PERP News & Signals

news7h agonews

Anthropic (the biggest IPO since SpaceX) has officially filed their IPO Registration this morning

But you don't have to wait if you trade with Velvet

You can trade the Perp (with up to 12x leverage) or buy the pre-IPO token onchain to play the market before it goes live https://t.co/FBoU37sGAT

35/100·CLong+2

news8h agonews

Funding rate arbitrage is a job for an AI agent. Watch the spread across every perp DEX, close both legs the moment the rate flips. The Nomina MCP server is live and open source, and a model can already use it to research strategies. Execution is next, and we're building toward agents that run the whole trade.

35/100·CLong

meme10/26meme

NEW: SYNTHETIC BRAZIL ETF PERP $EWZ CRASHES ~25% ON @HyperliquidX AS LULA WINS REELECTION, WITH BRAZIL’S MARKET CLOSED FOR ANOTHER 12.5 HOURS

72/100·B+Short+1

meme10/25meme

Multiple chains, one coins. Quoted @KuiGas: BNB 链又要搞一条新L1 在BNB Chain的官方文档在10月22日更新了New L1计划。 🚀不是简单给BSC升级，而是准备重新设计一条全新的高性能L1。在文档里没有标注新链名称，标注为TBD（待定）。看了下，几个关键信息： 1、再造一条新L1，不是替代BSC。现有 BSC继续运营，新L1与BSC 并存，通过原生跨链桥连接。 BSC继续承载现有庞大的DeFi和应用生态，新L1则专门服务那些对交易速度、延迟和性能要求更高的业务。 2、不发新币，继续使用BNB。新L1不会发行独立代币，继续使用BNB作为Gas、质押和治理的核心资产。这么看是做增量，如果新L1能承载更多交易、支付和泛金融业务，其实对BNB的需求也是更大的。BNB现在价格743，这下子又有预期了。 3、交易性能是重点 200毫秒出块，约20毫秒交易预确认，亚秒级交易排序等。明显是冲着高频交易、链上订单簿、支付等场景去的。这两年Hyperliquid、Lighter、Aster等交易平台的发展，也让大家看到交易基础设施的重要性。 4、上线时间。文档里说已经运行内部多验证者开发网，但还没有公开测试网或主网，计划2026年底推出测试网，2027年初推出主网。（握草，这不马上就快来了么？） 5、为什么要搞新链大家对BSC的印象，更多是手续费便宜、用户多、Meme活跃，背靠币安生态。这次重新做一条L1，释放了一个很明确的信号：BNB Chain不满足于只做通用公链，而是要进一步争夺高性能链上金融基础设施的市场。很大一部分原因丰密我觉得应该是Perp dex带来的压力与未来的潜力，以前大家觉得链上交易只是中心化交易所的补充，现在越来越多的交易需求转向链上，最近一段时间链上Perp的日交易量合计都接近币安合约的1/3，虽然有积分激励等因素，但这个趋势是不容忽视的。对于我们普通用户：值得关注的是新L1开放测试网后，除了重点关注哪些新协议、新玩法和早期生态机会，还有哪些是可以重点👀的！ @BNBCHAIN @binancezh

