Flowdesk Flows

Reminder to sign up for our exclusive investor call with the Kinetiq team tomorrow morning at 9am EST. Topics covered will include the recent launch of their HIP3 product, Markets, as well as future growth initiatives and roadmap for kHYPE and KNTQ. Webinar link here: https://streamyard.com/watch/3qAQebsEvggw

Good morning, please find attached this week's rate card for majors and stablecoins where Flowdesk is axed to borrow. No changes WoW. Indicative alt borrow axes: $1mm+ OT - TRX 7% - BCH 6% - APT 6% - ENA 5% - SHIB 3% - XRP 3% - XLM 3% - ADA 3% - LTC 3% - LINK 3% - ETC 3%

Catch our Head of US Sales, Hanson Birringer, on the inaugural podcast of Button - a Flowdesk portco building Bitcoin financial products on top of Hyperliqiud. https://x.com/flowdesk_co/status/2014048176492138514?s=20

Good morning, please find attached this week's rate card for majors and stablecoins where Flowdesk is axed to borrow. We decreased our axe on stables by 25-50bps across the curve. Indicative alt borrow axes: $1mm+ OT - BCH 7% - APT 7% - TRX 6% - JUP 5% - ENA 5% - SHIB 3% - XRP 3% - XLM 3% - ADA 3% - LTC 3% - LINK 3% - ETC 3%

Please join us for an exclusive chance to dial in and hear from the Kinetiq founders on January 27th, 9am EST. Topics covered will include the recent launch of their HIP3 product, Markets, as well as future growth initiatives and roadmap for kHYPE and KNTQ. For dial in details, please add to your calendar via the link here.

Market Update - January 15th, 2026 A risk on week for the markets as we are seeing both volumes and top of book liquidity (skewed to the bid side) come back across venues for larger cap names. Our DeFi based volumes have surged YTD, mostly inline with an uptick in both stablecoins and risk quoted asset activity, particularly amongst perp dexs as they begin to offer listed contracts across asset classes. As $BTC rallied above $95k in a violent short squeeze, we saw call buyers follow suit as vol spiked and skews shifted over accordingly. ETF flows have aided the rally, with $800m+ of inflows - their highest value in the last three months. As we hover just below the 100d SMA, vols have sold off slightly but we lean constructive on spot with macro worries dissipating and like opportunistically picking up vega on cheap points of the curve (we see value in 30Jan around these levels). On the spot desk we have noticed a particular uptick in buy side activity as funds look to reposition after what could be a potential breakout in majors. While definitely still some caution and initially some reluctance from participants to chase the move, as always, crypto finds a way to drag people back in. We highlight a particular shift in Solana based activity along with the usual names ($BTC, $HYPE, $LIT, $PUMP) and a newer cohort of interest in catalyst driven names. Kinetiq’s $KNTQ has particularly peaked the interest of several different clients given their latest launch of HIP3 markets on Hyperliquid and MetaDAO on the back of their unique launch design mechanism “Futarchy”.

Good morning, please find attached this week's rate card for majors and stablecoins where Flowdesk is axed to borrow. No changes WoW. Indicative alt borrow axes: $1mm+ OT - BCH 7% - APT 7% - ENA 5% - SHIB 5% - TRX 4% - XRP 3% - XLM 3% - ADA 3% - LTC 3% - LINK 3% - ETC 3%

Good morning, After a strong rally to start the year we have seen weak follow through with $BTC firmly back to its rangebound behavior. A surge in mid to large cap alt coins pricing paired with an uptick in risk on activity on the desk as traders positioned were mostly caught offsides post holiday season and public liquidity improved across exchanges. We attribute a fair amount of the move to this positioning, noting the suppressed funding rates throughout all of December, suggesting an influx of short covering and risk on repositioning in tandem. As $BTC oscillates around $90k we expect ETF flows to drive local price action in the face of a market without clarity or conviction while navigating geopolitical events at the macro level. We’ve been most active in $BTC, $SOL, $HYPE, $CC, $ENA, $KMNO, and $CARDS. Perhaps interesting, we’ve seen $USDT trade in a fairly wide range between parity and a 15bps discount since the turn of the new year, which could point to a few things though probably most notably, a lot of rotation in/out of the asset class. Vol markets were healthily engaged to start the year, particularly when compared to a December that was dominated by position unwinds and expirations. We have seen fresh supply of covered overwrites throughout the mid caps however we note some hesitation to put on full size given suppressed pricing. Our main activity was within $BTC as several clients bought shorter dated upside expecting a breakout rally which unfortunately didn’t pan out just yet with vols selling off inline with spot to end the week. It appears the market is rolling their bullish vol bets to longer end of the curve as the Jan vs. Feb vol spread continues to widen in $BTC. Despite the drawback, we see limited risk on the downside at this stage with overall speculative positioning light as indicated by basis levels and smile skews. The most notable factor is the improved liquidity with flows absorbed relatively easily by the market. Looking forward, the main game right now is capturing decay whilst waiting for the next crypto thematic catalyst. Within credit we recently published our 2025 year end review, highlighting several themes across both CeFi and DeFi. Drawing on insights from our team, it examines critical catalysts, emerging opportunities, and persistent challenges that defined the year, offering a forward-looking perspective on the evolving future of digital asset lending. The full brief can be found here https://flowdesk.co/updates/blogs/6f3b8c1a2e9d4f7c8a5b2e91/

