Hyperliquid recently crossed $7B in TVL for the first time.
The exchange has been seeing substantial activity with about $220B in perp volume and nearly $60M in protocol revenue over the past month.
TradeXYZ’s HIP-3 markets alone accounted for nearly a quarter of Hyperliquid’s perp volume over that period.
Hyperscalers' bonds to fuel capex offer institutional investors an attractive 100-180+ basis point yield premium over Treasuries, meaning marginal balance sheet capacity is being funneled away from government debt auctions.
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