good

markets are multiplying way faster than anyone's attention

with hip-3 anyone can list a perp on hyperliquid (stocks, commodities, pre-ipo names, and soon tradfi players like ice plugging in too)

the number of things you can trade is going up every week

so the scarce thing stops being access but knowing which of these hundreds of markets matters today and why

the good news is all of it is onchain and we have the most readable market structure that's ever existed but it's just too much for a person to read

that's the gap rally is going after. an agent that watches every market, does the digging and comes back with a reason but you still decide

exchanges are turning into shared infrastructure. i think a lot of the value ends up with whoever helps the trader decide what to do with it

most of finance assumes markets are expensive to create (you need a desk, a market maker, a lawyer to write the rules)

ai makes that close to free

so the bottleneck shifts from listing a market to finding people who actually care about it and prediction markets show people care about way more things than stocks

then the obvious next step is perps and options perps on those questions, then indices over them

i'm bullish on all four because they're the same bet

we are still thinking too narrowly about what gets listed on perp exchanges

the interesting experiment is creating markets around things that have economic exposure but no easy way to trade them.

things like GPU rental prices, AI inference costs, electricity congestion, freight rates, even specific industry revenue indices

if you can build reliable pricing and attract market makers, a lot of these could become entirely new trading categories

the next big perp market might not be a crypto asset at all

one of the more interesting trading strategies over the next few years will be finding probabilities that disagree with each other.

if a market prices a 70% chance of an event happening, every related market should reflect that information.

they often won't.

as the number of markets grows, the opportunity shifts toward trading inconsistencies across entire networks of outcomes.

feels like the early days of relative value trading.

the next billion-dollar app won't build its own backend