From Competing on Experience to Building Assets: Hyperliquid is Moving Ahead of CEXs

比推Published on 2026-01-28Last updated on 2026-01-28

Abstract

Amidst a general market stagnation, Hyperliquid ($HYPE) has demonstrated notable independent growth, signaling a shift in the Perp DEX narrative. Rather than competing solely on user experience akin to centralized exchanges (CEXs), Hyperliquid is expanding into synthetic assets—including commodities like crude oil, precious metals, and foreign currencies—through its HIP-3 protocol. This positions it not just as a decentralized exchange, but as a crypto-native, Nasdaq-like platform for global asset trading. The move reflects a broader trend of on-chain liquidity integrating with real-world assets, a direction also being explored by major CEXs like Bitget, OKX, and Bybit. Hyperliquid’s advantages include narrower spreads, faster execution, and 24/7 availability compared to traditional platforms. It leverages on-chain transparency, permissionless listings, and fee redistribution to challenge the opaque, centralized models of CEXs and traditional finance—focusing on code-based trust rather than decentralization rhetoric.

Author: Haotian

Original Title: While CEXs Are Still Competing on Experience, Hyperliquid Is Already Trading Precious Metals and Forex

While mainstream assets remain stagnant, $HYPE's independent bullish surge is indeed thought-provoking. Many are asking why the Perp DEX sector has been quiet lately, but @HyperliquidX's performance has already provided the answer:

1) The narrative ceiling has shifted. The old story of Perp DEXs approaching CEX-level experience is no longer compelling. It seems Hyperliquid is breaking away from the internal competition of being a "user-friendly DEX" and is expanding into a full range of synthetic assets through the HIP-3 protocol.

It is transitioning from the goal of outperforming CEXs as a user-friendly DEX to becoming a chain-based Nasdaq narrative that best serves Crypto Native users. The shift from pure Crypto speculation to seamless trading of crude oil, forex, and precious metals directly elevates the vision;

2) The "reverse flow" of on-chain liquidity into real-world assets. Observing exchanges like Bitget, OKX, and Bybit building platforms around the "asset tokenization" narrative indicates that the growth ceiling for pure Crypto assets has been reached.

Don’t doubt it—when you find that the spread for trading silver on-chain is narrower than on CEXs, the response is faster than brokers, and it operates 24/7 without interruption, it ceases to be just a DEX and transforms into an all-weather global asset routing hub. This is an inevitable outcome of on-chain liquidity beginning to reverse-flow into real-world assets. Whoever takes the lead in championing this will emerge as the winner;

3) A dimensional shift in rule-making. In the past, Perp DEXs were imitating and trying to match the experience of CEXs, but Hyperliquid has clearly elevated the game. The new rule logic includes absolute on-chain transparency, permissionless listing, fee rebate mechanisms, and other emerging market rules.

Ultimately, it uses code-based trust to dismantle the black-box advantages of CEXs and TradFi. Interestingly, decentralization isn’t even mentioned.

Twitter:https://twitter.com/BitpushNewsCN

Bitpush TG Discussion Group:https://t.me/BitPushCommunity

Bitpush TG Subscription: https://t.me/bitpush

Original Link:https://www.bitpush.news/articles/7606559

Related Questions

QWhat is the main narrative shift that Hyperliquid is undergoing according to the article?

AHyperliquid is shifting from being a 'user-friendly DEX' focused on competing with CEXs in crypto perpetual trading to becoming a 'chain-based Nasdaq' narrative, expanding into synthetic assets like crude oil, foreign exchange, and precious metals to attract broader asset trading.

QHow does Hyperliquid's new strategy represent a 'dimensional reduction attack' on traditional rules?

AHyperliquid uses code-based trust to eliminate the black-box advantages of CEXs and TradFi by offering absolute on-chain transparency, permissionless listing of new assets, and fee rebate mechanisms, rather than merely imitating CEX user experience.

QWhat advantage does Hyperliquid claim over CEXs when trading assets like silver?

