We’re integrating @arcus_xyz into AlphaShell.
Arcus is the perp DEX on Robinhood Chain, built by the dYdX team with Robinhood Crypto as an investor. It did $2.94B in volume in the first week of its points program.
Season 1 is only in week 3: 250K points every week, running into mid-2027, and no token yet.
AlphaShell will run delta neutral on Arcus around the clock. Collect funding and earn points, without betting on price.
Reply “Arcus” and we’ll DM you the moment it’s live.
Despite strong memory demand and sky-high chip prices, the market no longer seems to believe in sustained AI growth and profitability.
Earlier, AI struggled to deliver clear scientific or economic breakthroughs, yet valuations were extremely rich. Now that the technology is reaching a first stage of maturity, the market is pulling back and compressing multiples. Rising interest rates further raise the cost of the massive AI capex, making the current optimism harder to sustain.
Guilhem P retweeted
Onboarding our first users.
Self-hosted delta neutral trading on perp DEXes, keys stay with you.
As an early user you get:
• Private channel with the founders
• A vote on the next venues
• Early access to new features
• Additional AlphaShell points
Join here: alphashell.io
It’s even later than I thought for @papertrade_xyz.
48h after launch, the first-mover advantage I described is now locked in, and the data makes it clearer.
Quick recap of the mechanism:
PAPER is only minted on realized losses (or liquidations). While the shared LP sat under $2M, the rate was fixed at 100 PAPER per $1 lost. That window closed extremely fast as volume exploded. After that, the mint rate decays as the pool grows.
What happened since:
The high-emission window lasted hours, not days.
Open interest collapsed hard (reports show drops of 60%+ within 12h and up to ~90%+ from the peak). The explosive volume was almost entirely incentive-driven, not organic positioning.
Early deliberate farmers (and pure losers in the first hours) minted at the cheapest rate and staked immediately. Later participants face both a lower mint rate and massive dilution from the supply created in that initial rush.
Concrete cost comparison from on-chain analyses circulating:
Some of the largest early farmers effectively acquired PAPER at a tiny fraction of what it costs to mint the same amount today by simply losing (one analysis put the difference at ~80x within roughly a day).
Even hedged acquisition (long + short pairs to minimize net cost) is significantly more expensive now than it was in the first hours.
Strategic players are still trying to grow their share faster than inflation, but the base rate for a normal user is far worse.
The 1000x leverage amplified everything: tiny moves liquidated positions, filled the LP, and minted PAPER at the peak rate for those who were already there. After the first hours, new flow mostly subsidizes the stakers who arrived first (1% of PnL + overflow above the pool cap goes to stakers).
Bottom line:
The emission curve itself created a permanent advantage. The “revenue flip” headlines are real in the short term because losses are the product, but the OI collapse shows how quickly that volume disappears once the best minting window is gone. Anyone entering now is buying a diluted claim on future losses at a much higher cost basis.
The edge was timing, not the product.
Guilhem P retweeted
We are opening the beta gradually over the coming weeks. Join the waitlist now 👉 alphashell.io
The strategy of a vault.
The custody of a wallet.
AlphaShell runs delta-neutral basis trading from your perp DEX account.
Live on Hyperliquid, Lighter & Extended.
Waitlist open → alphashell.io
It’s already too late for @papertrade_xyz
Papertrade heavily favored early participants. The protocol mints PAPER only when traders lose, at a fixed rate of 100 PAPER per $1 lost while the liquidity pool sits under $2M, then decays as the pool grows. Volume exploded immediately (tens of billions in notional within the first 30 minutes), so the LP crossed $2M very quickly and the maximum mint rate lasted only a short window.
Early losers and deliberate farmers minted at the cheapest rate and many staked everything right away. Later participants mint fewer tokens per dollar lost and face ongoing dilution from the supply created in those first hours. Some analyses show early farmers effectively acquired PAPER at a fraction of the cost later traders now face.
