Looks like Saylor is gonna be a problem again * sep '27 he owes $1B if he can't get MSTR above $183 * mar '28 he owes $2B if he can't get MSTR above $433 * jun '28 he owes $1.5B if he can't get MSTR above $672 * then there's another $2B+ in potential payments out to jun '29 ^ Assuming he cannot recover the share price, MSTR will be out of cash by March of '28. But even worse, they're only 5 months away from having less than the 12 months cash in reserve they promised to maintain earlier this year. *expect them to charitably interpret their USD reserve policy moving forward > So why assume he can't get the share price where it needs to be? Honestly maybe he gets bailed out by Bitcoin on his upcoming September converts. But keep in mind Microstrategy has had negative Bitcoin yield this year. BTC per share is down 3.7% this year. Common holders are getting brutally diluted and market stress makes this worse (BTC yield was -11% in Q3 alone). With this class of management, I do not see how Saylor convinces anybody Microstrategy should trade at a premium to Bitcoin - which means to get MSTR up ~40% to $183, you're going to need to see Bitcoin well above ~$107k. Getting this pig back to $433 then $672 for the two following converts seems essentially impossible to me unless Bitcoin goes on a sun run. > So can't he raise more cash and kick the can down the road again? Unfortunately the powers that be have decided they've had enough of Saylor and he's getting kicked out of the indices. Expect the problem to only compound as the conditions get worse

you guys do realize you are trading against a single counterparty on variational right nobody outside the variational bots can post quotes it's not really even a perp dex

今週のvariationalポイント、予想の3倍あったwww Volume : $13M Points : 2244 TGEまで追い込んでいくぞ🔥 omni.variational.io/?ref=OMN… #variational

if Arkham page is right, and you assume they will dump illiquid alts on-chain to $ETH, here is the short basket as a hedge app.pear.garden/trade/hl/USD… wishing all the best for anyone affected 🙏

trade[XYZ] and ICE, owner of the New York Stock Exchange, are joining forces to bring 24/7 perpetual futures on Hyperliquid to the United States. In just over a year, our markets on Hyperliquid have surpassed $650 billion in volume. They provide continuous price discovery for stocks, indices, and commodities, and have become trusted reference points for retail and institutions alike when traditional markets are closed. Much of the world trades them. Until now, Americans could only watch. We intend to change that. Subject to CFTC approval, trade[XYZ] and ICE plan to establish a new, dedicated U.S. market, with novel exchange and clearing infrastructure built on Hyperliquid. Planned contracts span equities, indices, commodities, FX, and crypto, with access through participating brokers and platforms. We’ll share more on products, eligibility, and timing as approvals progress. ICE brings more than 25 years of experience operating regulated markets, clearing, and managing risk. trade[XYZ] brings the product development, market design, and technology behind the most liquid and robust markets on Hyperliquid. Innovation and the protections of U.S. regulation shouldn’t be a trade-off. Together, we plan to prove it. ICE is making a strategic investment in trade[XYZ] and joins us in building towards the future of Hyperliquid. A small group of market luminaries is joining as well, beginning with Stan Druckenmiller. For more than four decades, few investors have anticipated the great turns in markets as often as Stan. We’re proud to have him with us for the next one. We’re building the U.S. market in parallel with our existing HIP-3 markets, which we’ll continue to expand and innovate on. We expect both to flourish. They each have a long road map ahead, from new asset classes to new ways to trade them. To the Hyperliquid community, whether you were here before us or came because of us, thank you. You took a chance on new markets and you made them matter. You’ll forever be a part of this story. Anything. Anytime. On ICE[XYZ].

🍐 pair trade idea: long $ADA short LINK, link rich at 2.99 sigma on the rolling 1h read, widest fresh dislocation on the board - spread: 2.99 rolling vs 1.29 static, cointegrated 1h, correlation 0.77, half life ~3.4 days - carry: ada shorts pay longs ~6.7% apr while link longs pay ~7%. the funding alone leans our way - returns: ada -8.9% vs link -5.7% on the week, the relative gap the spread is pricing ✍️ thesis: ada took the risk-off hit as the weakest major, link kept its infrastructure premium. but here is the honest tension: link shipped real catalysts this week, s&p global ratings onchain, anchor custody, ccip gold. the premium has a story. the fade works only if that story stops bidding. risk: cointegration holds on 1h only, 4h and 1d fail the test. treat it as an intraday-structure trade, not a marriage.

More than 100 new PnL card backgrounds have been added to TradFi markets for this competition. Create a PnL card from any open trade on a TradFi market to see the new designs!

Introducing copy trading on Pear. Pick a leader onchain and copy their trades at no extra fees to you, or earn from people following your trades. First 20 funded signups receive $50 in additional copy trading capital to their account. app.pear.garden/copytrade