AHyperliquid claims to offer narrower price spreads, faster response times than brokers, and 24/7 non-stop trading for assets like silver, making it an all-weather global asset routing hub rather than just a DEX.

QWhy are exchanges like Bitget, OKX, and Bybit moving towards 'asset tokenization' narratives?

AThey recognize the growth bottleneck of pure crypto assets and are exploring asset tokenization to leverage on-chain liquidity to integrate real-world assets, a trend that Hyperliquid is pioneering.

QWhat key feature of Hyperliquid's HIP-3 protocol supports its expansion into synthetic assets?

AHIP-3 protocol enables Hyperliquid to offer permissionless listing and trading of synthetic assets, including commodities and forex, facilitating its transition to a full-chain asset trading platform.

Related Reads

Anthropic Cries Wolf: Is the AGI Threat Real, or Just an IPO Story?

Anthropic has published an article titled "When AI builds itself," discussing the emerging concept of "recursive self-improvement," where AI begins to actively participate in designing, training, testing, and optimizing its own subsequent versions. The company presents internal data showing that by May 2026, over 80% of code merged into its codebase was written by Claude, its AI model. Claude's capabilities have expanded to handling complex, open-ended engineering tasks, achieving a 76% success rate in such areas, and even contributing to research processes, such as optimizing code performance and conducting AI safety experiments. Anthropic outlines an evolution from human-driven development to AI-assisted workflows, culminating in the current stage where AI agents can autonomously write, run, and delegate code. The company cautions that the path toward a "closed loop," where AI continuously improves itself, is becoming visible. It calls for coordinated global mechanisms to potentially slow or pause frontier AI development to allow safety research and societal structures to catch up. However, the timing of this warning coincides with Anthropic's preparations for an IPO, framing the narrative not just as a safety concern but also as a demonstration of Claude's advanced capabilities and its integral role in accelerating Anthropic's own R&D—creating a potential "flywheel" effect for competitive advantage. This contrasts with OpenAI's recent, more policy-oriented discussion of the same risks, highlighting the competitive dynamics in the AI industry as companies position themselves in both the technological and regulatory landscape.

marsbit49m ago

Anthropic Cries Wolf: Is the AGI Threat Real, or Just an IPO Story?

marsbit49m ago

Coinbase Targets Crypto Crime, Freezing $3M Linked To Scam Operations

Coinbase froze over $3 million in cryptocurrency linked to Southeast Asian scam networks as part of a multi-agency "Disruption Week" campaign. The operation, coordinated by the DOJ's Scam Center Strike Force, involved companies like Meta, Microsoft, and Starlink, and disrupted over 1.4 million scam accounts. The DOJ noted that investment fraud, including "pig butchering" scams, is among the fastest-growing threats, with crypto-related scams causing billions in losses. This action follows other recent crackdowns targeting scam infrastructure globally. Coinbase highlighted that blockchain provides a permanent transaction record, aiding investigations and countering the narrative that crypto is solely a tool for crime.

bitcoinist54m ago

Coinbase Targets Crypto Crime, Freezing $3M Linked To Scam Operations

bitcoinist54m ago

BIT Research: ETF Purchases Have Slowed, Strategy (MicroStrategy) Has Slowed, What Else Can Drive Bitcoin's Rise?

Market Refocus on Inflation and Rate Expectations Weighs on Bitcoin Currently, the market is in a phase of macro-repricing dominated by inflation and interest rate expectations. Bitcoin, which previously benefited from easy liquidity and low inflation, is seeing its core bullish drivers weaken. These drivers were market expectations for interest rate cuts and strong inflows from Bitcoin ETFs and institutions like MicroStrategy (referred to as "Strategy" in the text). The logic has shifted. Recent high inflation data (e.g., CPI hitting 3.8% in a May 2026 report) has caused the market to sharply reduce its rate cut expectations for 2025 and even price in potential hikes. This is a key constraint for Bitcoin, as it lacks cash flows and is highly sensitive to rate expectations. Concurrently, institutional capital flows have slowed significantly. Following the hot CPI data, Bitcoin ETFs saw accelerated outflows, with around $4.3 billion leaving over a period. MicroStrategy's ability to keep adding substantial Bitcoin to its balance sheet is also diminishing. Together, ETF and MicroStrategy holdings total roughly $110 billion, but their momentum as growth engines is cooling. In summary, Bitcoin's current pressure stems not from its own fundamentals but from a changing macro environment. As long as inflation stays elevated, Bitcoin is likely to remain in a consolidating phase. However, historically, inflation eventually peaks. Once it recedes and rate cut expectations rebuild, institutional capital could return, potentially fueling a new and more robust recovery phase for Bitcoin.

