hunting inefficiencies since 2021
Kepler-22b
Joined February 2024
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devilon retweeted
Why Entropy’s markets are more important than they look.
Hyperliquid has had only 9 HIP-3 deployers (counting km and mkts as one). 5 have already closed because they couldn’t handle the competition and the costs, 2 are progressing and 2 are still alive. Why the split? Let’s look at the numbers.
@tradexyz: 115 markets, ~$3.1B 24h volume, $3.9B OI
@entropyIO: 11 markets, $78M volume, $77M OI
@tradeparagon: 32 markets, $4.6M volume, $15.8M OI
@Kinetiq_xyz: 5 markets, $4.8M volume, $11.3M OI
Is that not enough? Okay, let’s go further.
Kinetiq’s markets are shrinking and aren’t very different from tradeXYZ, so I think they’ll keep closing. Paragon looks more interesting, but not for big traders: 32 markets and none above ~$2M OI. Let’s be honest, who among larger players would care? It can survive on small speculation while CT waits for hyped listings like $VAR, $INK, $POLY and others. That doesn’t look reliable.
Entropy is a completely different approach: pre-IPO and pre-listing markets for big names like ANTH, OAI and PRL. It’s the only HIP-3 deployer with Anthropic and OpenAI right now. ANTH OI alone is $43.6M, more than the total OI of Paragon and Markets combined.
That’s why Entropy’s markets are more important than they look.
devilon retweeted
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.
devilon retweeted
5 simple steps to farm the biggest airdrop of 2027:
1. Open a long on $SNDK on @QFEX
2. Open a short on $SNDK on @entropyIO
3. Hold for 4-6 hours
4. Close both positions
5. Repeat
Good job. That’s 1 minute of your time.
As soon as QFEX shows up on @get_truenorth or @tread_fi, automate these steps. That way you’ll be farming 3 projects at once and spending no more than 30 seconds a day. Only the setup takes time.
devilon retweeted
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
devilon retweeted
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.
devilon retweeted
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.
devilon retweeted
.@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.
devilon retweeted
.@entropyio > @variational_io.
For early pre-listing and pre-IPO markets, the difference is what each platform needs before it can get started.
Variational’s Omni uses RFQ. Its OLP quotes from its own capital, but a new listing still needs a reliable price feed, a quoting strategy and a way to hedge the risk. Without those, the market may not be listed. Its pre-IPO prices currently draw on external venues already trading those contracts.
Entropy starts an order book instead. Its pre-IPO oracle uses external references, but gives the local market more weight as real two-sided depth develops. Market makers still have to show up and place orders. When they do, the book can start contributing to price discovery rather than only following prices from elsewhere.
That’s why I think Entropy has a shot at tighter spreads and more usable liquidity in these early markets. It doesn’t win on every pair or at every order size, but the approach matters.
Variational makes it easy to trade against a quote. Entropy is trying to build the market those quotes could eventually reference.
btw, I now have the max. referral tier, Tier 4, so if you sign up with my invite link you'll get the max 100% fee discount on Entropy's commission:
[entropy.io/?r=devilon]
devilon retweeted
The pearl is now shining on @entropyIO.
As expected, PEARL was listed today. It already has perp markets on @Lighter_xyz , @Aster_DEX and @OfficialApeXdex, but it is still too illiquid for a standard crypto perp.
For now, Entropy is using its pre-listing methodology and will move to a standard crypto perp once more liquid venues exist. This is exactly the type of market Entropy focuses on.
Across the four venues, Entropy currently shows the tightest bid-ask spread: around 0.03%, compared with approximately 0.15% on Aster, 0.33% on ApeX Omni and 0.47% on Lighter.
That gives traders lower immediate execution costs and makes Entropy’s market more efficient for entering and exiting positions, even though broader liquidity is still developing.
