House of All Finance
Joined October 2024
- Tweets5.3K
- Following3.2K
- Followers3.2K
- Likes40.5K
arkhet.hl retweeted
Equities were the fastest-growing asset class on trade[XYZ] in Q3.
Volume up 158% QoQ, from $58.9B to $152.1B. That is $93.2B added, more than trade[XYZ]'s entire $56.3B increase, as commodities fell 47.7%.
Today, equity perpetual futures were approved onshore in the US.
Today, equity perps can begin trading for the first time on @CFTC registered exchanges.
This move reflects my commitment to ensuring that America’s markets remain the most innovative, liquid, and well-regulated in the world. Instead of being forced to turn to offshore, unregulated venues to access equity perpetual futures, Americans may now access equity perps on CFTC-regulated markets subject to robust safeguards.
I appreciate the continued partnership of @SECGov and @SECPaulSAtkins as we work to further harmonize our agencies' regulatory initiatives.
arkhet.hl retweeted
Today, equity perps can begin trading for the first time on @CFTC registered exchanges.
This move reflects my commitment to ensuring that America’s markets remain the most innovative, liquid, and well-regulated in the world. Instead of being forced to turn to offshore, unregulated venues to access equity perpetual futures, Americans may now access equity perps on CFTC-regulated markets subject to robust safeguards.
I appreciate the continued partnership of @SECGov and @SECPaulSAtkins as we work to further harmonize our agencies' regulatory initiatives.
@ChairmanSelig Releases Statement on Equity Perpetual Futures: cftc.gov/PressRoom/PressRele…
arkhet.hl retweeted
Futures, not swaps.
That was the question hanging over US perpetual derivatives all year. CME sued the CFTC arguing they are swaps. The SEC and CFTC asked whether equity perpetual derivatives are security futures or security-based swaps.
Today the CFTC answered: single-stock perpetual futures are security futures, deemed approved under Regulation 40.3, and listable on exchanges registered with both the CFTC and the SEC.
The CFTC deemed equity perpetual futures approved under Regulation 40.3, as security futures. For the first time, exchanges registered with both the CFTC and the SEC can list them.
How we got here:
• May 29: CFTC approves the first US bitcoin perpetual futures
• Jun: SEC and CFTC jointly ask whether equity perpetual derivatives are security futures
• Aug 19: Trump says the CFTC is working to bring Hyperliquid onshore
• Aug 18 to 26: HPC and trade[XYZ] write to the SEC and the CFTC
• Sep 15: CLARITY Act fails
• Sep 16: Payward and Bitnomial propose a regulated HIP-3 route
• Oct 26: Hyperliquid confirms Payward as the first HIP-3* deployer
• Oct 29: ICE invests in trade[XYZ] to operate its regulated US markets (@elonmusk QT worth a mention)
• Nov 3: CFTC approves equity perpetual futures
The US route to Hyperliquid is taking shape.
Thank you, @HyperliquidPC. Hyperliquid.
"but single-stock perpetuals aren't live yet"
*CFTC APPROVES FIRST EQUITY PERPETUAL FUTURES CONTRACTS FOR TRADING ON U.S. EXCHANGES: CFTC (@mlmabc)
arkhet.hl retweeted
Even though once-niche crypto platform Hyperliquid isn’t officially accessible in the US, its rise has rattled industry titans and caught the White House’s attention bloomberg.com/news/features/…
arkhet.hl retweeted
ICE and Trade[XYZ] plan to bring Hyperliquid-based perps to the U.S.
Subject to regulatory approvals, ICE will operate U.S. regulated versions of Trade[XYZ]’s markets, leveraging their expertise as the leading deployer of real-world-asset perps on Hyperliquid.
The new venue will operate separately to ICE’s institutional futures franchise and offer a trading experience designed for retail participation.
Once live, U.S. traders will be able to trade 24/7 across a range of assets spanning the macro complex including:
*Crypto
*Equities
*Indices
*Commodities
*Forex
Read more: spr.ly/6010BHq9X8
Users will access the platform through U.S.-regulated FCMs performing KYC/AML screening, including ICE's joint venture with OKX.
