Topic
Never-expiring derivative contracts that track an asset's price via periodic funding payments, often traded with high leverage; originated on crypto exchanges.
Pump.fun is routing leveraged BTC and ETH perpetuals into Hyperliquid's order books, with reported leverage of up to 40x and 25x. Hyperliquid's engine does the matching and the liquidations, and the perps are barred in the US and Ontario.
Reality
Hyperliquid's io:ANTH perpetual marks Anthropic at $1.95 trillion on almost $21 million of 24-hour turnover, MarketWatch reported. A cash-settled bet on a company whose shares do not trade publicly is, in our view, a sentiment gauge.
Reality
Leveraged crypto longs lost more than $876 million to liquidation in 24 hours, Crypto Briefing reported. A second tracker's October 15 tally puts longs at 84.5% of liquidations, under the 88% to 92% peak share.
Reality
About $803 million of crypto positions were liquidated in 24 hours as the Kospi fell more than 6%, Crowdfund Insider reported. SanDisk perpetuals were about $19 million of it, a small share unless the other chip contracts were far larger.
Reality
Crypto exchanges liquidated about $803 million in leveraged positions over 24 hours, 86% of them longs, according to CoinGlass. SanDisk perpetual futures took $19.09 million of that, ahead of XRP's $18.78 million.
Reality
MarketVector has licensed its US semiconductor index to Paragon for a Hyperliquid perpetual that trades while US stock exchanges are closed. CryptoSlate reports that thin overnight liquidity can push its price away from the stocks and close out leveraged traders before the opening bell.
Reality
Papertrade, a 1,000x perpetuals venue on HyperEVM, faces an unconfirmed oracle manipulation allegation with about $3.15M in the pool that pays winners. Below $2M it mints PAPER for each dollar lost, so a nudged price or a winning streak lands on token holders.
Reality
Papertrade, a 1,000x exchange on Hyperliquid, held about $11 billion of open interest on $54 million of backing, news.bitcoin.com reported. Its rules give an unpaid winner the margin back and queue the profit, so any shortfall falls on traders who called the market right.
Reality
Papertrade drew $3 billion of Bitcoin open interest after its October 10 launch, against pre-deposits Crypto Briefing estimated at $85 million to $138 million. The gap matters because losing trades fund winning ones, so a sharp one-way move would leave winners relying on delayed settlement and a profit haircut.
Reality
Papertrade opens its HyperEVM perpetuals exchange on Oct. 10 with leverage of up to 1000x. According to crypto.news, its house pool starts empty and fills from traders' losses, so profits it cannot cover wait in a queue.
Reality
Papertrade opens trading on Oct. 10 with up to 1000x leverage on BTC and ETH, taking the other side of every trade from a USDC pool that starts at $0. Because the pool is funded only by losses, the first traders to win may have to wait for their money.
Reality
One Hyperliquid whale lost 28,716 ETH, worth $69.69 million, to forced liquidation on Oct. 9, then posted 10 million USDC of fresh margin within half an hour. Its rebuilt 78,955 ETH long now liquidates about 8% below the market, Bitcoin.com News reported, at prices anyone can see.
Reality
Citrini Research's 79-page report argues fee-collecting platforms and protocols could gain more from tokenization than bitcoin or ether. Even if bitcoin and ether set new highs, the report says, there are better ways to bet on tokenization.
Reality
Decrypt's self-custodial Solana accounts let readers fund prediction markets, swaps, perps and yield from one balance inside its news app. Sister brand Myriad, which Crypto Briefing reports has handled over $600 million in prediction volume, now gets the newsroom's readers as customers.
Reality
Kalshi has asked the CFTC to approve a WTI futures contract that expires only once every 10 years. The agency's 45-day review will test whether closing on weekends clears the benchmark-pricing concern that sank CME's round-the-clock oil plan.
Reality
A White House remark about CFTC Chairman Michael Selig repriced HYPE and a Nasdaq treasury stock. No approval, no registration path and no timeline has been put on the record.
Perspective Coverage
7 publishersReality
Hypercall traded $536 million of options in September, about 90% of its volume since June, with 93% from repeat traders by its founder's count. Jake Sylvestre argues options rival perps only when venues cut traders' choices and spreads.
Reality
Vest Labs closed a $13 million seed led by Portal Ventures to fund traders on live perpetual futures and take a share of their profits. Whether it earns only when those traders win depends on how it charges for the futures exchange it also runs.
Reality
Bitcoin slipped from about $79,500 to $77,000 on August 22 and roughly $547 million of crypto positions were force-closed. At 50x, a 2 percent move is the entire margin.
Perspective Coverage
5 publishersReality
Bloomberg has added 24-hour streaming prices for select Hyperliquid perpetuals, from a venue whose open interest crossed $18 billion in September. Desks can watch on-chain S&P 500 and crude prices beside the cash markets, but every trade still happens off the Terminal.
Perspective Coverage
3 publishersReality
Science · October 5, 2026 · Confirmed2 publishers
Invest · October 2, 2026 · Confirmed2 publishers
Invest · October 2, 2026 · Confirmed2 publishers
Invest · September 27, 2026 · Confirmed2 publishers
Invest · August 19, 2026 · Confirmed2 publishers
Invest · August 24, 2026 · Confirmed2 publishers
Invest · September 1, 2026 · Confirmed4 publishers
Invest · September 10, 2026 · Confirmed3 publishers
Invest · September 15, 2026 · Confirmed3 publishers
Invest · September 19, 2026 · Confirmed3 publishers
Invest · September 21, 2026 · Confirmed2 publishers
Invest · September 23, 2026 · Confirmed2 publishers
Invest · September 10, 2026 · Confirmed2 publishers
Invest · September 3, 2026 · One report1 publisher
Invest · August 31, 2026 · Confirmed2 publishers