Share price closed at $989.98 today, two cents from the $990 trigger — issuing our 11th dividend of 2026.

Our Income Tracks Activity — Not Direction.

Our strategy runs on the Hyperliquid ecosystem — one of the largest decentralized exchanges in crypto. We post bids and offers, collect a fee every time a trader crosses our quote, and hedge the inventory immediately so we stay neutral to price direction.

When trading is busy, cycles run short and dividends come quickly. When it is quiet — as it has been these past six weeks — the grind takes longer, but it does not stop. Cycle #33 is the proof: forty-one days, twenty-nine sessions, and a dividend at the end of it.

Where We Are Now — And What This Cycle Cost.

Our current annualized run rate is approximately ~16.1% — down from ~18.4% at the last dividend. The reason is worth stating plainly: this cycle took 41 days, when our 2026 average is closer to 21. Our income is a function of trading activity, and the tape was quiet.

Eleven dividends in the first 230 days of 2026 — $10,170 on $100K. When volume picks back up, cycles shorten and the pace recovers. We do not forecast it. We report it, dividend by dividend.

Uncorrelated to Everything Happening in Markets.

No stock exposure. No bond exposure. No inflation exposure. While traditional markets have been whipsawed by tariffs, geopolitics, and rate uncertainty — our income has kept flowing. 33 dividends paid since launch. The source of our income doesn't change with headlines.