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With a surge of many altcoins, could it be that the alt season has arrived? The most eye-catching Hyperlane has skyrocketed since it was listed on Bithumb and Upbit, but we see that its fundamentals have not fundamentally changed; it is mainly driven by the effect of being listed.

Currently, its market value accounts for 85% of Wormhole, Messages count Share is close to Wormhole, but the total Fee(weekly) and Active addresses (weekly) are only 1/3 of the latter, and it is not solely based on expectations of a large surge.

So the basic judgment is that HYPER's upward trend has come to an end, and using the same amount to long W and short HYPER as a hedging arbitrage strategy is sufficient.

However, one point we need to pay attention to is that HYPER's funding rate is still negative, although it has decreased, indicating that the price increase is driven by spot bulls. We need to observe whether the funding rate turns positive; if so, it will be time to operate, aiming for a market cap ratio drop to 40%.