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. $MSFT $AMZN $GOOG $ORCL

hype looks ready to print $100 at any moment now but imo the journey matters more than the round number hyperliquid began by doing one thing exceptionally well: perps it built the product before the token, found real usage, distributed ownership to users and connected protocol activity back to $HYPE through staking, collateral and fee-funded buybacks now $HYPE is around $96 with roughly $2.1b of open interest on its own perp this is no longer a dex token trading purely on narrative. it has become a liquid claim on one of crypto’s most important pieces of market infrastructure and the next chapter is much bigger than another ath payward intends to bring permissioned HIP-3 perpetual markets to US clients. at the same time, the hyperliquid policy effort is pushing regulators to create a real path for onchain perps in america the next is letting every app become a frontend to the same markets