The 1000x leverage amplifies the effect. At that level a position can be liquidated on a roughly 0.05% move, generating rapid losses that both fill the pool and mint PAPER. This incentivizes high-leverage activity (or strategic losing) especially early on, when emissions are highest.
There is no team or VC allocation and the token starts at zero supply, but the emission curve itself creates a large first-mover advantage. Early stakers capture a disproportionate share of future rewards (1% of PnL plus overflow above the $5M pool cap), while anyone arriving after the initial rush is entering a more diluted position.
In short: the high-emission window closed fast, early farmers locked in the best terms, and subsequent flow largely funds the rewards of those who were first.
having flipped the NASDAQ's daily notional traded volume, we have reached out to @NasdaqExchange to discuss the potential implementation of 1000x leverage in order to improve their volumes...
Back from a week in Singapore for @token2049. Notes:
1/ Agents + crypto as a payment rail was everywhere (wallets, permissions, stablecoin APIs, agent-to-agent flows). Still contested because cards remain simpler and more compliant today, but the structural advantages for autonomous agents are real. Expect this to become a meaningful market within 12–18 months as the permission and settlement layers mature.
2/ New perp DEXs continue to launch. Each one fragments liquidity further and adds another incentive program competing for the same set of traders. More opportunity for sophisticated multi-venue execution, more pressure on venues to retain organic liquidity rather than just bought volume.
3/ @HyperliquidX still has the strongest community. New venues can match the product surface and outbid on incentives, but the combination of trader culture, distribution, and retained mindshare is much harder to replicate.
4/ Main stage quality was uneven. Some speakers missed basic points. Other sessions were sharp and substantive. Classic for an event of this scale.
5/ What was largely missing: new DeFi primitives and novel chain designs. The agenda was dominated by agents, institutions, distribution, and existing products. Very little pure mechanism design.
The industry’s open questions have clearly shifted from infrastructure to execution, distribution, and real-world integration.
Guilhem P retweeted
Basis trading, explained in 40 seconds.
Perps pay funding.
Every venue pays a different rate.
Short where it's high. long where it's low.
Same size, opposite directions.
You earn the spread.
Guilhem P retweeted
2/2 demo day results:
🏆 winner Ironchain @ironchain_app
🌟 outstanding projects
Hackhack @r0bre
Krexa @evadsh3ll
AXP @aeo_manik
Assetflow @godlovesu_n
AlphaShell @_guilhemp
the winner will also receive a $250 Real-World Utility Award from @KASTxyz.
Guilhem P retweeted
twenty projects made it to demo day at the Solar Mini Hacker House in Singapore 🇸🇬
over two days, teams built in the room and online, worked with mentors, and sharpened their projects ahead of the @colosseum Crypto World’s Fair submission deadline.
built with @Solana_zh @solana @SafePal and @QuickNode.
1/2
Had a great time demoing at the Solar Mini Hacker House. Thanks @hello021Lab for the invite and the sharp feedback from the mentors!
four mentors. four sessions to sharpen your project before submission.
@10KRotator: how we won @colosseum & how you can too
@vibegrower: all you need to build on Solana
@jonasXchen: building new frontiers on Solana
@OrbitAI_OAI: decentralized space computing & satellite networks
bringing a project? come with your hardest questions tomorrow & tuesday at our Solar Mini Hacker House.
last call for demo slots ↓
t.me/+x1_1iH_JIHQ0YmI1
Guilhem P retweeted
Delta-neutral isn't risk-free.
Here's how alphashell handles the 3 big ones:
Liquidation → leverage caps + a guard that exits both legs before it's too late
Venue risk → blacklist any exchange you don't trust
Funding reversal → consistency filter + constant monitoring + auto rebalancing
Risk is never zero. YOU set the limits.
Guilhem P retweeted
The strategy of a vault.
The custody of a wallet.
AlphaShell runs delta-neutral basis trading from your perp DEX account.
Live on Hyperliquid, Lighter & Extended.
Waitlist open → alphashell.io