📊 Where do traders flip positions fastest? 24h volume divided by open interest, per DefiLlama DefiLlama shows Variational with reported volume only, so we left it out of the ranking Hyperliquid holds 56% of this open interest, and its turnover is about a third of edgeX's Which one do you think it is? @edgeX_exchange @arcus_xyz @extendedapp @Lighter_xyz @grvt_io @HyperliquidX @Aster_DEX

🔎 Top 5 protocols on @Lighter_xyz by revenue Revenue is what a protocol keeps, so it is lower than the fees traders pay Lighter itself took 89% of it. 30-day revenue on zkLighter per DefiLlama 🔹 @Lighter_xyz $2.84M 🔹 Telegram Wallet $311K 🔹 @InsilicoTrading $19.5K 🔹 @minara AI Perps $12.3K 🔹 @pear_protocol $3.9K 🔹 @TacoTradeX $0 The five others are interfaces that route trades to Lighter. DefiLlama says Insilico, Minara and Taco also count builder-code fees from Hyperliquid trades, so their figures are not Lighter-only Which perp ecosystem should we rank next?

🔎 UPD: StandX users can now check their $DUSD airdrop allocation On Oct 15 we reported that @StandX_Official would not launch a token as it shuts down. The team announced the checker today Check your allocation: standx.com/airdrop

📊 The market on Hyperliquid values Anthropic at $1.9T, almost twice its last round On Entropy's io dex you can trade a contract on Anthropic's valuation. Today $ANTH stood at $1.90T By our math, that is almost twice the $965B of the Series H that Anthropic announced on May 28 The contract settles in USDC and does not give a stake in Anthropic The market is also still small, OI is $48.1M and 24h volume $8.3M. On Aug 26 open interest was about $3.33M, per EntropyGuides So it works as a sentiment gauge around Anthropic's valuation Do you think Anthropic is worth more than $1.5T?

🚨 Massive shorts on Hyperliquid One fund is short $1.31B, 8.7% of the exchange's open interest, both wallets use all their margin Arkham attributes the positions to Abraxas Capital The five largest, $1.12B of the total: 🔹 $BTC: $413.7M short, 12.3% of all $BTC open interest 🔹 $ETH: $400.5M, 15.5% 🔹 $ZEC: $114.2M, 19.5% 🔹 $SOL: $99.1M, 17.7% 🔹 $HYPE: $89.6M, 5.6% The shorts are almost three times the fund's $447M balance on Hyperliquid, but liquidation is far By our math, the prices of all its shorted assets would have to rise 17-19% at once Together, two wallets made about $217M on perps in 30 days Positions can change fast, and these shorts are most likely a hedge

💥 Extended finally sets its TGE for November 2026, with 30% of $XTEN supply for the airdrop Today Extended team confirmed the ticker and the allocation: 300M $XTEN for eligible participants Extended's docs show 69.2M of 70M points distributed as of Oct 6. If all 300M tokens were split by points, one point would get about 4.3 $XTEN Our math, at different FDVs: 🔹 $150M FDV: about $0.64 per point 🔹 $300M FDV: about $1.29 per point 🔹 $500M FDV: about $2.14 per point 🔹 $1B FDV: about $4.29 per point Polymarket's odds on FDV one day after launch - 68% above $150M. That puts the median near $230M, or about $1 per point The last OTC deal we found, on the ExtendedOTC market on Jan 9, sold 25,000 points at $2 each, which implies about $470M FDV. So Polymarket sits at about half of that price What FDV do you expect on launch day?

🏛 a16z has renamed its crypto fund a16z Frontier. What's next for one of the biggest crypto funds? > a16z said it will keep investing in crypto and related ventures and keep backing sensible crypto regulation > Its $2.2B fund will also back AI and other frontier tech > In May a spokesperson told Fortune that fund was "100% dedicated to investing in crypto entrepreneurs". a16z crypto has raised $9.8B across five funds > For a crypto founder raising a seed round, the count fell every year from 2021 to 2025 The Information also reports that general partner Ali Yahya told some investors he plans to leave. At the moment, we found no confirmation from a16z Paradigm ($1.2B, July) also extended its mandate to AI and robotics Will other crypto funds follow a16z and Paradigm?

💸 What does your favorite perp DEX earn on $100 of your volume? We divided each venue's 30-day fees by its 30-day volume, per DefiLlama on Oct 23. 🔹 Hyperliquid $0.038: $80.4M on $209.3B 🔹 Extended $0.020: $1.42M on $6.96B 🔹 Arcus $0.017: $1.82M on $10.9B 🔹 edgeX $0.011: $2.58M on $23.0B 🔹 Aster $0.009: $4.12M on $47.7B 🔹 Lighter $0.005: $3.64M on $66.8B 🔹 Variational $0: "There are no trading fees on Omni," per its docs Hyperliquid's figure also counts builder fees and 90% of the reserve yield from AQAv2 stablecoin deployers, so its trading fees alone are lower Jupiter Perps ($0.153) and GMX ($0.020) are left out: their fees also count borrowing, swap and price-impact fees

Which week is the cheapest to farm on @arcus_xyz ? RWA volume went from $727.6M to $1.43B over those weeks, 25% to 57% of the total. Arcus says RWA and off-hours trading currently earn more points previously we cited Arcus's first week at 250K points. The pool is fixed at that size every week until the program ends, no later than the end of H1 2027 Arcus's own weekly posts, volume / open interest / RWA volume: 🔹 Week 1: $2.94B / $64.06M / $727.6M 🔹 Week 2: $2.94B / $99.85M / $1.30B 🔹 Week 3: $2.51B / $112.09M / $1.43B Our math: $11,760 of volume per point in Weeks 1 and 2, $10,040 in Week 3. Arcus says points do not depend on volume alone, so this is a ratio, not what a trader earns Community members report similar ratios. One got 1 point per $9K of volume, another 5 points on $60K What’s the cost per point for you?