Pantera Capital: As Perpetual Swaps Move to the Financial Center, Hyperliquid is Attempting to Contain Everything
"Perpetual futures are evolving from a crypto-native innovation to a fundamental shift in market structure, increasingly adopted by traditional investors. Offering advantages like no expiry dates, simplified risk management, and 24/7 trading, they are becoming the dominant tool for leveraged directional exposure. While pioneered in crypto by BitMEX, decentralized exchanges (DEXs) like Hyperliquid are now driving significant growth. Hyperliquid, the largest DEX for perps, has captured ~40% of on-chain volume by building a custom L1 blockchain for high performance and enabling permissionless listing of assets through HIP-3. Its vision to 'accommodate all finance' has led to expansion into equities, commodities, and indices. During market closures or events (e.g., weekends, geopolitical tensions), Hyperliquid serves as a price discovery venue, attracting attention from traditional funds and exchanges like ICE, which now views it as a competitor. While regulatory uncertainty in the U.S. remains a key risk, recent CFTC actions approving certain crypto perpetual contracts signal a potential shift. The core question is whether blockchain-based infrastructure like Hyperliquid can become the primary venue for pricing and trading risk across all finance."
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