hunting inefficiencies since 2021
Kepler-22b
Joined February 2024
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I’m glad CT is bullish on Hyperliquid and hopefully waiting for Season 3 points, but let’s be realistic: what do they need it for? Give me at least 3 reasons.
The only logic I see is rewarding HYPE directly, from the community pool, to push new HIP-3 markets and the ecosystem, like deployers such as @tradexyz, @entropyIO, @Kinetiq_xyz and @tradeparagon.
If you ran off to farm HL for retro points in Season 3 after this article, I have bad news. Pay attention to early-stage projects instead.
12 hours until the first TxFlow points distribution.
As a reminder, 1.25M points will be distributed for trading and up to 152K for referrals, but I think that number will be much lower in the first distributions, which is definitely good.
During this farming period I have very few referrals on TxFlow. On other perps I have an order of magnitude more, even though I started trading on TxFlow earlier than on QFEX, Entropy and TrueNorth. From what I understand, people just aren’t that interested in trading on TxFlow, and I think that’s a mistake.
I even have an article where I compared TxFlow and HL: xitter.cf/devilonnn/status/20840…
Read it and you’ll see that TxFlow is a strong product with a strong team.
If you’re still not with me, sign up through this link for a 5% fee discount: app.txflow.com/r/TXDEVILON
Looks like a big @entropyIO update is coming soon.
New things showed up in the API. Social features: news, following, watchlist and a feed with X posts. The feed tabs in the strings are For you, Activity, Markets, Research and Leaderboard.
The most interesting part is copy trading. There are copy trading alerts, copied trades and skipped trades in the notification settings, and copy_trade shows up as an order source. It’s not clear yet what exactly this means, and I wouldn’t take it literally as a full copy trading bot. But it looks very interesting.
Also, Entropy passed $2.2B in cumulative volume in just 2 months.
Sign up through my invite link and get the max 100% discount on Entropy’s commission:
[entropy.io/?r=devilon]
Yesterday there was another batch of badges, and guess who got one? @punk2498_, top 1 on DeBank, who has sold almost none of his hyperliquid:native from the $15M airdrop and isn’t planning to sell $VAR either.
Are you still not on Entropy?
.@entropyio just teased something for tomorrow.
The pearl is shining 🦪
I dug into the API and found a few interesting things.
Tomorrow’s event is probably connected to a new io market, PRL, with 3x max leverage. The market was registered in the API on September 26.
But there are two more interesting discoveries.
SBE appeared in the system as early as September 5 but still hasn’t been listed. It likely refers to SB Energy, a company building power infrastructure and data centers for AI. SB Energy recently filed for an IPO under the ticker SBE, so this could become another pre-IPO market.
If that mapping is correct, SBE would be Entropy’s third io pre-IPO market after ANTH and OAI.
The third discovery is io:H100, which appeared on the website today. H100 looks like a market tracking the cost of renting NVIDIA H100 compute, measured in dollars per GPU-hour.
So PRL may not be the only new io market coming soon.
SBE and H100 are already in the system, and one of them could become Entropy’s third pre-IPO io market.
New level for @QFEX.
QFEX has been open to everyone without an invite code for a couple of weeks, but without an invite code you were missing the 10% fee discount.
A recent update removed invite codes and replaced them with referral links. Anyone joining through a referral link gets the same 10% fee discount.
You might ask: what difference does this make to me if I’m just trading on the platform?
Every step like this brings QFEX closer to a points program. I think the first public points season will start no later than the end of November.
Season 0 is already in full swing, and all your activity counts: both trading and social activity. So if you have something to suggest or feedback to share, don’t hesitate to write to the team. They really value it.
If you haven’t signed up yet, do it with a 10% fee discount: qfex.com/@r7701d09
As always, hidden points are the biggest.
.@variational_io is preparing for the trading API release, which means TGE is closer than we think.
The trading API release will change the actual environment around Variational’s RFQ system.
Almost a month ago I explained why Variational has really been delaying the API release for a whole year.
hurry up and farm points at $10 so you can sell them at $50 on TGE - omni.variational.io/?ref=OMN…
WHY DOES @variational_io STILL NOT HAVE A TRADING API?
I previously thought the main reasons were to prevent an influx of farming bots and protect Variational’s internal arbitrage.
But the real explanation is simpler.
Variational already has a public read-only API.
What is still missing is the write API, the part that allows users and bots to place and manage trades.
The team has been saying that the trading API is coming for months:
> January: write API coming in the future
> January: no fixed date, but it is a top priority
> April: RWA first, trading API shortly after
> August: API expected after Swaps
So this is mainly a roadmap and product-priority issue.
They keep pushing the trading API behind other releases, first RWAs and later Swaps.
However, there is still a strategic reason why the API matters.
Variational uses an RFQ model instead of a traditional orderbook.
From what I’ve observed, the order fill can take around 300 to 700ms. During that time, Variational may hedge the trade on other perp markets before opening the user’s position.
The quote already includes the hedge and the platform’s premium.
That could also explain how Variational offers 0% trading fees while monetizing the flow through spreads, hedging and arbitrage.
A public write API would allow HFT firms to connect directly and compete for the same edge.
It could also make it easier for bots to farm points instead of real users, which the team has previously said they want to avoid.
This is not FUD against Variational.
I genuinely like the platform, and right now it is probably the cheapest perp DEX for trading large sizes in the RWA sector.
I’m simply trying to explain the real reason why the write API still isn’t live.
The official explanation is roadmap priority.
The strategic explanation is that opening the write API would change the entire competitive environment around Variational’s RFQ system.
They said the API is expected after Swaps, but I still don’t expect a public trading API before TGE.
If it arrives, it will probably come very close to the end of the farming period.
