Hyperliquid and Global Capital Flows (FREE MODEL INCLUDED)
Why the largest players want to migrate onto Hyperliquid, how the funding rate dashboard exposes arbitrage opportunities, and why PURR remains my largest concentrated bet
Today, Jaymes and I released the full Hyperliquid funding rate dashboard, walked through why Hyperliquid is rewriting how data and leverage work globally, and broke down the Trader's Trilemma between edge, frequency, and risk capacity. Most people think Hyperliquid is just a crypto ETF flow trade, which means they are missing the actual value proposition that determines whether Hyperliquid hits the $350 target this year. By the end of this, you will know how to read the funding rate model, which Trader's Trilemma archetype fits your personality, and why PURR remains my largest concentrated bet through this melt-up.
LIVESTREAM RECORDING FROM TODAY:
My Hyperliquid Thesis for why we are likely to hit $350:
Today’s Livestream: Main Talking Points
1. The Hyperliquid funding rate dashboard is live and free for all subscribers on the website. It breaks down funding rates across every major HIP-III asset, including the S&P, oil, gold, and individual stocks. The code is free, the data is free, and you can plug it into Claude Code yourself (see below).
2. The largest players in the world want nothing more than to migrate onto Hyperliquid to take advantage of these funding rates. Some equity indices have negative funding rates at extremes, others have positive funding at extremes. That gap is the arbitrage institutions cannot access yet because Hyperliquid has not been added in the US.
3. Hyperliquid is rewriting how data costs work in the global economy. Most market data costs thousands of dollars per month and locks out retail. Hyperliquid is on-chain, free to access, and that fundamentally pushes data costs down across the entire system.
4. PURR is up 180% percent from the lows where I originally laid out the thesis. Nothing has changed. PURR is still my largest position and Hyperliquid is still my view to hit $350 dollars this year.
5. Loracle’s short position is not a directional bet. It is a leverage and lockout mechanic against a large staked spot position. The crypto market does not understand structured positioning, so they read every short as bearish. That is why understanding positioning mechanics is alpha.
6. The Trader’s Trilemma: edge, frequency, and risk capacity. You can only pick two. High edge plus high frequency means your risk capacity collapses. High frequency plus low risk means your edge per trade thins out. Anyone selling you all three is lying.
7. Three archetypes: sniper, machine, gambler. Snipers play high edge low frequency and protect risk. Machines play high frequency systematic and limit downside. Gamblers play high edge high frequency and accept blowup risk. Pick your seat or you end up overloaded across all three.
Hyperliquid Funding Rate Model:
Here is the complete model for mapping funding rates across Hyperliquid. Why does this matter? Because it represents the supply and demand of leverage on the platform. The fact that these funding rates move so much and to so many extremes, in itself, represents the value proposition for more US market makers to come on and provide liquidity.
You can take this PDF, feed it into an AI, and it will automatically autopopulate everything for you.
Slide deck from Jaymes Rosenthal
Tomorrow's Livestream: Special Guest Tyler Neville On Tomorrow To Discuss Positioning, The AI Trade, and the Credit Cycle
Tomorrow I am going to have on my good friend, Tyler Neville. He has one of the most thoughtful and unique views of the market from an actual risk-taking perspective. We will be talking about how sector and factor positioning is shifting around the AI trade and WHY the credit cycle is driving everything.
TOMORROW’S LIVESTREAM: LINK
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