The Weekend Trade Just Crossed $4 Billion

Hyperliquid's HIP-3 markets closed above $4 billion in open interest this weekend, the first time they've hit that mark. A month ago the figure was $3.67 billion. At the start of the year it was $259 million, so the climb works out to roughly 1,454% in seven months. The record landed on a Saturday, with Nasdaq and the CME both closed.

Where the volume was already coming from

Talos found this pattern back in June: nearly half of S&P 500 perp volume and over 60% of oil perp volume happens outside US market hours. That was before this weekend's record. Traders had already built the habit of using these markets when nothing else was open, this was just the number catching up.

Nearly all of it runs through one deployer

Trade[XYZ], built by Hyperliquid's own tokenization arm, holds roughly 90% or more of total HIP-3 open interest, and that share has grown as the total has grown.

A handful of smaller deployers split what's left. Every listing decision, oracle choice, and risk parameter for almost all of that exposure sits with one team. Ten months since launch, nobody else has built a real second option at scale.

ICE has already taken this to regulators

ICE CEO Jeffrey Sprecher has met with Hyperliquid's team several times, and at a Bernstein conference in May he called the platform bigger than NASDAQ. His argument: under existing law, these perpetual contracts function as swaps, which means registration, reporting, and margining requirements under Dodd-Frank.

ICE runs its own exchange under that full regulatory weight and wants to know why an unregistered, foreign-incorporated venue doesn't have to. He wasn't asking regulators to shut Hyperliquid down. He was asking why ICE can't offer the same products, or why Hyperliquid shouldn't face the same rules.

Weeks later, the CFTC approved Kalshi to list Bitcoin perpetual futures, one sign that gap is starting to close.

What this weekend actually settles

Whether people want 24-hour leveraged exposure to stocks and commodities isn't really in question anymore. $4 billion, built almost entirely on weekend and off-hours trading, answers that. What's still open is how long one unregistered operator keeps supplying nearly all of it.

Quantum’s first crypto victims may not know they’ve been hacked

The next blow to the crypto market could trigger without an identifiable perpetrator and no apparent compromise. Christopher Smith, the CEO and co-founder of blockchain firm Quantus Network, reportedly suggested that a signal that a quantum computer has compromised the crypto security used in major blockchains may be a succession of wallet thefts that cannot be explained.

The market may discover what happened only when funds from supposedly secured wallets start to move.

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• Harvard and MIT just built an AI simulation containing 8.3 billion virtual people, roughly the entire population of Earth.

• US M2 Money Supply keeps printing new All Time Highs

• This is what the 3rd worst day in S&P 500 history looks like

• Crypto doesn't get enough credit for the financial access it's already unlocked for the world.

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