jeff.hl @chameleon_jeff Twitter profile

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jeff.hl

1 year

1/ Building a crypto HFT system is a challenging and rewarding journey. A mega-thread covering: Trading strategies ("what") The infrastructure and latency optimization ("how") Exchange selection ("where") Market dynamics ("who") What I wish I knew when getting started 🧵

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jeff.hl

@chameleon_jeff

2 months

The Hyperliquid L1 will be transitioning to HyperBFT, a custom consensus algorithm written from the ground up. The implementation is in final stages of testing on testnet. The mainnet migration is expected to happen in the coming weeks. The Hyperliquid L1 is one of a few chains

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jeff.hl

@chameleon_jeff

25 days

Reminder: the Hyperliquid dev team does not profit from increased activity as it does not collect trading fees. On the contrary, it is entirely self-funded with exponentially increasing burn. There is not a single private investor. >$25M of revenue has gone back to the

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jeff.hl

@chameleon_jeff

2 months

The scope of Hyperliquid has 10xed twice since inception First time was the realization that the only way to build a scalable perps DEX was to build an L1 from scratch Second time is now. With a critical mass of users and liquidity, there's a path to expand the infrastructure

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jeff.hl

@chameleon_jeff

2 months

Proud of the whole @HyperliquidX dev team and community for the smooth launch of spot trading! It's a big milestone for the @HyperliquidX L1 that has been months in the making. Excited to see HIP-1 and HIP-2 mature into permissionless standards. Most L1s build infrastructure

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jeff.hl

@chameleon_jeff

1 year

1/ For quants just starting out, what specific strategies should you run? Cast a wide net when exploring, but quickly focus in when you have a lead. The zero to one moment of live pnl should be your first goal. A thread on some general directions to get you there 🧵

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jeff.hl

@chameleon_jeff

1 year

1/ Huge respect for Dragonfly continuing to invest in the bear market. But I'm morally obliged to call out sketchy projects gaining momentum. As a community we must preempt large scale implosions like #FTX or #LUNA that set the industry back years Bitget may be the next FTX 🧵

Haseeb ＞|＜

@hosseeb

1 year

I'm thrilled to announce @dragonfly_xyz 's investment in @BitgetGlobal . Bitget is making crypto more accessible with its innovative derivatives products and a user-centric approach, and we're proud to support their mission and growth.

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jeff.hl

@chameleon_jeff

5 months

No investors No paid market makers No fees to the dev team No insiders @HyperliquidX

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jeff.hl

@chameleon_jeff

1 year

1/ Many of you have asked for specific latency tricks on different exchanges, since infrastructure optimization is the foundation of a profitable crypto HFT strategy. Here are some lesser known insights: filtering retail flow on Upbit and bypassing the risk engine on Binance 🧵

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jeff.hl

@chameleon_jeff

3 months

The @HyperliquidX L1 will not just be for perps

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jeff.hl

@chameleon_jeff

6 months

Latency and tx ordering on @HyperliquidX Some alpha for MMs and researchers: 1) Hyperliquid L1 has a novel microstructure benefiting retail and makers over toxic takers 2) Volume would be multiples higher without this design 3) Hyperliquid is optimized for the end user, period.

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jeff.hl

@chameleon_jeff

1 year

1/ One critical aspect of crypto HFT is protecting your strategy from "market manipulation." These people make a living tricking automated strategies to extract profits For example here's an algo getting wrecked by a spoofer on a large exchange. A thread on what's going on🧵

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jeff.hl

@chameleon_jeff

1 year

1/ We've talked before about how latency is an important component of every crypto HFT strategy. The optimization process is fun detective work because the exchange's tech is often a black box. A thread on what to measure, graph, and analyze for your production HFT system 🧵

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jeff.hl

@chameleon_jeff

1 month

record day

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jeff.hl

@chameleon_jeff

1 year

1/ Crypto HFT is our bread and butter in trading. We primarily look at tick data for short term alpha and strategy tuning. One day we had a crazy idea: What if our own HFT pnl predicted mid frequency price movements? A thread on one of my favorite medium frequency strategies 🧵

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jeff.hl

@chameleon_jeff

2 months

$PURR hit top 5 volume out of 125 assets to trade on @HyperliquidX This is despite being being the only spot asset (no leverage)

