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Equity Perps Are Where Crypto Perps Were in 2024
Equity perpetual swaps on Hyperliquid and Lighter carry wide mark-to-underlying spreads, expensive funding...Using 22,672 weekday hourly observations across 13 equity perps, we quantify each cost component and...Equity perps today look like crypto perps in 2024....The same is likely to happen with equity perps.
DeFi
Mar 2026
The Evolution of Digital Asset Secondary Markets
Digital asset secondary markets have structurally flipped from token-dominated to equity-preferred, with...equity commanding a 2x size premium and 5 of the top 12 most sought-after assets now being AI/deep tech...equities.
Macro & Markets
Apr 2026
The Public Crypto Accumulator Era - Part 1
These are public crypto accumulators: companies that use equity, debt, and reflexive investor demand...These firms are capital structure optimizers: using equity issuance, debt instruments, and reflexive...As crypto holdings rise, equity/debt demand grows, which enables further accumulation.
31 Min
Macro & Markets
Jun 2025
Scaling Real World Assets on Avalanche
From traditional funds and tokenized equities to reinsurance products, public finance pilots, and property...Treasuries, equities, credit products, and real estate are being onboarded at a rapid pace....To support its flagship product, dShares (tokenized U.S equities), the team is launching a dedicated...Dinari is launching a clearinghouse for tokenized equities.
16 Min
Infrastructure
Oct 2025
The Evolution of Digital Asset Secondary Markets - 2025
A pivotal change is the resurgence of crypto IPOs, steering dynamics toward equity structures with clear...Recently, a shift back toward pure equity has emerged post-Circle’s IPO....The most notable year-over-year delta is in the growth in equity/token mixed rounds, rising from 3-6%...Implications for Secondary Markets: Are Equity Deals Poised To Dominate?
14 Min
Financial Market Themes
Aug 2025
The Year Ahead for Infra 2026
In particular, onchain equities saw their real breakout in 2025....Equity perp exchanges are still finding the best product models. ...Equity Perps Are the Real Battleground Equity perpetuals have proven to be one of the most effective...That SPV is partially funding that purchase with equity from you?”...
81 Min
Infrastructure
Dec 2025
The Future of Onchain: The Age of Tokenization & The Token Identity Crisis
More specifically, the tokenization of private equity, securities, and commodity markets for every user...As of now, the ERC-20 dShares represent over 100 U.S. equities, ETFs, and commodity trusts, giving them...-listed equities for broker-dealers....The argument then is that Uniswap Equity would be worth more fundamentally than the $UNI token.
20 Min
Other
May 2025
Summer Doldrums Not So Dull - Macro & Markets June 2025
Markets wasted little time, retracing the initial move in oil, with both equities and crypto pushing...Crypto related equities like Coinbase, Robinhood and Galaxy (among others) have performed admirably in...Circle’s massively successful foray into public equity markets has also shown that investors are hungry...
14 Min
Macro & Markets
Jul 2025
Across Token -> Equity Swap
With all of the token vs equity talk recently I think this is a very interesting proposal by Across....They are proposing getting rid of the token + foundation model to a single equity c-corp model. ...C‑corp. via a token-to-equity exchange and token buyout....-> tokenize the equity.
2 Min
Infrastructure
Mar 2026
The Year Ahead for Markets 2026
Gold tends to outperform equities during extended periods of DXY weakness too....Over the past 24 months, crypto equities have outperformed the majority of crypto altcoins....@felixprotocol has launched equity perps, with TSLA and CRCL perps available for trade....As more equities get tokenized, more crypto companies will become equities.
71 Min
Macro & Markets
Dec 2025
$SHFL Update: How Crypto's Best Kept Cashflow Story Could Break the Top 100
Should Shuffle collapse its equity and push cash flows fully into the token, it could position itself...for their equity stakes....Equity holders would likely end up with treasury token allocations worth more than their original equity...In practical terms, collapsing equity and shifting to a PUMP/HYPE-style model would be transformative...
12 Min
Betting
Sep 2025
USD.AI: Financing the Future of AI Infra
A 70% loan-to-value ratio gives a 30% equity cushion to lenders....An equity cushion shields the lender from default....A larger equity cushion increases the likelihood that a lender can recover their funds by selling the...Amortization pays off the loan over time, growing the equity cushion and reducing default risk.
14 Min
Infrastructure
May 2025
Market Musings - New Year, More Volatility
After the SPY’s 6.5% rally from November – December, the FOMC’s “hawkish cut” sent equity markets spiraling...This breakthrough has caused turmoil within the West and Silicon Valley, with US equity markets plunging...Equities have moved sideways.
13 Min
Macro & Markets
Jan 2025
Market Musings - Through The Fire And Flames
...trillion in AUM — and nearly half its portfolio is allocated to foreign assets, with 25% in foreign equities...US equity markets, a direct beneficiary of this carry trade, have also taken a beating....For perspective, this recent meltdown saw equity market volatility jump to levels last seen during the...Heightened volatility wasn’t isolated to equity markets either.
14 Min
Macro & Markets
Aug 2024
April Showers… May Flowers? - Macro & Markets May 2025
...expected, the subsequent scaling back of tariff policy and de-escalation has spurred a market rally — both equity...Unlike prior cycles, these holdings were not financed from excess cash but through dedicated equity and...The result is a new category of public equities functioning as crypto-linked proxies.
25 Min
Macro & Markets
Jun 2025
JTX: Solana’s New Trading Layer
Phoenix perps still need liquidity, tokenized equities remain structurally and legally fragmented, and...Perps come next through Phoenix, including crypto perps and equity/RWA perps, with prediction markets...About 97% of this year's onchain equity DEX volume has cleared here, monthly volume hit $3.3B in June...
22 Min
DeFi
Jul 2026
A Deep Dive on Galaxy Digital's Flagship AI Mining Center Helios
...center REITs’ valuations at 25x EBITDA imply ~$43B of enterprise value at $1.7B of EBITDA, and ~$32B of equity...Not only does this result in Galaxy possessing the adequate capital to fund the equity portion of its...engages in involve coordination and negotiation across a variety of counterparties (i.e. credit and equity...
32 Min
Macro & Markets
Jun 2025
Are The Stars Finally Aligning? [Crypto Insider Talks - Sep. 2024]
...was because Coin went public and it sucked out 10s of billions of dollars of crypto capital into an equity...So you need that bull market to be able to allocate that equity capital between MicroStrategies, Coinbase...They’re proving the value accrues to the equity and not the token....And this is this big unknown, is where the equities and tokens fit together.
Macro & Markets
Oct 2024
No Pain, No Gain
We know the equity market exhibits an extremely strong correlation with Fed liquidity, so it’s no surprise...fiat currencies, but it has proven true relative to harder assets like BTC, gold, and even some growth equities...Strong equities in good markets tend to perform decently well, too.
13 Min
Macro & Markets
Apr 2024
Delphi's Office Hours (6th of August, 2024)
I think has certainly shown up in some of the buying demand for us equities....the center of a lot of the initial volatility that we saw, because when you see, you know, Japanese equity...So kind of your, your big tech, your higher beta, you know, growth, the, uh, us equities, and what you...That’s really what forces the feds hand, not no large equity sell off.
Macro & Markets
Aug 2024