72/100·B+Long+1

meme10/24meme

gn tweet 1. Vulnerabilities, Cybersecurity and old tokens: ethereum:0x9e46a38f5daabe8683e10793b06749eef7d733d1 Knowing my fiery passion about being max long cybersecurity, a few good ppl brought this to my attention in a gc as essentially the only viable exposure in crypto (one could argue XMR is also one), with a real business (@PolySwarm) and old token = gud token as of these times. I do not disagree, however, the value accrual of NCT is very flebile, it's mostly a reward token and there's virtually no liquidity on DEXs (although coinbase + upbit august listing makes up for a good potential pump I guess). I even went as far as joining their discord to check out if there's any plan for the token but i didn't see anything. Should this change, this is a max bid, before then, it can be mostly a very illiquid narrative play. 2. ethereum:0x0d8775f648430679a709e98d2b0cb6250d2887ef Roadmap 4.0 When i first started pointing out about BAT, i ended up having a lot of side conversation (well, mostly about the first pump). My position didn't really change: this is going to be one of the liquid plays with most potential for this quarter / q1, as Brave 4.0 slowly rolls out. It's going to take some time, but a decent execution on Pay + Wallet + Rewards, not even a good one, is going to have a big impact. Especially if actions follow words, re-establishing alignment between the product and the token will really go far. Brave is one of the most used browsers and it's very liked, if the token manages to become a half-decent way of expressing a directional belief on the product, it's going to be good. One thing i cautioned about is sudden price pumps, i do believe that here a slow up-build in price will be much healthier than a sudden repricing (as in, i think it can lead to far higher end results, vs jigsaw) and that's why should i wake up one day with BAT up 50% in 24h, i'll surely tp, just like i'll buy dips at relevant levels if it goes down significantly. 3. Prediction Markets noise, Defillama's distribution: base:0x21cfcfc3d8f98fc728f48341d10ad8283f6eb7ab This is maybe an interesting one: - @llamaonthebrink is a good lad; - @DefiLlama integration of Trueo ups its distribution by a lot and makes it really interesting - there is a lot of talk about and around Prediction Markets (again) mainly due to Polymarket's insider manuvers over the control of the company - Trueo is still trading at a fraction of competition (i'm not even talking about Kalshi/Polymarket, i'm talking about the C-tier ones) Again, very illiquid token, but i think here the chances of a good pump outweights the risk (capped to -100% afterall). I'm long. 4. Extra collection of thoughts: ethereum:0x6e2a43be0b1d33b726f0ca3b8de60b3482b8b050 , $XTEN, ethereum:0x88800092ff476844f74dc2fc427974bbee2794ae These are some tickers that i looked into for miscellaneous reasons. Starting from the first... - $XTEN / Extended, they migrated to Arc and announced the upcoming token in November, with 30% earmarked for the airdrop. I do not have much to say about this yet, i've had a rollercoaster of a relationship with Extended as i went from being very bullish and heavily using it at the beginning (very painful UX back then), to be quite more skeptical (the relationship with Revolut being constantly flaunted around, the eToro tease that later on materialized, the spreads, liquidity and funding not improving), to be once again more positive. I've disposed of a chunk of my points OTC, and at the moment Polymarket is not too bullish on Extended upcoming valuation (>$300m is merely 35%) and i do expect a massive dump of airdrop tokens, however, should it really go low low, i may be a buyer once the avalanche sets in. The team did have some good execution on the two migrations, the Arc positioning is not bad (and probably came with financial strings attached) and the European distribution is not bad either (and i'm very bullish on distribution as a moat, even more than product often). - ethereum:0x6e2a43be0b1d33b726f0ca3b8de60b3482b8b050 / Arkham, one of the most used non-trading platforms in crypto, recently announced their Enterprise plans and essentially the sunset of the free-for-all games. Very understandable as they probably have massive infrastructural expenses and they need to somewhat monetize, with plans for side monetization (via perps) having failed. The struggle here is that the token has no value accrual, the team needs funding (and therefore will probably keep dumping) and i'm not sure i see an easy pathway for Arkham to sustainability (and even value accrual) that doesn't pass by essentially becoming a fed platform (but for real). Regardless, i don't hate the chart, it has been going horizontal for a while, and i'm gonna take a small punt here. Things are moving (re: monetization) and while i doubt that this will bring a lot of money to the platform, changes can be a positive signal compared to stagnation. I'm ready to close should it not play out. - ethereum:0x88800092ff476844f74dc2fc427974bbee2794ae / Ambire, here i'm more looking for opinion as i read more and more positive opinions about Ambire, but essentially after trying it a little bit (admittedly not much) i didn't notice particular UX improvements over Rabby and i see way too much bullishness on CT. This clearly means that i'm missing something (it may even just be a round eh), what is it? Last week i've also closed filecoin:native at a loss, unfortunately the market didn't care of the end of the unlocks. 