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More →Arthur Hayes Plans to Build Derivatives Around AI Compute
Arthur Hayes published a new essay on October 27 outlining futures and perpetual swaps tied to Flop Network’s proposed compute market, where AI agents would pay for computing power using FLOP. The plan aims to establish a reference price for compute that traders could use to build financial contracts around the resources AI systems consume. In a post on X, Hayes called his essay “The Trifecta” and <a href="https://x.com/CryptoHayes/status/2114857087004201325?s=20" rel="nofollow" target="_blank">described</a> it as a blueprint for entrepreneurs seeking to build derivatives for the AI agent economy. His central idea is that a liquid spot market for computing power could <a href="https://cryptohayes.substack.com/p/the-trifecta" rel="nofollow" target="_blank">provide</a> the pricing benchmark needed for futures and perpetual swaps. The proposed Flop Reference Compute Rate (FRCR) would be calculated hourly using a volume-weighted FLOP price per GigaFLOP of computing capacity. Quarterly futures would settle on the last Friday of March, June, September, and December, with contracts using US dollars for margin and profits. Hayes explained that the dollar-based structure would require a quanto derivative, a contract whose payout uses a different currency from its underlying asset. Because the compute market would be priced in FLOP while traders could prefer dollar-denominated returns, pricing the contract would require an adjustment for the relationship between the FRCR and the FLOP-to-dollar exchange rate. The proposed perpetual swap would use an eight-hour time-weighted average of the difference between its trading price and the FRCR to calculate funding payments. As with crypto perpetuals, traders on the expensive side of the contract would pay those on the cheaper side, depending on the premium. Market makers could recreate futures exposure by buying or supplying Flop Compute Units (FCUs), which represent reserved inference capacity for a specified AI model and delivery time. Hayes’s design also requires suppliers to post FLOP bonds, which they risk losing if they fail to deliver the promised computing work. The derivatives proposal depends on Flop Network first establishing a functioning spot market. Hayes argues that existing indexes tracking chip rental prices and individual AI token prices provide incomplete information because both are derivatives of the underlying cost of computation. Under his design, network blocks would record inference tasks, the computing work completed, and the fees paid to miners. Those receipts would help calculate the exchange rate between FLOP and computing capacity, giving buyers and suppliers a common reference. Hayes <a href="https://cryptopotato.com/arthur-hayes-called-ai-a-bubble-now-hes-launching-an-ai-project/" rel="nofollow" target="_blank">introduced</a> Flop Labs in August 2026, describing its proposed native token FLOP as “food for your AI agent.” In an August 27 explanation, the project <a href="ht
Discord is making public chats searchable on Google: How to opt out
Discord conversations on large public servers will soon reach audiences far beyond their communities, raising privacy concerns. Discord is making a policy change that will make conversations from its largest public servers discoverable in search engines, including Google, raising privacy concerns among users whose conversations were previously confined to the platform. The change applies to Discoverable Servers — communities with at least 1,000 members listed in Discord’s public directory that do not require an invitation to join. From Nov. 16, every Discoverable Server will have a web page that may include summaries of public channel discussions. From mid-December, individual messages posted in eligible channels may appear in web search, Discord<a href="https://discord.com/blog/making-content-from-discoverable-servers-easier-to-discover" rel="nofollow noopener" target="_blank">> <span>said</span></a> Tuesday. Messages posted before the rollout will not be included, while usernames and avatars will be excluded from published messages. Example of an individual message being shown online. Source: <a href="https://discord.com/blog/making-content-from-discoverable-servers-easier-to-discover" rel="nofollow noopener" aria-label="Source: Discord" target="_blank">Discord</a> Discord said the shift of online communities from message boards to its servers had made useful answers harder to find. “This has led to valuable information being locked in Discord conversations, inaccessible to the wider internet. We want to fix this,” the company said. The move has <a href="https://www.reddit.com/r/discordapp/comments/1xgxb68/comment/19rr367kxqlk2/?utm_source=share&utm_medium=web3x&utm_name=web3xcss&utm_term=1&utm_content=share_button" rel="nofollow noopener" target="_blank">><span>drawn</span></a> criticism from users concerned about their conversations reaching an audience outside of their intended community, even if the servers are public in the first place. <em><strong>Related: </strong></em><a href="https://cointelegraph.com/news/starknet-introduces-wallet-privacy-feature-for-defi-activity" target="_blank" rel="nofollow"><span><em><strong>Starknet introduces wallet privacy feature for DeFi activity</strong></em></span></a> Others welcomed the change, saying it could make useful answers easier to find. One user in Discord’s announcement thread <a href="https://www.reddit.com/r/discordapp/comments/1xgxb68/official_megathread_discoverable_servers_are/" rel="nofollow noopener" target="_blank">><span>called</span></a> it “very much necessary,” while another said moving communities from forums to Discord had made their discussions harder to find through search. The change could also affect cryptocurrency communities that use Discord for technical discussions, support and project announcements. Cointelegraph found nearly 800 servers tagged “cryptocurrency,” around 1,400 tagged “trading” and more than 700 tagged “finance” in Discord’s public directory. Disc
ADNOC, TotalEnergies and Chevron are expected to win India's 2027 LPG supply contracts.
