Research

Hyperliquid’s weekend markets were initially framed as an architectural proof of concept, but the Strait of Hormuz disruption forced a more practical question: can a 24/7 venue do meaningful price discovery when the primary benchmark is offline? During the closure window, with CME crude futures shut and oil markets repricing rapidly, TradeXYZ’s crude market became the only continuously available venue for risk transfer. Prices moved directionally with incoming information, participation scaled materially after the initial shock, and by the reopen, a significant share of the adjustment had already been incorporated. Across a broader cross-asset sample, this pattern persisted, with weekend prices systematically converging toward the eventual reopen rather than reverting to Friday’s close. The evidence suggests that weekend are increasingly informative, particularly in regimes where traditional benchmarks are most stale.

Research

Solana's perps market lags Hyperliquid, a gap rooted in architectural constraints rather than purely application-layer failures. Three new protocols, Phoenix, Bulk, and Bullet, are attacking the execution problem from different points on the composability-performance spectrum. We benchmark execution costs across venues, isolate the L1 constraints holding makers back, and assess whether Solana's infrastructure roadmap and these new entrants can close the gap before purpose-built chains lock in their liquidity advantage.

Research

Collateralized Onchain Infrastructure Lending (COIL), sometimes referred to as InfraFi, lowers the capital cost and operational friction for deploying physical infrastructure.

Research

Neobanking is evolving from a category defined by digital banking features into a broader battle for the user’s primary financial relationship, where stablecoin-first platforms may have the greatest edge in cross-border and emerging-market use cases.