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jeff.hl

@chameleon_jeff

6 months

Most other DEXs with TRB perps had major issues yesterday. I've seen some people lumping @HyperliquidX with the rest of them, so want to clear the air here. TLDR: Hyperliquid faced zero system issues, the deepest DEX liquidity when users needed it most, and HLP was net

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jeff.hl

@chameleon_jeff

4 months

A perps DEX must run on its own L1 to scale. Some things cannot be done on a general purpose chain: 1. Liquidate positions atomically with oracle updates 2. Distribute funding to every user atomically on the hour 3. Guarantee platform solvency at the end of every L1 block

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jeff.hl

@chameleon_jeff

3 months

For its ROI and sharpe, HLP is one of the highest capacity strategies in any asset class. And it’s open, transparent, and entirely community owned. HLP’s alpha is the culmination of tens of thousands of hours thinking deeply about market microstructure. What’s more, HLP’s

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jeff.hl

@chameleon_jeff

4 months

Many automated traders are making >$100k daily pnl on @HyperliquidX Can probably do this with a simple python script That's how insane the flow is right now

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jeff.hl

@chameleon_jeff

1 year

1/ There's a lot of edge in building a production crypto HFT system the right way. The abstractions should be rich enough to prevent careless mistakes but not too rigid to work with. I converged on these after countless hours of building, debugging, and rewriting code 🧵

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jeff.hl

@chameleon_jeff

1 year

1/ Many in crypto HFT rely heavily on historical simulation, while A/B testing is an afterthought. In my experience there is real alpha in live testing well. With proper experimental setup and sufficient market share, you can glean causal insights not available in tick data 🧵

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jeff.hl

@chameleon_jeff

1 year

1/ A question I've been getting a lot: which exchange should I trade on when starting crypto HFT? Here's a thread of some famous exchanges and our findings running quant strategies there. The good, the bad, the ugly, and the rigged 🧵

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jeff.hl

@chameleon_jeff

2 months

What will it take to move finance onchain? Binance (CEX) + Solana (L1) + Tower (MM) = ? Am I missing anything?

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jeff.hl

@chameleon_jeff

2 months

First time I've seen Hyperliquid pay to long BTC and ETH perps 60% APR if hedging on Binance

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jeff.hl

@chameleon_jeff

1 year

1/ Order book perp DEXs are a hot "narrative" these days. Most protocols run order books offchain. What does this mean for MEV? Answer: it's far worse than sandwiching and frontrunning on AMMs. A thread on why onchain order books are the only viable protection for end users 🧵

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jeff.hl

@chameleon_jeff

2 months

PURR spread <1bp Small size but still OPOH

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jeff.hl

@chameleon_jeff

6 months

Been waiting a year to say this: @HyperliquidX has finally bridged the gap with CEXs The email onboarding flow is so smooth it's hard to believe it's still decentralized This was many months of hard work by the dev team, requiring innovations on the bridge, L1, and UI

Hyperliquid

@HyperliquidX

6 months

Switch to Hyperliquid for a holiday gift 🎁 CEX traders get 50% off fees for your first $50M volume. Go to to get started. Fees become 0.012% taker and 0.002% maker rebate - the cheapest place to trade perps. All you need is an email to start trading. -

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jeff.hl

@chameleon_jeff

7 months

Wishing dYdX team the best. Respect the product they've built and this is only a small bump in the road. A few people have asked for details on how @HyperliquidX handles these edge cases. Usually in these attacks, the attacker takes large offsetting positions and manipulates

Antonio | dYdX

@AntonioMJuliano

7 months

Here are the main points we know about the $YFI incident on dYdX so far: Reminder no user funds have been lost, but it is critical we understand what happened and adjust accordingly - in the part few days $YFI open interest on dYdX spiked from $0.8m -> $67m - basically all of

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jeff.hl

@chameleon_jeff

1 year

1/ Been getting good questions as people try the hyperliquid API/SDK. A few wondered if it's really possible to do crypto HFT in python. The answer is undoubtedly yes! A thread on how to build a fully automated HFT system, and why python is the ideal language to get started 🧵

jeff.hl

@chameleon_jeff

1 year

17/ Speaking of which, we are building one such tail opportunity @HyperliquidX (closed alpha) We've built the tech for Binance, scalable but fully decentralized. Python SDK hot off the presses, including an end-to-end sample strategy. More coming soon.

