Hyperliquid

Trade Context

• Waning market-wide confidence in crypto
• Hyperliquid continued doing large volume numbers
• Addition of HIP-3 markets allowed Hyperliquid to rival major financial platforms
• Cerebras HIP-3 market spurred global media attention

Thesis

Trading traditional markets through HIP-3 markets on Hyperliquid was gaining traction. The addition of the Cerebras pre-IPO market made headlines and put Hyperliquid in front of major traditional finance superpowers. Cerebras was the first of many popular IPOs for 2026, smashing expected opening prices and raising multiples of initial proposals. Because Hyperliquid got so much attention from this, it made sense that it would gain similar attention for the SpaceX, Anthropic, and OpenAI IPOs.

The Trade

Entered a leveraged long position at $43 as the Cerebras market went viral. Began to scale out on the news that the United States was looking at regulations (a bullish signal). The large majority of this trade was closed at $58, with the remainder sold above $60.

Reflection

Capitalizing on an obvious sentiment shift on a product I actively use made this trade feel simple. My timing on this trade was precise, which helped make up for minimal size. I was able to capture some sympathy moves on coins like Lighter as well. I didn't commit large size in this trade because I was unsure if the attention on HYPE was enough to overcome the lack of movement on BTC and other majors. In hindsight, making this a HYPE/BTC pair trade would have solved overall market risk concerns.