5. Options: ethereum:0x232ce3bd40fcd6f80f3d55a522d03f25df784ee2 beyond binaries, ethereum:0xb32e10022ffbedfe10bc818a1c7e67d9d87e0fa7 Post-S3 I'm not sure how much push options can really get in crypto, sometimes i do use them, but i'm definitely more of a perp enjoyooor. Undoubtedly though, people do like options. And undoubtedly, the adoption of options (which has been touted at least 8 or more times in the cycles i've been in) is underpriced. We always talked in the past about ethereum:0xb1d1eae60eea9525032a6dcb4c1ce336a1de71be which is great. However, i'm trying to also look beyond that, because it had a crazy run and it needs to probably rest a bit (or maybe it already rested enough, it's been a while it didn't have some crazy volatility), but anyway running some more ideas. Lighter's binaries are - i think - of none's interest. It's essentially prediction market stuff. However, what's interesting is real uncapped options, especially if they can get a hold of a bit of the RH cohort of degens. It increasingly (and predictably) looks like RH is just going fully in-house for the most important stuff (eh surprise), but still, the Lighter connection is indeed there, and they may want to help pump their bags somehow. The other token is ethereum:0xb32e10022ffbedfe10bc818a1c7e67d9d87e0fa7 from Paradex. I've already expressed my thoughts on both the team, the execution and the product so i won't repeat myself. It's a matter of fact that they're one of the largest venues for options. Yes, it's a fraction of Derive's volume and fees, and yes DIME is already trading at a premium for that fraction. However, their S3 is over but rewards not yet distributed, and i think this token can belong to the trio of tickers to keep an eye on for options expansion, with potentially good entries after S3 airdrop comes (and gets jeeted on a paperthin liquidity). 6. AI Plays: is the music slowing? Obviously cracks are showing up everywhere in TradFi and even Anthropic seems to be accelerating their IPO plans (or just keen on executing them on time). This obviously affects what happens onchain too (a little bit) with AI runners being very colder compared to what they would have been a few months ago (let alone in late 2024 / early 2025). Both the tickers indicated in the title enjoyed already some bumpy upside, and while i managed to only play a little bit of the first, i captured a good bounce on the second. I trimmed both my ORBIO and SURPLUS bags, but there are also reasons to be positive: both platforms are liked and used, surplus is transitioning from a full-blown meme with the team having near to no stake in to a real (still memetic, in terms of value accrual) token that the team will be able to jeet (and will have an interest in pumping). It's probably for the best that surplus gets transitioned via supply expansion in a real token rather than just dismissed in favor of a new launch. Essentially these are not really huge plays for me, but they're the small tokens i like the most in this corner of the market. There's also a lot of talk about Phala recently, but i didn't make it in time to dig in before the market puked the latest news on the chart, so i'll check in some more in the next days. 7. $MSTR back at 1.16x Now, this is a dangerous game, because mNAV = 1.16x is high for recent times, but we know very well it's not high by average historical standards - at all. And being moderately bullish BTC these days, it's maybe not that easy of a play. However, i'm comfortable to start shorting the premium again here. If i'm wrong, i'll lose money, so what. I think the DAT narrative is completely cooked for good, and while there'll always be cycles of booms and busts for stuff like MSTR, i do think historical averages for mNAV premium shouldn't be regarded as reliable point of reference, but rather a much more compressed level of this. We can add the fact that MSTR is set to be delisted at the end of November (final list on 11 November and implementation on the 30th), with MSCI funds holding around $1.9b of stocks they'll have to dump. 8. Short side: near:native and ripple:native what's below the line I don't remember a single trade i won when me and hedgehog were publicly on the same trade, however, i'm indeed short NEAR (again). I think the narrative is gone, the ZEC correlation is cold, the pump was mostly fugazi and the token tried to break 4.6$ already like... 7 or 8 times? There's the abyss below that and i think this time it'll get it. Similar story for XRP, i think this is still on its way to 0.5/7s, it's just going to be more of a rollercoaster, but every cycle is the same and this won't be different. Yes FDV is a meme when the token is much less liquid, yes there's also a lot of XRP used as collateral at Maple and other insti lending platforms and desks, but yes, XRP will slowly grind down back to square 2 imo. It's not always easy to find longs to hedge these kind of plays, aside from BTC and maybe ETH... HYPE has been a good one so far, but right now it's going through some weakness (ig increased competition, some fears that the airdrop is actually going to happen, papertrade burning a bit of the attention around the ecosystem -> people let it rest for a while). 9. Old/new lessons: initia:native Just a small note for frens, this is an easy lesson to learn but also an easy lesson to forget, and everybody always do this. On hacks, you short first, then you get out of the door fast and you do not play it right away again. This is not necessarily true on tokens that are large, liquid and crowded (see zcash:native, you could be very late at the short when they found the first privacy pool vulnerability, and be profitable), but it's always always true for small illiquid tokens. Here it's not even a given that the token will dump, although it's easier for it to dump on perps at least. Squeezing the late shorters becomes a much easier achievement for people who want, when the supply is already cornered enough or simply just illiquid. Be early, leave early. Sometimes you get another chance later on, when the jigsaw of liquidations is over. As always, have a good night Retweeted by @thedefivillain from @0xGeeGee