ICE and Trade[XYZ] will seek approvals to launch a new market built on Hyperliquid to operate KYC-compliant perp markets, including regulatory approvals to support leveraged trading.
arkhet.hl retweeted
Hey Don. I appreciate you raising these questions, and I'm happy to contribute something here. Looking forward to ongoing constructive & public discussion of these ideas.
q1: I think framing the question around the benefits of trading "on-chain" is partly responsible for some of the confusion here. The term casts a wide net across a lot of different past usages, and I find it more helpful to reason about the technology from first principles.
Trust and KYC are not necessarily related ideas. Bundling them together as default attributes of "on-chain" is a good example of why each property is worth breaking down on its own. (you may be thinking of "permissionless" which is the term that usually pertains to the KYC topic)
Trustlessness is really about data and computational integrity, i.e. does this thing actually do what it claims to do. Many people consider Hyperliquid trustless in two primary respects: data transparency and distributed architecture
First, the full state of the platform is transparent and available. Because of this, participants can verify the operations of the exchange directly rather than relying on what is communicated by Hyperliquid Labs. It's easy to see why this is desirable: Alameda's ability to trade without risk of liquidation, or CME's 2013 "latency loophole", could not have gone unnoticed if either platform were trustless.
I'd briefly note that Hyperliquid's transparency goes well beyond what's technically necessary for this component of trustlessness. Similar verifiability is possible with varying levels of privacy, so verifiability isn't necessarily intertwined with your 2nd question.
Second, a distributed set of validators redundantly verifies the leader. Integrity holds as long as an honest quorum of distinct parties exists, rather than depending on any one entity (one set of incentives). This is really a long-standing distributed systems engineering idea more than the newer concept of "on-chain" or the crypto notion of "decentralization". Integrity==decentralization is the wrong mental model; it's closer to how Google runs distributed systems at scale to avoid trusting specific hardware.
Breaking it down this way, it's easier to see that there are benefits here that don't pertain to the KYC question at all, and they'd hold just the same on a version of the platform where everyone was KYC'd.
On atomicity: sure, the perp isn't an asset, but the collateral and PnL behind it are, and that's what settles atomically. Real-time clearing and settlement of risk shrinks the margin period of risk from hours or days to minutes, which is a pretty direct form of capital efficiency, and it removes a lot of the risk and machinery that exists today to bridge execution with settlement - EOD variation margin cycles, out-trades, etc.
I'd imagine you can better identify and more precisely articulate what most stands to benefit from atomic risk-clearing and settlement than I can, so I'm curious to hear your perspective.
(have some work to get back to - will follow up on the other Qs when I get a chance, want to be thoughtful abt this as I value the discussion)
![Trade[XYZ] × ICE: Bringing Hyperliquid to TradFi](https://pbs.twimg.com/media/HVzr9OsWIAAt9Qb.jpg)
arkhet.hl retweeted
Joining forces with @tradexyz
Welcome to our community.
trade[XYZ] and ICE, owner of the New York Stock Exchange, are joining forces to bring 24/7 perpetual futures on Hyperliquid to the United States.
In just over a year, our markets on Hyperliquid have surpassed $650 billion in volume. They provide continuous price discovery for stocks, indices, and commodities, and have become trusted reference points for retail and institutions alike when traditional markets are closed. Much of the world trades them. Until now, Americans could only watch.
We intend to change that. Subject to CFTC approval, trade[XYZ] and ICE plan to establish a new, dedicated U.S. market, with novel exchange and clearing infrastructure built on Hyperliquid. Planned contracts span equities, indices, commodities, FX, and crypto, with access through participating brokers and platforms. We’ll share more on products, eligibility, and timing as approvals progress.
ICE brings more than 25 years of experience operating regulated markets, clearing, and managing risk. trade[XYZ] brings the product development, market design, and technology behind the most liquid and robust markets on Hyperliquid.
Innovation and the protections of U.S. regulation shouldn’t be a trade-off. Together, we plan to prove it.
ICE is making a strategic investment in trade[XYZ] and joins us in building towards the future of Hyperliquid. A small group of market luminaries is joining as well, beginning with Stan Druckenmiller. For more than four decades, few investors have anticipated the great turns in markets as often as Stan. We’re proud to have him with us for the next one.
We’re building the U.S. market in parallel with our existing HIP-3 markets, which we’ll continue to expand and innovate on. We expect both to flourish. They each have a long road map ahead, from new asset classes to new ways to trade them.
