Hyperliquid Is Taking Over Crypto Derivatives

Added: 2026-06-03

[00:00:00]Lorenzo, what is Hyperlid?

[00:00:02]>> Hey Sam. Yeah, happy happy to be on. So Hyperlid is right now honestly the the biggest uh deriv exchange in crypto. So they launched two years ago. It was a team, you know, that bootstrapped the product. They didn't raise any VC capital. They've really bootstrapped everything. They're a very small team and they've kind of taken over the place of derivatives uh in crypto and especially perpetual futures, right?

[00:00:25]Perpetual futures is a a type of trading product that is really similar to normal dated futures in in Treadfi, but they don't they have no expiry, right?

[00:00:34]They've been around in crypto forever.

[00:00:36]We have we've had hundreds of perpetual futures exchanges and it's still a super competitive play, super competitive product, but they've been super popular, right? because you can essentially, you know, have directional exposure on an asset with a lot of leverage up to 100x in some some exchanges, not all. And uh and it's it's purely synthetic, right?

[00:00:57]So, you don't need to hold spot. They're cash settled. It's very easy to trade and it's it's a product that is extremely popular with with retail, right? And so, Hyperlid's been around for two years now, and uh they're doing, I think, close to three trillion dollars of volume a year. So to give you perspective like it's singledigit percentage of Binance which is the the biggest venue in crypto.