• Spot HYPE+27.7%

  Max drawdown^†

  −24.1%

  Costs

  $0

  Liquidated

  No

  Rolling 30-day holds, started every 7 days — min / median / max

  −20% / +23.4% / +56%0/9 liquidated
  Method

  Buy and hold, priced from the Hyperliquid HYPE perp candle open at 08:00 UTC (basis to spot is small). Entry/exit trading fees not modelled.

  Buys HYPE with the full $10k and holds it.

• Perp long 3x+75.0%

  Max drawdown^†

  −73.8%

  Costs

  $811

  Liquidated

  No

  Rolling 30-day holds, started every 7 days — min / median / max

  −61% / +67.0% / +163%0/9 liquidated
  Method

  Fixed size 439.39 HYPE (notional $30,000) from entry, no rebalancing. Net funding paid $797.59 (historical hourly), taker fee $13.50. Not liquidated (checked on hourly bars).

  Opens a long worth 3× the $10k margin and holds it; hourly funding is paid or received.

• Delta-neutral (spot + 1x short perp)+1.3%

  Max drawdown^†

  −0.0%

  Costs

  $2

  Liquidated

  No

  Rolling 30-day holds, started every 7 days — min / median / max

  +0% / +0.5% / +1%0/9 liquidated
  Method

  50% buys spot, 50% margins an equal-size 1x short. Net funding received $132.93 from historical hourly rates; taker fee $2.25. Short leg not liquidated (checked on hourly bars highs).

  Holds HYPE plus an equal-size short perp, so price moves cancel out; the return comes mostly from funding.

• Long ATM calls (full principal)Estimated−100.0%

  Max drawdown^†

  −100.0%

  Costs

  $9,998

  Liquidated

  No

  Rolling 30-day holds, started every 7 days — min / median / max

  −100% / +133.1% / +1,791%0/9 liquidated
  Method & what's estimated

  Derive options. Legs: buy 2256 HYPE of HYPE-20260731-70-C @ 4.411 [mark] on Jul 10, 2026, settled at 54.925. Premium paid $9,951.53, received $0.00, Derive fees $46.71, settlement received $0.00, paid $0.00, fill slippage vs mark $226.05. Daily quote sources: cash_only 70, mark 5, model 16. after Jul 31, 2026 08:00 UTC expiry: cash 1.76 USDC insufficient for minimum amount 10 (need ~39.60); remainder held as cash (re-tried daily)

  Estimated: Fills: entries at mark × (1 − 6.15%) when selling, mark × (1 + 2.32%) when buying (median Derive fill vs mark); assumes any size fills; Daily values: 16/91 daily values priced by model (IV implied by the nearest Derive mark); settlements use Derive settlement prices; rolling runs with estimated components: 9/9

  Each expiry, all capital buys ~30-day ATM calls; whatever comes back at expiry buys the next one. USDC earns 0.

  Option fills are assumed ~6.1% below mark when selling and ~2.3% above when buying, based on Derive trade history.

  Assumes any size fills at the quoted price; Full-period legs are far larger than Derive's actual depth.

  After the Jul 31 expiry, the cash left was below Derive's 10-HYPE minimum, so it sits in cash until Oct 8 (~69 days).

• Long ATM puts (full principal)Estimated−100.0%

  Max drawdown^†

  −100.0%

  Costs

  $10,000

  Liquidated

  No

  Rolling 30-day holds, started every 7 days — min / median / max

  −100% / −100.0% / +78%0/9 liquidated
  Method & what's estimated

  Derive options. Legs: buy 1706 HYPE of HYPE-20260731-70-P @ 5.838 [mark] on Jul 10, 2026, settled at 54.925; buy 5844 HYPE of HYPE-20260828-55-P @ 4.385 [mark] on Jul 31, 2026, settled at 83.778. Premium paid $35,586.57, received $0.00, Derive fees $131.50, settlement received $25,718.12, paid $0.00, fill slippage vs mark $808.37. Daily quote sources: cash_only 42, mark 15, model 34. after Aug 28, 2026 08:00 UTC expiry: cash 0.06 USDC insufficient for minimum amount 10 (need ~74.01); remainder held as cash (re-tried daily)

  Estimated: Fills: entries at mark × (1 − 6.15%) when selling, mark × (1 + 2.32%) when buying (median Derive fill vs mark); assumes any size fills; Daily values: 34/91 daily values priced by model (IV implied by the nearest Derive mark); settlements use Derive settlement prices; rolling runs with estimated components: 9/9

  Each expiry, all capital buys ~30-day ATM puts; whatever comes back at expiry buys the next one. USDC earns 0.