To the Hyperliquid community, whether you were here before us or came because of us, thank you. You took a chance on new markets and you made them matter. You’ll forever be a part of this story.
Anything. Anytime. On ICE[XYZ].
arkhet.hl retweeted
It is really cool to see traditional institutions of the caliber of ICE leverage Hyperliquid infrastructure for 24/7 trading.
Legacy finance moving toward 24/7 trading validates the core thesis. Life doesn't pause when traditional markets are closed.
Huge congratulations to @sershokunin and the @tradexyz team, all the long nights and hard work were worth it. Excited for what is next.
Hyperliquid
Intercontinental Exchange (ICE) and trade[XYZ] have announced their plan to use Hyperliquid as the infrastructure layer to deploy perpetual futures markets for US traders across crypto, equities, commodities, foreign exchange, and other real-world assets, subject to regulatory approvals. ICE operates NYSE and some of the largest exchanges and clearing houses globally.
In this structure:
+ Hyperliquid serves as the underlying technology infrastructure via HIP-3*
+ trade[XYZ] designs and implements the markets
+ ICE operates the regulated market and clearing structure
Existing trade[XYZ] HIP-3 markets will remain unchanged.
Hyperliquid is a neutral infrastructure layer with the goal of supporting large parts of the financial system. As with HIP-3, HIP-3* deployers are independent operators who use Hyperliquid as the onchain infrastructure layer for their own markets, while retaining control and responsibility over their deployment.
arkhet.hl retweeted
Congratulations to ICE and trade[XYZ] on their partnership to bring onchain markets for perpetual futures into the United States using Hyperliquid.
The frontier of finance will be won by innovators who use new technology to offer a superior product to end users. The race is on.
trade[XYZ] and ICE, owner of the New York Stock Exchange, are joining forces to bring 24/7 perpetual futures on Hyperliquid to the United States.
In just over a year, our markets on Hyperliquid have surpassed $650 billion in volume. They provide continuous price discovery for stocks, indices, and commodities, and have become trusted reference points for retail and institutions alike when traditional markets are closed. Much of the world trades them. Until now, Americans could only watch.
We intend to change that. Subject to CFTC approval, trade[XYZ] and ICE plan to establish a new, dedicated U.S. market, with novel exchange and clearing infrastructure built on Hyperliquid. Planned contracts span equities, indices, commodities, FX, and crypto, with access through participating brokers and platforms. We’ll share more on products, eligibility, and timing as approvals progress.
ICE brings more than 25 years of experience operating regulated markets, clearing, and managing risk. trade[XYZ] brings the product development, market design, and technology behind the most liquid and robust markets on Hyperliquid.
Innovation and the protections of U.S. regulation shouldn’t be a trade-off. Together, we plan to prove it.
ICE is making a strategic investment in trade[XYZ] and joins us in building towards the future of Hyperliquid. A small group of market luminaries is joining as well, beginning with Stan Druckenmiller. For more than four decades, few investors have anticipated the great turns in markets as often as Stan. We’re proud to have him with us for the next one.
We’re building the U.S. market in parallel with our existing HIP-3 markets, which we’ll continue to expand and innovate on. We expect both to flourish. They each have a long road map ahead, from new asset classes to new ways to trade them.
To the Hyperliquid community, whether you were here before us or came because of us, thank you. You took a chance on new markets and you made them matter. You’ll forever be a part of this story.
Anything. Anytime. On ICE[XYZ].
arkhet.hl retweeted
We're honored to have your trust and support.
arkhet.hl retweeted
Intercontinental Exchange (ICE) and trade[XYZ] have announced their plan to use Hyperliquid as the infrastructure layer to deploy perpetual futures markets for US traders across crypto, equities, commodities, foreign exchange, and other real-world assets, subject to regulatory approvals. ICE operates NYSE and some of the largest exchanges and clearing houses globally.
In this structure:
+ Hyperliquid serves as the underlying technology infrastructure via HIP-3*
+ trade[XYZ] designs and implements the markets
+ ICE operates the regulated market and clearing structure
Existing trade[XYZ] HIP-3 markets will remain unchanged.
