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Hyperliquid's HIP-3 framework is putting gold and Tesla stock into the mix for perps traders. Become a Premium member to get all of the alpha! Today's Issue ⬇️ - ☀️ Need to Know: Clarity Dead?
Is the Senate's big crypto bill doomed already? - ✍️ Cheat Sheet: Onchain Reputation
Opps, reads, yields, and airdrops. - 🗣️ Deep Dive: Perps Meet TradFi
Premium-only DeFi play of the week.
Sponsor: The DeFi Report — Industry-leading crypto research trusted by finance pros.
. . . NEED TO KNOW Clarity Dead? - 👨⚖️ Coinbase Withdraws Support for Senate Crypto 'Clarity' Bill. Brian Armstrong just yoinked his company's support for the Digital Asset Market Clarity Act.
- 🐦 Twitter Bans Several 'InfoFi' Crypto Apps from Platform. Product lead Nikita Bier announced X had revoked API access for apps rewarding posts, citing AI spam surge.
- 🍫 Tom Lee's Bitmine Invests $200M in Beast Industries. The ETH treasury firm is now an investor in MrBeast's media and consumer empire.
📸 Daily Market Snapshot: Crypto stocks flailed Thursday as the Senate's draft crypto structure bill appeared doomed to die. Coinbase, which publicly withdrew its support for the bill, saw its stock dip 6.5%, Robinhood stock dropped 7.8%, and Circle stock fell 9.7% on the day. | Prices as of 5pm ET | 24hr | 7d |  | Crypto $3.23T | ↘ 2.2% | ↗ 5.0% |  | BTC $95,530 | ↘ 2.0% | ↗ 4.7% |  | ETH $3,301 | ↘ 2.0% | ↗ 5.8% | . . . CHEAT SHEET Onchain Reputation Scores Once a week, Premium subscribers get access to the top Market Plays, Hot Reads, Farming Opps, and Airdrop Hunts that our analyst team is tracking! Don't miss out! 👇 . . . PLAY OF THE WEEK Your Favorite TradFi Assets Meet Crypto Perps Crypto's favorite derivative, perpetual contracts, are coming to your favorite TradFi markets — stocks, indices, and commodities. While several venues are already offering these markets, Hyperliquid has been setting itself up as a leading venue for this crossover. Through HIP-3, its permissionless perpetuals framework, builders have deployed custom markets that tap into the chain's deep liquidity, and offer leveraged exposure to assets like Tesla stock, gold, and the S&P 500. If you're unfamiliar with how perp contracts work, check out this guide first – then, take a look at our breakdown below of traditional finance markets live on Hyperliquid right now. HIP-3 Markets for Traditional AssetsWhile HIP-3 supports a range of market types, three providers have emerged as the go-to destinations for traditional asset perps: Trade, Felix, and Kinetiq. Each takes a slightly different approach. - Trade (from Unit) offers USDC-margined perps across stocks, indices, and commodities. It currently has the deepest liquidity among the three, making it the default choice for traders prioritizing tight spreads (the small difference between buy and sell prices) and minimal slippage (when the final trade price stays very close to the expected price). No points program has been announced, though given Unit's role in building out Hyperliquid's spot listings, many expect an eventual airdrop for active users.
- Felix specializes in USDH-margined perps, covering commodities and select equities. (ICYMI: USDH is Hyperliquid's native stablecoin, designed to reduce the exchange's reliance on USDC while keeping yield within its own ecosystem.) Felix also explicitly offers points for trading with its markets, which will likely be considered when the token goes live.
- Kinetiq’s Markets focuses on index perps, also denominated in USDH. Beyond providing index exposure, Kinetiq runs an ongoing kPoints program (season 2 launched November 2025), where users earn points through trading volume. While these points will likely contribute toward potential future airdrops, remember that future airdrops never prove as lucrative as the genesis one.
 A note on fees: All HIP-3 markets are currently in "growth mode," which slashes fees by roughly 90% to bootstrap liquidity. This makes trading costs near-zero across the board — meaning the usual USDH fee advantages (20% lower taker fees versus USDC markets) are negligible in absolute terms right now. If markets eventually exit growth mode, that gap will widen. But for now, fees shouldn't be a major factor when choosing between providers.
Given this, the main differentiators become liquidity (where Trade leads), points and airdrop potential (Kinetiq's ongoing program and Felix's expected TGE), and market selection (where each provider has its own focus). Now that we've covered the different providers, let's review the different offerings across indices, commodities, and stocks 👇 IndicesWhen it comes to indices, Hyperliquid currently lists several major U.S. benchmarks... |
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