Hyperliquid为何可能赢得“一切交易所”竞赛

Multicoin provides investment advice to certain private funds that own hype tokens discussed herein [music] and stands to gain in the event of that price of the token increasing. Multicoin's hype valuation report discussed in the podcast can be found as a link in the show notes. The report includes important disclosures concerning the data and assumptions by multicoin discussed today. Also, any trading discussion is forformational purposes only and is not a re recommendation to engage in derivatives, leverage or any specific trading strategy.

Bank list nation. I'm back with Tar Jane. He's a partner at Multicoin and a co-author on Multicoin's recent investment analysis paper on Hyperlquid which is going to be the subject of today's podcast. And since we have Multicoin on and since Multicoin's size is size, I have to tell you that although our guest this week is a managing partner of a registered investment adviser, nothing in this podcast should be considered an offer of Multicoin's investment advisory services or should otherwise be confused for investment, tax, legal, or other financial advice.

Tushar, how you doing, dude?

I'm doing great.

Bank nation, a quick pause in my episode with Tushar so I can talk to you about OKX. Did you know the Intercontinental Exchange, the parent company of the New York Stock Exchange, backed OKX at a $25 billion valuation with a plan to launch tokenized New York Stock Exchange stocks and derivatives later this year on OKX. This is Tradfi and DeFi in the same app. Trusted by over 120 million users globally, OKX is bringing products to the US market that Wall Street has been talking about for years.

This is the new money app from OKX. Not just a vision, but a road map with institutional backing to execute it. So, if that got you peaked, you can get a 6% deposit match by using the link in the show notes to try out OKX, but not if you are a citizen of New York or Texas. Not investment advice. Let's get back to the episode with Tousar. I think pers have just kind of captured the attention of basically all almost all of crypto I would say.

Would you agree?

Not just crypto trady too. I mean you saw this uh announcement from the CME that they're suing the CFTC for approving onshore per. And there's nothing that tells you you've hit product market fit more than an incumbent suing to try and protect their monopoly. So I think per have captured more than just crypto's attention.

Yeah. The incumbents getting scared is definitely what you want to see. I'd also say it's a bare case though because comparing crypto to AI, AI doesn't have an incumbent to really go up against. And crypto when we ran up against the incumbents, it really slowed the industry down. So, while seeing the CME get scared is obviously exactly what we want, one part of me is like, "Oh, they're going to they're going to fight us, though."

Oh, AI definitely has an incumbent to go up against and that's human intelligence with political will behind it.

Sure. So, [laughter]

sure.

Uh there is an incumbent if you're building something new and disruptive. Uh there's always um you know some barrier to go up against and you have to welcome the challenge and want to go up and and face that challenge. I'm very bullish on AI and I'm also very bullish on BPS. Uh I think the fact that there are challenges is not in any way bearish.

In the uh paper that you wrote to you said at $63 we believe the market is deeply mispricing hype viewing it too narrowly as just a fast growing perplex. So if hyperlquid is more than just a fast growing perex what is it? I think Hyperlid has the potential to starting with its Perex roots and expand into being the place for the everything exchange where anyone anywhere can get exposure to any asset or event contract or derivative that they want to.

Uh so at a high level I think that's the very bullish case for hype is that it started out as a perex but then it becomes the back end of a global defi mullet and powers the everything exchange. The everything exchange is a phrase I've been hearing more and more lately. Everyone kind of wants to be the everything exchange. I think Robin Hood maybe just spawned that idea in the first place way back when. At least the everything exchange for retail.

Coinbase wants to be the everything exchange. Hyperlid is becoming a platform. Is so is this the same fight as some of these competitors that I just named or just the broad desire to be the everything exchange or is Hyperlid's idea of an everything exchange or your idea for Hyperlid uh as an everything exchange. Is that different in any particular way?

There are differences and similarities uh with Robin Hood. Robin Hood is a brokerage, not really an exchange. Uh, so a little bit different, very US focused. Uh, I think they're doing a great job of executing on their business, but

maybe Super App might have been more apt for Robin Hood in that case.

Yes. Yes, I I agree. And I can imagine a future where some of Robin Hood's volumes end up actually uh trading on Hyperlid on the back end where Robin Hood owns a customer relationship but then routes liquidity to the most liquid venue uh which they already do to some extent. I think they're going to need some more regulatory clarity before they can go and uh route to Hyperlquid, but that seems like a very plausible future state.

Coinbase is more of a direct competitor. Coinbase is an exchange. uh however I think the key trade-off here and the thing that's uh at the core of this industry and part of the soul of the industry is decentralization and permissionless accessibility and censorship resistance which uh you know DeFi offers and CFI does not. And so if you're still here in the industry and you're still and you're still listening to bank list like you must truly believe in the value of these crypto ideals.

Um so I think that's uh just something that you have to um you have to want to see happen in the world.

There are a bunch of venues of hyperlquid bullishness that I want to go through with you one by one. There's so much to talk about and maybe that's kind of why uh multicoin is bullish on hyperlquid. There's uh HIPP3 permissionless markets. I kind of view HIPP3 as the platformization of Hyperlquid. Hyperlquid turning into rather than a firstparty exchange but just more of just a platform uh a backend as you kind of alluded to.

There's HIPP4 for prediction markets and options. Uh there's portfolio managing. There's the Coinbase USDC deal. There's the Hyper EVM. There's just the growth of PERPS as an instrument. There's the opening of the US capital markets. Of all of all of these, there's a bunch of different ways to get bullish about Hyperlid. What's your number one? What's your number one reason why or your favorite reason, the one that excites you the most why Hyperlid is a good investment?

I think it's uh portfolio margining actually because a lot of the value of the everything exchange is being able to go and trade Bitcoin and ETH and oil and gold and event contracts on will the Fed raise rates or cut rates and options all in one place with one collateral balance cross margining between everything. So to me, portfolio margining is the most exciting because it empowers all of the other uh categories of products uh and it provides a very powerful compounding return to scale

because uh you can then put on a paired trade of hey, I want to be long Bitcoin and I want to bet to hedge. I'm going to say that the Fed is raising rates next time they meet because I think if they raise rates, Bitcoin will go down, but at least I'll make money here, losing it here. And maybe I can construct a really effective uh trade with that combination. Uh and I can imagine a number of similar combinations. Maybe you want to bet on what DRAM prices are going to be in the future and at the same time you want to take a position on Micron stock uh in order to construct some sort of trade there

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