Wall Street Is Coming for Hyperliquid's Perps Crown, Arthur Hayes Says
Hyperliquid has become a leading crypto derivatives venue, with HYPE recently hitting all-time highs, but its growth may face pressure from new competition. Arthur Hayes said the protocol depends on trading fees to buy back and burn HYPE, so a loss of market share could quickly weaken the token’s value driver. He expects major competition in perpetual futures from Binance, centralized exchanges, and Wall Street firms, including TradFi products built on the same perpetual swap model. Hayes also said he sold all his HYPE shortly after previously predicting it could reach $150 by August 2026. HYPE later fell about 14% over the week to around $59. Hyperliquid has also expanded into real-world asset perps such as oil, gold, and silver, with outstanding positions in these markets reaching $3 billion.