10/100·CNeutral+28

meme10/23meme

OpenMarket 🤝 ZeroFees Quoted @openmarket_xyz: Lighter is now live on OpenMarket, with 208 markets. 120 crypto perps, plus 50 stocks and pre-IPO names like NVDA, OpenAI and Anthropic, and FX, gold and oil. Every perp comes with full order flow data, including footprints, a live order book heatmap, open interest, funding and liquidations.

62/100·B+Long+5

meme10/23meme

Day 1 of @arbitrum Founder House Singapore is insane - brought in a great mix of speakers sharing and got to meet a lot of hidden gems in the Arbitrum and @robinhoodcrypto ecosystem. 1. Big Intro by @aditichoprax and @Swagtimus 2. Distribution from @vibegrower from @Quicknode and @ayobuenavista from @pendle_fi : one story stood out to me - pendle spent first 3 years without meaningful pmf (very humble) but they ran different experiments and finally popped off during the eigenlayer period. Another thing is try to go for recurring users, don't focus on one time users who use your product once and go away, try to look for the ones who stay using your product. 3. Figure out your wedge by @zklumi at offchain : focus on a small subset of target user, and a small pain point in a small market, don't go for massive markets. Get validation from your first 5-10 users and really understand their pain point and workflows. 4. @0x_allan from offchain: using the example of akash , have a clear price advantage over AWS, go to discord, forums, github, x, to see what people are saying, tag the user who has a pain point, go through as many workflows of competitors or identical products as possible, pay attention to each interface, walk a mile, try not to outsource to ai agent for this, really understand each process step to step. 5. Mentorship session with two omega chads @Swagtimus @zkLumi 6. Some of the early gems i'm seeing: - @yodlpay : pay with stablecoins or even robinhood stock tokens IRL across philipines, vietnam, and a couple other SEA and LATAM countries - @atoma_fi : market neutral yields - @PoPoMeMe3000 : launchpad that helps you go viral with ai clips across tiktok and social media - @CallPutApp : option dex for tokenized stocks - @owndotmoney : stablecoin backed by stock tokens - @exchequerfi : preferred token to protect downside - @lptokenfun : trade lp tokens - @clashofperps : gamefi perp dex reward farming - @ggdotxyz : social trading app - @CyreneAI : tokenizing pre-ipo stocks and stock basket tokens Taking a lot of this back to @zona_io . Excited for Day 2 Retweeted by @arbitrum from @DataLust_xyz

15/100·CNeutral+9

meme10/23meme

Missed out on today’s DeFi recap? Subscribe to the SynFutures Newsletter for a weekly dose of crypto news - straight to your inbox 👇 https://omniform1.com/forms/v1/landingPage/6100d0d8e9d524001abdac06/68ed01e6f9856ab9d18704b1 Reply to @SynFuturesDefi: gFriday traders 💙 Here’s what's been shaping up for tokenization and DeFi 👇 • US spot BTC ETFs pulled in $526.7M, their biggest daily inflow since September 22 • @WebullGlobal announced plans to launch US perpetual futures in November • Weekly RWA perp volume climbed 74.7% to $39.8B • @SoFi launched interest-bearing tokenized deposits with 4.4% APY • @pendle_fi expanded leveraged trading to tokenized US stocks on @base Perps are moving closer to traditional finance, while tokenized assets are becoming increasingly tradable. The line between TradFi and DeFi keeps getting thinner. This week's newsletter is out NOW ↘️(Consensus expectations: For 2026Q3 (event date 2026-10-27), consensus expects EPS of 0.1682 and revenue of USD 1.260 billion.)

