Perps are less than 1% of global derivatives volume and somehow people are saying that this pump is overextended and we're going to pull back. Complete disbelief. We are going so much higher and were going to eat so much of the financial world with this product. Wall Street will have no idea what hit them. @hosseeb nails it here. $HYPE $LIT $VAR

Perp DEX volume is becoming a weaker way to judge market depth. A venue can process billions of dollars in a day without keeping much risk open once those trades are done. That is why open interest matters. @HyperliquidX, for example, recorded roughly $5.67B in 24-hour volume against $8.30B in open interest. That works out to just 0.68x turnover. The number is interesting because it shows that Hyperliquid is not simply recycling the same capital at high speed. A large amount of leveraged inventory is actually remaining on the venue. This makes turnover a useful second lens for understanding perp markets. — ● Turnover shows how quickly open positions are being recycled The calculation is simple: 24-hour volume ÷ open interest = turnover Across major venues, the differences are significant. • @HyperliquidX: $5.67B / $8.30B = 0.68x • @Aster_DEX: $2.39B / $1.43B = 1.68x • @Lighter_xyz: $1.11B / $650M = 1.72x • @edgeX_exchange: $1.04B / $650M = 1.60x • @variational_io: $2.12B / $940M = 2.26x • @Polymarket: $80M / $60M = 1.31x • @Kalshi: $470M / $30M = 18.96x A lower ratio generally means more open risk is sitting on the venue relative to the amount being traded each day. A higher ratio means the same pool of open interest is turning over much more quickly. Neither is automatically better. The ratio simply tells you how aggressively a venue is recycling its inventory. — ● Volume share and positioning share can tell very different stories Hyperliquid makes this especially clear. It processed roughly $210–239B in 30-day volume and accounted for around 39% of tracked perp-DEX volume. At the same time, it held roughly 59% of tracked open interest and that gap matters. Volume measures the flow passing through the market. Open interest measures the leveraged positions that remain after the trading is done. So a venue can have a smaller share of total volume while holding a much larger share of the market’s outstanding risk. In simple terms: Volume shows what traded. Open interest shows where the risk stayed. — ● The same turnover ratio can still represent very different markets Turnover is useful, but it should not be read without understanding how each venue actually works. • @HyperliquidX uses an onchain CLOB with unified margin and HLP liquidity. • @Lighter_xyz uses offchain matching with ZK proofs and Ethereum settlement. • @edgeX_exchange combines an offchain CLOB with STARK-based settlement and expanding RWA markets. • @Aster_DEX uses a broader architecture across its Pro CLOB, ALP and Shield products. • @variational_io operates through an RFQ model where the OLP acts as a major source of liquidity. • @Polymarket and @Kalshi introduce another complication because event contracts behave very differently from perpetual futures. Their positions eventually resolve and disappear rather than remaining indefinitely as rolling leveraged exposure. So turnover is best used as a market-structure metric, not as a universal ranking of venue quality. — ● The metric also breaks down when the inputs are inconsistent There are several traps. • The first is product mix. Event markets, crypto perpetuals and RWA perps do not create the same type of open interest. • The second is data quality. Using volume from one dashboard and open interest from another can create misleading ratios if the methodology or cutoff time differs. • The third is timeframe. A single 24-hour period can be distorted by volatility, liquidations, market events or incentive campaigns. Seven-day and 30-day turnover are usually much more useful for understanding persistent behaviour. • The fourth is incentives. Zero-fee trading, points and token rewards can dramatically increase volume without producing the same increase in residual positioning. That is exactly why headline volume needs context. — ● RWA perps make this even more important Perpetual markets are now expanding beyond crypto. HIP-3, Aster, Variational and others are pushing perp infrastructure into stocks, commodities and long-tail financial assets. That introduces a different set of risks. • The perp may trade 24/7 even when the underlying equity does not. • Oracle pricing becomes more important. • Underlying liquidity can disappear outside traditional market hours. • Corporate actions and fragmented reference markets can create additional complexity. So as perp DEXs expand into RWAs, market quality cannot be reduced to the amount of volume printed on a dashboard. The structure supporting that volume matters more. — ● Token incentives can distort the picture too The same caution applies when looking at $HYPE, $ASTER, $EDGE, $LIT and other ecosystem tokens. Points, emissions and token incentives can attract traders and boost activity. But high token value or high incentivized volume does not automatically mean the venue has deep organic positioning. The stronger signal is whether incentives translate into: • Persistent open interest • Repeat traders • Sustainable fees • Deep liquidity • Durable market share Tokenomics should therefore be read alongside volume and open interest, not used as a substitute for them. — Perp DEXs are reaching a stage where headline volume alone is no longer enough. Two venues can both process billions of dollars and still have completely different underlying markets. • One may be recycling positions quickly. • Another may be holding much more persistent leveraged inventory. That is why open interest, turnover, fees and trade structure increasingly need to be read together. Volume tells you how busy the venue is while Open interest tells you how much risk remains. Turnover connects the two. And that combination gives a much clearer picture of whether activity is actually translating into durable positioning.

