Shorting Anthropic (io:ANTH) on @entropyIO earned 8.9% a year in funding over the last 14 days. Longs on Lighter paid ~0.2%. I ran the hedge on that data: short Entropy, long Lighter. Net carry is ~8.7% a year. The 2% price gap isn't the trade. Lighter sat higher than Entropy every hour for 14 days. The catch is depth. Lighter holds only ~$15k within 0.5% of price, and past $10k the costs eat weeks of carry. If the gap closes at IPO, you give back ~12 weeks of it. Think of it as a ~9% savings account with a $10k limit and an IPO exit fee.

My @variational_io CPP dropped another dollar. Same spend, less volume. Epoch Oct 16–23 (W45) Volume: $6.03M Points: 74.8 Final CPP: $10.60 Five epochs: $7.80 → $10.24 → $13.10 → $11.60 → $10.60. Volume fell 27%, but points rose 11%. Volume per point went from $123k to $81k. The reason is small OI legs. My cost rate rose from 0.941 to 1.315 bps, so each dollar of volume cost more, but each dollar also bought more points. US500S / US100S still pays the same price per point at any size, so that stays my main book. Swaps are under two months old and already more than 15% of lifetime volume. $ASTS, $IONQ and $CVNA at 50x and the Grayscale Zcash ETF just went live. More than 25 companies report earnings this week, and you can trade them around the clock.

Last time @Cbb0fe got loud, he was bidding $100 for $VAR points. OTC was $25. I was long those points. I wasn’t mad. Now he’s pointing at HIP-4 prediction markets. There is one venue that basically is HIP-4: @Outcomexyz 89% of HIP-4 volume over 30 days. 98% of the open interest. $78M traded in that window. About $2.6M a day. 3,918 unique wallets in 30 days. I’ve pushed $650k of volume through it and I quote there every day. "Barely any volume" is why the rewards are still worth chasing.

$NBIS 这单的数字：@entropyIO 做空 +$63.69，Variational 做多 −$4.90，资金费合计 +$58.79 另外再加上 1.1 个 VAR 积分（约 $30），仅这一单就有，因为这单赶上了快照 只要别忘了设资金费翻转提醒、及时管理仓位，这套打法可以很好地扩量

biggest crypto VC just took "crypto" out of its name $4.5B fund in 2022 $2.2B in 2026 now it’s a16z frontier half the money, none of the label but same bets on stablecoins and tokenization who’s next to rebrand?

Anthropic raised at $965B in May. Perps price it at $1.97T today. That's 2x in five months, before a single public share trades. Lighter is already above $2T. Wall Street talks $2T. Some investors talk $1.5T. At $1.5T, perp longs are down 24% on day one. And these perps don't settle at the IPO price. They keep trading, and only the price source changes. Entropy: 3 days before listing, the price is just its own chart, with no outside anchor. Variational: until IPO day, it's the average of other perps. Perps pricing perps. Meanwhile CT is fighting over the $80B loss. ~$72B of it is paper. The $518B compute bill isn't. The S-1 could drop Friday. Above or below $1.97T on day one?

还在烧手续费刷量？有人拿着仓位吃资金费 $NBIS 资金费率一天涨了 6 倍：年化从 6% 到 36% Entropy 开空 NBIS，吃资金费，同时积累交易记录 Variational 开多同一个标的：对冲价格风险，同时攒积分 价格涨跌两边抵消，剩下两份收益 第一份是资金费，每小时到账 第二份是 Variational 积分，TGE 预计很快就到 不用天天刷量，不用盯盘。拿住仓位，慢慢管理，看着钱每小时到账就行 关键是分批进场，别用自己的仓位砸穿盘口 这是我自己的做法，聪明地撸 注册 @entropyIO 时填我的邀请码 0xvexter：除了资金费，还能拿到最好的返佣条件

RWA perps just flipped every tokenized stock onchain. $4.0B in RWA perp OI on one chain. $5.7B across all DEXs. $4.84B in tokenized stocks onchain, total. Hyperliquid set the bar. When oil moved on a weekend in March and TradFi was closed, it was one of the few places with real liquidity. Citrini's report, the one everyone shared, expects the derivatives market to keep growing and to have room for more venues next to the leader. Variational is building a broker. It routes existing TradFi liquidity onchain instead of bootstrapping its own. @entropyIO builds on HIP-3 itself and lists pre-IPO names nobody else has. One deep venue proves the demand. More venues push spreads tighter and bring more flow for all of them. I’m farming the two above. One has clear math on the upside, the other is still early.

Only one tokenless perp DEX is growing right now. +37% open interest in 7 days. Everyone else: between +0.7% and −8.7%. 30 days: +53%. Next best did +23%. First month after launch: ~8x. No points, no token. And half the book sits in a market nobody else lists. Name it before the timeline does. It’s @entropyIO First month: $6.5M → $54M OI. The market nobody else lists is Anthropic. OpenAI is there too. Fees still run at 0.1x while it’s in growth mode. Still small at $86M OI. Small and growing fastest is exactly what early looks like. This is the stage where I’m adding exposure. Looking for better terms? Code’s in my pinned post.

Just got bumped to Tier-4 on @entropyIO. Someone on that team is always watching who actually shows up. Frontier, people bringing in an audience, people posting real numbers. From what I've seen, it gets noticed. If your reach is already big or a lot of people joined through your link, the badge is probably just a matter of time. Meanwhile the book keeps growing up: ~$70M OI even on a quiet tape $ANTH perp marking ~$1.96T $PRL cap doubled to $10M, SNDK up to $15M CN farmers say the first rebate epoch already paid out Caps going up usually means the next platform update isn't far off. I'll be covering it. Joining? Code [ 0xvexter ] gets you my T4 terms. Link and details on the image.

