fuz retweeted
Growing up in the United States, NYSE was synonymous with the story of American capitalism. I vividly remember learning about the Buttonwood agreement in 9th grade history class. 24 stockbrokers met under a tree on Wall Street and formed the beginning of what would become the world's financial center. From pits to computers to now onchain markets, America has always led the way in innovating markets to improve price discovery and capital formation. Today the next chapter begins with ICE, trade[XYZ], and Hyperliquid.
ICE started as an electricity-trading platform in 2000, growing to acquire NYSE itself in only 13 years. It is a key infrastructure provider of America’s energy, bond, and mortgage markets. ICE is a rare story of exponential growth of a financial giant over decades, continually embracing innovation and technology.
trade[XYZ] was the first HIP-3 deployer and responsible for spearheading the flourishing global RWA perpetual market today. Only a year ago, trade[XYZ] launched its first RWA perpetual markets. They took a bet on HIP-3, which had just launched after months of tireless development. Having followed their journey from day 1, I cannot overstate how much Shoku and the team have poured into growing these markets to a genuine source of price discovery for the most important assets in the world.
Over the past three years, Hyperliquid has pioneered onchain infrastructure to house all of finance. Hyperliquid is nothing without its world-class builders. I am honored that trade[XYZ] and ICE have chosen to build on Hyperliquid to bring perpetual contracts to America.
When I first spoke to Jeff Sprecher around a year ago, he asked what success looks like to me. I thought for some time and joked that it would be seeing ICE building on Hyperliquid's technology. I could never have predicted the progress that we've made as a community in a single year to make this come true. Excited to see what we can build together next.
Intercontinental Exchange (ICE) and trade[XYZ] have announced their plan to use Hyperliquid as the infrastructure layer to deploy perpetual futures markets for US traders across crypto, equities, commodities, foreign exchange, and other real-world assets, subject to regulatory approvals. ICE operates NYSE and some of the largest exchanges and clearing houses globally.
In this structure:
+ Hyperliquid serves as the underlying technology infrastructure via HIP-3*
+ trade[XYZ] designs and implements the markets
+ ICE operates the regulated market and clearing structure
Existing trade[XYZ] HIP-3 markets will remain unchanged.
Hyperliquid is a neutral infrastructure layer with the goal of supporting large parts of the financial system. As with HIP-3, HIP-3* deployers are independent operators who use Hyperliquid as the onchain infrastructure layer for their own markets, while retaining control and responsibility over their deployment.
fuz retweeted
trade[XYZ] launched its first market on Hyperliquid 381 days ago. Today, we are joining forces with ICE, parent company of the New York Stock Exchange, to bring perpetual futures on Hyperliquid to U.S. regulated markets.
I don’t usually write long posts, but today merits reflection.
For years, builders across this industry have worked to show that open, onchain markets could support price discovery, manage risk, and withstand stress to the standards of traditional market infrastructure, all while staying open when and where those markets aren’t.
Our achievements stand on the shoulders of those builders. And today, the company that owns the New York Stock Exchange has chosen to build upon the work of every developer, trader, market maker, and user who took a chance on us and our markets. We share this moment with all of you.
Markets are shaped by their participants. A new generation of investors trades from their phones, across asset classes, at any hour of any day. Until Hyperliquid, the right infrastructure for those markets didn’t exist.
Building these markets was hard. It took novel approaches to pricing, funding, and risk, refined with real capital at stake, in markets that don’t close. It also meant earning the trust of the people trading on them. We’re honored that the community recognized that effort and responded in kind.
That trust is what allowed us to grow our volumes to a ~$1 trillion annualized run rate in just over a year, to help pioneer new instruments like pre-IPO perps, and to earn the confidence of storied institutions like S&P Dow Jones Indices. That’s why ICE has chosen trade[XYZ] as its exclusive partner to bring 24/7 perps to the U.S.
Shifts in technology have pushed markets toward greater transparency, better price discovery, and broader access: from the coffee house to the curb exchange, ticker tape to the telephone, the trading floor to digital exchanges.
ICE helped write that last chapter. In 1997, Jeff Sprecher bought a small power-trading technology business for $1. ICE launched as an electronic energy marketplace in 2000, helped digitize major commodity markets, and acquired the NYSE in 2013. It has grown exponentially because of this appetite for innovation. That’s the partner we wanted: a partner that looks forward and embraces progress.
Americans deserve access to the most innovative markets in the world, and the protections of U.S. regulation. With trade[XYZ] and ICE, subject to regulatory approvals, they’ll have both.
