Petro D. | Research(@PDmytriiev):HYPE/USDC now sits at nearly $2B in open interest, second only to $BTC, and @HyperliquidX genuinely doesn't care what you trade, because it takes the commission either way. Hyperliquid's business model is decoupling from the crypto cycle. When crypto vol dies, traders don't withdraw, they rotate into gold, S&P500, SK Hynix, whatever is moving that week, and the collateral never leaves the account. Four of the top ten markets by OI are already non-crypto. A crypto winter used to mean a revenue winter for an exchange token. Here it mostly means a different ticker at the top of the OI table.

Petro D. | Research

@PDmytriiev

DeFi researcher · Stablecoin & protocol economics · Prediction markets · PM Founder:

参加 August 2022

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Petro D. | Research@PDmytriiev

2026.08.24 07:45

HYPE/USDC now sits at nearly $2B in open interest, second only to $BTC, and @HyperliquidX genuinely doesn't care what you trade, because it takes the commission either way. Hyperliquid's business model is decoupling from the crypto cycle. When crypto vol dies, traders don't withdraw, they rotate into gold, S&P500, SK Hynix, whatever is moving that week, and the collateral never leaves the account. Four of the top ten markets by OI are already non-crypto. A crypto winter used to mean a revenue winter for an exchange token. Here it mostly means a different ticker at the top of the OI table.