.@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.
devilon retweeted
.@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.
devilon retweeted
我翻了 @entropyio 30D 已实现 PnL 排行榜上的前 10 个钱包，然后又看了他们在 Entropy 的 io: 市场上到底做了什么。
0xea00…a918 持有一笔未平仓的 io:NBIS 多单，已经拿了 39 天。
0x350e…fcfb 当时没有未平仓位。它持有一笔 io:OAI 多单，从 9 月 3 日到 9 月 23 日，平仓获利约 $21.4k。
0x926a…af36 当时没有未平仓位。它的 io:ANTH 空单持有了大约一天，从 8 月 30 日到 31 日，亏损约 $4.2k。
NMTD.HL 持有一笔 io:ANTH 空单，已经开了 48 天。它还在 9 月 8 日持有过一笔 io:OAI 空单，持续 7 小时，获利约 $245。
0xc2db…06f9 当时没有未平仓位。它的 io:ANTH 多单从 8 月 25 日持有到 9 月 25 日，盈利 $2.40。另一笔 io:OAI 多单持有了 16 天，亏损 $0.31。
0x8b61…c0c2 当时没有未平仓位。它的 io:SNDK 多单在 9 月 23–24 日持有了大约 7.5 小时，亏损约 $1,347。
Powell #2 持有 SNDK 和 NBIS 空单，各 3 天；TCNT 空单 16 小时；GPRO 多单 3 小时，另外还交易了新上线的 XIAOMI 市场。
这个 bro 真的太夸张了：他在 HL 市场上有 174 笔未平仓交易，总交易数达到 18.2 万笔，是真正的 Hyperliquid OG。最搞笑的是，他的 X 账号 @0xc926ddba 基本就是个 no-name。有人知道他是谁吗？
0x63d4…0522 当时没有未平仓位。它做过两笔 io:SNDK 空单：第一笔从 9 月 13 日到 18 日，持有 5 天，盈利约 $1.5k；第二笔从 9 月 18 日到 22 日，持有 4 天，亏损约 $5.5k。
0xbd69…45fb 在我的研究样本中没有未平仓位。它的 IO 交易包括 10 月 8 日持有 20 分钟的 OAI 空单、9 月 14 日持有 8 小时的 SNDK 空单，盈利 $283；9 月 22 日持有 50 分钟的 DRAM 多单，以及 9 月 4 日持有 23 分钟的 GPRO 多单，盈利 $820。OAI 和 DRAM 交易都是亏损的。
0x1f16…6d07 当时没有未平仓位。它持有一笔 io:OAI 空单 15 天，从 9 月 22 日到 10 月 7 日，亏损约 $28.5k；另外一笔 io:ANTH 空单持有了 12 天，从 9 月 25 日到 10 月 7 日，亏损 $91。
最终你会发现，Entropy 排行榜排的是 Hyperliquid 上的整体交易者，而不只是 Entropy 交易者。它显示的是这些钱包在整个账户层面的 PnL 和交易量，不只是他们在 io: 市场上的交易。
仔细看就会发现，排行榜前列的大多数交易者几乎不怎么交易 Entropy 市场。他们的大部分 PnL 来自加密货币市场和其他 HIP-3 市场，比如 xyz:。
另外，Entropy 刚刚上线了 Xiaomi ($HK1810)。这个品牌真的有那么好吗，还是主要靠营销？我是真的好奇你们怎么看。
devilon retweeted
Credit where it's due, @TxFlow_L1 listened and updated the points rules after the feedback. But there are still questions.
The trader pool is now clearly set at 1.25M points distributed each week. The referral cap dropped from 437.5K to 152K a week, and Season 1 weekly distributions will end no later than Q1 2027.
I still want to know the total Season 1 budget, how much goes to early users, and when exactly the season ends.
I don't really get why the Season 0 distribution is taking so long, though. I expected to see my points today, but looks like I'll have to wait again. The team initially said Season 0 points would be distributed before October 27. But the docs now just say early activity will be covered in a separate announcement, with no date. Still feels questionable.
How to farm @TxFlow_L1 points
Detailed docs on how TxFlow points work just dropped.
