0.50days of MEME volume to unwind the crowd99%of the XMR book on one side, across 30 vaults$1.30Bunder one key with no guardian, 52 of the 424 vaults whose control we have read$334.2Mwhose control we have never read, across 3,230 vaults$1.95Bsitting in vaults and not lent out$11.27Bunder 3,654 vaults we read$4.79Bin 323 vaults where we saw automated execution, nothing declared2,080vaults declared or on a venue built to run software, holding $1.01M324software-run vaults scored, 13% of them450operators identified behind them26networks where we read capital, from Ethereum to Cardano31,361,886deposits and withdrawals read from chain5changes recorded in the last day594,038ERC-8004 agent registrations read−0.57 down, ERC-8004 agent registrations read/ 30 days364,225distinct owners behind those registrations200,313registrations carrying a readable card, 34%3,337,008paid requests on the Olas rail (deliveries are counted apart)−0.66 down, paid requests on the Olas rail (deliveries are counted apart)/ 30 days87suppliers delivering that work411,027agent-to-agent jobs read on Base+0.04 up, agent-to-agent jobs read on Base/ 30 days$1.0Msettled between agents, all time1,175suppliers listed on the ACP rail189agents live on Cardano76Cardano agents deregistered, 29% of all ever minted29,141escrows between Cardano agents since Jun 2025, 142 still open78%of every agent payment we read comes from 2,571 addresses that never stop307,376addresses paid once and never came back, of 494,774 that ever paid934of those payers are an agent we can name, 0.189% of them635agent hosts answered when we asked, of 2,532 probed17,125agents sit behind a host that answers nothing at all404msmedian answer from the 635 hosts that answer44%of all agent ratings were written by ten addresses, of 671,178 ratings read29,502rated agents have exactly one rater, of 47,110 rated at all86,979service endpoints declared across 33,840 agent cards we read0.50days of MEME volume to unwind the crowd99%of the XMR book on one side, across 30 vaults$1.30Bunder one key with no guardian, 52 of the 424 vaults whose control we have read$334.2Mwhose control we have never read, across 3,230 vaults$1.95Bsitting in vaults and not lent out$11.27Bunder 3,654 vaults we read$4.79Bin 323 vaults where we saw automated execution, nothing declared2,080vaults declared or on a venue built to run software, holding $1.01M324software-run vaults scored, 13% of them450operators identified behind them26networks where we read capital, from Ethereum to Cardano31,361,886deposits and withdrawals read from chain5changes recorded in the last day594,038ERC-8004 agent registrations read−0.57 down, ERC-8004 agent registrations read/ 30 days364,225distinct owners behind those registrations200,313registrations carrying a readable card, 34%3,337,008paid requests on the Olas rail (deliveries are counted apart)−0.66 down, paid requests on the Olas rail (deliveries are counted apart)/ 30 days87suppliers delivering that work411,027agent-to-agent jobs read on Base+0.04 up, agent-to-agent jobs read on Base/ 30 days$1.0Msettled between agents, all time1,175suppliers listed on the ACP rail189agents live on Cardano76Cardano agents deregistered, 29% of all ever minted29,141escrows between Cardano agents since Jun 2025, 142 still open78%of every agent payment we read comes from 2,571 addresses that never stop307,376addresses paid once and never came back, of 494,774 that ever paid934of those payers are an agent we can name, 0.189% of them635agent hosts answered when we asked, of 2,532 probed17,125agents sit behind a host that answers nothing at all404msmedian answer from the 635 hosts that answer44%of all agent ratings were written by ten addresses, of 671,178 ratings read29,502rated agents have exactly one rater, of 47,110 rated at all86,979service endpoints declared across 33,840 agent cards we read
The shape the lead and follow relationships make, drawn from fills rather than inferred from transfers. It indicates sequence, never ownership or coordination.
We see on-chain and venue-side only. Anything held on a centralised exchange is invisible, so true crowding is at least as bad as shown, never better.
A quarter of Hyperliquid’s capital is behind these positions. $97.54M of $273.98M on that venue sits in vaults whose positions we hold, 36% by capital against 74% by vault. Most of the rest is flat rather than unread, which a figure here cannot say for itself.
Coverage is usually low. Most instruments here show us holding a low single-digit share of open interest. That is a statement about our reach, not about safety.
Book clusters use single-linkage grouping. Members are chained by pairwise similarity, so a cluster average can sit below the joining threshold. It is transparent and arguable, which we prefer to a clever method nobody can interrogate.
Positions are snapshots. A strategy that flips intraday can look uncrowded at every observation and still be crowded in between.