72/100·B+Long+4

news10/22news

One User, Many Licenses: How Super Apps Are Rethinking Identity Picture a user who opens a crypto exchange app on a Monday morning to buy bitcoin. By lunch, they have swapped into a tokenized share of a US stock. By evening, they are using leverage on a NASDAQ perp, and before bed they have placed a position on an NFL game. They never leave the app, and they never log in twice. Behind the scenes, that single session touched four product lines, four regulatory regimes, and potentially four different licensed entities, each with its own rules on who is allowed in. The user sees one relationship. The platform has to prove, to several regulators at once, that it knew exactly who it was dealing with at every step. That gap between what the user sees and what the platform must answer for is quickly becoming the defining constraint on the largest consumer crypto platforms. In July 2025, perpetual futures of assets such as single-name stocks, commodities and stock indices, called RWA perps, saw trading volumes of ~$1.5B. Fast forward one year, and that figure reached ~$756B, with equity perps alone accounting for ~83% of that. Prediction markets followed a similar arc, where combined monthly trading volume across Kalshi, Polymarket and Polymarket US hit its own record of ~$72B in September 2026, a 16x increase year-over-year (YoY). Neither of these products is crypto in the traditional sense, as the former is more akin to legacy traditional finance (TradFi) brokers while the latter is akin to binary outcomes and, to an extent, sports betting. Despite that, both are increasingly offered through crypto platforms. The largest consumer-facing platforms are now becoming financial “super apps” that can offer crypto alongside equities, derivatives, payment cards and prediction markets, all under one account. This creates a different kind of identity problem, where each new product line comes with its own regulator, license and rules on who is allowed to use it. In short, one user, one app, but many licenses. This shift is already visible to the platforms building these super apps, several of whom have shared their thoughts and experiences in a series of interviews with Socure and The Block’s Research team. Jonathan Brockmeier, Chief Compliance Officer at OKX, which has expanded its product offerings beyond crypto trading into payment cards and tokenized equities, described identity as three separate decisions: Who a user is, whether they are eligible for a given product based on factors such as location, age or documentation like a passport or visa, and which licensed entity grants that specific permission, as one verified identity can span several product-level approvals across different licensed entities. Put simply, super apps have to answer three questions in order: Who is this person? Are they allowed to use this product here? Which licensed entity is granting access? Most platforms built for the first question and are now retrofitting for the other two. This primer is set to look at why identity, rather than product breadth, is becoming the biggest constraint on how far these super apps can scale further. From Exchange to Super App OKX, one of the largest crypto exchanges, has expanded into payments with OKX Pay and Card, live in Europe and Brazil, and also launched OKX Money, a stablecoin savings and spending app for emerging markets. They also have a joint venture with Intercontinental Exchange (ICE), the parent company of the NYSE, where OKX customers will have access to NYSE tokenized equities and ICE futures. OKX is already among the largest venues for RWA perps, accounting for ~14% of all RWA perps volume between July and September 2026, behind only Binance, while holding a MiCA license that allows it to serve customers across the European Economic Area. etoro, a multi-asset trading and investing platform, reported over 4.2M funded accounts in Q2 2026, up 18% YoY. Alongside its traditional brokerage and crypto products, it also offers an etoro Money account and card, with European issuance up over 30% quarter-over-quarter (QoQ). Through its acquisition of Zengo, etoro customers can trade tokenized assets on the blockchain using the non-custodial wallet. Additionally, etoro announced plans to acquire US broker TradeZero. On the other hand, Crypto.com took a different route, becoming a regulated US venue with CFTC licenses for derivatives and prediction markets, alongside its crypto exchange and Visa card. Despite the impressive headline growth numbers, it is worth pointing out that every product line on a super app has its own identity requirements. Buying crypto, trading NASDAQ perps, betting on an NFL game and paying with a card are, in effect, onboarded under several different regimes. Examples of this can be seen when Europe’s ESMA reminded firms that perps offered to clients likely fall under existing CFD product intervention measures, meaning leverage limits, risk warnings and a ban on trading incentives. Similarly, for prediction markets, Connecticut issued cease-and-desist orders to multiple platforms, while Missouri’s Attorney General did something similar, arguing prediction markets for sports are essentially unlicensed sports betting. The current norm is that a single check at a super app’s signup confirms who a user is. In reality, it cannot confirm whether that user is eligible for a specific product, in a specific location, at a specific point in time. Read down the right-hand column and the pattern is clear. Each row asks a different question about the same person. Crypto asks who the user is and who they pay. Perps ask whether they should be using leverage. Prediction markets ask where they are standing. A single signup check can only answer the first. Nevo Lapidot, Head of Crypto Compliance at etoro, which holds licenses across the world, follows a similar process, where identity is verified at onboarding, eligibility is treated as a technical decision based on jurisdiction and product rules, and suitability draws on each customer’s risk profile, so that complex products are not offered to users with only a basic understanding of financial products. OKX, on the other hand, organizes the entire process around the license itself. While the customer sees “one relationship,” each licensed entity keeps its own record of what was checked, how and when, in order to meet its own regulatory requirements. Geography then adds another layer. etoro noted that none of its products are offered identically across every jurisdiction, with localized compliance requirements and workflows built around a core product instead. KuCoin takes a similar approach, with Edwin Wong, Vice President and Head of Risk Control at KuCoin, explaining that the exchange keeps its core onboarding flow consistent across markets while adjusting verification requirements, transaction limits, product access and monitoring rules based on a user’s location. Taken together, etoro, OKX, and KuCoin point to the same design principle. The core identity record stays constant, while eligibility, limits, and monitoring flex by product, license, and location. Identity as the Growth Lever For super apps, growth increasingly comes from cross-selling, where introducing an existing user from crypto into stocks, perps or prediction markets is far cheaper than acquiring a new user for each product. However, every new product also comes with a point of friction. A user already verified for crypto trading being asked to resubmit documents or repeat KYC processes to be able to access RWA perps is a significant hurdle for user conversion. But the pressure runs on the other side as well, where removing too much friction risks providing ineligible users with restricted products. Not to mention the fraud dimension where a super app is only as strong as its most lightly verified entry point. This leaves platforms with a three-way tradeoff between conversion, compliance, and fraud. Tightening one tends to loosen another, which is why a static, one-size-fits-all check no longer works at super app scale. OKX’s Brockmeier put it bluntly, noting that “fraud is always going to go where the lightest checks are,” and that “if the friction’s low, the fraud comes in.” Its approach is to scale friction with assessed risk, keeping the experience low-friction for verified, low-risk users and adding checks as risk rises. KuCoin described something similar, particularly with the rise of AI-generated identities that have become harder to spot. Rather than relying on photo-based verification alone, they profile users based on country, behavior and transaction patterns, flagging anomalies such as large withdrawals in the middle of the night from a user whose activity normally concentrates during the day. Socure, an AI-powered identity verification platform, argues the answer is reusable, risk-based identity, where a user is verified once, and the platform then uses signals such as device, behavioral and account history, in addition to continuous identity monitoring, to decide which additional checks, if any, are needed as that user moves into a new product. In practice, this treats each new product as a risk decision rather than a fresh onboarding, and is what Socure’s RiskOS platform does, streamlining the user experience and minimizing friction. Socure claims it verifies over 99% of identities on the first attempt, compared to the industry average of 64%. Why it matters at scale: if each new product launch triggers a fresh onboarding, cost per cross-sell rises and conversion falls. If each launch is a risk decision on an identity the platform already trusts, cross-sell cost stays low and friction stays proportional to risk. Verify Once, Unlock Many Combined monthly volume across RWA perps, Polymarket and Polymarket US, alongside Kalshi, who is a client of Socure, grew from ~$6B this time last year to over $600B in September 2026. That is a ~100x increase in twelve months. The platforms capturing that growth already hold their users’ identity. The open question is whether that identity is eligible across different product lines and licenses, or whether it has to be rebuilt every time a user opens a new tab in the app. All partners interviewed for this report broadly agree that the technology for reusable identity already exists, and that the bottleneck is now standards and trust. etoro’s Lapidot said that a reusable identity could cover a general identity verification requirement, but suitability checks are usually much more intimate with the customer and specific for their understanding of their unique offering, “that’s hard to generalize.” KuCoin’s Wong argued that national-level digital identity systems would give platforms a consistent standard and allow users to verify once to access a wider range of regulated financial products. Socure is building toward that model with Socure Pass, its reusable identity product where users verified once by a regulated entity can, with their permission, share that credential with downstream partners instead of having to repeat KYC at every platform. The platforms that win the next phase of growth will likely be those that treat identity as shared infrastructure across every license they hold. The next primer looks at the payment providers sitting underneath these flows.(Historical earnings: For 2026Q2 (period ended 2026-06-30), reported basic EPS of 0.42, diluted EPS of 0.39, net income of USD 0.103 billion, revenue from contracts with customers of USD 75.207 million, and total revenues of USD 1.395 billion. Consensus expectations: Consensus for 2026Q3 expects EPS of 0.4 and revenue of USD 0.797 billion.)

