Bloomberg Terminal can now display quotes for every category of Hyperliquid perpetuals, including crude oil, gold, the S&P 500, and Nvidia stock. You can view them, but you can't place orders.
This is no small thing. For the first time, on-chain perpetuals have entered the workflow of traditional institutional traders, even if only as a reference for price spreads.
The real fundamentals can be checked in three places: according to public discussions, HIP-3 markets contributed nearly half of trading volume over the past 30 days, with cumulative volume exceeding $514 billion; the total number of HIP-3 DEX trades surpassed 250 million; and the protocol bought back and burned 112,580 HYPE near $90.20, worth about $10.15 million.
But this week also saw a team unstaking. Market reports put the amount at around 3.75 million tokens, or 1.69% of the circulating supply, with valuations ranging from $330 million to $340 million; another estimate puts it as high as $899 million, based on 4.5% of the total supply. The figures don't add up, so we need to wait for on-chain confirmation.
Some say these tokens were sold to institutions OTC, without going through the public market. If true, short-term selling pressure would be limited—but this is precisely the claim that most needs verification.
One question to leave you with: How much is a bullish development worth if you can view it but not trade it? Has it already been priced into the words “Bloomberg access”?
This is no small thing. For the first time, on-chain perpetuals have entered the workflow of traditional institutional traders, even if only as a reference for price spreads.
The real fundamentals can be checked in three places: according to public discussions, HIP-3 markets contributed nearly half of trading volume over the past 30 days, with cumulative volume exceeding $514 billion; the total number of HIP-3 DEX trades surpassed 250 million; and the protocol bought back and burned 112,580 HYPE near $90.20, worth about $10.15 million.
But this week also saw a team unstaking. Market reports put the amount at around 3.75 million tokens, or 1.69% of the circulating supply, with valuations ranging from $330 million to $340 million; another estimate puts it as high as $899 million, based on 4.5% of the total supply. The figures don't add up, so we need to wait for on-chain confirmation.
Some say these tokens were sold to institutions OTC, without going through the public market. If true, short-term selling pressure would be limited—but this is precisely the claim that most needs verification.
One question to leave you with: How much is a bullish development worth if you can view it but not trade it? Has it already been priced into the words “Bloomberg access”?