Hyperliquid's Breakout Moment and Trades For 2026
Speakers
Avi Felman -- Host
— 1000x Podcast co-host, Radhan Road partner
Jonah Van Bourg -- Host
— 1000x Podcast co-host, ex-Cumberland/Goldman trader
Summary
- The era of beta chasing in crypto is over; investors must be selective and evaluate crypto projects like companies based on revenue and growth, not narratives.
- Hyperliquid is experiencing a breakout moment, with its oil perpetual contract trading 2% of global crude oil volumes, signaling crypto's deep integration into traditional finance.
- Market volatility provides entry opportunities for mega-trend investments over 3-5 years, such as stablecoins and 24/7 trading platforms, despite short-term gyrations.
- Circle's stock dropped 20% on a regulatory leak about stablecoin yield, highlighting regulatory risks but also opportunities if stablecoins are expected to subsume parts of finance.
- Crypto's core value propositions include 24/7 trading, permissionless value transfer, and ease of integration, which are becoming competitive advantages against traditional finance.
- Disagreement: Avi finds it hard to hold positions for 3 months in volatile markets, while Jonah sees volatility as a chance to buy long-term holds at good prices.
- For Hyperliquid to fully capture commodities trading, it needs to add dated futures and await broader stablecoin adoption by institutions like Exxon and BP.
- A K-shaped market is emerging in both crypto and trad-fi, with winners like Hyperliquid, Bitcoin, Coinbase, and Robinhood, and losers like many tokens and traditional brokers.
- Stablecoins are viewed as the future backbone of finance, with yield accruing directly to holders, disrupting intermediary profits.
- Contrarian view: Jonah has shifted from bearish to bullish on Canton as a play on the themes of crypto and trad-fi merging.
- DeFi and decentralized money market funds face significant regulatory and psychological barriers, despite being technological improvements.
Trade Ideas
Avi said, "I think that hyperliquid will eat commodities trading." Hyperliquid's 24/7 trading, crypto-native architecture, and ease of use make it superior for trading commodities, especially with rising stablecoin adoption. Long-term growth as crypto merges with traditional finance and institutions adopt on-chain trading for competitive advantage. Regulatory hurdles, failure to add dated futures, or slow stablecoin adoption by institutions.
Jonah said, "I was kind of bearish Canton, now I'm not." Canton may be a contrarian angle that aligns with the themes of crypto and traditional finance merging, offering a strategic investment opportunity. Long opportunity as the project gains traction in the evolving market landscape. Project-specific risks, lack of adoption, or failure to execute on its vision amidst competition.
Avi said, "I'm very bullish on Bitcoin." Bitcoin is a key asset in the crypto supercycle, benefiting from adoption as a store of value and the merging of financial systems. Long-term appreciation as crypto gains mainstream acceptance and serves as a hedge in volatile markets. Market cycles, regulatory changes, or technological disruptions.
Avi said for betting on stablecoins, "my answers are Sky, which is a crypto project, it's Circle and it's Coinbase." These companies are positioned to capitalize on stablecoin adoption, which is expected to hot-swap the backend of the financial system and generate yield for holders. Long-term investments as stablecoins grow and integrate into traditional finance, capturing value from intermediaries. Regulatory changes, especially around yield generation for stablecoins, and execution risks.
Avi said, "very constructive on on Robin Hood" for 24/7 trading. Robinhood can benefit from the trend towards 24/7 trading and crypto integration, appealing to modern traders and leveraging its platform. Long-term growth as trading becomes more continuous and accessible, competing with traditional brokers. Competition from crypto-native platforms like Hyperliquid, regulatory challenges, or market downturns.
Up Next
This 1000x Podcast video, published March 26, 2026, features Avi Felman, Jonah Van Bourg discussing HYPE, CANTON, BTC, SKY, COIN, HOOD. 5 trade ideas extracted by AI with direction and confidence scoring.
Speakers: Avi Felman, Jonah Van Bourg · Tickers: HYPE, CANTON, BTC, SKY, COIN, HOOD