  Option fills are assumed ~6.1% below mark when selling and ~2.3% above when buying, based on Derive trade history.

  Assumes any size fills at the quoted price; Full-period legs are far larger than Derive's actual depth.

  After the Aug 28 expiry, the cash left was below Derive's 10-HYPE minimum, so it sits in cash until Oct 8 (~41 days).

• Covered call (~115% strike)Estimated+14.3%^*

  Max drawdown^†

  −19.6%

  Costs

  $100

  Liquidated

  No

  Rolling 30-day holds, started every 7 days — min / median / max

  −15% / +14.3% / +32%0/9 liquidated
  Method & what's estimated

  Derive options. Legs: sell 146 HYPE of HYPE-20260724-77_5-C @ 1.042 [mark] on Jul 10, 2026, settled at 58.661; sell 146 HYPE of HYPE-20260828-67_5-C @ 2.450 [model] on Jul 24, 2026, settled at 83.778; sell 124 HYPE of HYPE-20260918-95-C @ 2.185 [mark] on Aug 28, 2026, settled at 88.102; sell 124 HYPE of HYPE-20261002-100-C @ 1.426 [mark] on Sep 18, 2026, settled at 89.795; sell 124 HYPE of HYPE-20261030-102_5-C @ 2.415 [model] on Oct 2, 2026, still open at window end. Premium paid $0.00, received $1,256.96, Derive fees $17.81, settlement received $0.00, paid $2,376.54, fill slippage vs mark $82.35; open at window end: sell 124 HYPE-20261030-102_5-C valued at $-127.86 (model, estimated). Daily quote sources: mark 17, model 74.

  Estimated: Entry prices: model (Black-Scholes with IV implied by the nearest Derive mark; no trade of that option within ±3h) for: HYPE-20260828-67_5-C, HYPE-20261030-102_5-C; Open leg at window end: sell 124 HYPE-20261030-102_5-C still open at the window end (22.0d to expiry), valued at the Derive model price (no trade within ±3h): $-127.86; closing it with the measured slippage would give $-130.83; Fills: entries at mark × (1 − 6.15%) when selling, mark × (1 + 2.32%) when buying (median Derive fill vs mark); assumes any size fills; Daily values: 74/91 daily values priced by model (IV implied by the nearest Derive mark); settlements use Derive settlement prices; rolling runs with estimated components: 9/9

  Holds HYPE and sells ~30-day calls at ~115% of spot against it each expiry; premium is kept in USDC, and any payout is covered from that cash, then from HYPE. USDC earns 0.

  Option fills are assumed ~6.1% below mark when selling and ~2.3% above when buying, based on Derive trade history.

  Assumes any size fills at the quoted price; Full-period legs are far larger than Derive's actual depth.

  The last leg (HYPE-20261030-102_5-C, 22 days to expiry) is still open at the window end and is valued at a model price from recent Derive marks because there was no trade within 3 hours; this value is estimated.

• Cash-secured put (~85% strike)Estimated+2.0%^*

  Max drawdown^†

  −6.2%

  Costs

  $65

  Liquidated

  No

  Rolling 30-day holds, started every 7 days — min / median / max

  −2% / +2.2% / +3%0/9 liquidated
  Method & what's estimated

  Derive options. Legs: sell 172 HYPE of HYPE-20260731-58-P @ 1.358 [mark] on Jul 10, 2026, settled at 54.925; sell 215 HYPE of HYPE-20260828-45-P @ 0.973 [mark] on Jul 31, 2026, settled at 83.778; sell 141 HYPE of HYPE-20260918-70-P @ 1.226 [mark] on Aug 28, 2026, settled at 88.102; sell 134 HYPE of HYPE-20261009-75-P @ 0.985 [mark] on Sep 18, 2026, still open at window end. Premium paid $0.00, received $747.41, Derive fees $16.14, settlement received $0.00, paid $528.92, fill slippage vs mark $48.96; open at window end: sell 134 HYPE-20261009-75-P valued at $-0.00 (model, estimated). Daily quote sources: mark 21, model 70.

  Estimated: Open leg at window end: sell 134 HYPE-20261009-75-P still open at the window end (1.0d to expiry), valued at the Derive model price (no trade within ±3h): $-0.00; closing it with the measured slippage would give $-0.00; Fills: entries at mark × (1 − 6.15%) when selling, mark × (1 + 2.32%) when buying (median Derive fill vs mark); assumes any size fills; Daily values: 70/91 daily values priced by model (IV implied by the nearest Derive mark); settlements use Derive settlement prices; rolling runs with estimated components: 9/9

  Holds USDC and sells ~30-day puts at ~85% of spot, fully cash-secured; premium is added to cash and any payout comes out of it. USDC earns 0.