20/100·CNeutral+23

news10/22news

What Makes an Always-On Market Work Well The WFIC 2026 recap ended on a question. Pyth’s answer, from running market data for markets that never close. across offshore derivatives venues. Around $1.3 trillion of it came from equity perpetuals, with an ever growing part of it traded while U.S. markets were closed. Pyth’s recap of the WFIC 2026 panel on extended trading hours ended on a question: what makes an always-on market work well? Pyth’s answer: an always-on market works when the venues inside it have access to a consistent, reliable view of price, regardless of the hour. The Always-On Market Already Exists The recap described overnight venues as an early test. Offshore, the test is well underway. Derivatives venues that started in crypto now list equities, commodities and FX alongside digital assets, and they are open every hour of every week. “I’ve recently stopped calling the crypto exchanges crypto exchanges, because they’ve really evolved to become some very big cross-asset derivative powerhouses, and all of them are trying to become the everything exchange.” @MikeJamesX, Douro Labs, contributor to Pyth Network Nasdaq plans to introduce an overnight session on December 6, bringing U.S. equity trading on the exchange to 23 hours a day, five days a week, subject to industry readiness and regulatory conditions. The question is how these extended sessions will work alongside venues that already trade around the clock. Fragmentation Is Less of a Threat Than It Looks The recap named fragmentation as the main risk. Pyth’s view is that offshore perp venues and regulated U.S. exchanges serve different users and strengthen each other. “I don’t think offshore perp venues are competitors at all to U.S. regulated exchanges and ATSs. I think it actually works well in exchanges’ favor.” Perp traders want weekend access, stablecoin margin and leverage U.S. venues will not offer. The market makers quoting those perps carry equity and commodity exposure seven days a week, and they need somewhere to hedge. Deeper overnight liquidity on U.S. exchanges and ATSs gives them that, and better price discovery onshore improves the prices that reach offshore venues. That loop only works if prices connect across venues. Four things make that possible. 1. One View Of Price Across Venues A participant watching a single venue at 3am sees part of the market. Pyth aggregates prices from first-party contributors: exchanges, trading firms, market makers and banks. A feed goes live only once a minimum number of contributors publish to it, reducing reliance on pricing from any single venue. “In areas of thinner liquidity, whether it’s overnight or whether it’s on the weekend, we make sure we’re sourcing really, really great institutions or ATSs or exchanges… to make sure that we have a really good price at all times and that our price doesn’t go stale.”2. A Price That Says How Sure It Is The recap introduced Pyth’s confidence intervals. They matter most in the hours the new sessions add. “The confidence interval basically tells you what the market thinks the price is. There’s different prices happening in different places, and so we’ll essentially give a plus minus of what the market’s thinking.” In deep markets the interval stays tight. When prices across contributors diverge, it can widen, and risk systems can respond to that directly instead of treating a 3am print like a noon print 3. Operations That Never Close Enterprise clients have escalated at 1am on a Friday heading into Saturday, expecting an answer within 30 minutes. Support coverage spans the U.S. West Coast and Asia to meet that. “I don’t think anyone would be comfortable offering a 24/7 model of support and data without being able to cover the weekend hours.” Access follows the same hours. A client can sign up on Pyth Terminal, complete KYC, accept terms, set up billing and start receiving data in under an hour, on a Saturday if needed. 4. Official Exchange Data Where It’s Needed As platforms built on always-on data mature, they also need official exchange data such as opening and closing prices. Pyth’s recent work with Nasdaq brings exchange data to these platforms, with more exchanges to follow. The Answer An always-on market works well when price holds together across venues and across hours. Offshore venues have already shown the demand: $2 trillion in a single quarter. Nasdaq’s planned December 6 expansion brings the same challenge further into U.S. equities: keeping prices reliable as the trading day gets longer. Explore U.S. equities coverage, available 24/5, on Pyth Terminal here.

35/100·CLong+5

twitter10/22meme

Cross margin is available on near(.)com! This was a feature heavily requested by the perp traders. Please trade perps only if you know what you're doing. Retweeted by @near_intents from @AlexAuroraDev

35/100·CLong

meme10/20meme

RT @Austin_Federa: Fastest feed of @PhoenixTrade Fastest feed of @HyperliquidX Every @Kalshi_Crypto perp Every @binance perp and spot One @doublezero connection Bears are cooked

