Hyperliquid's $180B Month: When Volume Lies and Open Interest Tells the Truth
Hyperliquid's $180B April volume tells one story; its open interest, user base, and 97% fee-to-buyback loop tell a deeper one about who actually wins the perp DEX wars.
After Lighter: The 23 Perp DEXs Lining Up to Be 2026's Next Airdrop Windfalls
Lighter's $675M airdrop set the template for 2026's perpetual DEX token launches. Here is the 23-venue cohort racing to copy it — and why Hyperliquid's HIP-3 pivot may help them win, not crush them.
Bitwise's BHYP Filing: Wall Street's First Bet on Pure DeFi Protocol Revenue
Bitwise's amended BHYP filing would make Hyperliquid's HYPE the first pure protocol-revenue token inside a US spot ETF — a 0.67% fee, Anchorage custody, and a governance upgrade mid-registration that rewrites what institutional crypto exposure means.
Kalshi's Timeless Gambit: How a $22B Prediction Market Declared War on Hyperliquid, Polymarket, and the Crypto Perps Industry
Kalshi's April 27, 2026 launch of CFTC-regulated crypto perpetual futures signals the first serious onshore American challenger to the $500B offshore perps market, reshaping the competitive landscape against Polymarket, Hyperliquid, and Coinbase.
Ethereum's Paradox Quarter: 200 Million Transactions, a Flat ETH Price, and the Value-Accrual Crisis
Ethereum processed a record 200.4 million transactions in Q1 2026, yet ETH traded flat. Here's why scaling success broke the burn engine, and what Glamsterdam needs to deliver to restore value capture.
Hyperliquid's 44% Comeback: How a Purpose-Built L1 Outran Aster and Forced Wall Street to Rethink Crypto Custody
Hyperliquid hit 44% perp DEX market share as Aster collapsed to 15%. The same day, Grayscale pulled Coinbase from its HYPE ETF filing and handed custody to Anchorage — a hinge moment for on-chain derivatives and institutional crypto custody.
From Binary Bets to 10x Leverage: Polymarket and Kalshi's $37B Pivot Into Crypto Perps
Polymarket and Kalshi launched crypto perpetual futures on April 21, 2026, weaponizing CFTC DCM status to take leveraged derivatives mainstream — and reset the competitive map against Hyperliquid, Coinbase, and Robinhood.
The $375M Unlock That Didn't Crash: How Hyperliquid Turned HYPE Into Crypto's Most Profitable Machine
Hyperliquid released $375M in HYPE on April 6, 2026, and the market barely moved. Inside the 97% fee-to-buyback machine, $1.2B revenue engine, and institutional floor thesis that rewrote unlock economics.
Perpification: Why Perpetual Futures May Eat Real-World Asset Tokenization Before Tokenization Eats Finance
a16z's 2026 perpification thesis argues perpetual futures on real-world assets will scale faster than direct tokenization. With the S&P 500 now licensed on Hyperliquid, RWA perps hitting 20 percent of open interest, and Ostium raising 24 million dollars, the data increasingly supports derivatives-first over ownership-first approaches to putting global markets on-chain.