Hello alpha seeker,

A comparably quiet week where token prices in the ecosystem went slightly down, though HYPE performed well in the overall market.

On the other hand, metrics head another positive week and it feels we’re past the speculative period of HIP-3 and we’re clearly in the growth period. OIL perps lead the way, and they are likely to continue with the current geopolitical climate.

We wouldn’t be surprised if HIP-3 becomes bigger than the validator-run perps by the end of 2026, at least by OI and volume. They might still generate less revenue, depending on the days and deployers.

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

Well, this is big news for the biggest risk for Hyperliquid.

We’re firmly in the camp that regulatory risk is what can negatively impact Hyperliquid the most, especially from the US.

This statement from Chairman Selig is as good a signal as you can hope for when it comes to alleviating this risk.

It’s a small but positive step. Don’t expect things to change tomorrow, but it’s clear that during this administration, the risk of ruin from the regulatory side is very low.

A frequent framing is that the HyperEVM and HyperCore are separate chains, and while this is not correct (they share consensus and blocks), it does feel that way because you have to regularly move assets from one box to the other.

Valantis Labs wants to improve user experience in that regard through Valantis Prime.

We’re looking forward to giving it a try, and we think it’s well worth checking it out as well.

Fair warning that it’s an early product, so if you do get access, start with basic and low-value interactions. Don’t move all your portfolio through it.

STHYPE is in the HyperCore orderbooks. You’ll soon be able to sell your STHYPE for stablecoins without having to unstake. This would be the second liquid staking token that is in the HyperCore orderbook after KHYPE. 

Dreamcash enables cross margin for most of their pairs. Wasting no time in using the new functionality. One caveat is that the mobile app still only supports isolated margin so you have to use the web app if you want to utilize cross margin.

Felix also enables cross margin for Silver and Gold. Just two assets but certainly two of the most popular ones this year across the whole ecosystem. 

Last but not least, Trade XYZ also enabled more cross margin assets. Rounds up a big week for cross margin rollout on HIP-3. Markets is the next major deployer we’d expect to enable this soon.

The Assistance Fund surpassed $1b in total buybacks. It took a little over 15 months to hit this number. We’re pretty certain the next billion will take less than 12 months.

March team unlocks transferred to their respective wallets. As if the significantly lower unlocked amounts aren’t enough of a positive sign, we’ve also seen that 48k of the 173k HYPE was also restaked.

Headlines and criticism over OIL-related perps. We’ve already seen mumbling on X about this. OIL markets saw huge activity this week and between off-hours trading, ADL (automatic deleveraging), high funding rate swings, and sometimes thin liquidity, you’re bound to see tons of criticism on the topic. Our short take: Normal for such a new product, and things will be improved in all regards. Most of the criticism is a sign there’s demand for the product.

Volatility. Yeah, might seem obvious but expect the swings to continue in terms of asset prices. On the other hand, this volatility also means increased activity, so likely more revenue for Hyperliquid.