Alpha Recap #7: Nunchi Points Campaign, TreadFi Airdrop and USDH
November 28, 2025
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In this new edition of the Alpha Recap, we review the key insights of the week in the crypto market: major news, yield and airdrop strategies, essential information and quick analyses to cut through the noise.
The Alpha Recap highlights the most important crypto market Alphas of the week. Every Friday, we deliver a condensed selection of the most valuable insights from our Alpha Feed.
Reserved for OAK Premium members, the Alpha Feed compiles insights, yield and airdrop strategies, as well as key market information. In other words, what defines OAK Research: delivering filtered, high-value content that cuts through market noise.
Nunchi Launches a Points Campaign on Hyperliquid
Operating on Hyperliquid, Nunchi positions itself as a DEX specialized in yield trading. The protocol aims to let users take direct positions on yield streams, whether Bitcoin’s funding rate or US Treasury bill yields.
Importantly, all Nunchi pairs will be denominated in USDe, Ethena’s synthetic stablecoin.
For now, Nunchi remains at an early stage. Since it is built on Hyperliquid, the protocol must gather a minimum of 500,000 HYPE in staking to meet the requirements of HIP-3 and deploy its perp markets permissionlessly.
To achieve this, Nunchi has launched a Liquid Staking Token (LST), nHYPE, much like Ventuals did recently with vHYPE. All HYPE deposited in exchange for nHYPE will be allocated exclusively to financing the HIP-3 deposit required for the protocol’s launch.
In return, participants receive yield and cHIPS, the protocol’s points.
In a dedicated Alpha, we expanded on the Nunchi thesis and outlined the different ways to gain exposure to this points campaign.
TreadFi: A Tool to Farm All DEX Perps Airdrops Simultaneously
Still relatively under the radar, TreadFi has already started attracting users who want to automate their participation in airdrop campaigns across DEX Perps. In concrete terms, the protocol centralizes access to major exchanges, both centralized and decentralized, and covers spot, perps and futures markets.
Among the integrations already live are Binance, Bybit, OKX, Hyperliquid, Aster and Paradex, with more announced regularly.
TreadFi’s main strength lies in its automated market making on DEX Perps. With a bot that’s easy to configure, users can generate volume across several platforms simultaneously. This is particularly important since most points programs reward this type of volume more heavily, as it directly benefits liquidity and spread quality.
In short, TreadFi enables users to farm multiple airdrops in parallel while reducing the cost of point acquisition, as maker orders are far cheaper than taker orders. The unified interface becomes a powerful efficiency lever, generating more points for an equivalent amount of capital.
The protocol has also launched its own points campaign, creating an additional incentive for early users while competition remains low and cost per point remains attractive. We detailed this opportunity in a dedicated Alpha.
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USDH Becomes the First Aligned Quote Asset on Hyperliquid
Launched last September following a highly contested governance vote, USDH became the first and only Aligned Quote Asset in the Hyperliquid ecosystem as of last Sunday.
This status gives it a central role in the protocol’s architecture. USDH becomes the theoretical reference asset for trading pairs, offering several direct advantages for users:
- 20 percent reduction on taker fees
- 50 percent increase in maker rebates
- 20 percent boost on fee tiers when reached in USDH
Hyperliquid does not offer such incentives for nothing. Adoption of Aligned Quote Assets directly supports protocol revenue and, by extension, feeds into HYPE buybacks.
Access to this status is demanding. A project must commit 1 million HYPE in staking, or roughly 36 million dollars at current prices. This naturally limits the number of candidates and ensures meaningful economic alignment with the ecosystem.
Native Markets announced that 50 percent of the revenue generated from USDH reserves will be programmatically distributed to the HLP. This approach fits into Hyperliquid’s broader model, which redistributes part of the value generated to strengthen HYPE’s long-term utility.
Yesterday, USDH was selected as the sole quote asset for the launch of KNTQ, Kinetiq’s token. The pair generated more than 13 million dollars in volume at the time of writing, outperforming other USDH-denominated pairs (excluding USDC/USDH), though still far behind the main USDC pairs.
Boosted by an incentives campaign initiated by Felix Protocol, USDH’s circulating supply reached 56 million dollars, more than double its level at the beginning of the month. The APR for the campaign currently sits around 6.72 percent.
The question now is whether these initiatives will be enough to challenge the structural dominance of USDC on Hyperliquid. For now, USDH’s growth is real but still modest, and more aggressive incentives will likely be required for sustainable adoption among the ecosystem’s traders.
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