According to @ai_9684xtpa, XPL (Plasma) lists tonight at 21:00 with total pre-listing open interest at $661 million across venues, led by Hyperliquid at $305 million and Binance at $255 million, which together hold 84.7% of positions while Binance’s 24h volume is three times Hyperliquid’s. According to @ai_9684xtpa, at a pre-market price of $0.77 the implied opening circulating market capitalization is $1.38 billion and OI is nearly half of the float mcap, a level attributed to hedging flows similar to WLFI. According to @ai_9684xtpa, the Hyperliquid–Binance price gap has narrowed into TGE after an earlier Hyperliquid premium linked to different oracle rules, and Binance’s long–short address ratio is 1.68 (large accounts 1.41), indicating a long-biased positioning. According to @ai_9684xtpa, the top Hyperliquid XPL long address 0x152...fa7c2 shows $1.211 million in unrealized PnL on a $13.56 million position with an entry of $0.693. According to @ai_9684xtpa, the project has been generous with distributions and has a clear opening structure, making the long-skewed positioning and narrowing venue basis key factors for managing basis and liquidation risk at the open.

According to @ai_9684xtpa, Coinglass data shows WLFI open interest has risen to $825 million, with Binance accounting for over 50% of OI and long accounts slightly outnumbering shorts (Coinglass). Based on a Binance contract price of $0.3858, @ai_9684xtpa estimates WLFI’s fully diluted valuation at $38.58 billion (Binance; @ai_9684xtpa). The author also states this FDV equals 1.62 times LINK’s FDV (reported by @ai_9684xtpa).