Hyperliquid's US push hinges on the platforms built on it handling compliance, not Hyperliquid itself. HIP-3 lets outside operators launch markets on stocks, gold and oil. trade xyz has already passed $500B in volume. So many are bearish, all while Wall Street keeps building on crypto rails.

Saat banyak trader mencari peluang dari kenaikan Bitcoin, seorang trader anonim justru sedang menikmati keuntungan besar dari posisi short. Menurut pemantauan @ai_9684xtpa, trader bernama VBVIT memegang posisi short BTC 25x di Hyperliquid sebesar 1.376,07 BTC, dengan nilai sekitar US$104 juta atau Rp1,89 triliun. Posisi tersebut dibuka pada harga rata-rata US$79.860,8 dan kini mencatat floating profit mencapai US$4,89 juta atau sekitar Rp88,8 miliar. Ia juga memperoleh tambahan US$426.000 (Rp7,7 miliar) dari funding fee. Menariknya, 95% dari total posisi akun senilai US$163 juta (Rp2,96 triliun) merupakan posisi short. BTC sendiri menyumbang 63,8% dari keseluruhan posisi. Trader ini menjadi pemegang posisi BTC dengan unrealized profit terbesar di Hyperliquid berdasarkan pemantauan tersebut. #ShortBTC #CryptoTrader #UnrealizedProfit

This trader clearly got caught on the wrong side of the crash. An address holding massive long positions across #BTC , #ETH, #HYPE and #ZEC is now facing around $1.725M in unrealized losses. And the liquidation margins are frighteningly thin: bitcoin:native – 30x long: Down $709K, with just $398.70 left before liquidation. ethereum:native – 15x long: Down $378K, liquidation buffer only $86.14. hyperliquid:native – 10x long: Down $618K, with just $6.58 remaining. $ZEC – 10x long: Down $205K, buffer sitting at $38.28. That HYPE position is especially scary. A tiny move in the wrong direction could be enough to trigger liquidation. High leverage can make profits look incredible on the way up, but the downside hits just as hard. 🥲 Wallet: 0xf08193e61aedd3139bcb0c95c773e3c65de9e39e

Hyperliquid founder Jeff Yan: An unconventional crypto entrepreneur In the crypto industry, many founders excel at storytelling, fundraising, and building personal influence. But Hyperliquid’s founder, Jeff Yan, appears to be a different kind of entrepreneur. He avoids the spotlight and bypasses traditional VC funding, instead starting from quantitative trading to build an on-chain financial system truly designed for traders. 1. Who is he? Jeff Yan was born in the San Francisco Bay Area. In high school, he competed in the International Physics Olympiad, winning gold and silver medals. He graduated from Harvard University with a major in mathematics and holds a master’s degree in computer science. He has interned or worked at Google X, Tower Research, and Hudson River Trading. He entered the quantitative trading space in 2017 and later began trading cryptocurrencies independently. In 2020, he began researching crypto trading strategies—initially learning to code just to support his trading. This shaped his entrepreneurial logic: It’s not about building technology first and then finding applications; it’s about identifying market needs first and then using technology to solve them. 2. Cognitive perspective: A classic “contrarian thinker” When FTX rose to prominence, centralized exchanges were widely seen as the industry’s most mature model. But Jeff remained wary of the conflicts of interest and lack of transparency inherent in centralized platforms. At the same time, he was dissatisfied with the user experience offered by DeFi products at the time—slow speeds, poor liquidity, and complex interfaces that couldn’t meaningfully compete with centralized exchanges. So he posed a more direct question: Why can’t decentralized exchanges offer the same trading experience as CEXs? This reflects a product-first mindset: users shouldn’t have to sacrifice experience to use decentralized technology. 3. Why choose not to raise funding? Hyperliquid adopted a self-funded growth model rather than the traditional VC path. This is not merely a financial decision—it may also be a strategic one. Traditional startup path: Raise funding → Expand → Capture market share → Monetize → Investor exit Jeff Yan’s path: Generate capital through proprietary trading → Build independently → Validate product → Distribute via community → Scale protocol His logic: If you aim to build an open, neutral financial protocol, you should minimize conflicts of interest as much as possible. But this model also means the team must rely solely on its own profitability and resources for growth. 4. What kind of entrepreneur is he? From public interviews and the product’s development trajectory, Jeff Yan embodies a technical, product-driven, long-term-oriented entrepreneur. He doesn’t emphasize personal influence; instead, he focuses his energy on systems, products, and market competitiveness. His priority isn’t whether short-term narratives can boost project valuations—but whether the product can consistently attract real users. This stands in stark contrast to many crypto projects that rely on funding, marketing, and ecosystem subsidies for growth. What makes Jeff Yan unique isn’t just his background in math and technology—it’s his ability to integrate quantitative trading, product design, and financial infrastructure. He isn’t simply trying to build a better exchange. He isn’t trying to become the most influential individual in crypto—he’s trying to build a financial system that can operate sustainably without depending on personal influence. Of course, this assessment still requires time to validate. #Hyperliquid

When you build with purpose and not for clout. Jeff (Hyperliquid) was asked what he wants Hyperliquid to be remembered for. His answer: “I don’t want it to be remembered for anything. I just want it to be used forever.” That’s the entire mindset. A few other things that make it clear: • Declined a ~$100M VC offer because he didn’t want privileged insiders (same logic as “if Bitcoin had raised VC, it wouldn’t be Bitcoin”) • Doesn’t own a car or real estate despite being a billionaire says he has no time for it • Spends virtually all his time working (“for me, work is all-consuming”) • Insists Hyperliquid isn’t an exchange, but a neutral layer where anyone can deploy markets • Sees the real upside in tokenized RWAs (especially major stocks) and housing all of finance on-chain • Built it with “no investors, no paid market makers, no fees to the team, no insiders” Best founder in crypto right now.

James Wynn (0x5078...edb6) is back on Hyperliquid, 5 days after his last liquidation 🎯 He just opened a 40x short on 1.256 $BTC (~$97.9K): • Entry: $77,499.7 • Liq: $78,232 • Mark: ~$77,905, less than 0.5% from liquidation • Account equity: only ~$1.6K The trader once known for $100M+ positions is now playing with under $100K, and BTC is already pushing against him. Snapshot: Nov 4, 06:46 UTC

Raising money from VC is almost always a net negative long term However, if you want our industry to produce Hyperliquid-level products, you need to accept there's not gonna be another Jeff/Hyperliquid team, rich enough to cover costs of development by themselves, simple as At most, this tells you how lucky we are to have $HYPE and that you should really take some of your time to work for it Back in the days we used to say it for BTC, now let's say it for HYPE too "Don't ask yourself what HYPE can do for you, ask yourself what you can do for HYPE"