2025 was an incredible period of growth and development for our industry and we look forward to what’s to come in the years ahead. Explore our comprehensive analysis of the crypto credit landscape including major developments and trends in both OTC and DeFi lending markets. https://flowdesk.co/updates/blogs/6f3b8c1a2e9d4f7c8a5b2e91/

Good afternoon, please find attached this week's rate card for majors and stablecoins where Flowdesk is axed to borrow. No changes WoW. Indicative alt borrow axes: $1mm+ OT - BCH 7% - APT 7% - ENA 5% - POL 5% - SHIB 5% - TRX 4% - XRP 3% - XLM 3% - ADA 3% - LTC 3% - LINK 3% - ETC 3%

Good morning, please find attached this week's rate card for majors and stablecoins where Flowdesk is axed to borrow. No changes WoW. Indicative alt borrow axes: $1mm+ OT - DYM 10% - COMP 9% - BCH 8% - ENA 7% - TON 6% - POL 5% - TRX 4% - XRP 3% - XLM 3% - ADA 3% - SHIB 3% - LTC 3% - LINK 3% - ETC 3%

Good afternoon, please find attached this week's rate card for majors and stablecoins where Flowdesk is axed to borrow. No changes WoW. Indicative alt borrow axes: $1mm+ OT - DYM 13% - COMP 10% - BCH 9% - ENA 7% - TON 6% - ICP 5% - TRX 4% - XRP 3% - XLM 3% - ADA 3% - SHIB 3% - LTC 3% - LINK 3% - ETC 3%

Good morning, please find attached this week's rate card for majors and stablecoins where Flowdesk is axed to borrow. No changes WoW. Indicative alt borrow axes: $1mm+ OT - DYM 15% - TON 8% - ENA 8% - BCH 6% - TON 5% - TRX 4% - XRP 3% - XLM 3% - ADA 3% - SHIB 3% - LTC 3% - LINK 3% - ETC 3%

Market update - December 11, 2025 On the spot desk we saw increased demand for BTC and ETH ahead of the Fed's decision to cut 25bps, with BTC and ETH pushing range highs of $94,500 and $3,440. Demand completely fell through post cut with both BTC and ETH retracing their mid week rallies. Off the back of HYPE unlocks we have started to see long term capital gains sellers show up, pushing the price down -23% over the last week. On the altcoin front, demand is comparable to March and April lows with natural buyers seemingly unwilling to deploy going into the end of the year. That being said we have seen sustained demand for a handful of names including SYRUP, METADAO, MORPHO, and PUMP. Options flows continue to reflect range bound expectations with call selling around the 100k level and put selling in the mid 80ks. Macro continues to drive the ship and sentiment is broadly bearish - put skew across the term structure remains. Realized vols underperformed the FOMC event premium and have now normalized with the front end back to a flat surface. We've seen a pickup in SOL flows in tandem of Breakpoint but currently there aren't many catalysts for price action into year end. We see volatility in the short term driven by liquidity and positioning. The choppy range does feel more stable with slightly less downside reflexivity and we think there's value in accumulating cheap upside in Mar / June. On the credit desk, we're seeing growing demand for longer dated term loans as counterparties seek to lock in funding while borrowing rates remain compressed. SOL hedging continues to attract solid interest, alongside a handful of other alts. Short dated yield structures are also in strong demand, with participants parking capital in fixed and variable rate structures while the market stabilizes. Long leverage remains low, evident in onchain markets and funding rates consistently below 5%. Overall, the market is tilting toward short dated yield opportunities while increasingly securing longer term funding to capitalize on tight rates and position for an eventual rebound.

