Have to admit In the crypto space, the influence of the exchange @HyperliquidX on Bitcoin and Ethereum pricing is growing, and quite a few infrastructure innovations are happening here. Over the past few days, you might have noticed that several massive wallets have been trading on @HyperliquidX through @hyperunit. In the last four days or so, these two accounts have cumulatively sold about 20,000 BTC (worth over $22 billion) At the same time, they’ve bought approximately 455,000 ETH (worth around $21.9 billion). During this period, this Unit hit a new daily spot trading volume record, exceeding $3.2 billion. This scale surpasses the combined spot trading volume of Bitcoin on Coinbase and Bybit, and is close to the BTC/USDT spot trading pair level on Binance. In the past 24 hours, HL generated about $4.7 million in fee revenue, with Unit contributing roughly one-fifth of that for buybacks (around $940,000). Additionally, 100% of its own fees were fully used for HYPE buybacks. Combined, this amounts to approximately $1.88 million. Why are they using this @hyperunit I mentioned? Large players often use the unified margin model, where spot holdings can also serve as margin—for example, when opening a short position on SOL for rate arbitrage while holding SOL spot. Using unified margin ensures no liquidation risk, which the native @HyperliquidX doesn’t offer. This Unit brings Hyperliquid a unified trading experience, integrating spot and derivatives, portfolio margin, and on-chain spot hedging features, making Hyper’s experience increasingly close to that of a CEX.