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Perp DEX

On-chain perpetual and derivatives exchanges — volumes, fees, exploits, and the tokens behind them.

Hyperliquid Treasury Reports Itself

Fortress balance sheet: the earnings are a bet on itself

Strip out the language and look at what actually made Hyperliquid Strategies' reported $305 million profit: about $710 million in paper gains on HYPE tokens it hasn't sold, per its own filing. Actual business income — staking rewards plus…

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Hot Storylines

What’s developing right now — ranked by recency, momentum, and importance.

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  1. 1
    Hyperliquid perp dominance rise

    Hyperliquid is expanding its decentralized perpetuals dominance through record open interest, tokenized equities, institutional integrations, and advancing US regulatory onboarding.

    Latest: CNBC flags unusual options activity around Trump's Hyperliquid remarks — a ~$65K purchase of near-dead PURR calls four hours before the name-check, worth ~$176K by the close; the trader is unidentified, and suspicion is an analyst's read, not a finding

    16 entriesPerp DEX
  2. 2
    DeFi exploit wave 2026

    A relentless wave of DeFi exploits—spanning smart contracts, bridges, oracles, and governance—is draining billions and setting new hack records across the crypto sector.

    Latest: Ostium reopens trading on July 23 following the $23.75M oracle-price exploit, with recovery plan for liquidity providers advancing

    24 entriesPerp DEX
  3. 3
    SKHX Hyperliquid volatility

    A large leveraged SKHX position on Hyperliquid is driving extreme price swings and liquidation cascades.

    Latest: Trade.xyz says it will reimburse traders liquidated in the SK Hynix perp flash crash — insisting its oracle worked as designed, and calling the payout one-time and discretionary

    3 entriesPerp DEX
  4. 4
    Prediction markets legal battle

    Kalshi and Polymarket face mounting legal and regulatory scrutiny as courts and Congress simultaneously wrestle with whether sports event contracts constitute illegal gambling.

    Latest: House panel formally weighs federal rules for Kalshi and Polymarket sports bets as Washington state court injunction against Kalshi stands.

    2 entriesPerp DEX

Latest Clips

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Anthony Pompliano

Druckenmiller Buys the Hyperliquid Wrapper

Perp DEX

Altcoin Daily

Hyperliquid Adds Prediction Markets

Perp DEX

Coin Bureau

EU flags Hyperliquid in DeFi crackdown

Perp DEX

Editor’s Takes

The engine proposes; I dispose — my signed stance on the stories that matter.

First Take Signed

Fortress balance sheet: the earnings are a bet on itself

Strip out the language and look at what actually made Hyperliquid Strategies' reported $305 million profit: about $710 million in paper gains on HYPE tokens it hasn't sold, per…

Read the take →
Take Signed

HYPE options: the four-hour head start

Forget the price jump. Look at the clock. Around 11am, someone spent $65,000 on cheap call options in Hyperliquid's listed treasury company — a contract almost nobody traded. Four…

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First Take Signed

HIP-3: who actually holds the whip

Warwick, who founded the trading platform Synthetix, says the 50% cut Hyperliquid hands builders can't last. He's right about the leverage: builders can walk, but there's nowhere…

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