Hyperliquid says onchain perps challenge Wall Street wealth model

Traders Union
All News
Crypto
Onchain perps vs Wall Street

Highlights

Hyperliquid reported $72 million in fee revenue over the past 30 days, ranking third among protocols according to DefiLlama.
Yan stated at Token2049 Singapore that Hyperliquid's growth results from offering decentralized, global access to onchain perpetual futures, expanding beyond traditional closed wealth models.
Intercontinental Exchange and NYSE are reacting to onchain perpetual futures competition by seeking regulatory parity and forming blockchain trading partnerships like NYSE's collaboration with Securitize in March.

Token2049 comments outline access-focused strategy

As reported by Cointelegraph, Yan said during a Tuesday fireside chat at Token2049 Singapore that traditional stock market wealth creation largely remains closed to the public until assets reach exchange listings, leaving retail investors outside much of the early upside.

He described that dynamic as a product of the broader economy but said it is not sustainable for most participants. Yan added that Hyperliquid's expanding revenue comes as a byproduct of offering more global access to blockchain-based trading through its decentralized exchange, rather than from directly optimizing for revenue.

Yan said the company's main objective is financial openness and broader participation in the financial system. He also pointed to perpetual futures contracts without expiry dates as one factor behind Hyperliquid's traction, saying the structure reduces decision points for traders and limits liquidity fragmentation.

Protocol revenue and market pressure on incumbents

Hyperliquid ranks as the third-largest revenue-generating protocol, with $72 million in fees over the past 30 days, according to DefiLlama. The figures add to growing industry attention on onchain perpetual futures as a potential competitive challenge to traditional financial market infrastructure.

Pantera said in July that perpetual futures may become one of the dominant trading instruments in global finance because of their structural advantages, citing Hyperliquid as an example of how blockchain infrastructure could pressure established markets.

That shift is also drawing responses from traditional finance groups. Intercontinental Exchange, the parent of the NYSE, has called on regulators to create a level playing field for 24/7 onchain perpetual futures, while the NYSE in March partnered with tokenization platform Securitize in a broader push to develop blockchain-based stock trading infrastructure with round-the-clock trading and settlement.

In our earlier article on PJBumi’s Bursa Malaysia-approved one-for-five share split, we explained how the move is intended to improve share trading liquidity and broaden the investor base by lowering the per-share price. We also noted that such corporate actions come as investors remain selective, often focusing on execution and earnings visibility when evaluating listed opportunities.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.