Monetrix's USDM is live! Currently, the mainnet test APR is holding steady above 20%, and the 1M deposit target has already been achieved. Just a couple of days ago, I came across this post from Tiger Research - https://(x.com)/tiger_research_/status/2063835619676356647 Two sections stood out to me: “ On days when stock prices rise after market close, the probability of Samsung Electronics and SK Hynix's stock prices opening higher the next trading day is 82% and 95%, respectively. Conversely, when stock prices fall after market close, the probability of Samsung Electronics and SK Hynix's stock prices opening lower the next trading day is 96% and 78%, respectively. The consistency in their trends is about 85%, with a correlation coefficient between 0.85 and 0.89. ” “ At the same time, even for the same stock, there are price differences in perpetual contracts across different exchanges. Data from June 2026 shows that Binance's perpetual contract price for Samsung Electronics averaged 0.93% higher than Hyperliquid. For SK Hynix, the contract price was 1.03% higher, with peaks reaching up to 2.3%. Positions cannot be transferred between exchanges. Traders need to establish opposing positions on both exchanges simultaneously—shorting on the exchange with the higher price and going long on the exchange with the lower price. This way, directional gains and losses offset each other. As the two prices converge, the initial spread turns into profit. Additionally, short positions on the higher-priced exchange can earn funding fees, further boosting returns. ” This shows that crypto-based stock spot and contract arbitrage is gradually becoming more professional. The costs in this space are still a blue ocean. As an OG team deeply rooted in the Hyperliquid ecosystem, Monetrix is positioned as a first mover in this direction. As for the future, it all depends on whether USDM's APR can hold up in the coming months.