The difference isn’t just access. Perps don’t expire, so traders never have to roll positions, and liquidity concentrates in a single deep market for each asset. Cross-margining enhances capital efficiency by letting one pool of collateral back positions across stocks, commodities, and crypto. Underpinning it all are atomic clearing and settlement, real-time risk management that enables continuous markets, and universally applied rules that anyone can verify. This is the next chapter we’ll write together.
My responsibility, our responsibility, is to now build markets worthy of the confidence our partners and our users have placed in us. Our commitments will not waver: to fair and transparent markets, to diverse markets, to low costs of execution, and above all, to market integrity.
All of this in pursuit of one thing:
A universal exchange, open around the clock, coming to the United States.
We’re proud to have deployed more than 100 markets on trade[XYZ]. But measured against the opportunity ahead, we’ve barely started. There is an enormous universe of assets we haven’t reached, alongside things people want to trade that have no established market at all. Wherever there is demand to trade an asset, we want trade[XYZ] to be where its price is discovered.
Global stocks, commodities, bonds, pre-IPO companies, compute, new indices, digital assets, interest rates, equity baskets, volatility products, alt assets… Anything. Anytime. Anywhere.
Ultimately, everything you own should work with everything you trade. Picture a headline breaking on Saturday night. You should be able to post tokenized shares as collateral, hedge your portfolio with an index perp, add exposure to oil, and take a view on a company that has not yet gone public. All in one account, all on one risk engine, before any traditional market opens. trade[XYZ] and Hyperliquid were built for this.
I hope someone opens their first investment account years from now to find that trivial, and to wonder why their predecessors needed so many separate financial relationships. Getting there will take liquidity, reliability, trust, and prices people have reason to believe. It will take years. I’m prepared to spend them.
Finally, a few thank yous.
First to the XYZ team: For the tireless nights and for committing to this vision before it was obvious.
To Jeff Sprecher and ICE, with special thanks to Michael Blaugrund and Trabue Bland who championed us throughout: You’re a world-class, technology-embracing team that proves innovation and scale are in fact not at odds.
To Stan Druckenmiller: For your partnership and helping us turn the next page.
To Hyperliquid Labs: For being the best partners we could ask for. You set an impossible standard, one we continually strive to meet. @chameleon_jeff, @iliensinc, @xulian_hl
And most importantly, to our users: You traded these markets when no one thought it mattered.
Guess what? It did.
trade[XYZ] and ICE, owner of the New York Stock Exchange, are joining forces to bring 24/7 perpetual futures on Hyperliquid to the United States.
In just over a year, our markets on Hyperliquid have surpassed $650 billion in volume. They provide continuous price discovery for stocks, indices, and commodities, and have become trusted reference points for retail and institutions alike when traditional markets are closed. Much of the world trades them. Until now, Americans could only watch.
We intend to change that. Subject to CFTC approval, trade[XYZ] and ICE plan to establish a new, dedicated U.S. market, with novel exchange and clearing infrastructure built on Hyperliquid. Planned contracts span equities, indices, commodities, FX, and crypto, with access through participating brokers and platforms. We’ll share more on products, eligibility, and timing as approvals progress.
ICE brings more than 25 years of experience operating regulated markets, clearing, and managing risk. trade[XYZ] brings the product development, market design, and technology behind the most liquid and robust markets on Hyperliquid.
Innovation and the protections of U.S. regulation shouldn’t be a trade-off. Together, we plan to prove it.
ICE is making a strategic investment in trade[XYZ] and joins us in building towards the future of Hyperliquid. A small group of market luminaries is joining as well, beginning with Stan Druckenmiller. For more than four decades, few investors have anticipated the great turns in markets as often as Stan. We’re proud to have him with us for the next one.
We’re building the U.S. market in parallel with our existing HIP-3 markets, which we’ll continue to expand and innovate on. We expect both to flourish. They each have a long road map ahead, from new asset classes to new ways to trade them.
To the Hyperliquid community, whether you were here before us or came because of us, thank you. You took a chance on new markets and you made them matter. You’ll forever be a part of this story.
Anything. Anytime. On ICE[XYZ].
fuz retweeted
No doubt a choppy market, but lots of budding strength in the long-tail while $BTC bleeds, suggests to me the market isn't losing its risk appetite, rather long-term oriented investors continue building positions in places where they see value. There's a formidable wall of worry out there, and if it's scaled (likely after midterms?), the results should be explosive.
fuz retweeted
If you are mid to long term bullish, but derisking short term
You are expressing the opinion that you will beat the market twice in the short term
First time that you will derisk high enough and second time you will be able to buy back in low enough
That's two additional short term trades you need to nail on top of your long term view
fuz retweeted
there is one universal truth:
you have to use emotion for acquisition & substance for retention.
you can apply it to products, dating women, whatever. the same damn principle applies everywhere: what gets someone interested is rarely if ever the same thing that makes them stay.
fuz retweeted
One of the biggest mistakes I see people making in the magic internet money industry is that, the moment they start investing, investing becomes their entire personality.