35/100·CLong

meme10/20meme

quote: Papertrade changed the rules for PAPER this week. Every farming strategy eventually meets a rule change: a new issuance curve, new fee bands, a yield that moves by the hour. Static bots keep running on yesterday’s math. Introducing agentic rule-aware trading on Virtuals App. Butler reads the protocols you farm, the teams behind them and the wider conversation on X. It weighs that context against what’s confirmed onchain and reprices your positions within minutes, without being asked. Starting with PAPER. Unlike personal AI tools that only give advice, Butler adjusts the position for you. Now in closed beta: https://t.co/0hvRnv40i2 | A note on transferability. Papertrade is a complicated primitive, and managing it from a risk standpoint is a complicated problem. The PAPER token is far more integrated into the economics of the primitive than most tokens are in their respective protocols today, and, broadly, was designed to act as a counter insolvency incentive coupled with a rebate mechanism to losing traders. Market makers and exchanges are by far the two most profitable businesses in crypto, and our goal was to try and externalise as much of their margins back to users as possible. We are now just over a week into the life of papertrade and we are becoming increasingly confident that this is both possible, but also a likely outcome as agentic led software becomes the norm. As it stands, the paper token traded as a perp becomes a leveraged bet on bankroll solvency - and being able to short bankroll solvency materially changes the payoff curve of a manipulation attack. The target number goes from the bankroll, to the bankroll + short side exposure on paper. We can, and do limit bankroll size specifically to control this payoff curve and ensure it never becomes existentially problematic, but external perp markets are not something we would have any control over if left to float of their own accord. For example, if our bankroll is $10m, an attack costing $15m manipulating the price of bitcoin or ether is not viable. You simply lose money. If however you were also able to put on $10m of PAPER short side exposure, suddenly an attack costing $15m is very viable indeed. If we were to make the token transferable at this point, we are confident we would quickly enter a state too dangerous to allow any material exposure to be taken on papertrade, an end result that benefits no party beyond the wolves who have done the math on the short and are waiting in the wings with sharpened knives. We would also like to thank the various perps teams who have reached out about pre-market listings for their understanding and patience regarding this issue, and especially to the paragon team who, despite jumping the gun on us, have behaved with the utmost integrity and transparency once a dialogue was opened. Perps on PAPER will always act as a self-limiting exposure ceiling for a token with this type of utility, and we think it would be a shame to limit the growth of papertrade to the extent that allowing perps would necessitate. As such, at this juncture we do not have plans to allow off-contract token transferability. Structurally, papertrade is limited by the quality of the data it receives from hyperliquid, but we strongly believe that hyperliquid has a very large part to play in the future of global exchanges, and expect their books to continue to thicken and strengthen over time. A note on fees. Papertrade launched with a deadband fee from entry of 0.2bps. This means you don't earn anything until the price has moved by 0.002% in your favour. Over the months before launch, we played around with many different curves and fee structures affecting exclusively positions closed very close to entry price in order to try and devise a structure that removed the edge against the bankroll low time frame scalp bots have, whilst also minimally impacting the traders around which and for whom the product was devised. We were never able to find anything we were absolutely happy with and so decided to stay with the 0.2bp deadband fee through launch. This has however meant we have had to be very restrictive when it came to certain parameters, such as OI caps. Now, however, we have enough live data to fully understand exactly which strategies work, and to make the necessary changes to stop them. The changes we are making will have an on hours and off hours fee mode to account for the relative differences in liquidity the hyperliquid books see between these two time periods, and the ease with which low time frame moves are signalled. The changes we are making will only affect positions closed within 6bps of entry (0.06%) in on hours, and 10bps (0.1%) in off hours. Any trades closed above these threshold price shifts will see no change to their fees at all. On a look back to launch basis, these changes affect the profitability of bot strategies roughly 15x more than they do normal traders, for whom a very small proportion of overall winnings come from within this band. These changes should serve to flatten much of the edge our microfee structure necessarily creates on low time frames, and will help with long term exchange sustainability. This should hopefully allow us to open up parameters such as OI caps a little more so those of you who wish to can put on the size you want to, when you want to. It is possible these changes are still too lax, and that further revisions to this structure may be necessary going forwards. If so, we will notify users ahead of time. A note on paper tokenomics. In conjunction with the fee changes, we will also be implementing a change to the token issuance curve. Going forward, every $1 lost mints a fixed share of PAPER's supply at that moment, roughly 0.1% of supply per $1M lost (the exact number depends on the mint rate at the time the contracts are upgraded). PAPER minting in and near insolvency will also change, switching from a flat 100 per $1 of loss, to a time weighted multiplier on the curve growing over time, effectively acting as the house running a discounted auction on its own future cash flows. This change also removes the risk of the paper-mint-straddle-attack, temporarily pushing the protocol insolvent by closing only the winning side of a large straddle position and then attempting to mint as much paper as possible. In the immediate term these changes will only have a very subtle effect on PAPER minting, but in the long run will structurally change the outlook of the system beyond the first few weeks, serving to slowly dilute out older holders and leaving more recent users with an advantage. Reconstituting the PAPER system into something much closer to the exchange rakeback it was intended to be. We have been very reticent to touch this particular aspect of the system for obvious reasons, but ultimately we believe that these changes provide all users with the optionality to take a smaller piece of a potentially much larger pie than the current dynamic might necessarily allow. Other, miscellaneous notes. These contract upgrades will include a few other contract changes, including the addition of builder codes so that builders can utilise papertrade in whatever capacity they choose to. This will be a whitelist only to begin with and we will have more for you later in the week on where/how this will be rolled out. A small change to contract permissions on the reward distributor and a change on how below bust closes are processed by the exchange are also included, largely to block gas griefing attacks. These changes will be pushed to docs in full over the coming day, and we will further announce once the changes are queued into the timelock pending final security passes, scheduled to go live 24 hours after that point. Final note. We'd like to thank everyone that has tried out papertrade over the last 10 days. It has been a labour of love building this product and both of us have been taken aback at all of the positive feedback we have received. We'd also like to thank all those of you who have spent considerable time musing on the system we have built, and much of your advice has been taken onboard and will likely affect the colour of what papertrade becomes going forward. We know some of these changes will be unpopular with some, but we would not be making them if we did not feel them to be absolutely necessary. - blurr, jez

10/100·CNeutral+9

meme10/20meme

The chain upgrade to bring the lowest predictable gas fees on Injective is now live. Injective already has some of the lowest gas fees. Now RWAs, perp trades and soon private transactions will all run on the lowest fixed gas fees. Built for every user, trader and institution.

