Research Notes

Hyperliquid priced WTI while futures were shut

Oil futures close for 49 hours every weekend. Perpetual contracts on Hyperliquid do not. Across 30 weekend closures this year, the WTI perpetual called the direction of the Monday reopen every time oil moved more than a percentage point.

Capital Efficiency in Concentrated Liquidity

A study prepared by Dune for 1inch on idle liquidity, foregone fees, and what it takes to compete with CEXs.

Prediction-Market Pricing of the 2026 Mega-IPOs

What Kalshi and Polymarket are pricing for the SpaceX, OpenAI, and Anthropic IPOs, and where the two venues disagree, read through Dune's prediction-markets dataset.

Tokenized RWAs Are Two Markets, Not One

Tokenized RWAs surpassed $27.5B but only $1.7B is used in DeFi. The market has split into a reserve layer and a composable yield layer, and the variables that influenced that split are now moving.

A new template for institutional yield, tested live on Solana

A new institutional yield template just went live on Solana. Three days in, the seed has been consumed and the curators are already raising caps.

The Pendle Effect

Does Pendle Drive Demand for Stablecoins?

The Rise of Composable RWAs

An expanded analysis based on a talk by Fredrik Haga, Dune Co-Founder & CEO, at EthCC 2026.

Anatomy of Polymarket's Fastest Markets

An on-chain deep dive into Polymarket's fastest crypto markets: volume, automation, and fee economics.

Prediction Markets vs Perps in the Iran Oil Shock

Using Dune data, we compared Polymarket and Ostium as oil spiked from $66 to $115. Both captured the same macro trade: prediction markets suited precise, smaller bets, while perps offered deep liquidity, continuous exposure and scale.