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

marsbit2026-01-28 tarihinde yayınlandı2026-01-28 tarihinde güncellendi

Özet

While centralized exchanges (CEXs) are still competing on user experience, Hyperliquid has expanded into trading precious metals and foreign exchange. The platform is shifting its narrative from being a user-friendly decentralized exchange (DEX) to becoming a crypto-native, on-chain Nasdaq through its HIP-3 protocol, offering synthetic assets like oil, forex, and metals. This move reflects a broader industry trend where on-chain liquidity is beginning to integrate with real-world assets, offering tighter spreads, faster execution, and 24/7 availability. Hyperliquid is also introducing new market rules such as full transparency, permissionless listings, and fee redistribution, using code-based trust to challenge the opaque advantages of CEXs and traditional finance.

Author: Haotian

While mainstream assets are collectively stagnant, $HYPE has managed to chart an independent strong bullish candle, which is indeed thought-provoking. Many are asking why the Perp DEX sector has been quiet lately, but the performance of @HyperliquidX actually provides the answer:

1) The narrative ceiling has changed. 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 breaking through to a full range of synthetic assets via the HIP-3 protocol.

It's shifting from the positioning of a DEX good enough to take down CEXs to a narrative of becoming the most crypto-native Nasdaq on-chain. Moving from pure crypto speculation to seamless trading of crude oil, forex, and precious metals—this directly elevates the vision;

2) The "backflow" of on-chain liquidity into real-world assets. Just look at how exchanges like Bitget, OKX, and Bybit are all building platforms and pushing the narrative of "asset tokenization"—it's clear 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 closing, it is no longer just a DEX but transforms into an all-weather global asset routing hub. This is an inevitable result of on-chain liquidity starting to backflow into the real world. Whoever hoists this banner first will be the winner;

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

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

İlgili Sorular

QWhat is the core 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 'Crypto Native Nasdaq on-chain' narrative, expanding into synthetic assets like crude oil, forex, and precious metals.

QHow does Hyperliquid's HIP-3 protocol contribute to its new direction?

AThe HIP-3 protocol enables Hyperliquid to offer a wide range of synthetic assets, allowing seamless trading of commodities like crude oil, forex, and precious metals, thus moving beyond pure crypto assets.

QWhat advantage does Hyperliquid have over traditional CEXs and TradFi in trading assets like silver?

AHyperliquid offers narrower spreads, faster response times, 24/7 non-stop trading, and greater transparency with on-chain trust, eliminating the black-box advantages of CEXs and TradFi.

QWhy are major exchanges like Bitget, OKX, and Bybit exploring 'asset tokenization' narratives?

AThey recognize the growth bottleneck of pure crypto assets and are seeking to leverage chain liquidity to tokenize real-world assets, following the trend of on-chain liquidity 'reverse irrigating' into实体 assets.

QWhat key rules does Hyperliquid use to differentiate itself from traditional CEXs?

AHyperliquid emphasizes on-chain absolute transparency, permissionless listing of new assets, fee rebate mechanisms, and using code-based trust to eliminate the black-box advantages of CEXs and TradFi, without explicitly focusing on decentralization.

İlgili Okumalar

The Battle for the AI Payment Race: Traditional Card Networks Face Off Against Coinbase

With the rise of AI agents conducting transactions, a battle for the underlying payment infrastructure is underway. Two distinct and incompatible approaches have emerged for enabling autonomous AI payments. The first approach is championed by traditional card networks Visa and Mastercard. They leverage their existing tokenized card credential systems, extending them to allow verified AI agents to make purchases within user-defined limits. Services like Mastercard's Agent Pay and Visa's Intelligent Commerce integrate with major AI platforms (e.g., OpenAI, Anthropic) and keep transactions within the established, decades-old card payment model. This system offers advantages for consumer retail, including robust fraud protection, chargeback mechanisms, and extensive merchant networks. The second approach, led by Coinbase, utilizes stablecoins on open internet protocols. Its x402 protocol reactivates the HTTP 402 status code for machine-to-machine micropayments, using USDC for settlement directly on-chain. This method eliminates the need for accounts or card fees, making it highly efficient for high-frequency, low-value, cross-border transactions between AI agents—such as paying for API calls, data streams, or computational resources—where traditional card fees and settlement times are impractical. While card networks excel in consumer-facing scenarios requiring dispute resolution, stablecoin protocols are tailored for machine economies. A key challenge for both is agent identity verification and transaction authorization. Notably, Visa and Mastercard are hedging their bets by also investing in stablecoins. Visa has rapidly grown its stablecoin settlement volume and is collaborating with Coinbase to bridge its network with the x402 protocol. Mastercard plans to acquire stablecoin platform BVNK. Their strategy is to become the fee-collecting gateway for all payment flows, regardless of the channel. Current applications reflect this division: consumer AI shopping tools (e.g., ChatGPT's checkout, Amazon's "Shop for Me") predominantly use card networks, while machine-focused services (e.g., Amazon Bedrock's core payments) adopt stablecoins via the x402 protocol. In the short term, a coexistence model is expected, with cards dominating retail and stablecoins powering machine transactions. The long-term outcome depends on whether AI-driven commerce evolves to resemble traditional retail or becomes a vast network of machine micropayments. By investing in both tracks, the incumbent card networks are positioning themselves to capture transaction fees regardless of which future prevails.

marsbit12 dk önce

The Battle for the AI Payment Race: Traditional Card Networks Face Off Against Coinbase

marsbit12 dk önce

AI Deceives with Perfection: How Can Crypto Users Defend Against New Scams?