And I genuinely believe this is one of the main reasons why so many people struggle to make significant money in this market, even when they manage to identify good opportunities.
Let me explain.
Investing, at least the way I approach it, should be a mostly passive game.
You identify something you believe is undervalued, whether it’s a stock, a cryptocurrency, an index fund, or whatever else.
You do your research, develop a thesis, and allocate capital because you believe that, over time, the market will eventually recognize the value you see in that asset.
And then?
You wait.
Of course, this doesn’t mean you completely forget about your investments.
You still need to monitor relevant developments, reassess your thesis when necessary, and make adjustments if something fundamentally changes.
But for the most part, there’s not really much else you should be doing.
Meanwhile, you keep living your life.
You work on your business, advance your career, spend time with your family, take care of your health, travel, learn new things, and keep improving yourself in whatever areas matter to you.
Basically, you let investing remain one part of your life instead of allowing it to consume the whole thing.
Unfortunately, most people seem completely incapable of doing that.
They buy some magic internet money, and suddenly they’re full-time crypto investors.
Every morning, the first thing they do is check their portfolio.
Then they open TradingView.
They start on the monthly chart, move to the weekly, then the daily, and eventually find themselves staring at the 4H chart trying to understand why their favorite token is down 5%.
And from that point, their entire mood starts depending on what the market does.
BTC pumps 3%?
Bull market is back.
BTC retraces 4%?
We’re going to zero.
Lmao.
The problem with this behavior is that you’re turning what was supposed to be a long-term investment into an extremely emotional, active game.
And that’s where people start making all the mistakes that eventually destroy their portfolios.
They sell during corrections because they’re scared.
They refuse to accumulate when valuations become attractive because the sentiment is horrible.
Then, when the market finally starts moving higher, they suddenly regain confidence and begin buying aggressively again.
They FOMO into assets that have already made significant moves, constantly rotate between positions, and change their entire investment thesis based on whatever happened over the previous 24 hours.
And the funny thing?
Sometimes these people actually bought the right assets in the first place.
They simply couldn’t leave them alone.
I’ve seen this happen countless times over the years.
People identify genuinely interesting opportunities, accumulate them at decent valuations, and then spend the following months obsessing over every little price movement.
Eventually, they get impatient.
They convince themselves that nothing is happening, that their money could be doing something better elsewhere, or that another token is about to outperform their holdings.
So they sell.
And sometimes, a few weeks or months later, the exact same assets they spent so much time accumulating start going absolutely parabolic.
Without them.
All because they couldn’t tolerate the waiting.
And this is something I think a lot of people underestimate about investing.
Being early can feel exactly like being wrong for a very long time.
Just because you’ve identified something that you believe is undervalued doesn’t mean the market has to agree with you tomorrow.
Sometimes it takes months.
Sometimes years.
And if you’re spending every single day staring at the 4H chart, those months are going to feel like a fucking eternity.
On the other hand, I’ve also seen people make genuinely life-changing money by doing something much simpler.
They researched properly, bought assets they had conviction in, and then simply allowed their thesis to develop over time.
Of course, they still paid attention to the important things.
But they weren’t constantly interfering with their positions because BTC had a bad Tuesday.
They understood that there are periods when the best thing you can do with an investment is absolutely nothing.
And honestly, I think this is particularly relevant to the market we’re experiencing right now.
For the past few weeks, BTC has been moving sideways, and every little move seems to completely change people’s expectations.
One day everybody is convinced we’re about to break higher.
The next day BTC drops a few percent and suddenly the entire timeline starts talking about another bear market.
Then BTC bounces and everybody becomes bullish again.
How the fuck are you supposed to maintain a clear investment thesis if your opinion changes every time the market prints a couple of candles?
Personally, I’m still bullish on BTC and the broader market.
Until proven otherwise.
Could BTC break some important levels and go significantly lower from here?
Of course.
And if that happens, I’ll reassess the situation accordingly.
But I’m not going to spend every single day stressing over whether the next move is going to be 3% higher or 5% lower.
If the market gives me attractive opportunities and I have capital available, I can accumulate more.
If it starts moving higher, great.
My existing positions appreciate.
And if somehow my thesis gets invalidated, I’ll deal with it.
That’s all.
No need to make this shit more complicated than it already is.
And one last thing, because I think it’s important.
