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Hyperliquid is one of the most talked-about platforms in crypto right now.
It’s an onchain perpetuals exchange that sidestepped VCs, built a deeply loyal user base, and launched with transparency most rivals avoid. But it’s also staring down some massive challenges—from incoming competitors like Coinbase and Robinhood, to the technical hurdles of decentralizing its core exchange engine.
Arthur Hayes, CIO of Maelstrom and one of crypto’s most iconic traders, and Hanson Birringer of Flowdesk discuss:
- What actually drove Hyperliquid’s success
- How a user-first approach is outpacing venture-backed models
- Whether the James Wynn saga was legit
- Why the HIP-3 proposal could be the “holy grail” for DEXes
- And whether Hyperliquid can survive its next big test: the entrance of giants
Thank you to our sponsors!
Guests:
- Arthur Hayes, CIO of Maelstrom
- Hanson Birringer, Head of US Sales at Flowdesk
Links
Stats:
- CoinGlass: Total BTC Futures Open Interest
- Hyperliquid Stats
James Wynn
- Unchained: Hyperliquid Trader Makes $87M in 70 Days, Loses It In Five
- James Wynn’s address
Transparency
- Hyperliquid’s founder’s post on X saying that he felt like transparency results in better execution for whales compared to on private venues.
Hyperliquid vs Binance:
- Unchained: Hyperliquid Saved Itself a $15 Million Loss, but Sparked Criticism
- Arthur Hayes’ tweet on whether $HYPE perp volumes will flip Binance’s this cycle.
- CZ’s tweet on dark pool DEXs
- Cointelegraph: Binance co-founder CZ proposes dark pool DEXs to tackle manipulation
Tokenomics:
HIP-3:
- Hyperliquid Docs: HIP-3: Builder-Deployed Perpetuals