Good afternoon, please find attached this week's rate card for majors and stablecoins where Flowdesk is axed to borrow. No changes WoW. Indicative alt borrow axes: $1mm+ OT - DYM 15% - ENA 15% - BCH 6% - TON 5% - TRX 4% - XRP 3% - XLM 3% - ADA 3% - SHIB 3% - LTC 3% - LINK 3% - ETC 3%

Good morning, please find attached this week's rate card for majors and stablecoins where Flowdesk is axed to borrow. No changes WoW. Indicative alt borrow axes: $1mm+ OT - BCH 6% - TON 5% - TRX 4% - XRP 3% - XLM 3% - ADA 3% - SHIB 3% - LTC 3% - LINK 3% - ETC 3%

Good morning and Happy Thanksgiving to our US counterparts 🦃 There has been a sense of a relief rally across the board as $BTC reclaimed $90k level and continued dovish commentary from the Fed as we look ahead to Decembers rate cute decision (odds moving from 35% to 85% of a 25bp cut) and end of year positioning. Intraday token volatility across venues increased sharply week over week, particularly around several Korean exchange listing announcements and select DATs still hitting the tape. As we write this, we’ve revisited where we broke down from last week, driven by both short covering as well as some spot buying. We’ve notably seen some buying of $ETH now that it’s below $3k again, as well as a good bit of interest sub $90k on $BTC. We continue to be very active in $CC, though flows remain skewed to better sellers post TGE. Despite this week’s high anticipated unlocks for $HYPE, we’ve seen large uptick in interest off the back of HIP3 momentum in equity perpetuals enabled by the new “growth mode” fee switch on the platform. The launch of Kinetiq's $KNTQ this morning also saw net buyers, currently sittin around the ~$200mmm FDV mark a few hours after TGE. Vols have eased through the week, presumably as traders become more wary of holding gamma into the US holiday. The vol term structure for both $ETH/BTC has drifted back into contango, and we are seeing traders focusing on events further out, with a noticeable kink evident for the 12Dec expiry which covers the last FOMC meeting. Open interest in tomorrow’s expiry remains quite high, hinting towards an increase in vol paired with the expected illiquidity from the US holiday session. On the flows front we want to highlight a particularly large buying of an upside 26DEC structure in $BTC as funds position themselves for a potential end of year rally. On the credit desk, the flow has been very much in line with the past couple of weeks, counterparts remain flush with stables and coin, looking to park capital in short dated yield while awaiting clearer market direction before stepping into leverage. Industry wide short dated rates have continued to soften, and we've trimmed our own short dated axe by another 25bps bringing the total reduction to roughly 150 bps over the past few weeks. That said, we're now starting to see some RFQs for leverage against $BTC, $ETH, $SOL, $BNB and $XRP, early signals that some participants are preparing to add directional exposure. Overall, the short end of the rate curve appears to have found a floor as we look ahead into the year end.

Good morning, please find attached this week's rate card for majors and stablecoins where Flowdesk is axed to borrow. We decreased our borrow axe on stables by 25bps across OT-3m durations, along with a 25bps reduction to OT SOL. Reduction continues to be driven by our axes getting filled and contraction of market rates. Indicative alt borrow axes: $1mm+ OT - BCH 5% - TRX 5% - XRP 3% - XLM 3% - ADA 3% - SHIB 3% - LTC 3% - LINK 3% - ETC 3%

Market Update - November 20th, 2025 Crypto markets continue their weakness relative to equities, particularly led by heavy BTC flows from old wallets moving tens of thousands of coins to centralized venues after years of dormant activity. New token launches continue at a reasonable pace albeit lacking follow on price performance and lower volatility seen previously this cycle. The spot flow remained skewed to the sell side with pockets of buying in the same select alts we have seen the most constructive activity in for sometime now. Last nights bounce post NVDA earnings has been sharply reversed post equity open as coins continue their downward trajectory and we see clients firm up defensive positioning going into year end, particularly on the buyside where managers are now focused on protecting what gains they do have in the books. The pockets of optimism we've seen have been around PUMP, trading well below the ICO level, HYPE due to it's relative strength and continued daily revenue consistency, and SYRUP. Option flows have followed suit, with bearish sentiment prevailing. We have seen large buyers of downside in both BTC and ETH, with significant flow taking profit on existing positions, but also rolling them down in order to keep the downside position. There have been select spurts of call buying at various lows, but the curves across all tenors are still displaying significant bias towards puts, as MMs especially are not keen to be short downside right now. Our OTC flow has generally been bearish too, with clients looking to capitalize on the falling market with put buying across various names. On the credit desk, we're seeing consistent demand from counterparts to deploy capital across short to medium dated tenors, with particularly strong interest to lend majors and stables as institutions seek to park excess liquidity in low risk strategies while waiting for the market to stabilize and find direction. This abundance of idle capital across the industry is driving meaningful rate compression, especially at the shorter end of the curve. Given these supply demand dynamics and the lack of compelling yield opportunities in this choppy market, we cut our bid on short dated stables by 100 basis points.

Good afternoon, please find attached this week's rate card for majors and stablecoins where Flowdesk is axed to borrow. We decreased our borrow axe on stables by 50-100bps across OT-6m durations. Reduction driven by our axes getting filled and contraction of market rates. Indicative alt borrow axes: $1mm+ OT - KMNO 10% - BCH 5% - TRX 4% - XRP 3% - XLM 3% - ADA 3% - SHIB 3% - LTC 3% - LINK 3% - ETC 3%