@HyperliquidX @AWS @cerebras @tradexyz @IBKR @coinbase @krakenfx @RobinhoodApp @Kalshi @okx 15/ TLDR: @HyperliquidX broke the mold because it's no longer just narrative ↳ Real exchange economics ↳ Meaningful scale ↳ A path into broader derivatives Token economics tied to volume, stablecoin liquidity, revenue, and buybacks

14/ If ICE will help launch oil perps via another crypto exchange, the question isn't whether perpetual-style commodity products can exist It's who gets to offer them, under what rules, and on what infrastructure For @HyperliquidX, the long-term question: is non-custodial infrastructure treated differently from front-ends and registered venues?

@HyperliquidX @AWS @cerebras @tradexyz @IBKR @coinbase @krakenfx @RobinhoodApp @Kalshi 13/ Which is why the CME/ICE pressure campaign against Hyperliquid is worth watching They reportedly warned regulators that @HyperliquidX 24/7 commodity perps carry manipulation + sanctions risk Meanwhile ICE is partnering with @okx to launch Brent & WTI oil perps

@HyperliquidX @AWS @cerebras @tradexyz @IBKR @coinbase @krakenfx @RobinhoodApp @Kalshi 12/ Notably, new assets get case-by-case review - indicating a measured opening, not open season Near term it favors centralized, regulated venues But it sets precedent that perps can live inside US rules, which longer term could carve a lane for onchain perps too

11/ The core legal question has been classification: are perps futures, swaps, or something else? As of May 2026, the CFTC gave a partial answer, approving Kalshi's $BTC perp as a futures contract and laying out a framework for others Onshore perps on US-regulated venues are no longer a gray area

@HyperliquidX @AWS @cerebras @tradexyz @IBKR @coinbase 10/ That ambiguity is why @HyperliquidX geoblocks US users But it's shifting. @coinbase, @krakenfx, @RobinhoodApp, @Kalshi and others are all pushing compliant perp-like / event products in the US Direction of travel is moving towards clearer frameworks

@HyperliquidX @AWS @cerebras @tradexyz @IBKR @coinbase 9/ The US regulatory story is nuanced @HyperliquidX sits at the intersection of two US gaps: ↳ perpetual futures ↳ decentralized exchanges Perps have previously been hard to offer in the US because they didn't fit cleanly under the Commodity Exchange Act

@HyperliquidX @AWS @cerebras @tradexyz 7/The $USDC integration adds another leg USDC as the aligned quote asset = better liquidity + simpler collateral for users It also feeds $HYPE: reserve yield on $USDC balances can route into buybacks

@HyperliquidX 4/The bigger idea: @HyperliquidX as a platform for all of finance HyperCore = the trading engine HyperEVM = where devs build around that liquidity Think of it as the @AWS of liquidity, infrastructure others use to spin up markets

1/ $HYPE is one of the clearest examples of DeFi competing with centralized exchanges on product and economics, not just ideology Can an onchain exchange become one of the major venues for global trading? A thread on @HyperliquidX 🧵

RT @PeterMintzberg: The lowest gross management fee among U.S. Hyperliquid ETPs¹ That's $HYPG Our conviction comes from real-world traction: approximately $857M in protocol fees generated by @HyperliquidX in 2025², a vast ecosystem of permissionless 24/7 markets, and growing institutional adoption We believe a financial juggernaut is taking shape Hyperliquid

Grayscale Hyperliquid Staking ETF ("HYPG or the "Fund"), an exchange traded product, is not registered under the Investment Company Act of 1940 ("40 Act") and therefore is not subject to the same regulations and protections as 40 Act registered ETFs and mutual funds. Investing involves risk, including possible loss of principal. An investment in HYPG is subject to a high degree of risk and volatility. HYPG is not suitable for an investor that cannot afford the loss of the entire investment. An investment in the Fund is not a direct investment in HYPE. ¹ Lowest fee based on gross management fee of 0.29%. Brokerage fees and other expenses may apply. ² Source: Artemis, as of April 2026 ³ Artemis, Hyper Foundation, as of April 2026. ⁴ Largest crypto-focused asset manager based on AUM as of 03/31/2026. For other companies in this category, AUM is considered as of most recent public disclosure. This information must be preceded or accompanied by a current Grayscale Hyperliquid Staking