Let's start with the cons:
1) No fixed total pool. Weekly points are only estimates and the final allocation will be confirmed at the end of the season. The total Season 1 budget and the season length are not public, so what you see each week can still change
2) Which means we'll most likely see more than one season before any airdrop
3) You have to actually trade to earn points. Holding a big position all week without trading won't get you anything
Now the pros:
1) There is no fixed formula. Points are given for normal activity: trading volume, OI, trading activity over time, fees paid, TVL and referrals
2) There is a separate pool for referrals, up to 437.5K points a week, and it doesn't take anything from traders. As I understand it, it works like a fixed payout rather than a share of the pool: if the weekly cap isn't reached, the leftover points are burned at the end of the season
Maybe we'll learn the total points pool soon and the team just hasn't disclosed it yet. The key number will be what % of all points goes to early users for retroactive activity. That could be one of the main factors in whether to stay and trade on this platform or not
Season 1 starts tomorrow, and the first distributions will give more context. For now my verdict is mixed, I need more context
devilon retweeted
This is what I was talking about. The TxFlow team ignores nothing and always listens to the community.
It's rare to see projects that actually listen to their users, admit mistakes and adapt quickly.
I hope this time too the team understands the concerns about the points program and makes it clearer and more transparent.
devilon retweeted
The team always listens to the community, fixes issues fast and keeps shipping new features.
I'm not the only one who noticed the cons of this points system, and I think the team will hear us and make some changes. I believe in TxFlow and their approach
gflow
How to farm @TxFlow_L1 points
Detailed docs on how TxFlow points work just dropped.
Let's start with the cons:
1) No fixed total pool. Weekly points are only estimates and the final allocation will be confirmed at the end of the season. The total Season 1 budget and the season length are not public, so what you see each week can still change
2) Which means we'll most likely see more than one season before any airdrop
3) You have to actually trade to earn points. Holding a big position all week without trading won't get you anything
Now the pros:
1) There is no fixed formula. Points are given for normal activity: trading volume, OI, trading activity over time, fees paid, TVL and referrals
2) There is a separate pool for referrals, up to 437.5K points a week, and it doesn't take anything from traders. As I understand it, it works like a fixed payout rather than a share of the pool: if the weekly cap isn't reached, the leftover points are burned at the end of the season
Maybe we'll learn the total points pool soon and the team just hasn't disclosed it yet. The key number will be what % of all points goes to early users for retroactive activity. That could be one of the main factors in whether to stay and trade on this platform or not
Season 1 starts tomorrow, and the first distributions will give more context. For now my verdict is mixed, I need more context
devilon retweeted
How to farm @TxFlow_L1 points
Detailed docs on how TxFlow points work just dropped.
Let's start with the cons:
1) No fixed total pool. Weekly points are only estimates and the final allocation will be confirmed at the end of the season. The total Season 1 budget and the season length are not public, so what you see each week can still change
2) Which means we'll most likely see more than one season before any airdrop
3) You have to actually trade to earn points. Holding a big position all week without trading won't get you anything
Now the pros:
1) There is no fixed formula. Points are given for normal activity: trading volume, OI, trading activity over time, fees paid, TVL and referrals
2) There is a separate pool for referrals, up to 437.5K points a week, and it doesn't take anything from traders. As I understand it, it works like a fixed payout rather than a share of the pool: if the weekly cap isn't reached, the leftover points are burned at the end of the season
Maybe we'll learn the total points pool soon and the team just hasn't disclosed it yet. The key number will be what % of all points goes to early users for retroactive activity. That could be one of the main factors in whether to stay and trade on this platform or not
Season 1 starts tomorrow, and the first distributions will give more context. For now my verdict is mixed, I need more context
devilon retweeted
.@entropyIO announced new affiliates.
Only 11 badges have been handed out across two batches so far.