72/100·B+Long

news10/19news

The Basis Trade Belongs Onchain Every basis trade has two legs: the asset you hold and the short that hedges it. This piece is about the second, because where the short sits decides what you can verify and who you have to trust. We think it belongs onchain, and the market is already moving that way. The trade is one of the oldest in crypto. You buy an asset, short the same amount in perps, and collect the funding that leveraged longs pay. Price moves mostly cancel out, so your return comes from funding. Ethena did more than anyone to take this trade mainstream. Its design holds the spot with custodians and puts the short on centralized exchanges, which made sense when almost all deep perp liquidity was offchain. A growing share of that liquidity now trades onchain. Renzo Basis is built to let anyone participate in the growth of onchain basis. How the trade runs today Ethena's backing sits with off-exchange settlement providers such as Copper and Fireblocks and is delegated to exchanges as margin, but it's never deposited on them. The shorts run on centralized exchanges including Binance, Bybit, Bitget, Deribit and OKX, and holders own USDe or sUSDe while the positions sit with the protocol. It's a careful design that has held up under real stress, but the half of the trade earning the yield sits in exchange ledgers outsiders can't inspect. Ethena publishes a positions dashboard and monthly custodian attestations, more than most offchain products offer, and its docs say it is "actively exploring tools" that would let users "independently verify the existence of hedging derivatives positions." That's a lot easier when the positions are onchain, where anyone can look them up at any hour along with margin, funding payments and liquidations. Exchange risk Off-exchange settlement is a big improvement over leaving collateral on an exchange, but some exposure remains. Ethena's docs put it at "the outstanding PnL" between settlement cycles, which typically roll every four hours (daily for Copper's ClearLoop). If an exchange fails, its shorts go with it and that part of the hedge has to be rebuilt elsewhere. With an onchain hedge, PnL and hourly funding land in the account as they happen, and the margin and liquidation rules are published in advance. The October 10, 2025 crash hit both kinds of venue. USDe's backing held and redemptions stayed open, but on Binance's spot market USDe briefly traded near $0.65 while staying close to $1 on Curve. Binance's margin systems marked collateral at that price and liquidated users, and Binance later paid about $283M to those affected and changed its pricing. On Hyperliquid, auto-deleveraging closed profitable shorts to cover bankrupt longs, and those shorts are exactly what a basis trade uses as its hedge. Hyperliquid had published its deleveraging rules in advance, though, and every closed position can still be looked up. What changes onchain With both legs on an onchain venue, the spot and the short sit side by side in an account you control, with no redemption queue between you and your funds. The spot can back the short directly. On Hyperliquid, portfolio margin lets eligible accounts borrow USDC against BTC and HYPE when the short needs margin. Software can run the strategy through a trading key the owner grants and can revoke, whether that owner is a person or an institution. The funding can even be managed separately, since Pendle Boros lets you lock it in or trade it, much like an interest rate swap. Why this keeps moving onchain Perp liquidity has been moving onchain for a while. CoinGecko measured the perp DEX:CEX volume ratio rising from 3% in January 2025 to 13% by late 2025, and CryptoRank puts Q3 2026 at $1.71T on perp DEXs against $13T on centralized futures venues, with Hyperliquid alone at $621B. In the week of July 13, 2026, real-world asset perps made up 52% of Hyperliquid's volume, the first week any category passed half. Much of the new spot supply comes from exchanges themselves. Kraken's xStocks trade as spot on Hyperliquid next to perps on the same names, and on Robinhood Chain, Lighter runs perps next to Stock Tokens and accepts them as collateral. Ethena sees the same opportunity and expects equity perps to eventually outgrow crypto perps by a wide margin. In September it expanded on Binance, pairing bStocks with Binance equity perps. When the spot is onchain and the hedge sits on an exchange, every rebalance has to move between a custodian and an exchange. With both legs on one venue, they share an account and a margin system, and we expect more of the basis trade, in equities and in crypto, to run that way. Where Renzo Basis fits Renzo Basis runs the basis trade on onchain venues (currently Hyperliquid and Lighter) inside your own account, with funding settling every hour. Renzo's software manages it through a trading key; on Hyperliquid that's a trade-only agent key, which can trade but can't withdraw. Three guards watch the hedge, the funding and the margin. These protections reduce risk. They do not remove it. There's no lockup, and you can close whenever you want. You can try it at app.renzofinance.com.(Historical earnings: For 2026Q1 (period ended 2026-03-31), Robinhood reported basic EPS of 0.39, diluted EPS of 0.38, net income of USD 0.350 billion, and revenue of USD 1.067 billion, compared with basic EPS of 0.38, diluted EPS of 0.37, net income of USD 0.336 billion, and revenue of USD 0.927 billion in the prior-year period. For full-year 2025 (period ended 2025-12-31), basic EPS was 2.12, diluted EPS was 2.05, net income was USD 1.883 billion, and revenue was USD 4.473 billion. Consensus expectations: Consensus for 2026Q3 (event date 2026-10-27) expects EPS of 0.5427 and revenue of USD 1.415 billion.)

25/100·CNeutral+15

PERP

Anthropic (the biggest IPO since SpaceX) has officially filed their IPO Registration this morning But you don't have to wait if you trade with Velvet You can trade the Perp (with up to 12x leverage) or buy the pre-IPO token onchain to play the market before it goes live https://t.co/FBoU37sGAT

NEW: SYNTHETIC BRAZIL ETF PERP $EWZ CRASHES ~25% ON @HyperliquidX AS LULA WINS REELECTION, WITH BRAZIL’S MARKET CLOSED FOR ANOTHER 12.5 HOURS

Cross margin is available on near(.)com! This was a feature heavily requested by the perp traders. Please trade perps only if you know what you're doing. Retweeted by @near_intents from @AlexAuroraDev

RT @Austin_Federa: Fastest feed of @PhoenixTrade Fastest feed of @HyperliquidX Every @Kalshi_Crypto perp Every @binance perp and spot One @doublezero connection Bears are cooked

The chain upgrade to bring the lowest predictable gas fees on Injective is now live. Injective already has some of the lowest gas fees. Now RWAs, perp trades and soon private transactions will all run on the lowest fixed gas fees. Built for every user, trader and institution.

Anthropic (the biggest IPO since SpaceX) has officially filed their IPO Registration this morning

But you don't have to wait if you trade with Velvet

You can trade the Perp (with up to 12x leverage) or buy the pre-IPO token onchain to play the market before it goes live https://t.co/FBoU37sGAT