SpaceX perps crossed $1.3B of 24h volume on Hyperliquid on June 12. VALR is packaging equities, indices, commodities, precious metals, FX, and crypto perps behind a CEX UX with 200+ markets. The risk moves to market design: HIP-3 deployers own oracle definitions, leverage limits, settlement, and a 500k HYPE slashable stake.

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