Polobera

For the first Omni points drop of 2026, 150,000 points were distributed across 12,637 accounts. Happy New Year!

Day 405: 5 tips to become a better airdrop farmer 1) Don’t get too high ranked. Top users often get capped or vested to reduce sell pressure at TGE. Once you’re near the top 1%, spin up a new wallet even on confirmed linear airdrops. (People who did this on Hyperliquid ended up with multiple Hypurr NFTs) 2) Never burn fees blindly. Always calculate your expected ROI and define a stop point. You don’t need to farm until the very last day for it to be +EV. 3) Early birds catch the worms. Find winners early and go insanely heavy at the start. Good teams with fixed point campaigns and confirmed >20% airdrops are where outsized returns are made. 4) Go deep, not wide. Deep farm 1–2 high-conviction projects instead of shallow farming 50 mediocre ones. My biggest airdrop in 2025 outperformed all others combined. 5) Multi-walleting is almost always +EV. Just never move funds between wallets. Most CEXs allow up to 20 different deposit adresses so make sure to always use a CEX to transfer funds

Biweekly Update 1/9/26 PRODUCT ➡️ The most recent mainnet release was v0.7.1. ➡️ Increased net OI limits on some markets ➡️ Inline editing of trigger price for Limit/TP/SL orders ➡️ Scaling/stability work to improve system performance METRICS ➡️ Total Volume Traded: $113.95B ➡️ Current Dual-Sided OI: $1.03B ➡️ TVL (Excludes Some OLP Hedging Accounts): $119.62M ➡️ Total Tokens Currently Listed: 487 ➡️ Total Rewards Claimed: $4,526,173 ➡️ Total Losses Refunded: $3,050,594 ➡️ Total Referral Rewards Claimed: $1,475,579 ➡️ Daily Active Users (avg. over past week): 10,906 ➡️ Weekly Active Users: 22,830 ➡️ 2w Revenue: $1,700,724 ➡️ Average Daily Revenue: $121,480 ➡️ Revenue Directed to OLP: $1,160,534 ➡️ Revenue Directed to Loss Refund Pool: $367,214 ➡️ Revenue Directed to Referral Rewards Pool: $172,976 ➡️ Total OLP PnL: $8,766,259

Week 1 of farming @extendedapp Use CBBCARTEL ref code for 100% of fees earned back to you + highest tier possible (15% bonus point for you)

Today, 150,000 points were distributed across 11,358 accounts for the first week of the Omni points program.

Points are live. Today, we launched the Variational Omni points program and retroactively awarded points to existing traders. 1/🧵

Surprise surprise, data shows that people were really farming HL S3 airdrop and starts giving up! The number of active traders/wallets on HL peaked on Nov. 5th and started droping from there. The worse day Nov. 10th saw almost a 10% drop overnight. Nothing like this happened before. In fact, active traders count kept increasing even around/after the Oct. 10 slaughter. Ain't no way this recent trader count is orgainic and there's only one sensible explanation: S3 airdrop farmers are giving up. Given that S1 started Nov. 2023, and S2 ened on Nov. 2024. Nov. 2025 was the time that farmers were expecting a S3 annoucement, and the lack thereof apparently prompted farmers to give up and turn off their bots. data by @hypertracker

