Hello alpha seeker,

The big news of this past week was Trade[XYZ] getting the right to list the S&P500 as a perp.

We did a breakdown of the details and how that changes our allocation in the ecosystem. We highly recommend you read it if you missed it.

While it’s generally very positive news, it also has some “losers” in our opinion, so we adjusted our allocation when it comes to Markets by Kinetiq.

Information gathered at midnight UTC at the end of the week. Swings are high, so for most up-to-date token prices, check Hyperliquid.

While everyone is waiting on the CLARITY Act, the SEC decided to release their own statement, and it’s as favorable as it gets for all.

The cliffs: Most crypto assets are not themselves securities.

The full joint statement from the SEC and CFTC is available here.

A key section is on page 14, which says:

This is just another positive overall for Hyperliquid as well. While not directly mentioned, the willingness of key US regulators to provide better clarity is positive.

As the announcement says, this should mean less ADL (automated deleverage) and better liquidity for HIP-3 assets in general.

The lack of a vault similar to HLP (Hyperliquidity Provider) and frequent ADLs was one of the biggest complaints with HIP-3. While this is not a full HLP equivalent, it should help significantly.

Let’s see how complaints come up on X in the next couple of weeks.

The change is meant to help create more intuitive names for the assets and make them easier to find on frontends.

The hl.xyz frontend already seems to have this implemented so give it a look and see if it makes finding HIP-3 assets easier.

Biggest upgrade one since the announcement was clarifying what oil prices different tickers track, since oil is one of the most traded HIP-3 perp after the Iran war.

HyperLend staking is finally live. If you are someone who borrows significant amounts, it will be worth buying some (more) HPL and staking it. For us, at the moment, it’s not useful so we’re sticking to no HPL allocation for now.

Trade[XYZ] listed the official S&P500 perp, as we mentioned in the intro. You can give the official announcement a read, but we’d recommend our breakdown more. It goes into deeper detail.

CFTC issues no-action position for self-custodial crypto asset wallet software provider, which is generally good news for Phantom, MetaMask, Rabby, and other builder code apps. 

Grayscale filed the initial S-1 for their HYPE ETF (ticker $GHYP) with the SEC. There are several HYPE ETFs pending approval, this is just the latest. We’re very interested to see how things evolve once some of these HYPE ETFs are live.

Hyperion DeFi has its quarterly earnings meeting coming up on 26th March. One of the two publicly listed HYPE DATs (digital asset treasuries) that you can buy from your regular broker, if you want to get HYPE exposure the old-fashioned way. Worth listening in, since they are allocating their HYPE, they are not entirely passive.

Based TGE is coming up on 30th March. One of the most successful builder code apps on Hyperliquid, it’s worth keeping an eye on their valuation and token utility. We don’t have exposure and don’t plan to acquire tokens at TGE.