![Why a Futures Giant Wants Hyperliquid's Retail Crowd: GSR's Baehr on ICE and Trade[XYZ]](/_next/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2Fbdpy41ft%2Fproduction%2F0a997f7ce2641e68e2b70df7a1cc1c8d9a3237ef-2000x1125.jpg%3Frect%3D250%2C0%2C1500%2C1125%26w%3D800%26h%3D600&w=2048&q=75)
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Analysis

Same Staking Reward, Different Take-Home: How ETPs, Exchanges and Self-Custody Split the Yield
The protocol pays the same staking reward on every path, but exchanges keep 25% to 35%, self-custody services 5% to 15% and ETP sponsors 5% to 25%.
![Why a Futures Giant Wants Hyperliquid's Retail Crowd: GSR's Baehr on ICE and Trade[XYZ]](/_next/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2Fbdpy41ft%2Fproduction%2F0a997f7ce2641e68e2b70df7a1cc1c8d9a3237ef-2000x1125.jpg%3Frect%3D250%2C0%2C1500%2C1125%26w%3D800%26h%3D600&w=2048&q=75)

A New Majority Takes Over in January, and an Industry Lobbyist Says Crypto's Legislative To-Do List Is Still Long

Nearly Two-Thirds of Polled Voters Hold a Dim View of Crypto, and Their Reasons Vary Widely

Binance Theft Raises a Question for Tokenized Securities: Who Gets the Asset Back?

10x Research Founder Says Options Sellers and Hedging Funds Have Tamed Bitcoin, Yet Still Sees $90,000

A Chart Indicator Behind Two Earlier Bitcoin Slumps Has Turned Bearish Again

A Berkeley Law Lecturer Asks Who Chose Crypto's $63 Million Target in Ohio

Keep the Washington Strategy, a Solana Policy Institute Executive Urges Crypto as Midterms and 2028 Approach

Banks Get Hacked Too, but a Crypto Exchange Cannot Undo the Damage

At 18, Bitcoin's Biggest Legacy May Be the Culture and Technology It Spawned

Retail Mining Services Court Individual Buyers as Industrial Miners Turn to AI

How Centralization Both Enabled and Limited the $6.3 Billion Binance Theft

One in Five Americans Has Now Touched Crypto, Yet Only 13% Used It Last Year

Analysts Took Their AI Agent's Hidden Side on 86% of Key Calls, and Almost None Noticed

Card Networks Govern an AI Payment Standard That Offers No Way to Dispute a Charge

Eighty-Eight Percent of Large Companies Are Using or Piloting Tokenized Money, a DBS-Backed Survey Finds

Bianco Accuses Big Banks of Shielding Zero-Interest Deposits by Shutting Out Customers' AI Agents

Bitcoin's Oldest Holders Have Shed 345,000 BTC Since July, and Some Analysts See a Setup for a Rally

Jensen Huang Tells Lenders AI Chips Hold Their Value for Up to Eight Years

Galaxy Research Calls Time on Bitcoin's Bear Market, Citing a June Bottom and Five Weekly Closes Above Trend

A Contract Priced at 20% Won Brazil's Presidency, and Prediction Markets Face Their Accuracy Argument

More Than Half of All Bitcoin Sits in Wallets Nobody Can Name, Galaxy's Tally Shows

Apollo's Chief Economist Sees AI Spending Heading Toward 3% of US Output While 493 Companies Show No Payoff

Hayes Declares the Venture-Backed Token Launch Broken and Offers a Presale-Free Alternative
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