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jeff.hl

@chameleon_jeff

5 months

L1, exchange, liquidity, product, UI Push the frontier on all 5, and magic happens @HyperliquidX

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jeff.hl

@chameleon_jeff

6 months

Top MM address on @HyperliquidX based on public L1 leaderboard/explorer: >$10M USD pnl annualized >6000% ROI annualized >100x daily turnover This MM also likely has multiple addresses. No CEX or DEX has better flow than @HyperliquidX right now.

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jeff.hl

@chameleon_jeff

10 months

FRIEND perp is one of the craziest markets I've witnessed. Looking at the onchain data, high 6 figs of "quantitative" pnl have been made on Hyperliquid in half a day since launch. When funding pays up to 1%/hr all you need is a rough beta hedge. Is that enough alpha?

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jeff.hl

@chameleon_jeff

5 months

Over past 24 hours, ETH perps on @HyperliquidX are doing 4.2% of the volume of ETH perps on Binance

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jeff.hl

@chameleon_jeff

1 year

1/ Cool to see people trying market making and documenting the progress in public! Usually it's an opaque space and hard to learn from others. Most professionals want to protect their alpha at all costs. Here's my advice on dealing with these practical issues 🧵

pedma

@pedma7

1 year

Full transparency on market making attempt: I've been trying to build this market making experiment as it is completely outside my "comfort" zone when it comes to models. So far it has been a complete failure due to a few reasons that I'll go through here. I am using extremely

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jeff.hl

@chameleon_jeff

1 year

2/ About half a year ago we tried HFT on Bitget and quickly noticed their matching engine is dishonest. I'll give specific examples later in the thread. I later learned from an ex-Bitget team member that they handled retail taker flow by just B-Booking through an internal desk.

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jeff.hl

@chameleon_jeff

3 months

For those interested there is a 600% APR funding arb between Hyperliquid and Binance/Bybit right now

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jeff.hl

@chameleon_jeff

1 year

1/ Most offshore exchanges do have their own trading desks. It's an open secret. Their supposed mandate is to provide liquidity of last resort, not to make money. An ex-employee at a top exchange once told me their internal desk just provides deep liquidity and is breakeven

Stat Arb

@quant_arb

1 year

Really sad to see Binance had 300 trading teams. Frontrunning user accounts is something you put up with at other exchanges, but man I thought the majority of Binance's shady activities weren't in this area (slowing APIs to save liq. fund money etc).

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jeff.hl

@chameleon_jeff

1 year

1/ A picture is worth a thousand...ideas for a new HFT strategy in crypto? Ever wonder how to go from raw market data to an automated strategy in crypto HFT? Here's an actual case study our team did.

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jeff.hl

@chameleon_jeff

6 months

HLP has been thriving with the record volumes on @HyperliquidX Over $20M TVL and almost $2M pnl this past week Liquidity can be sustainable and community owned

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jeff.hl

@chameleon_jeff

1 year

1/ Agreed. Papers guide you the wrong way. Academics do not know how to make money quant trading (or why would they be writing?) How do you get started with real data though? Here's an example: Let's reverse engineer the networking stack at #OKX to minimize order latencies. 🧵

ryuzaki

@0xRyuzaki

1 year

Getting started as a quant is about putting down the fucking research papers and immersing yourself in as much real market data as possible Papers are stale & noisy; reading doesn't get you paid All you need to know is how to iteratively follow a data-driven scientific method

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jeff.hl

@chameleon_jeff

8 months

Post-fee and pre-incentive metrics on @HyperliquidX $7B cumulative volume $1.2B cumulative retail volume Past week there is around $50-100k/day of quant pnl opportunity on Hyperliquid. Would people be interested in a thread on some strategy ideas?

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jeff.hl

@chameleon_jeff

4 months

On @HyperliquidX enjoy liquidation flow as if you were a privileged DMM On other exchanges the liquidation flow is internalized by either the exchange itself or by insiders. On Hyperliquid the liquidations are sent to the book so that all users can compete fairly for this good

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jeff.hl

@chameleon_jeff

4 months

TWAP execution is built natively into the Hyperliquid L1 The suborders are triggered as part of L1 state transition logic, not as user transactions OPOH

Hyperliquid

@HyperliquidX

4 months

Introducing: TWAP orders You can now split a large order into smaller suborders that are executed every 30 seconds.