This all reminds me of the Polymarket campaign: badges for social activity, different levels in the ref system, and a lot of people made money on Polymarket just by creating content on X. The similarity isn't random, since some of the Entropy team are ex-Polymarket. They took a system that already worked and applied it to a new product. And I can tell you it works great.
KOLs are creating content everywhere, all of CT is already talking about Entropy, and whales understand who's behind the product and trade there themselves. Total volume hit $1B in one month, and right now it's already $1.65B. Record numbers for a perp DEX with only 9 markets.
Congrats to everyone who got badges today:
@ProMint_X
@Banlife_eth
@KyleDeWriter
@fomonazlim
@hank06171
@bckfv_eth
devilon retweeted
CT 的逻辑有时候真挺有意思。
一个巨鲸 @punk2498_ 刚开始看多 Variational，KOL 们就纷纷发帖说 $VAR 得救了。但没人在意，同一个人对 @entropyIO 也超级看多。他说 Entropy 还没被充分撸，潜在回报要高出几个数量级。
通过我的邀请链接注册，可以享受 50% 手续费折扣：
entropy.io/?r=devilon
他也在用我之前发过的 @tread_fi 策略。我测试了几个交易对，发现 SNDK 是交易成本最低的。
所以设置和我上一条帖子一样，只是把交易对换成 SNDK：
交易对：SNDK，10x
参与率：Normal
持续时间：默认
参考价：中间价
方向性偏好：Neutral
价差：0 bps
止损：10%
止盈：不设上限
然后点击 Start Trading。
如何同时撸 3 个空投？
中国朋友们晚上好，今天分享一个同时撸 3 个项目的方法：@entropyIO、@tread_fi 第二赛季、@HyperliquidX 潜在奖励。
Entropy 是 Hyperliquid 上的 HIP-3 永续合约平台，目前还处在很早期的阶段。它拿到了 Ribbit 领投的 1400 万美元融资，Ribbit 也是 Lighter 6800 万美元融资的联合领投方，另外还有价值 4000 万美元的 HYPE 质押支持。
策略的核心是用 Treadfi 的做市机器人在 Entropy 上刷量。Treadfi 第二赛季的积分还没有公布，但追溯奖励有可能会被计入。
Treadfi 设置如下：
交易对：$DRAM，25x
参与率：Normal
持续时间：默认
参考价：中间价
方向性偏好：Neutral
价差：0 bps
止损：10%
止盈：不设上限
然后点击 Start Trading
目前我在 Entropy 上已经刷了接近 $200K 的交易量，目标是在积分上线前，在 Entropy 上达到 $1M，我预计积分会在 2-3 个月内上线。
$200K 的交易量成本大约 $25，这还是 Entropy 返佣之前的数字。
通过我的邀请链接注册可以享受 25% 手续费折扣： entropy.io/?r=devilon
邀请码：devilon
devilon retweeted
.@entropyIO. Ever wondered why Entropy specifically? It’s actually very logical.
Entropy is a measure of chaos, or a lack of information. Pre‑IPO markets are exactly that zone of high uncertainty. There’s no constant public order book, and valuations rely on funding rounds, secondary sales, and news. Entropy turns that uncertainty into a continuous price.
The CEO's article “Trade the Frontier” states that pre‑IPO prices update irregularly and infrequently, and that the oracle weights external data and the internal order book by executable depth. Essentially, it's the same idea: from rare, scattered signals to one continuous price.
The slogan fits too: Trade the frontier. Frontier assets are those without a continuous venue. That’s private companies like Anthropic and OpenAI, which used to be available to a narrow circle, but also public stocks and ETFs that stop trading when their exchange closes. Entropy gives all of them a market that never closes.
The ticker is io. A short deployer code, and the markets show up as io:ANTH. In tech, io also means input/output: rounds, secondaries, news and exchange prices go in, and a continuous price comes out.
