Hyperliquid Dominates DEX Perps
Hyperliquid saw its trading activity steadily climbing since April with $244 billion in volume last month and capturing over 6.2% of the global derivatives market. In addition to the platform's dominance among DEX-perpetuals, the HYPE token reached an all-time high of $45.90 earlier last week. CoinDesk's Josh de Vos breaks it down on 'Chart of the Day,' presented by crypto.com.
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Concern Over Brazil's Sugar Supplies Lifts Prices
July NY world sugar #11 (SBN25) Friday closed up +0.16 (+1.02%), and August London ICE white sugar #5 (SWQ25) closed up +6.80 (+1.42%). Sugar prices moved sharply higher Friday as short-covering emerged after JPMorgan Chase revised its Brazil sugar outlook for 2025/26 to a deficit of -900,000 MT from a previous projection of a +200,000 MT surplus, citing disappointing yields and a low sucrose content in Brazil's sugar harvest. The Outlook for Abundant Coffee Supplies Undercuts Prices What's Driving Platinum? Cocoa Prices Slip as Dollar Strength Sparks Long Liquidation Stop Missing Market Moves: Get the FREE Barchart Brief – your midday dose of stock movers, trending sectors, and actionable trade ideas, delivered right to your inbox. Sign Up Now! Sugar prices have plummeted over the past three months, with NY sugar posting a 4-year low in its nearest futures contract on Thursday. Sugar prices have sold off due to expectations of a global sugar surplus. On May 22, the USDA, in its biannual report, projected that global 2025/26 sugar production would increase by +4.7% y/y to a record 189.318 million metric tons (MMT), with a global sugar surplus of 41.188 MMT, up 7.5% year-over-year. The outlook for higher sugar production in India, the world's second-largest producer, is bearish for prices. On June 2, India's National Federation of Cooperative Sugar Factories projected that India's 2025/26 sugar production would climb +19% y/y to 35 MMT, citing larger planted cane acreage. The outlook for abundant rainfall in India could lead to a bumper sugar crop, which is bearish for prices. On April 15, India's Ministry of Earth Sciences projected an above-normal monsoon this year, with total rainfall forecast to be 105% of the long-term average. India's monsoon season runs from June through September. Signs of larger global sugar output are negative for prices. On May 22, the USDA's Foreign Agricultural Service (FAS) predicted that Brazil's 2025/26 sugar production would rise +2.3% y/y to a record 44.7 MMT. Also, India's 2025/26 sugar production is projected to rise +25% y/y to 35.3 MMT, citing favorable monsoon rains and increased sugar acreage. In addition, Thailand's 2025/26 sugar production is expected to climb +2% y/y to 10.3 MMT. In a bearish factor, the Indian government said on January 20 that it would allow its sugar mills to export 1 MMT of sugar this season, easing the restrictions placed on sugar exports in 2023. India has restricted sugar exports since October 2023 to maintain adequate domestic supplies. India allowed mills to export only 6.1 MMT of sugar during the 2022/23 season to September 30, after allowing exports of a record 11.1 MMT in the previous season. However, the ISMA projects that India's 2024/25 sugar production will fall -17.5% y/y to a 5-year low of 26.2 MMT. Also, the ISMA reported last Monday that India's sugar production from Oct 1-May 15 was 25.74 MMT, down -17% from the same period last year. In addition, Indian Food Secretary Chopra said on May 1 that India's 2024/25 sugar exports may only total 800,000 MT, below earlier expectations of 1 MMT. The outlook for higher sugar production in Thailand is bearish for sugar prices. On May 2, Thailand's Office of the Cane and Sugar Board reported that Thailand's 2024/25 sugar production rose +14% y/y to 10.00 MMT. Thailand is the world's third-largest sugar producer and the second-largest exporter of sugar. Sugar prices have some support from reduced sugar production in Brazil. Unica reported last Monday that the cumulative 2025/26 Brazil Center-South sugar output through May is down by -11.6% y/y to 6.954 MMT. Last month, Conab, Brazil's government crop forecasting agency, said 2024/25 Brazil sugar production fell -3.4% y/y to 44.118 MMT, citing lower sugarcane yields due to drought and excessive heat. A positive factor for sugar prices is the expected increase in sugar imports from Pakistan, following the Pakistani government's announcement last Friday that it plans to import 250,000 metric tons of raw sugar due to a disappointing sugarcane harvest. The International Sugar Organization (ISO) raised its 2024/25 global sugar deficit forecast to a 9-year high of -5.47 MMT on May 15, up from a February forecast of -4.88 MMT. This indicates a tightening market following the 2023/24 global sugar surplus of 1.31 MMT. ISO also cut its 2024/25 global sugar production forecast to 174.8 MMT from a February forecast of 175.5 MMT. The USDA, in its bi-annual report released May 22, projected that global 2025/26 sugar production would climb +4.7% y/y to a record 189.318 MMT and that global 2025/26 human sugar consumption would increase +1.4% y/y to a record 177.921 MMT. The USDA also forecasted that 2025/26 global sugar ending stocks would climb +7.5% y/y to 41.188 MMT. On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on
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Veteran fund manager who predicted Nvidia stock rally makes surprising move
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2 hours ago
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How credit card companies make money