Investing and trading are two completely different games.
When I’m day trading, of course I’m paying attention to the LTF, looking for setups, managing positions, and reacting to PA.
That’s literally the job.
But when I invest in something with a multi-month or multi-year horizon, why the fuck would I manage that position based on what happens on a 4H chart?
It makes absolutely no sense.
If you’re investing, give your investments the time they need to develop.
Have a plan for accumulating, know what would invalidate your thesis, and most importantly, know how you’re going to take profits when the time comes.
Then go focus on something else.
Build your business.
Make more money.
Improve your health.
Spend time with the people you love.
Do whatever makes your life better.
Because, at the end of the day, the whole point of investing is to eventually give yourself more freedom.
Not to spend the next five years being mentally enslaved by a fucking portfolio.
That’s it.
Stop overcomplicating things.
fuz retweeted
This is burnout, and if you want to survive as a trader, you must learn to recognize it.
True burnout is not just being overworked, nor is it something you can push through. It is a feedback loop that occurs when your body experiences intense, prolonged stress.
Stress is part of life, and under normal conditions you can recover from it easily. In fact, many dimensions of human performance - strength, endurance, mental acuity - actually require stress in order to grow.
However, growth in response to stress can only happen when the stress is manageable and offset by periods of recovery. When the stress is extreme and constant, the body fails to adapt and enters a downward spiral.
As stress accumulates, several things happen physiologically:
- sleep is disrupted
- hormones become dysregulated
- mental performance degrades
- heart rate variability falls
- inflammation rises and immune function declines
The problem is that each of these effects also *reduces your ability to withstand and recover from stress.* So you enter a vicious cycle where recovery becomes impossible and performance steadily deteriorates.
The experience @agapestride describes here is exactly what it feels like to burn out from trading. And if you find yourself in this situation, the most important thing you can do is *recognize what has happened.*
You are not dumber than you used to be. You are not more indecisive. You are not more impulsive, fearful, or greedy. You are simply physiologically impaired by severe, chronic stress.
When you notice the signs of burnout, you must prioritize recovery above all else:
- cut your risk
- stop looking at charts
- get off social media
- play sports or start running
- spend time with friends and family
- go hiking or traveling
- take lots of hot baths
As much as it feels like the best time to make generational wealth is RIGHT NOW, the market will always be here. So take a break and don't come back until you know your body can handle it.
fuz retweeted
its called a correction because you being rich for a month was a glitch and the market had to restore your broke ass to reality
fuz retweeted
think most ppl would benefit from not hard labeling the current market as a bull market
objectively, it's still inconclusive until prices pass certain hurdles we haven't yet reached
subjectively, this type of binary thinking self reinforces overly aggressive risk taking behavior (need to always be in a position, impulse to bid shallow retracements/top blast when not warranted, etc)
ppl still not getting comfortable with the reality that crypto now operates on rolling waves of risk-on/risk-off where the skill is in identifying/pre-positioning, which is much more mentally taxing than just flipping mental switch to bull_mkt==on
there are only a few times per year (a few weeks at a time) when the market is trending heavily risk-on/pve; this is usually followed by a longer period (1-2 months) of choppier less-trendy opps where asset selection, entries/exits, etc are much more important
~70% of the year is brownian motion mode where you should fuck off to trad markets
fuz retweeted
1/ How I infiltrated a Chinese organized crime syndicate that has laundered $1B+ across multiple exploits for Lazarus Group.
Posing as a client, I gathered intel that helped action freezes for the Feb 2025 Bybit exploit and attribute illicit activity onchain.
fuz retweeted
Keys to winning in a bull market:
1) Let spot do the heavy lifting for you
2) Concentrated high conviction bets > throwing darts
3) Do not fixate on perfect entries
4) Focus on strong coins, dispersion will return
5) The weekly trend is your best friend
7) Be open to new narratives, fading is midcurving
8) Respect your sleep and family. Sacrifice the rest
9) Bad entries on good coins are better than good entries on bad coins
10) Bid liquidation cascades and fud
11) Arbitrage speculative premium, then move on
12) Separate day trading account from the rest i.e. use subaccounts
13) Trade the chart, not your PnL goals
14) "Just another 2x" will destroy you
15) If you screenshot your PnL curve, sell some coins
16) Build the habit of withdrawing some money and putting it the bank every single time you realize a big win
fuz retweeted
you must believe you are special and then go so hard, for so long, with such violent refusal to accept any other ending, that reality itself starts running out of ways to tell you no. you must wage a war daily against the ordinary outcome, until the belief you invented out of nothing in a room by yourself has been hammered into the world so many times that it stops being a claim and becomes reality.
