ocs

Phantom is integrating Hyperliquid perps. That’s 15 million MAUs now seeing a perp trading experience front and center on their home screen. Phantom is one of the most widely used wallets in crypto with 15 million monthly active users, $25 billion in self-custody assets, $20 billion in annual swap volume, and about 12 app opens per day per user. The Phantom integration means users will be able to trade Hyperliquid perps directly from the wallet interface, without any bridging or additional wallet setup required. If just 10% of Phantom’s user base converts into Hyperliquid traders, that’s 1.5 million wallets entering the Hyperliquid ecosystem, which would nearly double the addressable user base for onchain perp trading overnight. On Binance, Bybit, and OKX, spot volumes make up roughly 27% of perp volumes. Phantom does $20 billion/year in swaps (spot trades). If that ratio holds, it implies ~$74 billion in potential perp flow latent in Phantom’s user base. What’s interesting is that Phantom picked Hyperliquid Builder Codes and not Jupiter perps. In a chain abstracted world, products are no longer limited by their native stack and can focus instead on liquidity and fee economics. Builder code lets partners like Phantom add a monetization layer on top of their UX, while offering users near-institutional pricing, equivalent to Binance VIP1, which normally requires $15M+ in monthly volume. Phantom wins by monetizing distribution. The user wins by getting low fees and better execution. Hyperliquid wins by growing its user base and order flow. Looking forward, Phantom has significantly derisked the idea of integrating Hyperliquid. I expect more wallet frontends, interfaces, aggregators, and Tier 2/3 exchanges to follow. As more frontends integrate Hyperliquid, the protocol’s liquidity deepens, its fee model strengthens, and its backend becomes even more attractive for new interfaces. Hyperliquid.

trade[XYZ] launched its first market on Hyperliquid 381 days ago. Today, we are joining forces with ICE, parent company of the New York Stock Exchange, to bring perpetual futures on Hyperliquid to U.S. regulated markets. I don’t usually write long posts, but today merits reflection. For years, builders across this industry have worked to show that open, onchain markets could support price discovery, manage risk, and withstand stress to the standards of traditional market infrastructure, all while staying open when and where those markets aren’t. Our achievements stand on the shoulders of those builders. And today, the company that owns the New York Stock Exchange has chosen to build upon the work of every developer, trader, market maker, and user who took a chance on us and our markets. We share this moment with all of you. Markets are shaped by their participants. A new generation of investors trades from their phones, across asset classes, at any hour of any day. Until Hyperliquid, the right infrastructure for those markets didn’t exist. Building these markets was hard. It took novel approaches to pricing, funding, and risk, refined with real capital at stake, in markets that don’t close. It also meant earning the trust of the people trading on them. We’re honored that the community recognized that effort and responded in kind. That trust is what allowed us to grow our volumes to a ~$1 trillion annualized run rate in just over a year, to help pioneer new instruments like pre-IPO perps, and to earn the confidence of storied institutions like S&P Dow Jones Indices. That’s why ICE has chosen trade[XYZ] as its exclusive partner to bring 24/7 perps to the U.S. Shifts in technology have pushed markets toward greater transparency, better price discovery, and broader access: from the coffee house to the curb exchange, ticker tape to the telephone, the trading floor to digital exchanges. ICE helped write that last chapter. In 1997, Jeff Sprecher bought a small power-trading technology business for $1. ICE launched as an electronic energy marketplace in 2000, helped digitize major commodity markets, and acquired the NYSE in 2013. It has grown exponentially because of this appetite for innovation. That’s the partner we wanted: a partner that looks forward and embraces progress. Americans deserve access to the most innovative markets in the world, and the protections of U.S. regulation. With trade[XYZ] and ICE, subject to regulatory approvals, they’ll have both. The difference isn’t just access. Perps don’t expire, so traders never have to roll positions, and liquidity concentrates in a single deep market for each asset. Cross-margining enhances capital efficiency by letting one pool of collateral back positions across stocks, commodities, and crypto. Underpinning it all are atomic clearing and settlement, real-time risk management that enables continuous markets, and universally applied rules that anyone can verify. This is the next chapter we’ll write together. My responsibility, our responsibility, is to now build markets worthy of the confidence our partners and our users have placed in us. Our commitments will not waver: to fair and transparent markets, to diverse markets, to low costs of execution, and above all, to market integrity. All of this in pursuit of one thing: A universal exchange, open around the clock, coming to the United States. We’re proud to have deployed more than 100 markets on trade[XYZ]. But measured against the opportunity ahead, we’ve barely started. There is an enormous universe of assets we haven’t reached, alongside things people want to trade that have no established market at all. Wherever there is demand to trade an asset, we want trade[XYZ] to be where its price is discovered. Global stocks, commodities, bonds, pre-IPO companies, compute, new indices, digital assets, interest rates, equity baskets, volatility products, alt assets… Anything. Anytime. Anywhere. Ultimately, everything you own should work with everything you trade. Picture a headline breaking on Saturday night. You should be able to post tokenized shares as collateral, hedge your portfolio with an index perp, add exposure to oil, and take a view on a company that has not yet gone public. All in one account, all on one risk engine, before any traditional market opens. trade[XYZ] and Hyperliquid were built for this. I hope someone opens their first investment account years from now to find that trivial, and to wonder why their predecessors needed so many separate financial relationships. Getting there will take liquidity, reliability, trust, and prices people have reason to believe. It will take years. I’m prepared to spend them. Finally, a few thank yous. First to the XYZ team: For the tireless nights and for committing to this vision before it was obvious. To Jeff Sprecher and ICE, with special thanks to Michael Blaugrund and Trabue Bland who championed us throughout: You’re a world-class, technology-embracing team that proves innovation and scale are in fact not at odds. To Stan Druckenmiller: For your partnership and helping us turn the next page. To Hyperliquid Labs: For being the best partners we could ask for. You set an impossible standard, one we continually strive to meet. @chameleon_jeff, @iliensinc, @xulian_hl And most importantly, to our users: You traded these markets when no one thought it mattered. Guess what? It did.

Every game is moddable now! I packaged everything Claude learned modding Terraria and Age of Empires into universal-modder: skills + tools that let Claude Code mod almost any game you own. Engine recon, decompiling, @fal sprites/3D/audio, testing in the real game, even the showcase video. github.com/rehan-remade/univ…

We just ship lmao