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🚨 $HYPE : Hyperliquid's Growth Is Impressive, But Is the Token Ready to Follow? Something interesting is developing around Hyperliquid. While HYPE is recovering from recent selling pressure, its ecosystem continues to generate substantial activity. Here's what stands out: 🔥 $164M in L1 fees over 30 days 🔥 $10.5M in builder-code revenue 🔥 $7.65B in HIP-3 open interest 🔥 56.6% share of decentralized perp DEX open interest These numbers suggest strong ecosystem participation. However, growing protocol activity doesn't guarantee an immediate price rally. 📊 HYPE/USDT | 15M Analysis Current Price: $78.863 24H Change: -4.12% Buyers have pushed price back above MA7, MA14 and MA28, showing early signs of recovery. But volume is still lagging, which makes this bounce less convincing. Important Levels: 🟢 Bullish breakout: $79.00 🎯 Upside targets: $80.16 / $82.10 🔻 First support: $78.22–$77.89 ⚠️ Major downside level: $76.28 My Strategy: I would rather wait for a 15-minute candle to close above $79 with stronger volume before considering bullish continuation. If support breaks, the recovery setup needs to be reassessed. One thing to remember: Hyperliquid's fundamentals look promising, but the market must confirm that strength through price and volume. Would you choose HYPE for a medium-term hold, or wait for a cleaner entry? #HYPE #Hyperliquid #Bitget

82 块四 三口气砍到 77 块七 手放键盘上 又收回来了 不是看懂了 是怕了 （接刀这事我熟 手现在还好好的） 今天 76 块二两次踩住 弹回 78 块四 24 小时还挂着 -4.69% 散户多头 65.91% 大户 70.26% 跌五个点 两边加起来退不到一个点 谁都没认输 这底就不算底 费率还有 0.005% 多头照付过夜费 我挂 80.4 等它回来 不到不动 $HYPE 82.36 站上去 我这话作废

$GRVT Hyperliquid Strategies Inc, the NASDAQ-listed $HYPE treasury that trades as $PURR, has applied to become a futures commission merchant. The company disclosed the filing in its third-quarter results release on November 5, 2026, alongside $620.6 million of net income for the quarter ended September 30. Approval would let a subsidiary carry US client accounts for permissioned markets deployed on Hyperliquid, the exchange whose token supplies most of the company’s balance sheet. The two announcements arrived in the same document because they describe one strategy. “We deployed $802 million this quarter and filed an application to become a futures commission merchant,” chief executive David Schamis said in the release. “Those two moves are the same bet.” The bet has two very different halves. One is a regulated intermediary business that does not exist yet and depends on an approval the company cannot schedule. The other is a $3.5 billion token position whose quarterly revaluation produced almost the entire profit. What an FCM application does and does not mean A futures commission merchant is the US category for a firm that accepts customer funds and executes futures and options orders. Registration runs through the Commodity Futures Trading Commission, and it is the licence a venue needs before it can hold American retail accounts rather than route them offshore. Hyperliquid Strategies is not there. The release says a subsidiary “has filed an application to become a futures commission merchant,” and then sets the condition plainly: “Subject to regulatory approval, the FCM would carry US client accounts for permissioned markets deployed on Hyperliquid under HIP-3, allowing HSI to play a role in bringing perpetual futures to US customers within a regulated framework.” The same paragraph closes the door on expectations: “There can be no assurance as to the timing or outcome of the application or regulatory approval of permissioned HIP-3 markets.” The markets the FCM would serve are also not live. HIP-3 is described as Hyperliquid’s stated intention to add deployer functionality, an optional set of features under which “independent operators would run their own market in a compliant manner, while the chain underneath would stay a neutral infrastructure layer.” A permissioned market operator, a registered intermediary and an approved rulebook are three separate prerequisites. As of November 5, the company has applied for one of them. The application sits inside a broader push to move Hyperliquid’s perpetual futures into US regulated venues, a path NYSE owner ICE set out in its Trade[XYZ] deal at the end of October. An exchange listing and a brokerage licence solve different problems, and Hyperliquid Strategies is applying for the second. That distinction matters for how the equity should be read. A filing is a statement of intent with a fee attached, not a revenue line, and the release gives no target date, no capital figure for the FCM subsidiary and no indication of how customer accounts would be margined or cleared. A $620.6 million profit built on an $803 million mark The income statement is more legible than the regulatory plan. Net income of $620.6 million included $803.0 million of net unrealized gains on $HYPE tokens, a $15.3 million non-cash charge tied to the committed equity facility, and a $172.3 million provision for income taxes. Staking revenue and validator commissions contributed $12.3 million. Interest income added $1.0 million, and selling, general and administrative plus research spending came to $7.6 million. Those lines reconcile to about $792.9 million of pre-tax income, which implies an effective tax rate near 21.7%. Remove the $803.0 million mark and add back the $15.3 million facility charge, and the operating core of the business, meaning staking income, interest and running costs, comes to roughly $5.2 million before tax. That is 0.8% of the reported bottom line. The wording of the release matters here. Net income was “primarily comprised of” net unrealized gains on $HYPE tokens, and unrealized is the operative term: no line in the document describes the mark as cash received. The tax provision, by contrast, does not reverse if the token price falls. 38.9 million tokens at a $56.35 average The balance sheet is a single position with a treasury attached. Total assets were $3,764.3 million at September 30, of which $3,505.3 million was $HYPE valued “based on a September 30, 2026 $HYPE price of $90.99 per $HYPE token,” representing about 38.52 million tokens. Cash and cash-like instruments were $254.6 million. Stockholders’ equity was $3,403.0 million and the company reports no debt. Concentration works out to 93.1% of assets in one token, a figure the release does not state. The company’s own October 28 update puts the position slightly higher at 38.9 million tokens, accumulated at a blended cost of $56.35. Against that basis, the September 30 price implied about $1.35 billion of embedded gains, calculated as 38.9 million tokens multiplied by the $34.64 gap between the mark and the average cost. Buying has been continuous. The quarter absorbed $785 million for 9.1 million tokens, lifting the treasury from 29.3 million at June 30. Since inception on December 2, 2025, the company has deployed $1,583.2 million to accumulate about 25.9 million tokens at an average of $61.13, a higher entry than the blended cost because staking and validator rewards now make up part of the total. A $10.36 issue price and a $4.81 buyback The equity side of the structure is where the arithmetic gets uncomfortable. Hyperliquid Strategies raised $1,578.4 million under its committed equity facility at an average issue price of $10.36 per $PURR share. It has spent $27.9 million repurchasing about 5.8 million shares at an average of $4.81, a price 54% below what the facility was issuing at. In October the company tripled its share repurchase authorisation to $100 million as $PURR traded below net asset value, and the buyback price of $4.81 shows how wide that discount had become. Those two numbers describe a stock that has traded far under the price at which the vehicle sold paper. For existing holders, buying back at $4.81 is accretive in a way that issuing at $10.36 never was: each retired share concentrates the same token book into fewer claims. The release does not disclose the current share count or an NAV per share, so the size of that accretion cannot be derived from this document alone, but the direction is not ambiguous. The company does say it publishes an Adjusted Net Asset Value section on its investor site, updated outside the quarterly cycle, which is where that per-share figure would appear. In the quarter itself the company spent $17 million to repurchase 2.7 million shares, an average near $6.30, and $802 million in total deployment against $911 million raised. That 88% deployment ratio leaves little idle capital, which is consistent with a $254.6 million cash balance against a $3.5 billion token position. Staking revenue is small next to the mark The operating businesses are real but modest. Staking revenue and validator commissions of $12.3 million against a $3,505.3 million token book works out to about 0.35% for the quarter, or roughly 1.4% annualized. That is the yield on the assets the company is levered to, and it is the only line in the release that resembles recurring revenue. Hyperliquid Strategies also says its joint validator with Unit is now the largest non-Foundation validator on the network. The release attributes $834 million of value accruing to the Hyperliquid ecosystem in the twelve months to September 30, and notes that much of it reaches $HYPE holders through programmatic buybacks. That figure carries a footnote stating it is based on public information and “has not been independently verified by HSI,” so it should be read as the company’s characterisation of the protocol’s economics rather than an audited number. The gap between $834 million of ecosystem value and $12.3 million of quarterly staking income to this vehicle is the case for the FCM. A token holder captures buybacks. A registered intermediary captures fees on flow it carries. Only the second produces revenue that does not move with the mark.

