SpaceX Perps and Polymarket's Bet on Pre-IPO Mania

Watch on YouTube ↗  |  May 20, 2026 at 15:05  |  1:22:44  |  Unchained (Chopping Block)
Speakers
Kain Warwick — Founder, Infinex & Synthetix
Luca Netz — CEO, Pudgy Penguins (Igloo Inc.)

Summary

The episode covers the launch of synthetic pre-IPO perps for SpaceX on Hyperliquid, Polymarket's data deal with Nasdaq Private Market, and a week of DeFi exploits. The speakers discuss Hyperliquid's growing dominance as an on-chain exchange, bullish on HYPE token, and Tesla's manufacturing advantages. They also debate the Ethereum Foundation exodus and AI tooling.

  • SpaceX synthetic pre-IPO perps went live on Hyperliquid with $33M volume.
  • Polymarket partnered with Nasdaq Private Market for oracle data.
  • Three DeFi hacks totalling ~$10M each hit Echo Protocol, Verus Bridge, and THORChain.
  • THORChain exploit involved a complex cryptographic attack using threshold signature scheme.
  • Kain Warwick and Luca Netz are both bullish on Hyperliquid (HYPE) token.
  • Luca Netz expressed bullishness on Tesla (TSLA) due to manufacturing scale.
  • Grok Build launched at $300/month, with xAI having excess compute capacity.
  • Ethereum Foundation exodus discussed as senior researchers leaving after Tomas Stanczak's departure.
Trade Ideas
Kain Warwick Founder, Infinex & Synthetix 3:00
HYPE is the only viable token this cycle.
Hyperliquid (HYPE) is the only viable token this cycle due to its strong narrative as an on-chain everything exchange, Coinbase partnership, and liquidity. Token holders are not selling unlocks, leading to price appreciation.
HYPE HIGH
Luca Netz CEO, Pudgy Penguins (Igloo Inc.) 55:38
Tesla manufacturing scale will drive earnings.
Tesla (TSLA) is a long because Elon Musk's manufacturing scale advantage is unmatched. As AI/GPU demand grows, Tesla's ability to produce at scale will translate into earnings growth.
TSLA HIGH
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This Unchained (Chopping Block) video, published May 20, 2026, features Kain Warwick, Luca Netz discussing HYPE, TSLA. 2 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Kain Warwick, Luca Netz  · Tickers: HYPE, TSLA