台灣能夠有龜大真的太幸福了 當時真的是台灣未來祭問我有沒有能夠跟 Lighter APAC Lead 同台的人 當時邀請了 @snow949494 姐 @hank06171 可惜姐因為私人安排提前回家處理了，不然一定超多人也很想面基姐！ 還有越來越穩重的 幣玩弟弟，要不是又忘了人家還要去學校上課🤣 不然我們幣玩也是天不怕地不怕呢！ 再來就是能說能武首選的 @shawnchen_eth 真的很罩… 謝謝金字塔頂端的龜神願意支持 @TaipeiWeek （跪謝🙇🏼‍♀️ 不好意思讓龜龜請假了一次家庭日 台灣有您真的太幸福！ 有料 守時 負責任 又有錢有腦 又願意給予 嗚嗚 ！

今天一個意外的收穫是跟 @hank06171 見了一面 也特別感謝 Hank，才剛動完手術、還在康復期，依然願意抽時間出來見面 對齊了對於手上幾個項目 交換一些信息差 真的超級快樂！！！ 又忽然有一些偷嚕的想法了哈哈哈哈 確實是證實了一些自己之前的認知 Double check 的感覺真的很爽 TBW 未來季 我們 下次見！

不是廣子，我自己打算把tradexyz的大倉位移到 @entropyIO 這邊交易，先不多說項目背景有多強，現在雖然只融了14m，但是看它ui、貼文底下一堆矽谷大佬都留言了，頂級項目一個，不亞於去年5、6月的lighter，不管怎樣，牛市來了，按頭上

We are releasing the first liquid way to trade Anthropic. For far too long, frontier assets have only been accessible to a select few. We are here to bring them to the masses. Introducing EntropyIO. We’ve raised $14M led by Ribbit Capital and a $40M HYPE stake to build both improved and entirely new markets, the first of which are live on Hyperliquid today.

