$202m is the paradex number i'm staring at options OI reportedly went 2.6x after they plugged in Paradigm RFQ crypto spent years assuming better exchange = better order book for bigger trades the better product might just be letting you skip the book 1/ ask market makers for a quote 2/ trade the whole structure at once 3/ don't show everyone what you're trying to do first i keep coming back to this for prediction markets too a $500 election punt works fine on a CLOB a fund trying to hedge $250k across 4 correlated outcomes probably doesn't want to leg into every market in public the money will go to whoever can get someone on the other side to quote the whole thing starting to think the moat is less “deepest book” and more who answers when you ask for size

HYPE hit $94.46 yesterday the number i care about is 500,000 that’s how much HYPE you currently need to stake to deploy your own HIP-3 perp dex at the ATH that was a ~$47m bond now Kraken’s parent wants Bitnomial deploying regulated US perp markets directly on Hyperliquid so every serious company that decides that they want their own markets on these rails potentially becomes a giant HYPE holder before it even gets one trader been looking at HYPE too much like an exchange token it’s starting to look more like collateral for the right to create markets if HIP-3 keeps pulling in exchanges, brokers + trading apps, watch the number of deployers before the volume