Some additional info on TradeXYZ x Intercontinental Exchange Partnership: - ICE will be the exclusive operator of trade[XYZ]’s regulated U.S. markets, and is taking a minority stake in trade[XYZ]. - They will build a new, dedicated market and clearing structure on Hyperliquid, with full KYC/AML, and will seek approval for leveraged trading. - They view this as a market for retail traders seeking short-duration, around-the-clock exposure - important because ICE’s participation today is >99% institutional. Retail is an entirely new market for them. - Customers get in through futures brokers (FCMs) that join the platform, plus ICE’s joint venture with OKX (ICE invested in OKX earlier this year). -Contracts span crypto, equities, indices, commodities, FX, and other RWAs, 24/7.

In just one week of API and MCP access, we built custom terminals, token valuation models and wallet analyzers, and overhauled our internal research. Insane opportunity reimagine how data powers our industry’s core products.

Day 1 of imagining @Blockworks with Hyperliquid builder codes. Makes no sense that exchanges show only price data when fundamentals are equally, if not more important for putting on a trade. I need: -Advanced screening: fundamentals, monitoring, protocol updates and unlocks, instead of screening by price for things that already moved -Fundamental indicators: From simple features like plotting multiples alongside price to bespoke multi-asset views (e.g. revenue/price divergence vs. peers, unlocks vs. buyback yield) -Comprehensive data: business metrics (users, revenue, competitive landscape), token disclosures and unlocks Imagine being able to do everything on one interface: screening assets, understanding, tracking and monitoring them, then trading them. I wanted to see if it’s possible, so I built a prototype with the Blockworks MCP. I’ve been AI-pilled for a while, but watching it one-shot an exchange was insane. There are empires waiting to be built.

PumpFun enabling perps through Hyperliquid is an example of the monetization potential you have when you move from pure infra (launchpad<>DEX) to owning the user as well (mobile<>terminal). Expect builder codes to be one of many new revenue lines. On Fomo, these are $400k/week.

Fireside today at @blockworksDAS with @chameleon_jeff on Hyperliquid, future goals, and what’s being built today. Incredibly optimistic about the future of Hyperliquid and what can be built on permissionless, performant infrastructure.

The Blockworks Unified API combined with Claude gives ANYONE access to their own data analyst. To show you what I mean, here's a thread of questions I asked it getting completely one-shotted: Q1: Show me the median listing-day return of tokens by CEXs:

PUMP Update: While PUMP continues to grind higher, two headwinds have capped further upside: 1) risk-on capital rotating into the privacy/AI narrative, and 2) competition risk from Stonk, which we flagged in our original report and has now materialised. Despite an initially positive v2 launch of custom quote assets, Stonk has regained dominance in that segment. Trailing 24H: 1. Custom-quote bonding-curve volume: Pump 17% ($13.3M) vs Stonk 83% ($65.2M) 2. All quote assets incl. SOL/USDC: Pump 63.5% ($117.6M) vs Stonk 36.5% ($67.7M) 3. Growth vs previous 24H: Pump +12.2%, Stonk +54.5% Losing these volumes cost Pump roughly 70% in potential revenue, a hypothetical $19M per week. Pump has also failed to launch on Robinhood Chain. And, while RH volumes have fallen, failure to act is again indicative of the Pump team not responding aggressively enough to defend its monopoly. That said, the launchpad sector continues to perform well. Pump still leads all launchpads in revenue ($11.6M over September 15-21) and ranks second among protocols excluding stablecoin issuers (behind Hyperliquid, $16.6M). Our muted-selling thesis also keeps playing out: September-to-date, tracked distribution-linked wallets sold or sent to exchanges 1.51B PUMP ($6.31M) versus 3.59B PUMP ($14.84M) in buybacks, 2.4x the identified outflows. Given this, still bullish on Pump, however, as Stonk continues to show resilience, it is worth considering adding Stonk alongside Pump to better express a long view on launchpads: it broadens exposure, hedges Pump's execution risk, and likely offers more asymmetric upside given even lower multiples and potential catalysts such as CEX listings.

We've revamped the Blockworks Research newsletter. Every day one of our analysts publishes focused coverage of the themes, tokens and trends they are watching. Check it out! ( when Kunal says something will rip, I tend to believe him)

To anyone who lost interest during the bear market and left to trade equities: welcome back to crypto, where you can speedrun 20+ years of TradFi returns by simply holding the right tokens.

HYPE at $92 Hyperliquid Strategies has continued its aggressive accumulation of HYPE. Over three weeks, it added 4.28M HYPE ($385M), 1.4% of circulating supply and 7.5x what the Assistance Fund bought. What stood out, however, was HYPE's weakness despite this bid, with price falling from $89 to $76. Even positive news, such as Kraken's HIP-3 announcement, had little effect. Aggressive DAT buying with weak price action indicated a lack of marginal demand beyond PURR, with holders distributing into its bid. That made the range around $80 extremely important. 33.4M HYPE, 11% of circulating supply, changed hands inside it as sellers took profits into PURR's bid, with PURR's additions over those three weeks equalling roughly 15% of Hyperliquid's spot volume. A downside break with the main buyer stepping away would have been reflexive, likely the end of this move to the upside. Instead, the opposite happened. HYPE reached all-time highs, sellers are exhausted, and Hyperliquid Strategies is better capitalized than three weeks ago, with cash up to $245M and a 1.24x mNAV. For the near term, HYPE looks very positive. Still, there is one thing I want to point out. Over the course of covering HYPE, the asset has very clearly shifted from an undervalued value play that the majority of our industry was sidelined on to very much consensus. It is clear we are pricing in a lot of growth, as revenues are down almost 50% since August last year while price is up 2x. Within crypto, a lot of optimism is now baked into the price of HYPE. The counterpoint is that TradFi, the marginal capital, will allocate to HYPE because it expresses all the key themes of crypto (perps, spot, lending through portfolio margin, stablecoins through AQAv2), and other assets (e.g. ETH, SOL) have reached much higher multiples. Both can be true. How you position depends on your outlook and how much risk you are willing to take. But if you entered lower on the thesis that HYPE was fundamentally undervalued, much of that valuation rerating has already happened. As the risk profile changes, it may be worth rebalancing to realise some of those gains while remaining positioned for further upside from growth and TradFi flows. Hyperliquid

Legitimately an essential tool for any serious investor. Agentic detection gives you an army of 24/7 agents tracking the protocols you care about, from X posts to GitHub updates, so you're always in the loop.

Hyperliquid is coming to the US for the first time, via Payward. By deploying HIP-3* markets through Bitnomial, its CFTC-regulated exchange and clearinghouse, Kraken's parent gives Hyperliquid a path to become infra for 6.6M accounts and $103B in monthly volume. Hyperliquid

AI monitoring experiment working surprisingly well so far, caught some interesting things including @standard_rsv flagging their TGE. The bottleneck now is the accounts (just a bunch of VCs), but pretty confident if I expand the tracking list to around 1k high quality accounts there'll be very little it misses. Alongside that the agent curation needs to improve. Right now it's a quick summary + catalyst from their most recent posts, but the end goal (at least for the ones tracked by multiple accounts) is a deeper dive: agent looking onchain at metrics, scraping TG for updates, etc with depth ultimately only constrained by model cost. But looking like pretty soon it's gonna be a valuable tool.