CT says @variational_io TGEs on Christmas. I checked the PM market behind it. One wallet holds ~78% of the YES side. The entire bid is $1.2K. You could move this date”with a lunch budget. And 90% isn’t on Christmas. It’s on "sometime in the next 75 days". The team hasn’t named a date. Docs still say Q4. Nobody knows the date. Some people are just louder about it.

Three LPs. ~$700 a day. One counterparty. @Outcomexyz top 3 liquidity providers run ~$14.5k between them. 80–90% of their fills come from the same taker wallet. Marina, the LP rewards program on Outcome, splits a daily pool three ways: 40% for quotes. 50% for maker fills. 10% for taker fills. You can watch the race live on @monarch_fast rewards dashboard. So the winners don't farm quotes. They farm fills. #1, dep. ~$7k Tens of thousands of ~$15 orders across 250+ outcomes. $370–700k turnover a day, 99% maker. ~27% of all maker volume, ~1% of quote rewards. Trading P&L is negative, fees run $110–210 a day. Still nets ~$355 a day. #2, dep. ~$2.3k Same recipe on crypto touch binaries. ~$230 a day. That's ~10% on capital, daily. #3, dep. ~$5.2k Pure maker, 20–25 books, near-zero markout. ~$115 a day. The steadiest of the three. None of them quote once the game starts. Three different strategies, one source of income. The same wallet sits on the other side of all three. I traced it last week. Take that one taker away and most of the ~$700 a day goes with it. So who's really getting paid here?

Onchain traders hedged the inflation print a month before it landed. Commodities: 20% of RWA perp volume in August. 31% in September. Gold took #1 from SanDisk. OIL perp volume doubled in a single day when Hormuz flared. Volume −15% to $638B. Average OI +12%. Turnover down from 2.3x a day to 1.8x. Fewer flips. Longer holds. Oct 14 confirmed it. Oil → gas → September CPI at 3.7%. 30-year Treasury touched 5.63%. CoreWeave's 9.625% bonds traded at 15%. 90% of that September volume ran on @PythNetwork data. solana:HZ1JovNiVvGrGNiiYvEozEVgZ58xaU3RKwX8eACQBCt3: ~$700M market cap. 92% below its $1.20 high. Up ~16% in October. Since Sep 30, every dollar the DAO earns buys PYTH. ARR is $11.5M. The DAO's 60% cut is ~$6.9M a year of bids. About 1% of market cap. Good headline, or enough to move the PYTH chart long-term?

NBA markets are live on @Outcomexyz What that means if you already trade perps on HyperCore: same account, same balance, no bridge. Binary book. Pay 0 to 1 per side. Winner settles at $1. No liquidation. Day one: $178k on the 2026/27 title. Spurs 21%. Thunder 19%. Sixers 12%. Three opening games already priced. My bot has been trading Outcome since September.

My @variational_io CPP dropped $1.50. I owe that to one whale who slowed down. Epoch Oct 9–16 (W44) Volume: $8.32M Average OI: $204k Points: 67.5 Final CPP: $11.60 Four epochs: $7.80 → $10.24 → $13.10 → $11.60. My cost rate didn't move: 0.941 bps vs 0.944 last week. Everyone else did. Weekly network volume fell from $20.8B to $18.5B. ~$1.5B of that $2.3B drop is a single whale going from >$2B to ~$500M. I cut size 21%, the network cut 11%. My pool share went from 0.0506% to 0.0450%. Cheaper per point, but fewer points. One update on last week's take: new accounts are back. +750, from 31,632 to 32,382. If that whale comes back, volume per point goes to ~$133k and we're all paying ~$12.5 again. Meanwhile the venue keeps shipping. $US30, $US400, $NOW, $APP, Adobe and heating oil went live. More than half of active accounts traded a swap this month, and a $2M $US100 short filled under 1 bip. What CPP did you land this week?

top 5% of CT, scored from 700+ chain endpoints and the X graph turns out my wallet history did more work than my follower count i’m in

Hyperliquid just got out-earned 2.5x. On paper. By @papertrade_xyz, 5 days old. DefiLlama 7d revenue: $37.03M vs $14.56M. Now look at Paper's 30d column. Same $37.03M. And roughly 85%+ of that number isn't trading revenue. Paper's LP pool starts at zero. Nobody can deposit into it. Every dollar inside was paid by traders. Above a $5M cap, the overflow gets swept to robinhood:0xaa3b129e4906009e228a060340601260de068ff5 stakers. DefiLlama books that sweep as revenue. It isn't revenue. It's traders' money moving to stakers. Actual trading + liquidation fees since launch: under $5M. HL's number comes from fees on every fill in the book. Paper's is mostly a full pool spilling over. Same column and not the same money. Should this overflow even count as revenue at all?

17% of new traders on @variational_io had never touched crypto before. Name another perpdex that can say that. They came for stocks, oil and indices. Variational now has 570 markets, and 15 of them are swaps that hedge straight into TradFi, with predictable funding costs. The team's own numbers: $400B lifetime volume $100B+ of it since TradFi swaps went live This week alone: $ADBE perps at 20x and $HOIL swaps. Citrini called Variational the broker between TradFi and crypto. @edward_yu_var says that feature wasn't paid. Then there's the API. Rumored for this month, still unconfirmed. My read: the API brings the bots, the token brings the funds. Funds reading Citrini won't farm points. They'll buy spot.