Credit card companies generate most of their income through interest charges, cardholder fees and transaction fees paid by businesses that accept credit cards. Even if you don't pay fees or interest, using your credit card generates income for your issuer thanks to interchange (or swipe) fees. You can minimize fees and interest payments with responsible card use, including timely payments, avoiding cash advances and understanding your card's terms and conditions. You're probably familiar with cardholder fees related to credit cards, but that's just one main source of revenue for credit card companies. They also generate income from two other main sources: credit card interest and transaction processing fees. Credit card companies use various strategies to generate revenue. Whether you carry a balance or not, your credit card activity contributes to the issuer's income. Understanding how credit card companies make money can empower you to minimize fees and interest payments through responsible card use. Credit card issuers — like Chase and Citibank — are lenders. When you buy something with a credit card, you're borrowing money from a lender with the expectation that you'll repay it, sometimes with interest. At the point of sale, the card issuer pays the merchant, and then you're obligated to pay the issuer back. If you don't pay back your charges, the merchant still gets paid, and the card issuer is responsible. The other major players are credit card networks. They manage the process between merchants and card issuers. The four major credit card networks are Visa, Mastercard, American Express and Discover, with American Express and Discover serving as both networks and issuers. There are multiple details that unfold when you swipe your card, but put simply: money must transfer from the issuer to the merchant's bank, a process the network manages. The network checks with the issuer to ensure the funds are available and the card is active before approving the transaction. All of this happens in a matter of seconds at the point of sale and, yes, fees are involved in the process. Credit card companies make the bulk of their money from interest, cardholder fees and transaction fees paid by businesses that accept credit cards. Credit card interest Interest charges are the fees that you, the cardholder, pay for the privilege of borrowing money via your credit card. In most cases, you won't owe interest on your purchases as long as you pay off the balance in full each billing cycle. Interest charges are determined by your card's annual percentage rate (APR), and your APR depends on several factors, including your credit score and the type of credit card you're using. Your card likely also charges different interest rates depending on the type of transaction you're making. For instance, a purchase APR range is likely lower than the APR for cash advances. Balance transfer APRs may also vary. Regardless of the type of APR, the fees represent a major source of revenue for card issuers. More than 50 percent of cardholders report carrying card debt from month to month, according to a June 2024 Bankrate survey, and the Federal Reserve Bank of New York reports that credit card balances hit $1.18 trillion in the first quarter of 2025. With average credit card interest rates now around 20 percent, it's easy to see how this can be a significant source of revenue for issuers. Interchange fees Even if you pay off your credit card balances every month and never pay interest charges, issuers are still making money off of you. That's because every time you use your card, the merchant pays a fee to cover the cost of processing the transaction. This is referred to as an interchange or swipe fee. Interchange fees cover the cost to communicate with the issuer, check for fraud and card validity and ultimately process the payment. They're unavoidable for merchants who want to accept credit or debit cards as forms of payment. These fees are largely invisible to consumers, yet they are an important expense to consider for businesses. Annual and other fees Many credit cards charge an annual fee to hold the card, representing an additional revenue stream for issuers. There are plenty of excellent no-annual-fee credit cards out there, but cards with annual fees are often worth it for the right cardholder who can fully use the perks, features, rewards and benefits that come with that annual fee. In this case, cardholders do get something in return for the fee, even as issuers generate revenue. However, there are numerous other fees that credit card companies may charge, which help them make money, many of which can be avoided by cardholders. Avoidable fees include late payment, cash advance, balance transfer and foreign transaction fees. While these fees can generate significant revenue for credit card companies, cardholders can avoid paying them altogether by understanding their card's terms and conditions and using their cards responsibly. As a cardholder, there are several steps you can take to minimize the fees and interest you pay. It all starts with understanding how your credit card works and then making smart decisions. What are some steps you can take to avoid paying fees? First, be aware of the common credit card fees you may encounter so you can minimize charges or avoid them altogether. Beyond that: Sign up for monthly bill reminders via text or email from your card issuer. This will help you avoid late payment fees. Consider setting up autopay for at least the minimum amount due each month. This automatic payment can prevent you from missing a payment and incurring a late fee. If your credit card charges an annual fee, consider whether the benefits you receive from the card outweigh this cost. If they don't, it might be worth shopping around for a card that doesn't charge an annual fee. Avoid using your credit card for cash advances. Most credit card companies charge a flat rate or a percentage of the transaction. If you travel abroad or shop in foreign currency, make sure you use a card that doesn't charge foreign transaction fees. The key lies in understanding the fees that your card charges. By knowing the fees, you can take steps to avoid some of them. If some charges are unavoidable — such as annual fees — you can make an informed decision about whether the benefits of the card justify that fee. If you're charged an avoidable fee, such as a late payment charge, don't hesitate to contact your credit card issuer. They may be willing to waive the fee, especially if you're a good customer who normally pays your bills on time. Mistakes happen and it never hurts to ask. Otherwise, take steps to ensure you don't incur that fee again. That could mean setting up due date reminders or auto-payments or rethinking your budget and spending less to avoid interest charges. As a cardholder, you help credit card issuers earn money even if you're responsible with your cards and never pay interest or avoidable fees. The annual fee you may pay, along with the interchange fees generated each time you use your card, contributes to the credit card issuer's revenue. Using a credit card comes with costs for the privilege and convenience. Understanding these expenses and using your card responsibly is the key to earning valuable rewards while avoiding unnecessary fees.
