JJ retweeted
The new issue of Works in Progress, arriving with subscribers this week, is our best ever and packed with must-read pieces.
Our lead essay is @RobinRivaton and @bswud on how China's cities, and the competition between them, have driven its rise to techno-industrial preeminence.
It also includes:
- @danwwang on Chinese and American second-tier cities,
- @tylercowen on the food of Brazil,
- @vpostrel on the invention of supermarkets,
- @CharlesCMann on the discovery of porcelain,
- @salonium on the myth of accidental scientific discovery,
- Stephen Kotkin on Leninism's fatal flaw,
- @owl_posting on biomedical hedge funds,
- @PMArslanagic on the formula for lovable cities,
- @pietergaricano on Ukraine as the future of war,
- @PatRubenFitz on the Bronze Age Collapse, and
- @SCP_Hughes on the social lives of hard-partying Victorian elites.
Plus: love and shame in Ancient Rome, making mosquitoes extinct, the return of 1930s dating norms, and why Pakistan is home to the world's best architect. And our new crossword, our cocktail column, classifieds, and more!
The new edition has had a massive design upgrade with beautiful, premium matte paper, a larger form factor, and bigger, clearer and more elegant typeography. It is a joy to read.
Copies arrive with subscribers this week: subscribe now or by October 16th to get yours.
worksinprogress.co/print/
JJ retweeted
Freckle is the first kids phone built for real-world adventure.
Shipping in December. Pre-order today: freckle.tech
JJ retweeted
It's never been more easy to track markets 24/7
If you have a Terminal, you can watch the prices on everything from S&P 500 perps to gold to Nvidia any day of the week
WSL HYPE <GO>
JJ retweeted
Hyperliquid's daily active users are up 51% since @tradexyz launched.
Part II of our report looks at who the 173,794 new users are, how they arrived and what they have traded since.
JJ retweeted
We took a closer look at the data behind all 356,886 xyz traders since launch in October 2025.
These markets are the primary funnel for mass adoption and user retention on Hyperliquid, across both retail and institutional cohorts.
Full report below.
JJ retweeted
Check out the SK hynix video: Few companies have swung so hard between crisis and success like SK hynix.
After years of losses, SK hynix was nearly written off. SK bought it anyway.
It made HBM. And it for years sat as this niche product few cared about until November 2022.
One of my favorite stories of the year: youtu.be/Cg5tAujp6Go
JJ retweeted
AI strategies everywhere hinge on widely available American frontier AI. Post-Mythos, amid compute crunches, security concerns and distillation crackdowns, that paradigm is under threat.
Today, I argue the era of widespread access to frontier AI is almost over.
JJ retweeted
Introducing Pre-IPO Perpetuals (IPOP).
The weeks before an IPO are some of the most consequential in a company’s price history, and historically, the least observable. Private market quotes are stale and gated and Public markets haven’t started trading yet. Peak interest coincides with an absence of prices.
We’re introducing IPOP markets on XYZ to change that.
JJ retweeted
This is the story of Hyperliquid, the most profitable startup per employee on earth, told from a guarded office in Singapore.
Last year, its team of 11 generated $900 million in profit. It's 3 years old, has never taken a dollar of venture capital, and is beginning to change how century-old markets work.
Its founder, Jeffrey Yan (@chameleon_jeff), had never taken a physics class when he picked up a textbook at 16. Two years later, he won gold at the International Physics Olympiad. In 2019, he started trading with $10,000 from a living room in Puerto Rico—working off a television because he didn't own a monitor.
Within 3 years, he was running one of the largest anonymous crypto trading firms.
Then he shut it down. Yan was rich and free, but he had spent years inside crypto, watching it betray itself. Bitcoin's central premise was decentralization. Yet the biggest exchanges were centralized. Crypto kept reintroducing the dependence on trust it was built to eliminate. He set out to create what should have existed.
Hyperliquid is a blockchain with a trading exchange on top, and anyone can build on it. Yan's vision is to house all of finance. In 3 years, it has done over $4 trillion in volume. And in the past few months, it has begun to outgrow crypto.