Perps have only a limited set of dimensions across which one can innovate and over the last 2 years we saw innovation across all of them except Collateral. 1. Liquidity Provisioning. @HyperliquidX was the first to launch the community vault, providing APR for depositors, reinforcing exchange liquidity and trading activity, which is now adopted by most players in the space. 2. Fees Structure. @Lighter_xyz was the first to introduce the zero fees model. As discussed many times, there are both pros and cons to this approach for the business and for end users, but it was an innovation in the market. 3. Ways of trading. @HyperliquidX came up with builders code (which we launched as well), allowing external teams to access underlying exchange infrastructure and liquidity and enable different frontends and use cases for trading perps (wallets, trading terminals, Telegram bots, etc). I believe we are yet to see innovation in the UX of perps trading, as the main trade screen of exchanges has not significantly changed over the years. 4. Markets one can trade. In 2025 we saw multiple perp DEXs, including @extendedapp, offering TradFi perps and I believe that over the coming years this trend will strengthen and we will see growth in OI, volumes and exchanges offering them. Earlier last year we saw pre-launch markets, which were an interesting concept that never really took off due to the complexities of providing stable and deep liquidity. Generally, adding new market types is the least important innovation, as any perp DEX can offer any market as long as there is a mark price and a market maker or vault ready to quote those assets. 5. Collateral. I do not think we saw any innovation on this front, with USDC being the sole collateral on perp DEXs while cross asset collateral and unified margin have been available on CEXs for years. Next Monday we will be releasing tokenisation of vault shares (a new type of collateral) and we believe it stands a good chance of getting traction among our users and potentially being adopted by other perp DEXs in the longer run, similar to how every perp DEX adopted community vaults. We will be releasing it in stages, with the full release plan to be communicated tomorrow. In a nutshell the idea is very simple. Allow users to post vault deposits or shares as yield bearing collateral for perps trading. In the target state: 1. eXtended Vault Shares (XVS) will contribute 90 percent of their value to user equity, essentially doubling overall collateral available for trading on the exchange. 2. Yield that vault depositors receive will depend on the trading activity of the user. There will be a base yield (currently ~15% all-time APR) available to all vault depositors and an extra yield that will depend on the user activity. The most active users will receive the highest yield. The fair question that many would ask is how liquidations will work given that XVS represents a claim on the vault equity, which includes open positions. The logic will work as follows: 1. When a user with an XVS balance becomes liquidatable, the first step of the liquidation process is to liquidate their XVS balance, meaning withdraw it from the vault. 2. When performing a liquidation or withdrawal of vault shares, the vault closes its open positions in proportion to the liquidated or withdrawn XVS. 3. If the vault for some reason cannot close its positions via the order book (e.g., due to lack of liquidity), a new type of operation will be enforced, called Force Close. The vault will close positions against the most profitable and highly leveraged user on the opposite side at the Mark Price. Force Close is similar to ADL but unlike ADL, where positions are closed at the bankruptcy price of the liquidated user, in Force Close positions are closed at Mark Price without incurring direct losses to the user on the opposite side. Given the existing risk limits of the vault (i.e. max position it can take on on the given market), we expect force close to be used only in the extreme scenarios. 4. Given the above, the XVS balance of the liquidated user can always be withdrawn from the vault. 5. Once the XVS balance of the liquidated user is withdrawn, we proceed with the regular liquidation process. The other valid concern we heard is what happens if the vault suffers significant losses while liquidating unhealthy users (the JELLY case), driving XVS price down and leading to a cascade of liquidations. Extended Vault processes liquidations deterministically, meaning that before taking over a liquidated position it knows: 1. that the position can be closed (vault will never take over the position it can't close) 2. that the realised loss will not be above its maximum acceptable loss per trade, per market or per day Hope the above clarifies the intended logic of the upcoming XVS release.

Taiki explains why you should be farming perp DEXs "I kinda view perp DEXs as like the alt L1s from last cycle, I think there's going to be multiple billion dollar outcomes. And like let's say there's 5 perp DEXs that launch at an avg of $1B FDV and they airdrop an avg of 15%, that's like $150M of value, per protocol"

Facts about the @extendedapp team you didn’t know: - For almost 2 years we were a 10-person team: 7 engineers, 3 business, and 8/10 are ex-Revolut. - CEO @rf_extended: ex-Head of Crypto Ops at Revolut. When he joined, Revolut’s crypto offering was just buy/sell of 10 assets - he built the entire unit from 10 → 70 people and expanded the offering into what you see today. - CPO: built RevolutX (their CEX) and the settlement system for Deutsche Bank’s HFT infra - knows how to build low-latency infra and MM-grade APIs. - CTO: former Head of Engineering at Revolut Crypto, worked on their upcoming DeFi initiatives, previously Lead Engineer at LMAX, an institutional-grade FX venue. Has been on-call on Extended’s PagerDuty without a single break. - Head of FE: ran all front-end for Revolut’s web; wakes up at 4am to work; took 2 days off in 2 years. - Our youngest team member and 2nd non-Revolut hire: @config_json (18) - shipped advanced tooling most teams buy from TradingView. - Every team member has interacted directly with users. - Since launch, there hasn’t been a single day without at least one co-founder working, including weekends and holidays. - Longest continuous work session: 27 hours.

I finished 350th during the points season, and I’ll be forever grateful to @HyperliquidX and Jeff. But I’m seriously asking: if there won’t be an incentive program in the near future why would anyone keep trading on Hyperliquid now? I can get the same liquidity elsewhere (@Lighter_xyz ), and even on tier-2 perp DEXs (@extendedapp ) the total execution cost for <500k trades is already cheaper in many cases. (I’m not even mentioning active points farming opportunities, because eventually all of those will end anyway…) So for example, a new trader who today still uses CEXs — who will they choose a few years later? Why would they choose HL if there’s a cheaper option offering the same service?

Yeah, I kind of get the feeling that most people aren’t even using HL for trading, they bought HYPE and now think I’m fudding HL.. but if you actually use it actively, you know exactly what I’m talking about