Hyperliquid is a neutral infrastructure layer with the goal of supporting large parts of the financial system. As with HIP-3, HIP-3* deployers are independent operators who use Hyperliquid as the onchain infrastructure layer for their own markets, while retaining control and responsibility over their deployment.
trade[XYZ] and ICE, owner of the New York Stock Exchange, are joining forces to bring 24/7 perpetual futures on Hyperliquid to the United States.
In just over a year, our markets on Hyperliquid have surpassed $650 billion in volume. They provide continuous price discovery for stocks, indices, and commodities, and have become trusted reference points for retail and institutions alike when traditional markets are closed. Much of the world trades them. Until now, Americans could only watch.
We intend to change that. Subject to CFTC approval, trade[XYZ] and ICE plan to establish a new, dedicated U.S. market, with novel exchange and clearing infrastructure built on Hyperliquid. Planned contracts span equities, indices, commodities, FX, and crypto, with access through participating brokers and platforms. We’ll share more on products, eligibility, and timing as approvals progress.
ICE brings more than 25 years of experience operating regulated markets, clearing, and managing risk. trade[XYZ] brings the product development, market design, and technology behind the most liquid and robust markets on Hyperliquid.
Innovation and the protections of U.S. regulation shouldn’t be a trade-off. Together, we plan to prove it.
ICE is making a strategic investment in trade[XYZ] and joins us in building towards the future of Hyperliquid. A small group of market luminaries is joining as well, beginning with Stan Druckenmiller. For more than four decades, few investors have anticipated the great turns in markets as often as Stan. We’re proud to have him with us for the next one.
We’re building the U.S. market in parallel with our existing HIP-3 markets, which we’ll continue to expand and innovate on. We expect both to flourish. They each have a long road map ahead, from new asset classes to new ways to trade them.
To the Hyperliquid community, whether you were here before us or came because of us, thank you. You took a chance on new markets and you made them matter. You’ll forever be a part of this story.
Anything. Anytime. On ICE[XYZ].
arkhet.hl retweeted
Growing up in the United States, NYSE was synonymous with the story of American capitalism. I vividly remember learning about the Buttonwood agreement in 9th grade history class. 24 stockbrokers met under a tree on Wall Street and formed the beginning of what would become the world's financial center. From pits to computers to now onchain markets, America has always led the way in innovating markets to improve price discovery and capital formation. Today the next chapter begins with ICE, trade[XYZ], and Hyperliquid.
ICE started as an electricity-trading platform in 2000, growing to acquire NYSE itself in only 13 years. It is a key infrastructure provider of America’s energy, bond, and mortgage markets. ICE is a rare story of exponential growth of a financial giant over decades, continually embracing innovation and technology.
trade[XYZ] was the first HIP-3 deployer and responsible for spearheading the flourishing global RWA perpetual market today. Only a year ago, trade[XYZ] launched its first RWA perpetual markets. They took a bet on HIP-3, which had just launched after months of tireless development. Having followed their journey from day 1, I cannot overstate how much Shoku and the team have poured into growing these markets to a genuine source of price discovery for the most important assets in the world.
Over the past three years, Hyperliquid has pioneered onchain infrastructure to house all of finance. Hyperliquid is nothing without its world-class builders. I am honored that trade[XYZ] and ICE have chosen to build on Hyperliquid to bring perpetual contracts to America.
When I first spoke to Jeff Sprecher around a year ago, he asked what success looks like to me. I thought for some time and joked that it would be seeing ICE building on Hyperliquid's technology. I could never have predicted the progress that we've made as a community in a single year to make this come true. Excited to see what we can build together next.
Intercontinental Exchange (ICE) and trade[XYZ] have announced their plan to use Hyperliquid as the infrastructure layer to deploy perpetual futures markets for US traders across crypto, equities, commodities, foreign exchange, and other real-world assets, subject to regulatory approvals. ICE operates NYSE and some of the largest exchanges and clearing houses globally.
In this structure:
+ Hyperliquid serves as the underlying technology infrastructure via HIP-3*
+ trade[XYZ] designs and implements the markets
+ ICE operates the regulated market and clearing structure
Existing trade[XYZ] HIP-3 markets will remain unchanged.
Hyperliquid is a neutral infrastructure layer with the goal of supporting large parts of the financial system. As with HIP-3, HIP-3* deployers are independent operators who use Hyperliquid as the onchain infrastructure layer for their own markets, while retaining control and responsibility over their deployment.
