Featured News
1. US cryptocurrency stocks rose across the board in overnight trading, with Bitmine up over 5%.
2. NYDIG: The mNAV (metadata asset value) valuation metric for crypto treasury (DAT) companies is misleading.
3. The Hypurr NFT floor price reached 1310 HYPE, equivalent to approximately $61,500.
4. ApeX announced the launch of an APEX token buyback program, covering an initial $12 million and 50% of future protocol revenue.
5. Kalshi predicts the probability of a US government shutdown this year has dropped to 63%.
Articles & Threads
1. "In-Depth Analysis: PerpDEX Reshuffle: What's Next for Hyperliquid?"
The decentralized perpetual exchange market is experiencing an unprecedented wave of growth and a reshaping of the competitive landscape. By September 2025, global perp DEX daily trading volume has exceeded $52 billion, a 530% increase from the beginning of the year, reaching a cumulative monthly trading volume of $13 trillion. This growth is driven by breakthroughs in technological innovation, growing user demand for decentralized financial products, and regulatory pressure on centralized exchanges. The entire sector now accounts for approximately 26% of the crypto derivatives market, a substantial leap from the single-digit share in 2024. Rapid market differentiation is reshaping the competitive landscape. Traditional order book models (such as dYdX and Hyperliquid) dominate the professional trading landscape with precise price discovery and deep liquidity, while AMM models (such as GMX and Gains Network) attract retail users with instant liquidity and simplified operations. Emerging hybrid models (such as Jupiter Perps) attempt to combine the advantages of both, using the keeper system to achieve seamless switching between order books and AMMs in a high-speed environment. Data shows that the order book model is gaining market share. Hyperliquid, leveraging its CLOB architecture, has processed $2.76 trillion in cumulative trading volume.
2. "I Didn't Expect PunkStrategy to Take Off"
On the Ethereum mainnet, a coin called $PNKSTR has surged by approximately 160% over the past two days, with its market capitalization briefly exceeding $50 million, becoming a bright spot in the otherwise dry on-chain market. Currently, the token has retreated slightly, with a market capitalization of approximately $43 million. $PNKSTR, short for "PunkStrategy," completes the NFT and token cycle by trading CryptoPunks NFTs. Each $PNKSTR transaction charges a 10% fee, with 8% deposited into the protocol. Once the protocol's funding pool accumulates sufficient funds to purchase CryptoPunks, the contract automatically purchases a CryptoPunk at the floor price and automatically lists it for sale at 1.2 times the purchase price. After a successful sale, the resulting ETH will be used to purchase and burn $PNKSTR.
Market Data
Daily Market Overall Funding Activity (Reflected by Funding Rate) and Token Unlocks
Data Source: Coinglass, TokenUnlocks
Token Unlocks
Funding Rate