$GRVT A subsidiary of Hyperliquid Strategies has applied to become a US futures commission merchant. The filing would let the self-described largest Hyperliquid treasury firm carry US client accounts for perpetual futures. The $620.6 million profit for the September quarter rests mainly on $803 million of unrealized gains on HYPE. The FCM bid still needs regulatory approval, leaving PURR shareholders exposed to token swings until then. What does registration offer that token gains cannot? Hyperliquid Strategies is a digital asset treasury company, a listed firm built around holding one token. An FCM is a registered intermediary that holds customer funds and handles futures orders. The subsidiary would serve permissioned markets under HIP-3*, a planned Hyperliquid upgrade that lets independent operators restrict who can trade. The company’s earnings release pitches this as regulated US access to perpetual futures, leveraged contracts without expiry dates. Staking revenue and validator commissions totaled $12.3 million, against $803 million in paper gains. However, the release does not quantify any revenue from an FCM. “Those two moves are the same bet.” David Schamis, CEO of Hyperliquid Strategies, on its $802 million deployment and FCM filing, in the earnings release. Largest HYPE Treasury Firm Hyperliquid Strategies Seeks US Futures Commission Merchant Registration, Reports $620.6M Quarterly ProfitHyperliquid Strategies (NASDAQ: PURR), the largest publicly traded HYPE treasury company, announced that a subsidiary has applied for… pic.twitter.com/MMLizHcMkQ — Wu Blockchain (@WuBlockchain) November 5, 2026 The company raised $911 million in equity during the quarter and spent $785 million on 9.1 million HYPE. Holdings reached 38.9 million tokens by October 28, at an average cost of $56.35. What has to go right before US traders get access? The company said there is no assurance on timing or outcome for the application or for permissioned HIP-3* markets. The exposure that produced the profit could also erase it. The company’s own risk disclosures say PURR’s stock price is highly correlated with HYPE, which may fall. Because the $803 million gain is unrealized, a decline would cut reported income without a single trade. Recurring revenue is far smaller, at $12.3 million in staking revenue and $1.0 million in interest against $7.6 million in expenses. The FCM adds regulatory risk, since the company offers no assurance on timing or outcome. Meanwhile, US HYPE fund inflows reached about $605,000 on November 3. Bitcoin (BTC) and Ethereum (ETH) funds posted outflows that day, per SoSoValue. On November 3, Commodity Futures Trading Commission (CFTC) Chairman Michael Selig said perpetual futures on individual stocks can begin trading. They are limited to exchanges also registered with the Securities and Exchange Commission (SEC). If approved, the subsidiary would give Hyperliquid a regulated entry point for US traders in that same week. The statement does not mention onchain venues such as Hyperliquid, so how permissioned markets fit that framework remains open.