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jeff.hl

@chameleon_jeff

1 year

1/ This is a common fallacy! Just because you cross a wide spread when using a market order, doesn't mean you should place resting limit orders. If you do this, good chance you are burning money. Let's use some HFT thinking to help all types of traders 🧵

adam

@abetrade

1 year

Use more sophisticated terminals like Insilico terminal (or any other) that allow you to place limits right at best bid/ask, limit chase orders and so on. You will have to use a market order from time to time, but this will save you loads of money.

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jeff.hl

@chameleon_jeff

9 months

Spotted in the wild

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jeff.hl

@chameleon_jeff

2 months

@0xBoboShanti implementation is entirely in rust

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jeff.hl

@chameleon_jeff

4 months

Most people still don't realize @HyperliquidX is a proper L1. The volume-based limits are just a spin on gas abstraction to match CEX experience. A taker strategy with 10k avg order size and 20% fill rate will have an average fill provide a 2000x gas surplus for maker strategies

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jeff.hl

@chameleon_jeff

1 year

1/ Piling onto the well-deserved #GaryGensler bashing, from the perspective of a crypto market maker who built a business from scratch. Our success in crypto HFT is evidence that the SEC's policies are in fact anti-competitive for markets, all while burning tax-payer money 🧵

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jeff.hl

@chameleon_jeff

1 year

1/ Agreed. There is some value to guaranteeing quotes in case MMs are slow to turn on trading for a new listing. But figures I’ve seen for payment are orders of magnitude too high for the MM's risk Projects are getting scammed by trading firms A thread on MM for new listings🧵

MilliΞ

@llamaonthebrink

1 year

I never understood why it's sooo important for teams to have a "professional market maker" for their tokens when in reality something like ARB is getting listed on every CEX anyway without needing to inflate their volume numbers to get listed.. what am I missing? ps if you're

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jeff.hl

@chameleon_jeff

5 months

Cool visualization! HLP has made >$6M in cumulative pnl with 100% going to depositors. Liquidity pools can be simultaneously sophisticated, accessible, and transparent. You will never find this on a CEX.

FrothyBeverage

@frothybeverage

5 months

Hacked together a script to plot BBO, 100k$ bid/ask/mid, trades, and orders for the highly profitable HLP MM strategy A on Hyperliquid. It posts in reasonably large size but also with a reasonable spread, often quoting outside 100k$ prices, capturing mainly larger trades. 1/2

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jeff.hl

@chameleon_jeff

11 months

1/ Quanto perp funding rates came up during some DEX margining discussions recently. My mind naturally wandered to quant trading. I'm always excited to apply HFT ideas to mid frequency strategies. Alas, I don't have time to explore it these days, but here are the ideas 🧵

jeff.hl

@chameleon_jeff

1 year

1/ Crypto HFT is our bread and butter in trading. We primarily look at tick data for short term alpha and strategy tuning. One day we had a crazy idea: What if our own HFT pnl predicted mid frequency price movements? A thread on one of my favorite medium frequency strategies 🧵

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jeff.hl

@chameleon_jeff

1 year

7/ A project that thinks this is an acceptable way to run an exchange should not be getting more funding to expand. This is hard to see as an investor, so it's especially important that traders with first hand experience keep exchanges honest. The crypto space deserves better!

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jeff.hl

@chameleon_jeff

1 year

1/ Excited to announce HLP to closed alpha participants. The primary liquidity provider on Hyperliquid is now community owned! HLP = (G+1)LP is the evolution of GLP applied to a performant order book DEX A thread on how this works, why we built it, and where we go from here 🧵

Hyperliquid

@HyperliquidX

1 year

0/ Introducing the Hyperliquidity Provider (HLP) vault: democratized market making HLP runs MM strategies on the Hyperliquid exchange. Anyone can provide liquidity for HLP and share in the P&L. Like the Liquidator vault, HLP is community owned and doesn't collect any fees.

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jeff.hl

@chameleon_jeff

10 months

I talk a lot about how @HyperliquidX is innovating by listing perps that even CEXs don't have Worth noting that the fundamentals are quietly improving too You can market buy $200k of BTC for 2.5bp taker fees and 2.5bp slippage Better-than-CEX execution for retail!

