RWA Perpetuals

Bitcoin

2026-09-14 13:36:50

CoinMarketCap research head says Bitcoin may have bottomed, flags HYPE buyback support

CoinMarketCap Head of Research Alice Liu said on Cointelegraph’s Trade Secrets program that Bitcoin may already have found its bottom and is unlikely to revisit the lows that defined much of the year in the near term. Liu pointed to Bitcoin’s drop to about $59,000 in June, which she said marked a roughly 53% decline from its October all-time high of $126,100. By early September, Bitcoin had climbed to $81,600, up about 28% since mid-August, helping push CoinMarketCap’s Fear and Greed Index back into greed territory. Liu also discussed Hyperliquid, arguing that network activity does not automatically translate into token price performance. She said RWA perpetual trading tied to tokenized stocks, ETFs and indexes had mainly taken place on Hyperliquid over the past two months, but volume and liquidity shifted quickly after Binance launched its own RWA perpetual products. Binance now holds about 50% of that market, she said, while Hyperliquid still leads within the DEX segment. Liu added that HYPE recently reached a record high of $86 and that Hyperliquid has spent more than $400 million on token buybacks, with part of the token’s momentum supported by those purchases. She said the key issue to watch is whether network revenue can continue to fund the buybacks.

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Hyperliquid

2026-09-14 13:30:00

Alice Liu says HYPE’s buyback-driven rally could face pressure as Binance pulls revenue away

Hyperliquid’s HYPE token has been pushed higher by aggressive buybacks funded by protocol revenue, but CoinMarketCap Head of Research Alice Liu says that support may be vulnerable if Binance keeps taking trading activity in adjacent markets. Speaking to Cointelegraph on Trade Secrets, Liu said Hyperliquid still leads on the decentralized exchange side, yet Binance’s launch of real-world-asset perpetuals has already shifted volume and liquidity in its direction. She said Binance now holds about 50% of that market share. Liu tied HYPE’s recent price strength to the scale of its repurchase program, noting that the project has spent more than $400 million buying back tokens on the open market and that the token recently hit an all-time high of $86. She added that only a small portion of tokens has been unlocked so far, with more unlocks set to arrive gradually. Beyond Hyperliquid, Liu said Bitcoin may already have found its low near $59,000 in June after failing to hold above $80,000 in the latest rally. She also took a cautious stance on AI-related crypto tokens, especially those with little utility, while leaving room for stronger AI infrastructure projects. On Bitcoin’s long-term outlook, she said a move to $1 million by 2030 is not impossible, but offered a more conservative target of $500,000.

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Castle Labs

2026-09-11 03:38:03

Castle Labs report says Variational swaps show lower execution costs than traditional perpetuals

Castle Labs published a research report on Sept. 10 comparing execution costs between Variational’s swaps product and traditional perpetual contracts. The report said Variational is currently the lowest-cost venue for listed assets across most trade sizes, with a $1 million trade in the US100 market costing just $47. It also highlighted rapid growth in the RWA perpetuals segment, where trading volume rose from less than $1 billion in October 2025 to more than $120 billion in August 2026. According to the report, RWA perpetuals now account for roughly 12% to 13% of on-chain perpetual volume, after peaking at 20% in July. Open interest in the category stood at $4.9 billion at the time of publication, with TradeXYZ and Variational together making up nearly 90%.

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RWA perpetual

2026-09-08 08:29:26

Gate Tops CoinMarketCap RWA Perpetuals Ranking with 405 Instruments, Stock Products Dominate Volume

CoinMarketCap's August 2026 report on RWA perpetuals shows Gate offering 405 instruments, the most among tracked platforms. The second and third ranked exchanges have 302 and 224 respectively. Stock-based instruments accounted for 52.1% of Gate's total RWA perpetual trading volume, with SNDK, SK Hynix, and SpaceX leading. Gate has expanded its offering to cover China A-shares, Japanese stocks, and Korean stocks, and even launched a perpetual contract for Unitree Technology on its IPO day.