Everything is thought through to the details. These guys are really obsessed with science and markets. I don’t get how you can skip a product like this.
devilon retweeted
.@QFEX Season 0 已确认。
QFEX 创始人 @annanay 正式确认 Season 0 正在进行，这意味着积分很快会在 Season 1 中推出。
我的推荐用户累计交易量已接近 $10M，几乎所有人都已经为积分计划做好了准备。
注意 Season 0 奖励的内容：早期交易活跃度、产品反馈和社区参与。也就是说，项目看重的不只是交易，反馈和社区参与同样重要。
想拿到追溯奖励，你需要做这些，先收藏起来，别忘了：
1. 使用我的邀请码注册，可享受 10% 手续费折扣。
2. 时不时查看 Growth Mode 标签。系统会不定期选出 3 个交易对，给予最低手续费。目前还没有，请持续关注。
3. 充值并完成你觉得合适的交易量。目前正在进行 Loss Refund 活动，最高可返还你 100% 的亏损。在 Rewards Hub 标签中报名，然后在本周结束前完成 $100K 的 taker 交易量。
4. 在网站聊天、Discord 或 X 上留下你的反馈。只要反馈有内容、有建设性，团队都会认真阅读并采纳。
5. 想提高收益、降低风险，可以配合 @entropyIO 使用 delta 中性策略。SNDK 会是最划算的交易对。
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4Q7PQCD6
KQAZN843
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A great example is our Quantitative Managed Account, which has now been live for 2 months to our earliest years, and already returned $250k in net trading profits.
We’ve been tracking activity across the exchange throughout this journey. The QFEX Season 0 will recognize early trading activity, product feedback, and community engagement.
devilon retweeted
.@hibachi_xyz TGE is next month.
The points program ends in a few weeks and TGE comes right after. Polymarket hasn't reacted at all, and the odds of a launch this year are still sitting around 50%. Makes sense, Hibachi loves to drag things out. Their points program has been running for 1.5 years, which is way too long.
A lot of people have already given up on this project and are bashing it. There's some truth in that, but let's look at it from the other side. If you had farmed it at a super early stage, your cost per point could have been $0.005-0.01, which you have to admit is extremely cheap.
Now let's estimate the TGE price per point. Today there are 75.5M points in total. Three more 1M distributions are coming before the end of October, so that adds 3M. Let's round up to 80M for any extra distributions. Let's say FDV is $30M in a bearish case and 25% goes to the airdrop.
That comes out to about $0.094 per point at TGE, almost 10-19x on cost if you farmed early.
You can say almost nobody farmed like that, but I personally know several people whose cost per point is exactly that.
Projects at that stage right now are @entropyIO, @QFEX, @TxFlow_L1 and @get_truenorth.
Even if they turn out differently than I think, farming activity at this stage will most likely still make you money.
Now it’s Hibachi’s turn.
Arc launched its mainnet today.
Traders have already generated $30M in volume on Arc within just a few hours.
@hibachi_xyz is building its FX trading venue on Arc as part of the Arc Builders Fund.
The combination makes a lot of sense:
Hibachi brings low-latency matching and ZK-verified settlement.
Arc brings USDC-native fees and deterministic sub-second finality.
I’m currently sitting at 9,172 Hibachi points, which cost me around $1,960.
There are already 72.5M points.
Let’s assume Hibachi launches $HEAT at a $150M FDV, allocates 20% of the supply to the TGE airdrop and total farming ends with around 80M points.
In that case, one point would be worth roughly $0.375.
→ My 9,172 points would be worth around $3,440.
That would be around a 1.75x return on my costs.
Honestly, I’d be happy with that outcome.
Timing will be critical for $HEAT.
Launch in September or October and Hibachi can become the alpha DEX on Arc while it still has the first-mover advantage.
Wait too long, and that advantage may disappear when other DEXs launch and traders rotate their capital elsewhere.
Polymarket gives Hibachi a 55% chance of launching a token by December 31, 2026.
I expect Hibachi to launch this year.
Reminder: I’m keeping my focus on early perp DEXs:
> @TxFlow_L1
> @QFEX
> @entropyIO
> @get_truenorth