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jeff.hl

@chameleon_jeff

6 months

Great funding arb opportunity right now on SEI perps +500% annualized funding on @HyperliquidX -500% annualized on Binance ~0.6% spread pnl from the arb too 7 figs of capacity

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jeff.hl

@chameleon_jeff

1 year

1/ Yesterday's mini INJ pump presented an exciting opportunity to analyze the performance of Hyperliquid's protocol vaults. Spoiler alert: They both printed some sweet real yield for depositors. Here's a breakdown of how it unfolded, as well as some onchain HFT analysis 🧵

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jeff.hl

@chameleon_jeff

9 months

We've spent the past few weeks optimizing the @HyperliquidX network for dramatically increased load. Working on another 10-100x to get ahead of the demand Another record day, $23M USD retail volume. Retail is around 50% of total volume now!

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jeff.hl

@chameleon_jeff

1 year

3/ This is way worse than the usual allegations of CEXs having an internal MM desk. Masquerading as an order book exchange to your customers while you secretly use a different structure behind the scenes is unequivocally unethical. It's probably illegal in any jurisdiction.

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jeff.hl

@chameleon_jeff

10 months

Recently @HyperliquidX has been doing >5% of global RLB volume (~$350k/day) with around $300k average OI. HL has most volume outside uniswap Fees >10x cheaper than uniswap and zero gas Capital efficiency: long or short 3x leverage Funding stabilizing and liquidity improving

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jeff.hl

@chameleon_jeff

1 month

@mdzzi Yes

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jeff.hl

@chameleon_jeff

10 months

Will be in Singapore next week Would love to meet up with big CEX perp traders who don't use a DEX We'll either change your mind or build what you need DMs open

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jeff.hl

@chameleon_jeff

1 year

4/ Up next, the Binance futures non-liquidation flag for order entry. This setting allows you to bypass the liquidation engine altogether. Set "nl": true in the order JSON you send and the order gets routed straight to the matching engine, shaving a few ms off round trip latency

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jeff.hl

@chameleon_jeff

1 year

I've been tweeting more about @HyperliquidX than crypto HFT these days because that's where I spend most my time. Haven't forgotten about my HFT followers though. Shoot me your questions below in the comments and I'll answer the ones I can

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jeff.hl

@chameleon_jeff

8 months

@HyperliquidX handled today's volatility without a hitch ATH total volume $237M ATH retail volume $131M Past 24 hours was 8% of *all-time* retail volume since June. Exponential growth!

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jeff.hl

@chameleon_jeff

6 months

The most liquid DEX with TRB perps is @HyperliquidX

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jeff.hl

@chameleon_jeff

6 months

update:

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jeff.hl

@chameleon_jeff

10 months

This DEX has it now

jeff.hl

@chameleon_jeff

10 months

Any interest in perps on a friend tech index?

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jeff.hl

@chameleon_jeff

1 year

1/ Liquidity is definitely a factor but the fundamental reason for volatility autocorrelation is information propagation. One mental model for markets is a viscous fluid. Shocks to the system play out as damped oscillations in the price discovery process.

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jeff.hl

@chameleon_jeff

4 months

STRK on @HyperliquidX showcasing the hyperps' resilience to manipulation. This could've just been a degen with size. But if it was an attacker, they failed and lost around 200k USD. Funding has also been more stable on hyperps recently as well, now sitting at <300% APR

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jeff.hl

@chameleon_jeff

1 year

6/ I don't know if they've cleaned up their act since then, because we immediately ceased all operations on the exchange once we saw the sketchy behavior. Even if it's better now, the ethical concerns still stand. I wouldn't touch the exchange with a 10 foot pole.

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jeff.hl

@chameleon_jeff

1 year

1/ Many of you caught on to the April fools trolling here. But the real prank is that I was 80% serious. In fact, both of these "jokes" are based on real effects. A thread on real alpha: How to circumvent margin checks on Binance futures and see counterparties on trades 🧵

jeff.hl

@chameleon_jeff

1 year

1/ Many of you have asked for specific latency tricks on different exchanges, since infrastructure optimization is the foundation of a profitable crypto HFT strategy. Here are some lesser known insights: filtering retail flow on Upbit and bypassing the risk engine on Binance 🧵

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jeff.hl

@chameleon_jeff

1 year

We did it @HyperliquidX

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jeff.hl

@chameleon_jeff

1 year

1/ There could be interesting dislocations on Monday depending how #Coinbase reenables #USDC conversions. The stuff of quant dreams. Let's analyze Coinbase's tech stack: order and feed latencies and what makes HFT on Coinbase unique 🧵

db

@tier10k

1 year

USDC/USDT sub $0.95 on Coinbase

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jeff.hl

@chameleon_jeff

8 months

TIA-USD seamlessly converted from hyperp to normal perp on @HyperliquidX as soon as CEX spot prices became available. Hyperliquid did the most perp volume and OI into the turbulent spot listings. Cool to see the hyperp concept validated!