gm from the #2# on the @Lighter_xyz leaderboard. On Saturday I traded more than $90M (total exchange volume was around $300M that day) by manually PvPing several bots. As a hook for the reader: This all was done clicking buttons manually (no API/algo trading at all, so this is a bit off topic from our regular posts about algo trading) from a couch while watching TV. Since this caught quite some interest (and the alpha is gone now), allow me to make some corrections to the quoted tweet and tell the story of how I went from 10 points to rank 2 (400+ points) within 24 hours. Late Friday evening, one of our @PlanemoTrading order book alerts started firing every few minutes, most often for QQQ and SPY. Basically our system identified an operator that was blindly crossing the spread on those tickers every time liquidity was posted within 1 tick, so for instance a buy order at 775.98 and a sell order at 775.99 would be instantly taken by this account, therefore instantly realizing a trading loss (more on that later). Quick background on how we found this in the first place: We run (cross-venue) statistical arbitrage, most visibly across the HIP-3 deployments on Hyperliquid: same ticker, different venues, and we take the spread when it exists. When the @RobinhoodCrypto instance launched on Lighter we were integrated within hours and traded it for a few days, but the lack of liquidity didn't make it worthwhile and we stopped. However, the connection/websocket streams stayed live for the past month and ran through our regular system which includes something like an "anomaly layer". Put simply, it watches order book behavior on everything we touch and flags anything structurally odd for manual review, so we can decide if we have to adapt our logic. We get these flags constantly (we are now already past 1,000 individual orderbook streams) and most of these flags are noise, depending on how sensitive the filters are set. This one on Friday night however repeated every couple of minutes, in the same two books, and for hours at a time. So Friday night I tested it by hand. Posted two sided liquidity one tick apart, and it got taken almost immediately for a tiny profit. Saturday morning the alerts had run all night, faster and in bigger size. So I sat down on the couch and started posting liquidity manually. To be clear about the level of "sophistication" involved: This part was one guy (me) typing orders on the Lighter frontend UI while watching TV. The clever part had already happened when the system flagged the pattern. (To be fair, you could have easily spotted this behavior manually too by just looking at the orderbook for a few minutes fwiw.) Early on, orders sat in the book for minutes and got nibbled in bites of 3 to 5 units, a few thousand dollars at a time. By midday the counterparty woke up properly. Fifty unit clips, about $35K a side, gone within a second of posting. Then 100s. Then 200s. At some point I was resting 500 to 700 units per side (so up to $500,000) and watching it clear in seconds, a few dollars of spread each cycle, over and over. Two or three hours in, company finally arrived. Top of book size (in units) that had been mostly mine became 1,000, then 1,500, sometimes north of 2,000 (roughly $1.5M deep top level) as other makers piled into the same trade. For a few hours it was pretty fun when there were multiple people constantly cancelling and requoting to make sure they are in the first slot top of book. New takers showed up too. The original one always swept both sides in the same second. Others went sequentially, one leg, then the other, 2 to 3 seconds apart. I didn't check the chain in detail, but I think there were at least three distinct takers absorbing everything posted based on the different manners of execution and clip sizes. So, why would anyone blindly cross spreads all day? We can only guess at the motive, but the math points somewhere: at 0.1bps spread and 0 taker fees, the cost is about $10 per $1M of volume, and that Saturday $1M of taker volume (free account) earned around 6 points. So <$2 per point, even without knowing details about the current campaign, is probably a good deal. Of course its their trade, their economics. Ours was simply earning the spread on huge size, almost (!) risk-free (more on that soon). A few hours in is when I realized that I was suddenly number 4 on the leaderboard (lol). By end of day: roughly $90M traded, $2K net profit, around 400 points. Rank zero to rank two in under a day. Late Saturday I did another 10M or so of volume that, it turns out, earned exactly zero points. The program had changed at some point in the afternoon and I hadn't noticed. I of course kept quoting anyway since the PnL trade was the goal. Now, about "wash trading" from the quoted tweet. Wash trading means you control both sides of a trade (resting maker orders and being the taker), so that beneficial ownership never actually moves. That's zero risk, fake volume, and of course should always be filtered out/banned. What I've described is the opposite, and the roughly 5% of the time it went wrong (resting orders not immediately being filled) clearly shows it. Most of the quotes got taken on both sides immediately. The rest of the time, usually against the sequential taker bot when the price ticked more than usual, only one leg filled. In that moment you are naked long or short a single leg of $300K to $500K on a $20K account. It happened a couple of times an hour, and at least five times I sat properly holding the bag for minutes before I could get it flat. On a weekend. Anyone who has traded on high leverage knows exactly what that feels like. One geopolitical headline and a 5% move and that account is zeroed out in a second. This was deliberately degen with a small test account and I was fully aware of the risks of an unhedged position of that size. I have traded perps for the better part of a decade and this trading behavior is like the famous turkey happiness graph. This will go wrong eventually. I do not recommend anyone doing this, you will get rekt eventually. Wash traders do not get left holding an unhedged half million dollar leg on a trade they control both sides of. There's a structural/technical point to make too. On a busy book like Lighter you can't even guarantee your own maker gets matched against your own taker when trading on the UI. Anyone who truly wanted to wash trade there would have to build it algorithmically, precisely timed, purpose built to self match. Since Sunday the books on QQQ/SPY have changed. Spreads on those markets are far wider, and the unit economics moved with them: roughly 2 points per $1M of maker volume now (only premium accounts), against about $110 of maker fees on that same volume. Assuming break even trading, that is real money per point ($55 per point), for rewards nobody knows the value of. Whatever one thinks of the program changes, and I don't have a settled view yet, the window that made Saturday work is closed. So that was my weekend. PVP happens on every exchange with every single trade (by definition), this was just a very visible one.

之前的 @Lighter_xyz 跟 @RobinhoodCrypto 搞了11m ethereum:0x232ce3bd40fcd6f80f3d55a522d03f25df784ee2 的獎池分數，我會下去刷點分，雖然用robinhood wallet會有兩倍分數，但如果你有策略的還是直接用api刷比較好，1倍分數但很穩，現在流動性很差，說不定有些edge能賺，現在第一名大概400多分，剛開而已很不卷

Another banger report from @HyperliquidR just dropped. Trade[XYZ] Q1 2026 in a nutshell: > $112B volume in Q1 while competitors lost 40-67% > 33% of total HL volume, 92% of HIP-3 OI > $7.93M revenue, $40M annualized (fees 90% off) > OI from $181M to $1.94B, ATHs 48 days straight > CL-USDC beat ETH in daily volume during Hormuz > First ever licensed S&P 500 perp on a DEX Solid work from the HRC team as always. Congrats @tradexyz on the quarter! Full report here: HIP3LIQUID.