the PUMP Hyperliquid pre-market was a classic case of info asymmetry collapse in real-time an interesting externality of the hyperp was that it telegraphed the setup to every participant globally, turning what started as edge into consensus the moment price discovery went public “free money” died the moment it became observable. the market showed its hand early and killed its own edge

2017 ICOs would’ve looked very different with Hyperliquid pre-market perps it functionally kills all alpha in fixed price sales ahead of time