Markets for oil, silver, and the S&P 500 now trade on Hyperliquid around the clock, weekends included, and are growing roughly 40% week on week. When the US and Israel bombed Iran on a Saturday in February, Hyperliquid was the venue traders turned to.
Hyperliquid's success has cost Yan his freedom. He works out of a secret office in Singapore and cannot travel without two bodyguards. Even the team's housekeeper doesn't know what they do.
In January, @domcooke spent a week at their office. Read his profile on Yan and @HyperliquidX below.
JJ retweeted
S&P Dow Jones Indices and trade[XYZ] have joined forces to launch the first official S&P 500 perpetual contract, available exclusively on Hyperliquid.
For 69 years, the S&P 500 has been a defining reference point for global finance. Until now, access to that benchmark has been shaped by market hours, intermediaries, and geography. Today, that changes.
The S&P 500 perp is now available 24/7/365, anchored by the official index data required for deep liquidity and institutional confidence at scale.
SPDJI helped define modern indexing. They are stewards of an iconic benchmark, the standard against which portfolios across the globe are measured. We are honored to bring that legacy on-chain.
Trade[XYZ] is bringing the world's most iconic assets towards a future of global, continuous markets — a future powered by Hyperliquid.
JJ retweeted
When we first introduced traditional asset perpetual futures, one of the main questions was how the instrument would achieve continuity when traditional markets were closed. Our answer included a critical safety framework we called Discovery Bounds.
To realize the radical concept of 24/7 trading, we made an explicit trade-off: limit the extreme tails of price movement, and the range within becomes substantially more conducive to genuine price discovery.
This trade-off has been vindicated. Weekend volume has been growing ~28% week-over-week, reaching an all-time weekend-volume high of ~$1 billion. Perhaps more importantly, we've seen a dramatic increase in directional correctness throughout these sessions - TradeXYZ's 24/7 perps are becoming the most accurate predictor of asset prices upon reopening of traditional markets.
With more participants, deeper liquidity, and higher-signal price movements, we've reached a point where the static protections themselves have become the primary constraint on price discovery. The market has matured substantially. It was time to revisit the original trade-off.
Discovery Bounds V2 is the natural evolution of the original design. It maintains active boundaries which prevent rapid swings in mark price, preserving the vital protective properties of the first iteration. But the bounds are no longer static - when trading persists at the edge of the active range, the oracle gradually converges toward that level. Once that persistence is strong enough, the active discovery range resets, allowing price discovery to continue in bounded steps as the market proves out new levels.
Ultimately, this represents a historic shift in capital markets: on weekends, a persistent move with sustained activity on TradeXYZ is a more predictive measure of fair price than any datapoint available from traditional finance.
Our long-term goal remains unchanged: 24/7 price discovery across global capital markets, independent of the assumptions and limitations of legacy market hours and traditional institutions. This is a meaningful step toward that future.
Perpetual Renaissance
Introducing Discovery Bounds V2
Discovery Bounds are price bands which restrict how far the mark price may deviate from the last externally derived fair price. The mechanism gives traders, market makers, and the broader market a clear and reliable off-hours framework, and has substantially facilitated the maturation of 24/7 trading.
Today, we are introducing Discovery Bounds V2 starting with our CL and BRENTOIL markets only. Discovery Bounds V2 address two fundamental limitations of V1:
(1) The bound width was mechanically coupled to maximum leverage. Increasing available leverage narrowed the band, and widening the band required reducing leverage. Two distinct risk parameters forced into a single value.
(2) The bounds were static. If a market reached its limit, price discovery stopped until traditional markets reopened, regardless of whether the move was legitimate.
Discovery Bounds V2 addresses both. Bound width is now independent of maximum leverage, allowing each to be calibrated to the risk profile of the instrument. Bounds are no longer static - when a market sustains activity at its limit, the oracle gradually catches up and the bounds reset, allowing further price discovery without requiring traditional markets to reopen. The safety properties of bounded off-hours trading are fully preserved.
The new change is in effect for CL and BRENTOIL markets only. Future updates will expand the application of the Discovery Bounds V2, with each market having its own preconfigured discovery bound threshold and maximum number of steps.
For more information: docs.trade.xyz/perp-mechanic…
