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🐳 Daily Edition: Rumors of "Black Monday" Were Greatly Exagerated

🐳 Daily Edition: Rumors of "Black Monday" Were Greatly Exagerated

While markets shrugged off the dump Crypto Twitter seemed certain was coming, Hyperliquid and Binance became the main venue for weekend price discovery

Beluga & Will McKinnon
October 19, 2026

Crypto Twitter seemed convinced that today would be a repeat of the infamous “Black Monday,” but of course the market had other plans: BTC climbed back over $82k and the S&P 500 gained 87 bps, not exactly the -22.6% selloff that the Dow suffered 39 years ago today.

The one market that did see a flash crash were perpetual contracts tied to semiconductor stocks, which saw over $50M liquidated between Binance and Hyperliquid in just 10 minutes on Saturday. Since it was the weekend, the underlying shares didn’t actually change value at all - TradeXYZ’s rules let its markets set reference prices until “real” quotes return on Monday, so for 48 hours the price of equities like SanDisk was whatever the order book decided.

Clearly these new tokenized markets have flaws still, but they’re growing to be the de facto venue for weekend equity price discovery. Perhaps the biggest shortfall so far has been lack of liquidity relative to what you’d see during the business week in traditional markets, but that likely gets fixed over time as demand grows and newer entities open more markets.

So far most deployers on Hyperliquid’s HIP-3 outside TradeXYZ have struggled to find significant volume, but one of the newest entrants Entropy is off to a hot start. Entropy has cleared $1.4B in volume across 11 markets over the last 30 days, making it the second largest HIP-3 venue behind TradeXYZ.

There is a pretty major asterisk to that “second largest” moniker as TradeXYZ has done over $60B in the same window, but regardless they’re the first competitor that has started to separate itself from the pack. Seeing HIP-3 expand beyond just one dominant provider is hugely important to Hyperliquid’s vision of being the go-to venue for all tokenized markets, so this is one to track.