Hyperion deploys 500,000 staked HYPE to Skew to build a new HIP-3 perpetual futures market for institutional investors. • Hyperion has deployed 500,000 staked HYPE to Skew to establish a new HIP-3 perpetual futures market for institutional investors. • This deployment aims to enhance liquidity and expand trading infrastructure for institutional investors. • In return, Hyperion receives equity and revenue-sharing rights in Skew.

📊 INSTITUTIONAL EXPANSION: 🏦 Pyth Network enters fixed income with major market data providers @PythNetwork is expanding into the fixed-income sector by adding Fenics Market Data, OpenYield and Tradeweb as institutional data providers, bringing professional bond market pricing into its Pyth Pro and Pyth Data Marketplace infrastructure. The integration covers three different segments of the bond market. Fenics contributes executable OTC pricing from dealer transactions, representing more than $1 trillion in daily volume across rates, credit, currencies, commodities and energy markets. OpenYield, an SEC-registered Alternative Trading System, provides firm quotes for U.S. Treasuries, corporate bonds and municipal debt directly from its order book. Tradeweb adds benchmark closing prices for government bonds, including U.S. Treasuries, UK Gilts and European sovereign debt, managed by FTSE Russell and used across institutional reference indexes. The move addresses a long-standing challenge in fixed income: despite being one of the world’s largest financial markets, bond pricing remains fragmented, expensive and difficult to integrate into modern systems due to the dominance of bilateral dealer transactions. By bringing these sources into the same infrastructure already supporting equities, futures, FX, commodities and other markets, $Pyth is positioning itself as a broader market data layer for institutional finance. The expansion follows recent additions from firms such as Fidelity Investments, Kalshi and Euronext FX, reinforcing Pyth’s push toward becoming a unified distribution network connecting institutions closer to global price formation.

$SKHX daily volume on Hyperliquid hit $1.85B. It flipped Bitcoin's volume on the exchange. A crypto perp DEX now handles 10.9% of the semiconductor's entire U.S. TradFi market share.

JPM projects a $60M - $80M reduction in revenues for $CRCL and $COIN from the hyperliquid:native reserve deal, which could shave ~$1B of their EV. So the question is why? It’s a bet on growth. They smother USDH in infancy; a competitor on a fast-growing platform, and insert USDC as the native settlement layer. They are signaling that 10% reserve yield on a high-growth platform is worth the short-term revenue and EV risk. When looking at HL competitors, watch for deals like this as a signal of conviction and strength by institutional crypto.