One research-grade report each week on the story that matters most — a major HIP proposal, RWA perps milestones, builder-market dynamics, large liquidation events, token unlocks or regulatory turns. Each report follows the same structure: event background → data support → impact analysis → risks and outlook, with multiple perspectives and explicit scenarios. Depth first; we'd rather skip a week than publish a thin one.
Research report: builder-deployed (HIP-3) markets now hold $3.67B of open interest and the ten largest books are indices, metals, energy and equities. The full accounting of HIP-3's parameters (500,000 HYPE stake, 183-day lock, the fee scale), the licensed S&P 500 contract that cleared $100M in daily volume within days, why 24/7 access to closed markets is both the product and the risk, who earns what, and the six risks the design embeds.
Research report: the first $14.58M reserve-yield distribution (Oct 3) converts Hyperliquid's largest modeled line into a measured one. The full accounting of the AQAv2 mechanics (90% of cost-adjusted USDC reserve yield, 30-day cycles, bonded settlement), the implied 3.14% rate and ~$193M annualised, the two-leg buyback model (fees scale with volume, yield doesn't), and the counterparty trade-off embedded in Coinbase and Circle's bonded role.
Research report: HYPE set a $98.00 record on Tuesday, listed on Binance spot Thursday, and fell 4.6% the same day. The full accounting of the listing mechanics (three pairs, zero-fee promotion, Seed Tag), who was buying and selling on each side of the print, the sell-the-news arithmetic, and what the Sep 29 unlock does to a market with a new buyer class.
Research report: manual borrowing went live Sep 18 with $269M drawn on day one. The full accounting of the parameters (65% LTV on HYPE vs 50% on BTC, 82.5%/75% liquidation thresholds, a 10% interest reserve), what composite margin implies for risk propagation, the platform's three token-demand mechanisms, and what the layer does not change about the September 29 unlock.
Research report: the anatomy of HYPE's first decline from the record — the −12.1% week to $77.26, the fee engine's four-week fade, what broke and what didn't, and the counterfactual test that separates an unwind from a trend break.
Research report: a market-by-market API census of all ten HIP-3 builder DEXs — $4.12B of builder OI inside a $14.44B platform (28.5%, not half), Trade.xyz at 98% of it, the ~18% fee pass-through, and the HyENA shutdown as the first deployer exit.
Research report: what is actually measurable about the flywheel — $67.3M of August fees, the ~97%-of-net buyback machinery, ~$1.1B of Assistance Fund purchases, two unlocks absorbed (~$2.0B in 9 days), AQAv2's reserve-yield stream (first print Oct 3) — and an honest list of what cannot be measured yet.
Research report: SP500 ($421.8M OI), SK Hynix ($380.6M) and gold ($337.4M) perps, measured market by market — the RWA tape inside a builder book that is 28.5% of the platform, the product mechanics, the fee split that funds it, and the concentration behind it.