Hyperliquid (HYPE)

Just want to point out a few things wrong/missing from this analysis to give a more informed take:

The takes on being a bucket shop are silly so won't even respond to that. I don't believe there is some "Holy" level of leverage to offer that the CME has mastered. The key is safety and being able to properly liquidate positions. People trading on high leverage want high leverage, period.

Crypto Share of Volume: Share relative to Binance is making fresh highs. Still at just 15%. Keep in mind since this is a % of Binance rather than a % of the whole, this can go above 100% in best case scenario (not saying this is likely).

AQAv2: 90% of the yield from USDC is being used to buy back HYPE. This is known but the flows don't start until October. Addition of $150-200M to ARR.

HyperCore Priority Fees: This was essentially 0 two months ago and a $20M ARR currently. This has a lot of room to grow potentially and is yet another signal that when this team ships, there is immediate uptake and boost to revenue.

HyperEV

43 $HYPE seems cheap for a tiny wizard https://t.co/yAxrjPJD8f