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John Palmer

Kraken's global head of derivatives, who framed the shared collateral pool as sparing traders from splitting capital across platforms.

Current clusters

invest4 publishers

Hyperliquid rents a US listing from the licence stack Payward bought for up to $550m

Bitnomial would list a chosen few Hyperliquid-linked perpetuals while the Singapore protocol keeps its $4bn-a-day book offshore, which hands every other unregistered venue a wrapper to copy instead of a reason to move onshore.

Perspective Coverage

4 publishers
Builder
Builder 11%
Operator
Operator 38%
Investor
Investor 51%

Reality

Evidence50
Adoption12
Hype gap+25
Incentives65
Confidence55