BULK, a Solana-based perpetual DEX, fully compensated users affected by the previous day's automatic deleveraging (ADL) event, distributing $231,401.26 to 385 wallets with an additional 10% bonus. Trading will resume after the upgrade.

A PANews recap of the Sept. 3 episode of The Chopping Block laid out three debates now colliding in crypto: Robinhood Chain’s renewed breakout, the use of tokenized U.S. equities as fuel for meme-coin trading, and Hyperliquid’s reported attempt to enter the U.S. through a regulated structure tied to Kraken’s corporate network. In the discussion, Unchained founder Laura Shin joined Dragonfly’s Haseeb Qureshi and Tom Schmidt, along with Robot Ventures’ Tarun Chitra, to examine what the latest numbers on Robinhood Chain may actually mean. The panel cited a fresh wave of activity on Robinhood Chain, including more than 125,000 active wallets, 5.7 million daily transactions, over $1.2 billion in daily DEX volume and $2 million in daily fees. They also focused on how meme coins linked to tokenized stocks, including the BONER-HIMS pairing discussed on the show, created weekend dislocations that could leave retail traders exposed once U.S. stock markets reopened and arbitrage channels returned. The conversation then widened to whether Robinhood Chain is taking momentum away from Solana, even as Solana still leads by a wide margin in 30-day DEX volume and TVL. The final segment turned to Bloomberg-reported talks involving Hyperliquid Labs and Payword, Kraken’s parent company, and what a KYC-heavy U.S. version of Hyperliquid could look like under American regulatory constraints.

NVIDIA has open-sourced Alpamayo 2 Super, a new inference model for autonomous driving and embodied AI, as the company sharpens its push into physical AI and robotics. The model has 34 billion parameters in total, combining a 32 billion-parameter NVIDIA Cosmos 3 Super Reasoner visual-language reasoning core with a 2 billion-parameter Diffusion Action Expert. According to the company, Alpamayo 2 Super adds Chain-of-Causation reasoning, allowing it to simulate edge cases in a virtual physical world within milliseconds and derive optimal decisions. It scored 79.2 on the LingoQA autonomous driving benchmark. CEO Jensen Huang said physical AI and robotics represent the next major wave of artificial intelligence, adding that self-driving vehicles are essentially robots with four wheels. The report also mapped out Taiwan’s role in NVIDIA’s ecosystem expansion, naming TSMC for foundry work on chips including Thor and Jetson, Foxconn and Quanta for system integration and mass assembly, and several industrial PC makers for edge control hardware. Other companies cited include Solomon in 3D AI vision sensing, HIWIN and related firms in precision motion components, Mirle in pneumatic control, and Delta Electronics in lightweight power modules. The article added that the 2026 Taiwan Automation Intelligence and Robot Show, scheduled for Aug. 19, could add to market attention on the sector.

WuBlockchain’s latest podcast revisits BitMEX through a conversation with hedge fund manager Kuange, who described how the exchange helped turn perpetual swaps into a workable crypto market structure and later lost its edge under regulatory pressure, slow product changes, and weaker operations. He said BitMEX solved key problems in early crypto derivatives by combining perpetual contracts with funding rates, mark prices, insurance funds, and auto-deleveraging, allowing liquidity to gather in one market and making the platform a major venue for price discovery during the bear market. The discussion also covered the March 12, 2020 crash, when BitMEX briefly went offline as Bitcoin stopped falling near $3,800. Kuange said the outage objectively interrupted cascading liquidations, though whether it was intentional cannot be proven from the outside. He also argued that inverse contracts, which used Bitcoin as collateral, made long positions particularly vulnerable because traders were hit by position losses, falling collateral value, and amplified loss ratios at the same time. In his account, BitMEX then lost users as regional restrictions tightened, withdrawals remained cumbersome, and the market shifted from BTC-margined inverse contracts to USDT-margined products. Bybit benefited by closely copying BitMEX’s early interface and product design, then moving faster into spot, wealth products, and a broader exchange model. Kuange said the era in which offshore exchanges expanded mainly through regulatory arbitrage has largely passed, while perpetual swaps still need work in small-cap markets where extreme funding rates and manipulation can distort hedging and price discovery.

