Henrik

Pretty crazy that Hyperliquid has reached the point where it’s becoming relevant for actual academic research. Researchers are now using Hyperliquid’s fully onchain order book to study market impact, execution and liquidity at scale. From crypto experiment to financial research infrastructure.

If you know what you’re doing, I still think farming Variational is a pretty straightforward 3–5x on capital. Most people have a cost basis below $10/point. There’s a clear end date (Q3) and limited time left (max 8 weeks). Probably the best opportunity in crypto right now imo. Join here for the highest points boost (15%): omni.variational.io/?ref=OMNIH…

It’s scary how many people have asked me to promote their memecoins. I’ve often been offered X% of the supply just for a few bullish posts. If you see a memecoin suddenly popping up all over your timeline, just know there’s a good chance some KOLs already own a decent chunk of the supply. Riding the wave can be profitable, but there’s a reason why only a small percentage of people actually made serious money on Pumpfun. You’ll probably lose money trading memecoins. And even if you hit a big winner, chances are you’ll give most of it back eventually.

Have been a bit quieter over the last few weeks as activity across crypto has slowed down during the summer. We’re also still seeing some of the aftermath of 10/10. Crypto hasn’t fully regained people’s trust yet imo. I’m still fully focused tho. I think we get a very strong end to the year, and I’m extremely bullish on what 2027/28 could look like. Right now there honestly isn’t that much to do besides trading on Hyperliquid and Variational. > I still believe in an S3 for Hyperliquid. I don’t know when or how it comes, but I think you should position yourself for it now. The opportunity is simply too big to ignore. They called it “emissions AND community rewards” for a reason. There’s also still a huge amount of supply left to distribute. Sure, they could distribute it through staking, but at the current pace that would take decades. Possible, but I don’t think that’s the plan. My guess is Jeff wants to get >50% of the supply into the hands of the community as quickly as reasonably possible. > The other generational opportunity for me is Variational. I think a fair target is >$30/point at this stage. In a bad market, maybe it launches closer to $20. But in the right market conditions, I genuinely think prices up to $100 are possible. And if the launch happens in Q4/Q1, I think the timing could be very good. That’s probably where your highest edge is right now. If you know what you’re doing, I still think there’s a relatively straightforward 3–5x on the capital you put into farming. Most people have a cost basis of less than $10. Other than that, I’ll try to keep you updated more often on what I’m doing in crypto. But there really wasn’t much to update over the past few months. I’ve basically just been trading on Variational and stacking points. Sitting at 10k points now.

Referred over $230M in volume to Variational so far. Getting close to a quarter billion! Glad I was able to convince some of you to farm the leading RFQ DEX early on. If you haven’t started yet, there’s still time. The points program is expected to run until the end of Q3. Join here: omni.variational.io/?ref=OMNIH…

What do you notice? x.com/Henrik_on_HL/status/2086…

Variational just crossed 1,4B Open Interest and has 65% more than Lighter. Lighter‘s FDV is at $2,3B x.com/Henrik_on_HL/status/2085…

Crossed 10k Variational points and reached my goal x.com/Henrik_on_HL/status/2085…

Everyone buys $HYPE at the price they deserve

Seen A LOT of people saying Hyperliquid metrics are bad because revenue is flat > Open Interest at ATH > Market Share against Binance, Bybit and OKX at ATH > More 30D Volume than all DEXs together > More Open Interest than all other DEXs together > 65k unique traders on HIP-3 markets > 5,5B 24h HIP-3 volume > $1,27M average daily revenue > 1,6M total users on Hyperliquid > 100k daily active users Hyperliquid

Per-asset fees add more complexity and could easily turn into a race to the bottom between deployers imo. Traders now have to compare fees, spreads, slippage and liquidity across multiple deployers before entering a trade. For me that plays right into hands of RFQ brokers. There, traders only care about the final price they get, no thin books, no slippage guessing & no fee maze. Not really a fan of this update from Jeff.

Hyperliquid s3 chances are much higher than TradeXYZ token imo

Everyone calculating their 6–7 figure Variational airdrops… it’s obvious they’ve never been through a real crypto bear market lmao

I‘m irresponsibly long HYPE here

Yes Price is down Metrics are up That‘s when you bid Hyperliquid x.com/Henrik_on_HL/status/2082…

Over 1,8M in fees today! x.com/Henrik_on_HL/status/2082…

Only few people were talking about Variational when it had barely any users, almost no attention, and no points page. Many people ignored it. Fast forward to today: billions in open interest (3rd place after Hyperliquid and Aster), massive volume growth, one of the strongest products in the market, clear product market fit, an unique selling proposition (RFQ leader), and it’s still just getting started. SWAPs and Vatiational Pro haven’t been released yet. The team behind Variational includes people from Meta, Apple, Jane Street and other top-tier firms. That’s what made me take a deeper look, and so far my conviction has only grown. They received over $60M from T1 VCs like Dragonfly, Bain or Coinbase ventures. Variational points are already trading OTC for over $20 each, with many expecting higher prices as Var keeps gaining traction. Depending on how the market evolves, even $100 per point no longer feels out of the question. $VAR

Hyperliquid

Hyperliquid’s Open Interest vs CEXs in price discovery x.com/Henrik_on_HL/status/2082…

Over $1,7M in revenue for Hyperliquid today! x.com/Henrik_on_HL/status/2082…

“With these values in mind, we have decided to cover liquidation losses attributable to this anomaly.“ Hyperliquid

Hyperliquid

Hyperliquid

Based on estimated 2027 earnings, $HYPE is trading at roughly 15–18x P/E. Companies like Robinhood, Interactive Brokers and CME trade at noticeably higher earnings multiples despite growing much slower. And that’s without pricing in the potential of expanding into equities, RWAs, prediction markets, or broader regulatory access over time. The market is still valuing Hyperliquid for what it is today, not for what it could become. That’s why I still think HYPE is one of the most mispriced assets in crypto.

Hyperliquid