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jeff.hl

@chameleon_jeff

1 year

HLP has done a great job bootstrapping liquidity for @HyperliquidX In just a few days, HLP reached ~$1M USDC in TVL. On some less liquid pairs, @Hyperliquid is now more liquid than Binance futures, e.g. $STX perps.

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jeff.hl

@chameleon_jeff

10 months

Any interest in perps on a friend tech index?

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jeff.hl

@chameleon_jeff

1 year

1/ ICYMI some funds were unwinding >$2B of alts on a Friday night, crashing prices by 20%. It was cool to see the action on @HyperliquidX There's been some FUD in the discord lately so wanted to set that straight here. Some analysis on retail flow, toxic flow, and HLP 🧵

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jeff.hl

@chameleon_jeff

1 year

9/ And finally, bias towards doing. You'll only need pointers when starting out Once something works, there will always be more ideas than you have time to explore. Each answer will lead to more questions, branching infinitely. By choosing a path you'll naturally find your style

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jeff.hl

@chameleon_jeff

10 months

Hourly, high cap funding on @HyperliquidX Right now at > 18000% annualized This is how true price discovery happens

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jeff.hl

@chameleon_jeff

10 months

Someone on @HyperliquidX predicted the ETH dump with a $1m ETH market short and locked in a quick $100k pnl WP WP Is this where the smart money trades now?

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jeff.hl

@chameleon_jeff

1 year

This is not true. The variance of the distribution of position after n trades scales linearly with the number of trades. With this strategy you always hit your risk limit on one side. This is why your threshold and/or fair should scale with your position.

Christina Qi

@christinaqi

1 year

Because we expect buys and sells to be symmetrically distributed, you will eventually get out of position. However, realistically speaking, you might not have enough margin to build up temporarily large positions, so we have to specify an arbitrary position limit.

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jeff.hl

@chameleon_jeff

6 months

A rare opportunity to long on SOL on @HyperliquidX and get paid >200% APR in funding Binance pays to be short for an easy hedge

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jeff.hl

@chameleon_jeff

1 year

17/ Speaking of which, we are building one such tail opportunity @HyperliquidX (closed alpha) We've built the tech for Binance, scalable but fully decentralized. Python SDK hot off the presses, including an end-to-end sample strategy. More coming soon.

GitHub - hyperliquid-dex/hyperliquid-python-sdk: SDK for Hyperliquid API trading with Python.

SDK for Hyperliquid API trading with Python. Contribute to hyperliquid-dex/hyperliquid-python-sdk development by creating an account on GitHub.

github.com

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jeff.hl

@chameleon_jeff

8 months

1/ Important to note: Hyperliquid has gotten vastly more efficient and liquid during this time. HLP's all-time high pnl is an indicator of retail volume growth outweighing the execution efficiency. One area of 20-100x execution improvement has been liquidations 🧵

Hyperliquid

@HyperliquidX

8 months

HLP all-time pnl reached $1M today. Market making is an opaque industry typically reserved for a privileged few. With HLP, market making is transparent and democratized.

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jeff.hl

@chameleon_jeff

1 year

8/ There is no free lunch. Remember: pnl is always the market paying you to correct an efficiency. What are you uniquely positioned to fix? When starting out you should probably find an opportunity that is unattractive for the big boys. Something that doesn't scale with capital

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jeff.hl

@chameleon_jeff

1 year

7/ Hope these tips were helpful for people. The devil is in the details with crypto HFT, and it's important to understand all the little details that could be setting back an otherwise profitable strategy. Let me know how they work on your live trading systems.

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jeff.hl

@chameleon_jeff

6 months

So close...

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jeff.hl

@chameleon_jeff

1 year

5/ How am I confident this happened? A simple example: we would have an order out on the top of the book, and literally see trades executing at farther prices while our order chilled there. Anyone looking at the UI could've seen this at the time.

