Wall Street wants in on Hyperliquid. So why isn’t its broader onchain ecosystem thriving?

Our Kinetiq report is anchored around that question.

Hyperliquid made $818M in revenue in 2025. It has built an exchange people clearly want to use.

The institutional appetite for its infrastructure looks unprecedented for an onchain exchange.

IC

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Stripe just launched Link balance for AI agents. Its first integration is Instinct, an iMessage-native AI agent. Link is Stripe’s digital wallet, which lets consumers pay with saved payment methods quickly and securely. Link Agent Wallet allows pop... Read more

Brazilian assets are cratering this morning after a surprise win by the incumbent Luiz Inácio Lula da Silva (Lula), who is considered the more “market-unfriendly” candidate. We got bullish Brazil back in mid-summer given a) overstated political risk... Read more

Note: This is an excerpt from the upcoming onchain options research report. As such, it’s not complete and covers only the gist of one section. 

The onchain options sector is the largest whitespace in crypto today. This makes it the most compelling sector to allocate capital towards.  Retail demand is already proven at massive scale in Tr

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BAT is Back

BAT is up 182% in 30 days, and nearly 4x off its Aug 14 ATL of $0.055. It’s a nine-year-old ad token that was part of the initial yield farming craze. It has no remaining unlocks, and some strong potential catalysts. Brave is one of the best consumer businesses touching crypto. The problem is, the team has not incorporated the

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TLDR

Robinhood spent its HOOD Summit pitching AI agents as the next generation of traders and more than 150,000 agentic accounts have opened since May.

However, currently Robinhood gives those agents no credit and in-app agents have no margin and customers carry all the risk for what their agents do.

Priors is one answer and it’s already

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TL,DR: the cost of intelligence is commoditizing via cheap open-source models. The Anthropic & OpenAI valuations are very reminiscent of the L1 premium fat protocol thesis. It’s difficult to justify a $2 trillion IPO valuation when Anthropic is operating at an $8.06b net loss ($42b if we don’t exclude non-cash charges*). And the constant

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PaperTrade is making the rounds with pre-deposits opening today ahead of its much-anticipated launch, one of the more exciting onchain game-theory experiments we’ve seen in a while for perp enjoyooors and gamblooors. The basic TLDR is onchain Rollbit... Read more

trade.xyz won the early RWA perp game but Paragon is making interesting moves to grab market share. And it’s worth paying closer attention to them. Paragon is a HIP-3 deployer and entered this space by competing with trade.xyz and other HIP-3 deplo... Read more

Jeff just went on stage at DAS 2026 and touched on onchain options multiple times. I listened back to this talk, as I’m obviously very bullish onchain options with my biggest exposure being Derive. My take has been that Hyperliquid will not attack... Read more