David Schamis
@dschamis
Founding Partner & CIO - Atlas Merchant Capital;
CEO - Hyperliquid Strategies Inc - @HypeStrat;
Board of Trustees - Village of Sands Point
3.2K Following 7.6K Followers
Not sure Morning Dew makes my top 5 and I would couple Scarlet/Fire together at #1# the way they did China/Rider and Help/Slip/Frank, but a very good list.
The Grateful Dead took the longest, strangest trip in rock, and invited the world to follow along, show by show, song by song. And thanks to the music they made, their story will never end.
💯
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One of my new favorite charts - aka correlation without causation.
Serious question—and I’m genuinely not trying to be a wise-ass: why does ethereum:native trade at roughly 10x the market cap of hyperliquid:native?
Is it primarily growth expectations, name recognition, decentralization, ecosystem breadth—or something else I’m missing?
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I'm looking forward to this event in Singapore. If you're there please come by and say hello.
@HypeStrat
Second wave of speakers - Hyperliquid Forum, Oct 6.
📍Raffles Hotel, Singapore
› @RyanWatkins_ (Syncracy Capital
› @dknox_hypd (Hyperion DeFi Inc.)
› @0xNessus (Hyperlend)
› @dschamis (Hyperliquid Strategies Inc.)
Request an invite ↓
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I look forward to reading these every quarter. Another excellent job by HRC.
@HypeStrat @HyperliquidX $PURR
2026 Hyperliquid Q2 Report
Today, we're excited to release Hyperliquid's 2026 Q2 Report.
While Bitcoin fell 14% over the quarter, Hyperliquid pulled further ahead. HYPE returned +79% to a new all-time high, decoupling from the majors for a second straight quarter as the market began to price the business beneath it.
More importantly, this was the quarter the rest of finance began to catch up to the "House of All Finance." Real-world markets on HIP-3 set records across equities, commodities, and pre-IPO names to reach nearly a third of all volume, the first HYPE ETFs began trading in the US, and a private rocket company was priced onchain on a Saturday with the NYSE closed.
Enjoy the read. Some excerpts below, with the link to the full PDF.
Hyperliquid.
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This bi-partisan ethics piece for the Clarity bill should ensure it passes!
The White House has to accept it.
If they do the small issues left with enforcement and conflicts need to be met in the middle immediately!
This bill needs to pass! Thanks to @RubenGallego and @ThomTillis for bringing common sense to the ethics piece.
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Class move by @tradexyz and @sershokunin - too many people in crypto (and outside of crypto for that matter) are just scam artists. These guys are showing that they put their customers first, even if they weren't responsible for the error, and are building a business for the long-term.
@HyperliquidX @HypeStrat
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Trade[XYZ] has reimbursed $1,446,889 related to the July 27 $SKHYNIX event.
77 addresses are eligible to receive more than $10,000 and can claim their payout by opening a support ticket.
In total, 870 addresses received payouts ranging from $1.03 to $10,000.
The funds came from Coinbase Prime, which isn't surprising considering that $11.365M in fee revenue was deposited there about a month ago.
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HSI Chair @rediamondjr on CNBC:
"Big banks and leading blockchains such as Hyperliquid can both be big winners long term"
When we were choosing a ticker for Hyperliquid Strategies, most of the obvious options were some variation of HYPE.
They were fine. They were also boring.
I pushed for $PURR because it was distinctive, connected directly with the Hyperliquid community and reflected the kind of company we wanted to build. Some people loved it immediately. Others still weren’t entirely convinced.
I sat down with @0xTangle at the @HLglobal_ Hyperliquid Summit to discuss the decision, how I explain @HyperliquidX to traditional investors, and why we assembled @HypeStrat with such a deliberately TradFi-oriented team and board.
The immediate goal is to provide an institutionally credible way to access HYPE. The larger opportunity is helping connect Hyperliquid with the trillions of dollars of financial assets that have yet to move onchain.
That is why we are thinking beyond simply being a DAT.
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This is an incredibly helpful tool to have when researching @HyperliquidX and @HypeStrat.
I was sitting with my favorite AI this week, trying to create something like this that could be shared—but @HyperliquidR and @hl_eco beat me to it (which I am perfectly happy about).
As we play with this tool, we will have comments and questions for them and the community.
To my #TradFi# friends, I need to point something out here. Because everything on Hyperliquid is open and public, when you look at the financials, they are literally up to date as of the day you are looking at them.
For instance, normally, trailing twelve months (TTM) today would mean the twelve months ended June 30. Here, it literally means the twelve months ended YESTERDAY!
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Today, HL Eco and HRC are incredibly excited to launch the new "Hyperliquid Financials" dashboard.
