
🧵 Study Hyperliquid: 1/ Jeff Yan: Harvard, then trading at Hudson River Trading 2/ Chameleon Trading: crypto market making 3/ 2023: builds its own chain just for perps 4/ Nov 2024: 31% of $HYPE goes to users. 5/ 2026: $14.9B open interest, $4.2B of it in stock, gold and oil perps 6/ Oct 29: ICE backs Trade[XYZ] to bring Hyperliquid markets to the US 7/ $HYPE: opened ~$2 and today: $87.5