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jeff.hl

@chameleon_jeff

11 months

1/ HLP is hovering around all-time high pnl. This is impressive because HLP is very short (1-1.5x) over a period when ETH is up 20% and alts up even more. Around $1.2M annualized short term pnl, more than 100% APR non-compounding. Some insights on the source of HLP's alpha 🧵

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jeff.hl

@chameleon_jeff

8 months

Super juicy BTC funding arb available in 7 figs on @HyperliquidX Almost 400% annualized to short, while CEXs are flat for an easy hedge. Also a record volume day for BTC on the platform!

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jeff.hl

@chameleon_jeff

1 year

2/ First up, making vs taking. If you're looking into HFT, this is the first fork in the road. This big question boils down to what you want to work on. Making: Infra quirks, live experimentation, game theory Taking: More statistical study and modeling of market data

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jeff.hl

@chameleon_jeff

10 months

Excited to introduce a spin on perps to list far-out prelaunch tokens on @HyperliquidX It's the first place to trade perps on LayerZero token Other platforms' prelaunch futures lack liquidity and are easily manipulated. Hyperps solve both issues with simple funding

Hyperliquid

@HyperliquidX

10 months

0/ Long or short LayerZero on Hyperliquid with hyperps. ZRO-USD lets you long or short the value of the unlaunched native LayerZero token (referred to as ZRO) The underlying index to which the price eventually converges is the $ZRO fully diluted market cap divided by 2 billion

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jeff.hl

@chameleon_jeff

1 year

👏 People making fun of js miss the point I started with python. Profitable live trading in a week. When starting out, move fast! Now we use 100% rust for production. 200k LOC later, would highly recommend. When volume spikes, we process ~50k ticks/sec/thread live no problems.

Quant

@quant_xbt

1 year

A cool thing about HFT is that if done correctly, your equity curve will steadily trend upwards with a positive skew. Most of our infrastructure is built on JavaScript and this is actual performance, not a backtest.

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jeff.hl

@chameleon_jeff

3 months

I don't know anything about AI but these are the smartest people I know. Honored to be supporting them.

Cognition

@cognition_labs

3 months

Today we're excited to introduce Devin, the first AI software engineer. Devin is the new state-of-the-art on the SWE-Bench coding benchmark, has successfully passed practical engineering interviews from leading AI companies, and has even completed real jobs on Upwork. Devin is

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jeff.hl

@chameleon_jeff

1 year

A question that doesn't get asked enough: Who gets the juicy liquidation flow? Answer: DMMs/internal desks on CEXs, MEV bots on DEXs. On Hyperliquid, anyone can share fairly and transparently through the liquidator vault. ~$140k liquidated since inception, 120% annualized

Hyperliquid

@HyperliquidX

1 year

0/ Hyperliquid’s liquidator vault democratizes liquidations by letting the community provide collateral for liquidations and share in the P&L. All liquidations happen on-chain and can be tracked on the explorer.

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jeff.hl

@chameleon_jeff

1 year

It's cool to see the markets react to @HyperliquidX being one the most liquid markets for some tail asset perps. Here's a plot of non-MM volume by date and coin. You can see that BTC+ETH volume as a fraction of total is quite low.

jeff.hl

@chameleon_jeff

1 year

HLP has done a great job bootstrapping liquidity for @HyperliquidX In just a few days, HLP reached ~$1M USDC in TVL. On some less liquid pairs, @Hyperliquid is now more liquid than Binance futures, e.g. $STX perps.

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jeff.hl

@chameleon_jeff

11 months

All time high pnl. Nice when alpha and beta align @HyperliquidX

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jeff.hl

@chameleon_jeff

1 year

1/ User flow is overwhelmingly long on Hyperliquid over the past two weeks. E.g. ETH funding pays 50% annually to short! Could be an interesting opportunity to hedge or do funding arb. Fully onchain, almost zero execution cost. HLP positions right now:

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jeff.hl

@chameleon_jeff

1 year

1/ Yesterday someone manipulated CEX prices to trade against HLP on @HyperliquidX Second coming of @avi_eisen ? A thread on: 1) Play-by-play of the attack 2) How HLP fared and how it will adapt 3) @Hyperliquid traction 4) Alpha for a related CEX trade

Hyperliquid

@HyperliquidX

1 year

0/ Yesterday at ~12:05 and 14:55 UTC, someone manipulated the price of SNX on CEXs to trade against HLP and made ~37K USDC. Within 12 hours, HLP adapted to protect HLP depositors from similar attacks. This was HLP's first day of negative short-term pnl since launch on May 5.

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