The core reason we built HRC is that Hyperliquid intentionally leaves an information gap. They don't spend time on this, they're just busy building.
That information asymmetry clearly affects how the market understands and values Hyperliquid. We started this journey by aggregating the best Hyperliquid research in one place and publishing financial reporting (hyperliquid:native and Trade[XYZ] quarterly/annual reports).
Today we're taking that mission a step further, moving to live reporting.
It's no secret TradFi is paying close attention to @HyperliquidX and @tradexyz. But that attention needs clear, accessible data, the kind that lets investors, analysts, and every other stakeholder do more than just read the raw numbers.
With this, you get the most meaningful information on Hyperliquid in one place, CSV downloads for the underlying data, and analytical and projection tools to help you interpret it.
No more raw data and nothing else.
This will be improved even further with your feedback. We want this to be the Hyperliquid financials dashboard you've always wanted, so if you have suggestions or want to collaborate, we're all ears.
Community is what Hyperliquid has been about from the start. Collaborative work by people who genuinely want to see it succeed in housing all of finance. We're incredibly happy to now be close partners with @hl_eco; this dashboard is what happens when two teams that actually want to provide value build together.
Hyperliquid. HRC. HL Eco.
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While I am usually the last person inclined to talk down a hyperliquid:native bull, when it comes to valuation it is important to be both accurate and precise.
@Grayscale assumes approximately $1 billion of 2027 earnings and between 270 million and 310 million HYPE circulating at year-end 2027. That produces approximately $3.25–$3.75 of earnings per token and a 15–18x forward multiple.
The math is internally consistent—but it is a circulating-supply multiple, not a more fully diluted measure.
At @HypeStrat, our preferred measure is Outstanding Token Supply. We include the full core-contributor allocation, including tokens that remain locked or unvested, because we believe substantially all of that allocation is likely to vest or be issued over time (I don't think that @chameleon_jeff is getting another job anytime soon). We exclude unissued future community emissions and tokens that have been permanently retired or burned.
Our current OTS is approximately 476.6 million tokens.
Using Grayscale’s same approximately $1 billion earnings assumption and $54 HYPE price, that denominator produces approximately $2.10 of earnings per token and a forward multiple of roughly 26x, rather than 15–18x.
HYPE still looks inexpensive relative to $COIN, $HOOD and $CRCL on Grayscale’s own comp set, so I agree with their ultimate conclusion.
Our methodology:
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$HYPE trades at a forward multiple of ~15-18x.
@HyperliquidX has real cash flows, so it can be valued like a stock, but on earnings per token, not earnings per share. On that basis it still looks cheap versus fintech peers like $COIN, $HOOD and $CRCL.
Learn more on the Stack:
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Well - as I often do, I overthought this one.
It turned out to be as simple as the other three. @HyperliquidX was marking $CXMT at ~¥42.70 the day before listing. Yesterday the stock opened ¥49.50, traded as low as ¥38.39, as high as ¥55.00, and closed at ¥49.00.
The HL mark sat inside the first day's range. From an IPO price of ¥8.66.
I spent the weekend arguing there had to be a scarcity premium baked into that price, since offshore money is locked out of A-shares entirely. There wasn't. If anything the perp marked below where the stock actually cleared - and it has traded at a discount to the A-share ever since.
What did hold up was the mechanism. At 11:00 Shanghai time the contract converted from a pre-IPO perp to a standard equity perp - external oracle, funding multiplier from 0.005 to 0.5. You can see it in the funding data to the hour: a 107x step, exactly where @tradexyz's docs said it would be.
And the part I didn't see coming: post-conversion funding has been negative the entire time. The perp is trading below its oracle - meaning longs are currently being paid to hold it, not charged.
The moral, again: Hyperliquid delivered accurate and valuable price discovery ahead of a major IPO. That's four in a row now - @cerebras, @SpaceX, @SKhynix, and now CXMT.
@HypeStrat $PURR #pricediscovery#
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Well, tomorrow's the day for solana:gf9VEb8NqCUgCNNo1sz47LT4gvUvsHJmhW6Q1ndpump - Asia's biggest IPO of 2026, priced at ¥8.66 (~$1.28) on Shanghai's STAR Market. @HyperliquidX has had it at $6-7 for two straight weeks.
My call here is different from @SpaceX and @cerebras , so let me be precise.
I expect it to open well above ¥8.66. I do NOT expect it to reach the Hyperliquid price - and I don't think it should.
That gap isn't purely a valuation call. You need RMB 500k in a mainland account to buy a STAR Market IPO, and offshore money was shut out of the book entirely. HL isn't competing with a market global investors can access. It IS the access.
So I expect a premium to persist after listing. That premium is the price of admission - what someone outside the mainland pays for exposure they otherwise cannot get at all.
