SpartaCats (PURR)

Hyperliquid's treasury firm is literally named $PURR.\n\nThey just posted a $165M net loss over 9 months.\n\nI love this stupid industry.

Some key takeaways from $PURR second earnings call

1. Trade[XYZ] & HIP-3 momentum

@dschamis highlighted the rapid success of HIP-3 adoption, with RWAs now representing 5 of the top 10 markets on Hyperliquid. Silver and oil were particularly strong case studies, with notable volume spikes, especially during periods when traditional markets were closed.

“When you look at these volume numbers and what’s happening globally, it’s hard to argue that Hyperliquid hasn’t very quickly become an important venue in oil trading. Traditional players are starting to take notice.”

2. HIP-4: Outcome Markets

While HIP-3 continues to gain traction, the focus is already shifting toward HIP-4. David emphasized that this is not about competing directly with platforms like Kalshi or Polymarket, but rather about unlocking a much broader market: options, insurance, and new financial primitives.

A key highlight is the ability for third-party builders to permissionlessly launch their own markets using HIP-4, effectively opening