marsbit56m ago

BIT Research: ETF Purchases Have Slowed, Strategy (MicroStrategy) Has Slowed, What Else Can Drive Bitcoin's Rise?

marsbit56m ago

Earning 1000 Trillion in Half a Year, 'Pocketing' 20 Million per Capita: This Round of Wealth Creation in the Korean Stock Market is Unprecedented in Scale

The South Korean stock market is experiencing an unprecedented wealth surge in 2026, with household equity and fund asset values soaring by over 1,000 trillion KRW (~$730bn) year-to-date. This translates to an average per capita wealth increase of roughly 20 million KRW, fueled by a historic 109% rally in the KOSPI index. The boom is driven by three converging forces: an AI-driven semiconductor supercycle boosting giants like Samsung and SK Hynix; the government's "Value-Up" market reforms addressing long-standing corporate governance issues; and aggressive real estate regulations that have locked capital within financial markets, preventing profits from flowing back into property. This has triggered a wealth effect, boosting high-end consumption significantly. However, the gains are highly concentrated. The two semiconductor behemoths account for over half the index's value, but retail investors own relatively low stakes in them, systematically missing the biggest rallies. Wealth and consumption benefits are skewed towards luxury goods and imported cars, bypassing mainstream retail. Further risks stem from excessive leverage, with high trading volume in leveraged ETFs, and a market sentiment heavily reliant on the AI sector's fortunes and speculative rumors. While this cycle marks a potential shift from real estate to equities as a primary wealth generator for Koreans, its sustainability, amid structural imbalances and leverage, remains a critical test.

marsbit1h ago

Earning 1000 Trillion in Half a Year, 'Pocketing' 20 Million per Capita: This Round of Wealth Creation in the Korean Stock Market is Unprecedented in Scale

marsbit1h ago

Behind ZEC's Over 30% Plunge: An 'Unlimited Minting' Vulnerability with No Way to Prove if It Was Ever Exploited

A critical vulnerability was discovered in Zcash's Orchard privacy pool, allowing for the theoretical creation of undetectable counterfeit ZEC. Researcher Taylor Hornby found the flaw on May 29th, 2024, within the Orchard circuit's cryptographic constraints, which could let an attacker bypass asset conservation rules. Although a rapid emergency fix was deployed within days via a coordinated soft and hard fork, a core uncertainty remains: due to Orchard's privacy features, it is impossible to cryptographically prove whether this "unlimited mint" flaw was exploited in the nearly four years since the pool's 2022 launch. This uncertainty, rather than the patched flaw itself, triggered a market panic, causing ZEC's price to drop over 30%. While the Zcash Foundation stated no evidence of exploitation was found, independent entity Shielded Labs emphasized the impossibility of definitively proving no counterfeit ZEC was ever created. The incident highlights the unique trust challenge in privacy systems. To address this, developers are proposing a new network upgrade with enhanced auditing to allow verifiable proof of supply integrity. Notably, the researcher utilized the newly released AI model Claude Opus 4.8 as a tool during the security review, signaling the growing role of advanced AI in uncovering complex cryptographic vulnerabilities.

marsbit1h ago

Behind ZEC's Over 30% Plunge: An 'Unlimited Minting' Vulnerability with No Way to Prove if It Was Ever Exploited

marsbit1h ago

Trading

Spot
Futures
活动图片