# Hyperliquid open interest funding rate — X 热门讨论 (2026-10-09 20:03 UTC)

## @realcocopark (Cocopark) · 10-09 07:27 · ♥25 ↻1 💬1 @ethena may be expanding into a much bigger market. But $ENA still has to capture the value.

I listened to @gdog97_ on Delphi Digital’s Hivemind, and one point stood out: Ethena’s opportunity may be much bigger than crypto. That is not the same thing as a case for the token.

Guy compares crypto’s roughly $2.5–3T asset base with the ~$150T underlying asset base of traditional markets. His argument is that derivatives businesses built on crypto have already become very large, and applying that model to a much broader set of assets could create even bigger businesses.

He thinks RWA perpetuals could overtake crypto perps in open interest and volume within 24 months. He also estimated that RWA perps had already reached around 50% of crypto perps on Hyperliquid a couple of months earlier.

That is a forecast, not a fact. But it is a checkable one.

(20:11–21:05)

The more interesting point is not the size of the market. It is the shape of the funding.

In his view, equity funding has a more consistently positive skew than crypto funding. Crypto can fall 80% every three or four years, making it harder to sustain a positive funding rate for longs at the end of a cycle. Equities, by contrast, have historically trended upward over long periods, making leveraged long exposure more persistent.

If that holds, equities are not just a bigger TAM. They could be a better fit for the delta-neutral strategies Ethena already runs.

(21:32–22:22)

That expansion is already taking shape. Ethena named @binance as its first venue for extending the strategy to equities: long bStocks, short USDT-margined equity perps. The structure mirrors its crypto basis trade.

Guy’s reference point is the roughly $15B Ethena reached at the peak last cycle. The bigger question is whether the same model can scale across a much broader set of underlying assets.

Access is still the constraint.

Guy explained why Ethena continues to use centralized venues for this strategy. On the CEX venues it uses, delta-neutral accounts can receive more favourable ADL treatment. He also pointed to the difference between insurance funds backed by dollars and models that use excess earnings to buy their own tokens.

He said $BTC and $ETH contracts on the venues Ethena uses had not experienced ADL since 2018, including during the October 10 market event.

The point is not that CEXs are universally safer than DEXs. It is that the infrastructure has to fit the strategy. Liquidity, funding, execution and ADL treatment determine what Ethena can actually deploy.

(29:37–31:22)

Guy also acknowledged the uncomfortable part.

Stablecoins grew. Tokenization advanced. Institutions plugged into the infrastructure. Yet many tokens failed to reflect that progress in their prices.

In his words, people got everything they had asked for, but the coins they owned did not go up.

He is also sceptical of tokenized equities as a technology story. Much of their appeal, in his view, comes from expanding access to people outside the US brokerage system.

Useful. Not magic.

(14:02–15:18)

That is why the token work matters and why it is not enough.

Guy acknowledged that Ethena had become a poster child for the low-float, high-FDV, VC-extraction narrative.

He described efforts to address that criticism: buying out some of the weakest VC holders near the summer lows, clarifying how value accrues to ENA, and changing the IP structure so that the token benefits from future sale proceeds covered by those arrangements.

That is alignment work. It is not a return.

(01:01:04–01:02:22)

The real question for ENA is still the same.

Can Ethena expand the business, generate durable economics, and direct a meaningful share of that value to the token?

A larger TAM does not answer it.

Ethena’s opportunity is to build a much bigger business.

ENA’s challenge is to capture the value. > 引用 @Delphi_Digital: A new episode of Hivemind is live!

This week the team is joined by Ethena founder @gdog97_ to explore the next phase of onchain finance and why RWA perps could overtake crypto perps.

Timestamps: 00:00 Intro & Market Outlook 10:25 Introducing Ethena Founder Guy Young 12:55 Crypto's $150 Trillion Opportunity 23:55 DeFi Yields, Exchanges & the Perps Race 43:00 Pump & the Memecoin Economy 55:30 Onchain Options 59:05 Token Unlocks & Lessons From Building Ethena 1:09:30 What's Next for Stablecoins? https://x.com/realcocopark/status/2108459443180507599