DRW founder and CEO Don Wilson said the market and regulators are getting perpetual futures wrong. In a July 29 post, Wilson argued that a perpetual future is simply a futures contract without an expiration date, and that many features commonly associated with crypto perpetuals are not inherent to the instrument itself. He said high leverage, auto-deleveraging, 24/7 trading, and continuous margining reflect product design choices made by crypto venues operating with digital collateral and real-time margin systems, rather than defining traits of perpetual contracts. Wilson also took aim at auto-deleveraging, saying he does not like the ADL mechanism and sees no reason why perpetuals must rely on it. He said the real benefit of perpetual futures is that traders do not need to keep rolling positions from one contract month to the next. In his view, that lowers trading costs, cuts market impact and roll slippage, and keeps exposure closer to the front end of the futures curve. As U.S. regulators continue debating whether perpetuals should be treated as futures or swaps, Wilson urged them to classify the product by economic substance. A contract should not be labeled a swap simply because it has no expiry, he said, adding that perpetuals should be used more broadly across commodities, securities, and crypto markets as tools for price discovery and risk management.

DRW Chief Executive Don Wilson said much of the market discussion around perpetual futures has drifted away from what the contracts actually are. In a series of posts on X, Wilson argued that perpetual futures, or perps, are simply futures contracts without an expiration date, and that many features commonly linked to crypto perps come from exchange design choices rather than the contracts themselves. He pointed to high leverage, auto-deleveraging and 24/7 trading as examples of mechanisms adopted by some crypto venues, not defining traits of perpetual futures. Wilson said those distinctions matter as U.S. regulated markets continue to examine whether and how perpetual contracts could be introduced more broadly. He also referenced the role of real-time settlement and digital collateral in improving margin management. Wilson’s broader argument was that regulators should focus on economic substance instead of legal labels. In his view, perpetual futures should not be classified as swaps simply because they do not expire. He said the product’s main innovation is eliminating the need to roll expiring contracts, which can lower transaction costs, reduce market impact and cut roll slippage. Wilson added that perpetual futures should be available in markets beyond crypto, including commodities and securities.

Three on-chain addresses booked a combined $6.958 million in profit after Hyperliquid’s auto-deleveraging, or ADL, mechanism closed their SKHX short positions at a low price during an early-morning wick event, according to on-chain analyst Ai Yi (@ai_9684xtpa) cited by BlockBeats on July 28. The tracked addresses, beginning with 0xd04, 0xcaf and 0x84a, were all closed at $931.36. Their realized profits were reported at $2.185 million, $2.55 million and $2.223 million, respectively, with position sizes of 4,510 SKHX, 5,920 SKHX and 6,010 SKHX. BlockBeats described the move as an instance of traders benefiting unexpectedly from an extreme market move. The report also outlined how Hyperliquid’s ADL system works. The mechanism serves as a final backstop during extreme volatility. If a liquidated position goes bankrupt and losses cannot be covered by the HLP insurance vault, the platform ranks profitable counterparties using the formula (mark price/entry price) × (notional position/account value). It then forces the highest-profit, highest-leverage positions to close at the mark price, using unrealized gains to absorb bad debt and prevent negative equity across the platform.

HyperliquidNews said it detected a 1 million USDC deposit made 10 days ago by @tradexyz into an on-chain backstop liquidator. The stated purpose was to help reduce auto-deleveraging, or ADL, during periods of elevated market volatility. The liquidator is enabled only for cross-margin assets. According to the monitoring update, it has processed $4.15 million in liquidations so far and generated $28,281 in profit. The disclosure points to a risk-management tool being funded on-chain rather than a broader protocol change, and the figures cited were limited to the liquidator’s usage, scope, and profitability as tracked by HyperliquidNews.