$HYPE went from $79 to $89 in 2 hours. The trigger was ICE, which owns the NYSE. It's building a regulated US venue for Hyperliquid-based perps. When a coin moves this fast, it's hard to tell if you're early or late, so we asked Wayfinder to break it down: • Volume spiked about 30x, and shorts were forced to close first. • Late buyers are now paying around 24% APR in funding just to hold their longs. • We've seen this before. On Sept 17, Kraken's parent announced its own US perps plan. HYPE ran from $78 to an all-time high of $97.96 in about six days, then slid all the way back to $76. The pump got the attention. The context tells you whether to chase it.