One thing changes tomorrow. Pre-IPO these contracts run a funding multiplier of 0.005 - basically free to hold a big premium. On conversion @tradexyz flips them to the standard 0.5 against the real Shanghai price. That's 100x the carry, overnight.
So: sharp compression, but not to zero. Where it settles is the market's honest price on access. SK Hynix's ADR settled ~15%. China's A/H premium has run 20-50% for years.
That's the number I'll be watching tomorrow. Not the pop.
And zoom out - because in ten weeks Hyperliquid has taken on two of the biggest structural problems in capital markets of the last 50 years:
1. IPOs priced below clearing, moving value out of issuers and their existing shareholders and into the pockets of the buyside.
2. The world's second-largest equity market being effectively closed to everyone outside of it.
Same venue. Same mechanism. Continuous price discovery, open to anyone.
@HypeStrat $PURR #pricediscovery#
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Well, tomorrow's the day for solana:gf9VEb8NqCUgCNNo1sz47LT4gvUvsHJmhW6Q1ndpump - Asia's biggest IPO of 2026, priced at ¥8.66 (~$1.28) on Shanghai's STAR Market. @HyperliquidX has had it at $6-7 for two straight weeks.
My call here is different from @SpaceX and @cerebras , so let me be precise.
I expect it to open well above ¥8.66. I do NOT expect it to reach the Hyperliquid price - and I don't think it should.
That gap isn't purely a valuation call. You need RMB 500k in a mainland account to buy a STAR Market IPO, and offshore money was shut out of the book entirely. HL isn't competing with a market global investors can access. It IS the access.
So I expect a premium to persist after listing. That premium is the price of admission - what someone outside the mainland pays for exposure they otherwise cannot get at all.
One thing changes tomorrow. Pre-IPO these contracts run a funding multiplier of 0.005 - basically free to hold a big premium. On conversion @tradexyz flips them to the standard 0.5 against the real Shanghai price. That's 100x the carry, overnight.
So: sharp compression, but not to zero. Where it settles is the market's honest price on access. SK Hynix's ADR settled ~15%. China's A/H premium has run 20-50% for years.
That's the number I'll be watching tomorrow. Not the pop.
And zoom out - because in ten weeks Hyperliquid has taken on two of the biggest structural problems in capital markets of the last 50 years:
1. IPOs priced below clearing, moving value out of issuers and their existing shareholders and into the pockets of the buyside.
2. The world's second-largest equity market being effectively closed to everyone outside of it.
Same venue. Same mechanism. Continuous price discovery, open to anyone.
@HypeStrat $PURR #pricediscovery#
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I agree with @Scaramucci here - the Democrats should take the win and declare victory on this one!
Look, I’m the last guy in America to carry water for Donald Trump on ethics. Everyone knows my record.
But he agreed to restrictions here. Democrats won real concessions across the bill. And some people still want to pretend nothing counts unless they get 100%.
That is not legislating. Pass
CLARITY
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A minor but helpful upgrade to the dashboard on our website. When the @Nasdaq is closed the numerator for our mNAV is now based on the PURRDAT perp price on @tradexyz rather than the most recent closing price of the stock.
@HyperliquidX @HypeStrat
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This is the key thing that no one talks much about. Fees on HIP-4 Outcome markets on @HyperliquidX are going to be SO MUCH cheaper than what @Polymarket & @Kalshi charge.
Price matters
Hyperliquid
@HypeStrat $PURR
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Fee comparison on a trade size of $10K.
This upgrade can’t come fast enough.
A show of hands - who likes "PURR" and who would've preferred a boring ticker
@HypeStrat $PURR
The ticker is $PURR
@dschamis from @HypeStrat live with @0xTangle on bringing some fun to Wall Street.
Yes - we are still very early.
We are working hard at @HypeStrat to explain to the investment community what @HyperliquidX is - we all need to do our part!
Outside of Crypto Twitter, hyperliquid:native remains largely undiscovered.
Once again @HyperliquidX & @tradexyz do a better job of predicting where a stock is going to trade post-IPO, and once again the bankers under-price the IPO to the benefit of the buyside!
@SKhynix IPO'd its ADR in the US. It was generally expected that it would trade at a premium to the Korean underlying. HL was saying >10% at the time of the pricing - it was priced at 3% and immediately jumped to 18%.
Again, this is money literally taken out of the existing shareholders' pockets and put into the pockets of the new shareholders'.
@hypestrat $PURR
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This keeps happening and we keep being impressed with it - @HyperliquidX and @tradexyz are where real price discovery is happening.
@HypeStrat $PURR
Encouraging to see Trade[XYZ] perps demonstrating accurate price discovery for SK Hynix