AI has made crypto scams more sophisticated by generating flawless text and realistic interfaces, rendering traditional detection methods like spotting typos and grammar errors obsolete. Scammers now use AI for polished phishing emails, fake customer service chats, and convincing websites. Crypto users face unique risks as blockchain transactions are irreversible, and attackers can steal assets simply by tricking users into authorizing malicious transactions. To defend against these advanced threats, users must adopt rigorous verification habits: - Carefully check website URLs for subtle spoofing. - Use only official links and channels. - Scrutinize all wallet permissions and token approvals before signing. - Verify contract addresses directly from trusted sources, not token names. - Ignore unsolicited private messages posing as customer support. - Treat urgent requests with extreme skepticism. The core principle is that a professional appearance no longer equals safety. In the AI era, security hinges on proactive verification of every link, transaction, and communication, not on trusting surface-level credibility.

marsbit31 dk önce

AI Deceives with Perfection: How Can Crypto Users Defend Against New Scams?

marsbit31 dk önce

Turn Off AI Before the Interview: What Kind of People is Anthropic Looking For?

"Shut Off AI Before the Interview: What Kind of People Anthropic Is Screening For" Anthropic, now the world's most valuable AI startup, has an exceptionally competitive hiring process. A key and distinctive element is its mandatory "culture interview," conducted without AI assistance. This interview focuses not on technical skills, but on assessing a candidate's core values, worldview, and perspective on long-term AI risks. Questions delve deeply into personal ethics, "unusual beliefs," and the candidate's willingness to thoughtfully critique Anthropic's own mission. The goal is to evaluate whether someone's convictions are genuinely their own and if they can articulate and defend them under pressure. A poor score here can veto otherwise successful technical interviews. This approach starkly contrasts with companies like Google, which now encourages using AI in interviews to assess "AI fluency." Anthropic's philosophy suggests that in an era where AI makes execution cheap and the generation of opinions nearly free, true scarcity lies in original, deeply held thought. The company seeks individuals who possess substance "after turning off the AI"—those who haven't outsourced their core thinking. This focus on aligning fundamental values contributes to Anthropic's high employee retention rate in a fast-moving industry.

marsbit35 dk önce

Turn Off AI Before the Interview: What Kind of People is Anthropic Looking For?

marsbit35 dk önce

In the Last 2 Minutes Before SK Hynix Market Open, TradeXYZ Achieved Price Accuracy Within 0.13%

Traditionally, asset price discovery halts when markets close. However, decentralized exchanges like Hyperliquid, enabling 24/7 trading of Real-World Asset (RWA) perpetuals, are changing this. A case study involving SK Hynix stock on Hyperliquid's xyz:SKHX market demonstrates this shift during a weekend when the Korean Exchange (KRX) was closed. While the KRX closed at 2,070,000 KRW on June 5th, active trading continued on-chain. By 08:56 KST on Monday, June 8th, just before the KRX open, the chain price had fallen to 1200.0 USDC, implying a -10.21% drop. Three minutes later, the KRX opened at 1,856,000 KRW, an actual drop of -10.34%. The on-chain price had predicted the opening decline with remarkable accuracy, missing by only 0.13 percentage points. In the final two minutes before the open (08:58-08:59 KST), the on-chain market saw a significant volume spike and a +2.31% price rebound. This wasn't a prediction error but likely the market front-running the expected post-open bounce. Indeed, after opening at its low, the KRX price rebounded approximately +2.64% by 09:03 KST. This event illustrates how 24/7 on-chain markets can act as a leading price discovery venue, not only anticipating opening prices but also trading the immediate post-open dynamics before traditional markets even begin.

marsbit46 dk önce

In the Last 2 Minutes Before SK Hynix Market Open, TradeXYZ Achieved Price Accuracy Within 0.13%

marsbit46 dk önce

Farewell to Traditional Bulls and Bears: The Market Has Entered an Era of Rotating Bubbles

Farewell to traditional bull and bear markets; we have entered an era of rolling bubbles. This article uses a meteorological analogy to explain the modern market's shift from slow-moving, long-term trends to a chain of rapid, successive speculative frenzies. The old market resembled "stratiform" weather—slow, broad cycles lasting years. Today's market is like a "mesoscale convective system," where isolated storms (bubbles in sectors like AI, GLP-1 drugs, or crypto) form in sequence. Each is triggered by the outflow of capital and sentiment from the previous one, creating a self-perpetuating chain of booms and busts. This structural change is driven by eight permanent shifts: the democratization of speculation (zero-commission trading, retail options activity), perpetual buying from defined-contribution retirement plans, the dominance of passive investing (creating price-insensitive flows), the rise of multi-strategy funds and high-frequency trading (weakening price discovery), suppressed volatility that erupts violently, an index composition now dominated by long-duration, narrative-driven tech stocks, the elimination of information delays, and a permissive fiscal/monetary backdrop. These conditions ensure that rolling bubbles are the new normal. To navigate this environment, investors should either become deep-sector experts who understand the underlying technologies and business models or become adept observers of trends and capital flows. While chaotic from within each "storm," a higher-altitude view reveals a predictable pattern of serial booms. The key is to avoid being emotionally swept up in any single narrative and to recognize the market's new, permanent structure.

marsbit47 dk önce

Farewell to Traditional Bulls and Bears: The Market Has Entered an Era of Rotating Bubbles

marsbit47 dk önce

İşlemler

Spot

Futures