In the next two weeks, there will be at least one certain and significant arbitrage opportunity in the mechanisms of @pendle_fi YT and @HyperliquidX HLP.
Thanks, HIP3
【Pendle community members are thinking outside the box, seeking and enjoying the ongoing HLP feast】
The Pendle Chinese group is home to many savvy members like @an_le23998.
After seeing my previous tweet about 【how to get rich with hwHLP】, the members wasted no time and immediately sought out other assets with "HLP vault exposure" --- like @0xHyperBeat's $hbUSDT.
Because they know that $hbUSDT has the characteristic of delayed settlement.
👇 What is delayed settlement?
- @HyperliquidX's HLP made a significant liquidation profit on 10/11, which needs to be settled through the Hyperbeat Vault Aggregator.
- However, the Hyperbeat vault does not synchronize the on-chain situation in real-time, but may update NAV and APY only once every 24-48 hours.
The members' thought process is:
- They found that about a quarter of the capital allocation in $hbUSDT was directed towards HLP...
- But observing on @pendle_fi, the underlying yield had not seen a surge after 10/11.
- Realizing that $hbUSDT has a delayed settlement mechanism, they went on a buying spree for YT-hbUSDT between the 11th and 13th...
As a result, in the early hours of 10/14, $hbUSDT finally distributed a huge interest, nearly doubling the members' principal.
Conclusion: @HyperliquidX has many sub-protocols, but the yield settlement mechanisms vary. As long as you understand the protocol mechanisms and know how to observe the underlying yield charts, you can anticipate structural opportunities like "yield delay" in advance.
Tagging a few Pendle members
@ViNc2453 @kevin0x0 @Cryptorobber1 @taowang1 @MengLayer @pendle_grandma @youchengyu0324
@qianchengpeng @CryptoBigBeartw @Alvin0617
@trader_alvin1 @zetai_mmt @807743450Li
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