Perpetual Dividends is now live!! Holders of a coin get paid in the quote token of the memecoin, e.g., tokenised stock, @solana, ZEC, MET, etc. Trading fees and perp profits get split between everyone holding it, pro rata, and sent straight to your wallet in the token the coin is paired with. No staking. No claiming. You hold, you get paid. More mechanics on Perps Dividends will be shared as we upgrade and improve on this feature.

Perplexity Computer can now create videos using MiniMax H3 and ByteDance Seedance 2.5. Ask Computer for a campaign clip, product demo, or social asset, and it produces finished video next to copy and creative in same thread. Available now for Pro and Max subscribers.

Perplexing that America, or at least part of America, wants to throw away AI, the next big industry… … imagine giving ford, IBM, American Express, apple, google, uber, Amazon, Microsoft, tesla and other ground breaking companies to China. 🤷

PERP TRADER LOSES $30M IN ONE MONTH 🔴 A Hyperliquid trader holds $124.59M in shorts, currently down $24.10M unrealized. The trader also booked a $3.41M loss on part of the $ZEC short and deposited another 9M $USDC in the last 24 hours. 30D PnL: -$30.04M 🔴 Address: 0xdd53C5297309130ab5fe5623DC905752E3342b13

Perpetual Futures vs. 0DTE Options: The most important distinction is structural. 💠 Perpetuals are linear instruments: a 1% move in the underlying produces a 1% move in the position (times leverage). 💠 Options are convex: as they move further in-the-money, their sensitivity to the price of the underlying asset increases, amplifying gains at an accelerating rate. Cboe’s Market Intelligence team analyzes these differences in a recent research paper, titled Crossed Wires: Separating Perception from Reality. ➡️ Download the paper to read the research:

PERPLEXITY 🔥: Windows users with NVIDIA RTX GPUs can now use Portable Computer powered by local models! > Support for local MCPs and scheduled tasks has also been added. > Earlier, Portable Computer was introduced for NVIDIA DGX Spark devices. > Now, Portable Computer is also available on Windows PCs with a supported NVIDIA RTX GPU with 24GB of VRAM or higher. Models available locally 👀 - PPLX 27B (Perplexity post-trained Qwen 3.8 27B) - Qwen 3.8 27B (stock) is not available on Windows - Nemotron 3.5 Lightning (~30B MoE, ~3B active) is marked as "Coming Soon"

perp-backed memecoins are the most interesting thing happening on solana launchpads right now we're seeing it already with the @PerpsPadfun ecosystem and the new positions being created on @PhoenixTrade through it token trades -> fees top up a perp on phoenix -> position takes profit -> profit buys and burns the token -> more trading -> bigger position this is a truly novel mechanism that can create a powerful flywheel effect as we enter a sector-wide repricing to the upside someone just launched the first ever token backed by a 3x levered $STONK position on Phoenix, this is maximum reflexivity