Hyperliquid's growing perp share feeds fees into HYPE buybacks even as the market shrinks. Its share among the top 12 perp DEXs rose from 25% in January to 43% in September, below August's 47% peak. Its trailing buyback yield is 3.52% versus 1.51% for the S&P 500, but depends on trading volume and shrinks on fully diluted supply as tokens unlock. Watcher Guru reported plans by the NYSE owner to bring HYPE perps to regulated US markets; $100 remains the chart target. x.com  x.com  x.com  x.com  x.com  … Show more

Hyperliquid is attractive because live protocols with oracle and liquidation risk can charge for ongoing risk management, giving them a potential moat. Easily copied protocols may see margins competed away. Crypto revenue continues to rise while total market cap is down nearly 40%, making good revenue-backed coins a generational long-term opportunity. Not every protocol has a moat. x.com  x.com  x.com 

ICE's planned US perps access could grow Hyperliquid's users, volume and revenue, but that growth may already be priced into HYPE. CFTC approval, a launch and actual US adoption are still needed; even then, extra fees and buybacks must beat expectations. ICE backing, Druckenmiller investing and Elon tweeting have made the story widespread. The easy HYPE trade looks over for average retail investors, though this call could be early. x.com  x.com 

Hyperliquid's credibility and distribution can compound because every credible institution or investor that steps in makes it easier for the next. Per trade[XYZ], it and ICE plan a U.S. market built on Hyperliquid, subject to CFTC approval. Traditional finance generated exceptional social proof in a single day for a platform with a working product, product-market fit and real revenue. This could be a defining moment, though it might also be euphoria. x.com  x.com 

ICE and trade[XYZ]'s planned 24/7 US perps venue could widen Hyperliquid's buyer pool. It needs CFTC approval; ICE is investing in trade[XYZ], and Druckenmiller is also joining. Per the FT, his spokesperson confirmed his post was authentic. Druckenmiller and Elon green-lighting HYPE signals TradFi allocators. Crypto natives remain underallocated due to short time horizons; HYPE is the first investable altcoin in history not reliant on belief in a monetary premium. x.com  x.com  x.com  x.com 

Hyperliquid's valuation looks stretched against what serious markets pay for exchanges, and perpetual futures have been, and always will be, a niche product with no real moat. x.com 

Hyperliquid's HYPE will likely always trade at the highest revenue premium because of trust in its team and its many income streams, some of them, such as stablecoin yield, independent of the market. The product is incredibly sticky, the team is probably the most aligned with its own success of any project in crypto history, and it performed well in the bear market, revenue included. That is part of what buyers pay for when it is compared with other successful projects. x.com 

Zcash and Hyperliquid could face less selling pressure because they have newer, stronger narratives than NEAR and fewer holders waiting to sell at breakeven. Their appeal this cycle rests on narrative and hype; they look like this cycle's Ether and Solana. x.com  x.com  x.com 

Binance's spot listing of Hyperliquid's HYPE token is likely its short-term top. Per @coinbureau, HYPE surged near $95 on the announcement. @Kaffchad argues Binance only validates existing volume and retail will chase well past $95; the reply is that this marks the short-term top. x.com  x.com 

Hyperliquid, the top decentralized perpetuals exchange, generates more fees than most centralized exchanges, which is driving HYPE toward $100 and showing DeFi is not dying. HYPE is up 69% from its $57 base. x.com