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Hyperliquid

2026-08-01 22:58:58

Why Trade[XYZ] Came to Dominate Hyperliquid HIP-3 Trading Volume

A long-form article republished by WuBlockchain argues that Trade[XYZ] has become the dominant force inside Hyperliquid’s HIP-3 framework, accounting for roughly 98% of HIP-3 trading volume as of June 2026. The piece, written by Mohit Pandit and translated by TechFlow, frames Trade[XYZ] not as an existential threat to Hyperliquid, but as a value-accretive operator that built liquid perpetual markets for equities, indices, commodities, and FX while leaving core protocol infrastructure, users, matching activity, and buyback-linked fee flows with Hyperliquid. The article says Trade[XYZ] built that market in eight months and presents it as evidence that HIP-3 can support professionally run, institution-grade non-crypto perpetuals. It also claims that about 97% of Trade[XYZ]-related volume was executed through Hyperliquid’s own app and API rather than Trade[XYZ]’s native frontend, and that HIP-3 traders generated about $37.9 million in total fees, with roughly $14.3 million flowing to the protocol side for HYPE buybacks. The report also details launch speed, order book depth, market-maker participation, risk management tooling, fee structures, and the argument that Hyperliquid should not directly list these markets itself, in part because of regulatory exposure.

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Aster DEX

2026-07-22 10:08:14

Aster DEX Lists Five RWA Perpetuals With 1.2x Points Incentive

Aster DEX has launched five RWA perpetual contracts tied to AVGO, COIN, PLTR, PAYP, and AMD, while pairing the rollout with a 1.2x points boost available through May 27, 2026.

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TradeXYZ

2026-07-16 06:19:13

How Trade[XYZ] Built 92 Markets on Hyperliquid and Reached 98% of HIP-3 Volume

A data-heavy analysis by Mohit Pandit, translated by TechFlow and cited by MarsBit, argues that Trade[XYZ] should be viewed as a value-add to Hyperliquid rather than a threat to it. Using data through June 2026, the report says Trade[XYZ] built institution-grade perpetual markets for equities, indexes, commodities and FX in just eight months, now accounting for roughly 98% of HIP-3 volume across 92 listed markets. The core claim is that Hyperliquid’s model is working as designed. Trade[XYZ] handles market deployment and day-to-day risk operations, while Hyperliquid keeps the exchange layer, user activity, front-end flow, auction demand and a share of fees. The report says about 97% of trading in Trade[XYZ] markets still happens through Hyperliquid’s own app and API, not through third-party front ends, and that these markets have brought more than 300,000 distinct wallets to the platform. The analysis also breaks down market depth, onboarding speed, maker concentration, fee structures and risk controls such as discovery bounds, liquidation protection and reduced funding multipliers for pre-IPO products. It estimates HIP-3 traders have paid about $37.9 million in fees so far, with roughly $14.3 million flowing to Hyperliquid’s protocol share and HYPE buybacks, and another $14.3 million accruing to the deployer. The author’s broader point is that Trade[XYZ] has shown HIP-3 can support professional operators building deep non-crypto perpetual markets on top of a neutral exchange base.

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Hyperliquid

2026-07-15 08:03:01

Hyperliquid insider lays out 2026 bull case around perps, tokenization and stablecoins

A podcast note compiled by TechFlowPost captures a detailed bull case for Hyperliquid from Hanson Birringer, co-founder and chief revenue officer of Hyperdash and a core contributor to Hyper Holdings Global. Birringer argues that Hyperliquid is one of the few crypto assets that can express three large themes at once: perpetuals, tokenization and stablecoins. He points to Hypercore’s position in perp trading, HIP-3’s push into RWA and stock perpetuals, and USDC’s role as the aligned quote asset on Hyperliquid. In his account, roughly $10 billion in stablecoin supply on the platform could channel 90% of underlying interest income into an assistance fund that programmatically buys back HYPE on-chain, creating annual buy pressure in the hundreds of millions of dollars. The discussion also covered Builder Codes, the prospect of regulated front ends accessing Hyperliquid infrastructure, the role of the Hyperliquid Policy Center in Washington, and the Grayscale Hyperliquid staking ETF seeded through Hyper Holdings Global. Birringer said investors view Hyperliquid as a five- to ten-year position and framed HYPE as a cash-flow-bearing asset that can be valued more like a growth company than a speculative token. TechFlowPost separately noted that Birringer is deeply economically tied to the Hyperliquid ecosystem through both Hyperdash and Hyper Holdings, and that his comments should be read as an insider thesis rather than independent analysis.

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