Coin World news: Abu Dhabi National Oil Company (ADNOC), TotalEnergies and Chevron are expected to win India's 2027 liquefied petroleum gas (LPG) supply contracts. Two market sources said India's state-owned LPG importers may award a joint tender contract to the three companies, which seeks to deliver about 2.75 million tons of LPG in 2027. Indian companies received a total of about 12 long-term import tender offers this time. Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation had sought to purchase four very large gas carrier cargoes per month. India's oil minister said on Tuesday that 67% of India's current LPG imports come from the United States.
Hong Kong's exports surged nearly 65% in September, the highest increase in more than 40 years.
According to CoinWorld news, the Hong Kong SAR Government Census and Statistics Department announced that Hong Kong's exports in September 2026 grew by 64.9% year-on-year, the highest increase in more than 40 years, with the total value of merchandise exports rising to HK$762.6 billion (about US$97.8 billion), continuing strong growth after a 53% year-on-year surge in August. September marked the 12th consecutive month of double-digit export growth for Hong Kong and the largest single-month year-on-year increase in more than 40 years. A spokesman for the SAR Government said that, going forward, against the backdrop of a strong wave of artificial intelligence-related investment and the resilience of the global economy, Hong Kong's merchandise trade performance will continue to benefit.
Nadella: I was wrong about AI alignment
CoinWorld news: Microsoft CEO Satya Nadella said he once held a mistaken view on the AI alignment problem, and warned that ensuring the safety of future AI systems may be a "harder and different problem."
Tianfu Communication: Net profit in the first three quarters increased by 42.18% year-on-year.
According to CoinWorld news, Tianfu Communication (300394.SZ) announced that its net profit for the first three quarters of 2026 was 2.083 billion yuan, a year-on-year increase of 42.18%. Revenue for the third quarter was 1.923 billion yuan, a year-on-year increase of 31.50%, and net profit was 879 million yuan, a year-on-year increase of 55.30%. The revenue growth was mainly driven by the accelerated development of the global artificial intelligence industry and the construction of global data centers, which drove the continued and stable growth in demand for high-speed optical device products.
CPCA expects domestic retail growth of 0%-5% in 2027.
According to the China Passenger Car Association (CPCA), domestic retail growth is expected to range between 0% and 5% in 2027, with an average of 2%. As short-term shock factors reverse, cost pressures ease, and supply-side product competitiveness improves, the domestic auto market is expected to bottom out and recover, provided that policies and the broader environment do not change beyond expectations. The sharp decline in the 2026 auto market was the result of a combination of short-term factors, including policy pull-forward, oil price shocks, AI-driven cost spillovers, and low consumer willingness to spend. The projected domestic retail level of 18.5 million vehicles in 2026 is already an abnormally low position. In 2027, the tail effect of vehicle purchase tax, the timing of the Spring Festival, falling oil prices, and the decline in lithium carbonate prices will jointly drive a recovery on both the demand and cost sides. Weaker destocking pressure and the recovery of the new-car supply cycle will support the auto market's bottoming-out and recovery.
Danske Bank: French fiscal risks weaken expectations of ECB rate hikes, and the euro may weaken further.
Jesper Fjarstedt, an analyst at Danske Bank, said in a report that the euro still has room to fall further amid concerns over France's fiscal situation. The euro has now fallen to a 17-month low against the dollar. He noted that the market is beginning to question the need for the ECB's recent rate hike, in stark contrast to September. At that time, the market was almost certain that the ECB would raise rates at tomorrow's meeting. The market expects the ECB to keep rates unchanged on Thursday, and expectations for a December rate hike have fallen to less than 80%. Danske Bank still expects the ECB to raise rates in December, but believes that the tightening cycle will end at that point. If this judgment is correct, then the market's current pricing of the ECB's policy rate one year from now is about 45 basis points too high.
标普500期权Put/Call比报1.16
Bjie.com US stock data: The S&P 500 options Put/Call ratio is 1.16, with put option trading volume higher than call option volume on the day. Compared with the same-caliber snapshot 24 hours earlier, it rose by 0.05; compared with the same-caliber snapshot 7 days earlier, it rose by 0.01.
Saudi refinery attack heightens supply concerns, Gulf stock markets fall broadly
Saudi refinery attacked, intensifying market concerns over supply; Gulf stock markets broadly decline. The refinery is the largest in Saudi Arabia, with a daily refining capacity of 550,000 barrels. Saudi Arabia's benchmark stock index fell 1.3% intraday, Dubai's benchmark index fell 0.5%, and Abu Dhabi's benchmark index fell 1%. Among them, oil and banking stocks performed poorly, with Saudi Aramco falling 1.3%, leading the decline in the Saudi market.