HypurrSpace Episode #1

1. HYPE Listing and Inflow Factors

Exchange & App Listings

$HYPE was listed on Robinhood Spot, marking its listing on a major Centralized Exchange (CEX) following its previous listing on Bybit.

Previously, the $HYPE token faced negative pressure on its price because Hyperliquid Labs and the Foundation refused to provide the listing fees or token supply to Centralized Exchanges (CEXs) for listing. However, the recent listing on Robinhood is interpreted as a positive signal, as it significantly increases the future possibility of listings on other major exchanges, such as Coinbase, Upbit, and Bithumb.

$HYPE was also integrated into Moonshot, a super app built on Solana.

Institutional Interest from Hyperliquid Strategies (DAT Company)

HYPERLIQUID STRATEGIES FILES S-1 SEEKING TO RAISE UP TO $1 BILLION FOR GENERAL CORPORATE PURPOSES INCLUDING POTENTIAL PURCHASES OF HYPE TOKENS.

These factors appear to be the driving force behind the recent strong price surge of the $HYPE token.

2. HIP-3 and the Equity Perps Debate

HIP-3 Overview

The HIP-3 market will be displayed on the Hyperliquid native frontends (Mainnet and Testnet).

HIP-3 is one of Hyperliquid's Improvement Proposals that allows anyone to permissionlessly create a Perpetual DEX by staking 500,000 $HYPE (0.5 million $HYPE) & manage liquidity, fetch oracle prices, and perform other necessary functions.

Ventuals

Ventuals is utilizing HIP-3 in an effort to create a Pre-IPO stock market. This feature is currently implemented on the Testnet.

Trade.xyz - Unit

Making perpetual futures markets for major assets, including:

XYZ100 (currently running)
TSLA
NVDA
GOLD

The XYZ100 perpetual market recorded a 24-hour trading volume of $48.8 million, ranking it 10th among Hyperliquid's perpetual markets.

Debate on Equity Perps

Argument	Pros	Cons
Unique Access & Market	Hyperliquid is the only platform in the world offering a CLOB (Central Limit Order Book) based, permissionless, 24/7/365 market for trading equities onchain.	Holders of long positions in dividend-paying stocks must forgo the dividends. Since dividends are a crucial component of long-term returns, this cannot be reflected in perpetual contracts.
Global Reach	It will be the first and only on-chain exposure route for hundreds of millions of households worldwide who wish to access stocks but currently cannot.	Stock brokers offer comprehensive protection schemes, such as SPIC insurance, which is broader than deposit protection. Perp DEXs and CEXs lack such safety nets.
Adoption & Integration	The markets are natively integrated directly into the platform's frontend.	Onchain equities face a structural issue where the asset's nature changes based on the time of day. During market hours, they behave like dollar-pegged tokens, but after market close, they function more like a futures position.
Future Catalysts	The platform anticipates a major re-rating of both the buyback and fee structure this year.	-

3. HyperSwap TGE

Tokenomics

25% - Community Genesis Airdrop
25% - Investors (Pre-seed, Echo sale)
Total 54% of Supply unlocked at TGE

Valuation

The Token Generation Event (TGE) was conducted on both the HyperCore orderbook and the HyperEVM DEX. The initial target valuation was $25 million, but it quickly dropped to $6 million. This steep decline was attributed to poor market conditions and the large number of tokens unlocked at TGE, leading to significant user sell-offs.

On the same day, another HyperEVM ecosystem project, the vault project HyperWave, also held its TGE. It initially traded at a $13 million valuation but fell to $2 million.

Because of the poor TGE performance of these two HyperEVM ecosystem projects, expectations for other projects' airdrops have significantly dropped.

4. Kinetiq Points System Concluded & Airdrop News

What is Kinetiq?

Kinetiq is a DeFi protocol that operates a Liquid Staking Token (LST) product and has the highest TVL ($2.28B) within the Hyperliquid ecosystem. It currently holds an 89% market share among all Liquid Staking projects on Hyperliquid.

The Kinetiq Foundation has created a verification procedure, similar to the Hyperliquid point airdrop process, for users to confirm eligibility.

Tokenomics

Airdrop Allocation: 24% of the supply is allocated for the kPoints program (which ran for 13 weeks), and 1% is allocated to Hypurr NFT holders.
Fundraising: The project raised a total of $1.75 million from key companies and players deeply involved in the Hyperliquid Ecosystem toward the end of 2024. 7.5% of the total token supply is allocated to these investors.

Points Price Expectation

Polymarket Price Prediction: The community-driven prediction market suggests a fully diluted valuation (FDV) between $250 million and $500 million.

Pendle kHYPE YT Holders

The snapshot was taken on Tuesday, October 13th, and points were distributed on Thursday, October 16th. Users who sold their kHYPE YT tokens after the snapshot did not receive points.

Typically, the value of YT (Yield Token) drops sharply after a points program ends. In this case, however, the YT price increased, leading to speculation about the possibility of "hidden points" or an additional airdrop.

5. Trading War of Six LLMs on Hyperliquid

A live trading competition, known as the Alpha Arena, is taking place on the Hyperliquid decentralized exchange, pitting six major Large Language Models (LLMs) against each other:

Claude 4.5 Sonnet
DeepSeek V3.1 Chat
Gemini 2.5 Pro
GPT-5
Grok 4
Qwen 3 Max

As of Monday, October 27th, the current performance ranking is: DeepSeek > Qwen > Claude > Grok > Gemini > GPT

DeepSeek has achieved an impressive return of 118%.

Each model's trading position and strategy are publicly disclosed, thanks to the transparency of the Hyperliquid DEX. Projects like Coinpilot already support copy trading, allowing users to automatically mimic the trades of their chosen LLM model.

Betting on the outcome of the Alpha Arena is available on prediction markets such as Kalshi and Polymarket.