One subject, taken as far as the data allows.
One event, project or structural change from the week, worked into a research note with data tables, explicit scenario arithmetic, the case against the desk's own reading, and sources.
The week of October 5 - 11, 2026: record open positions on the largest on-chain venue met the thinnest turnover in two months, spot demand turned, and a move of less than two percent produced a $546.89m one-sided flush of longs.
Read the issueThe week of September 28 - October 4, 2026: inflation anxiety gave way to growth anxiety, the ETF ledger absorbed a streak-ending outflow, and Hyperliquid's book showed the early shape of a carry market.
Read the issueThe week's research note: the squeeze that lit the fuse, the ETF intake that paid for it, the macro tape underneath and the three falsifiers that would retire the read.
Read the issueThe Payward HIP-3 announcement, worked into a research note: the four-entity structure, the 500,000 HYPE stake, the regulatory layer and what the wrapper does and does not change for US perpetual futures.
Read the issueThe 11 September CPI whipsaw, worked into a research note: the one-hour short squeeze, the hours that preceded it and the leverage structure that produced both.
Read the issueThe altcoin open-interest crossover, the ZEC liquidation lab and the carry stack, worked into a research note on where leverage actually went.
Read the issueThe 31 August Bloomberg report of Hyperliquid-Payward talks, worked into a research note: the routing structure, the CFTC entities involved, the implied take-rate arithmetic and what remains unknown.
Read the issue