According to @gametheorizing, Hyperliquid’s ongoing hyperps listings reflect a broken market design where prices repeatedly dislocate upward versus centralized exchange (CEX) pre-markets, creating a digital honeytrap for retail traders (source: @gametheorizing). According to @gametheorizing, this is not a one-off anomaly, as he asserts the market has proven the flaw time and again through persistent premium pricing on hyperps relative to CEX pre-market levels (source: @gametheorizing). According to @gametheorizing, he has raised these structural concerns directly with a Hyperliquid representative and urges the venue to either fix the mechanism or halt new hyperps listings (source: @gametheorizing). According to @gametheorizing, traders should approach hyperps with caution due to the systematic upward price dislocation he observes versus CEX pre-markets (source: @gametheorizing).

According to @ai_9684xtpa, $SLERF displayed a 4.6x spread with Binance perps peaking at $0.43, OKX spot at $0.39, and on-chain pricing near $0.09167, flagging extreme basis and index divergence risk, source: @ai_9684xtpa on X (Oct 18, 2025). The author reports SLERF is undergoing a contract swap, prompting multiple exchanges to pause spot trading, leaving Binance perps to reference OKX spot primarily, source: @ai_9684xtpa. With OKX deposits for SLERF paused, spot liquidity became a shallow pool easier to move, while on-chain depth stayed heavy, explaining the price gap, source: @ai_9684xtpa. The author warns that if Binance revises its index to include on-chain pricing, the perp price could drop sharply, and this setup differs from prior cases like “羊驼/MYX,” source: @ai_9684xtpa. Trading takeaway: monitor Binance index constituents and OKX deposit status, and be cautious with high-premium longs due to potential swift index-driven repricing, source: @ai_9684xtpa.