  Option fills are assumed ~6.1% below mark when selling and ~2.3% above when buying, based on Derive trade history.

  Assumes any size fills at the quoted price; Full-period legs are far larger than Derive's actual depth.

  The last leg (HYPE-20261009-75-P, 1 day to expiry) is still open at the window end and is valued at a model price from recent Derive marks because there was no trade within 3 hours; this value is estimated.

• Wheel (CC ↔ CSP)Estimated+7.4%^*

  Max drawdown^†

  −19.6%

  Costs

  $78

  Liquidated

  No

  Rolling 30-day holds, started every 7 days — min / median / max

  −15% / +14.3% / +22%0/9 liquidated
  Method & what's estimated

  Derive options. Legs: sell 146 HYPE of HYPE-20260724-77_5-C @ 1.042 [mark] on Jul 10, 2026, settled at 58.661; sell 146 HYPE of HYPE-20260828-67_5-C @ 2.450 [model] on Jul 24, 2026, settled at 83.778; sell 148 HYPE of HYPE-20260918-70-P @ 1.226 [mark] on Aug 28, 2026, settled at 88.102; sell 141 HYPE of HYPE-20261009-75-P @ 0.985 [mark] on Sep 18, 2026, still open at window end. Premium paid $0.00, received $829.96, Derive fees $15.02, settlement received $0.00, paid $2,376.54, spot swap fees $8.62, fill slippage vs mark $54.37; open at window end: sell 141 HYPE-20261009-75-P valued at $-0.00 (model, estimated). Daily quote sources: mark 10, model 81.

  Estimated: Entry prices: model (Black-Scholes with IV implied by the nearest Derive mark; no trade of that option within ±3h) for: HYPE-20260828-67_5-C; Open leg at window end: sell 141 HYPE-20261009-75-P still open at the window end (1.0d to expiry), valued at the Derive model price (no trade within ±3h): $-0.00; closing it with the measured slippage would give $-0.00; Fills: entries at mark × (1 − 6.15%) when selling, mark × (1 + 2.32%) when buying (median Derive fill vs mark); assumes any size fills; Daily values: 81/91 daily values priced by model (IV implied by the nearest Derive mark); settlements use Derive settlement prices; rolling runs with estimated components: 9/9

  Starts in HYPE and sells covered calls. Options settle in cash, so if a call expires in the money, the remaining HYPE is sold at expiry and it switches to cash-secured puts; if a put expires in the money, the remaining USDC buys HYPE and it switches back to calls. Swap costs are included. USDC earns 0.

  Option fills are assumed ~6.1% below mark when selling and ~2.3% above when buying, based on Derive trade history.

  Assumes any size fills at the quoted price; Full-period legs are far larger than Derive's actual depth.

  The last leg (HYPE-20261009-75-P, 1 day to expiry) is still open at the window end and is valued at a model price from recent Derive marks because there was no trade within 3 hours; this value is estimated.

  3 expiries in this period; 1 switched sides (ITM), ending in USDC (cash-secured puts).

• LP ±20%Estimated+11.1%

  Max drawdown^†

  −17.5%

  Costs

  $0

  Liquidated

  No

  Rolling 30-day holds, started every 7 days — min / median / max

  −13% / +5.2% / +9%0/9 liquidated

  Range: entry price ±20% · $54.61–$81.87 · in range 55% of the time · fees $674 · impermanent loss vs 50/50 −8.4%

  Method & what's estimated

  project-x WHYPE-USDC 0.05%; range $54.609–$81.874 around entry $68.237 (target $54.590–$81.885, snapped to initialized ticks). Initial split 45.2% HYPE / 54.8% USDC. Fees earned $673.99 (our share of in-range liquidity via on-chain feeGrowthInside). Time in range 55.1% (HL 1h bars). IL vs holding 50/50 $-961.05, vs 100% HYPE $-2,353.53; net vs 50/50 $-287.06, vs 100% HYPE $-1,679.54. Swap/gas costs and emissions not included.

  Estimated: Fees are exact on-chain feeGrowthInside between daily snapshots. Modelled: dilution of other LPs by our liquidity from daily active liquidity (-$0.36, 0.05% of fees); range snapped to nearest initialized ticks ($54.609-$81.874 vs target $54.590-$81.885); open/close swap and gas costs not modelled; rolling runs with estimated components: 9/9

  Fees from on-chain fee growth for a $10k position while in range; excludes gas, swap costs and incentives.

  Opens at 45% HYPE / 55% USDC; compared with holding half HYPE, half USDC from the start.

*Return includes an option leg still open at the window end, valued at an estimated price (no trade near that time).