Hyperliquid isn’t competing with GMX, dYdX, or the rest. That’s the 1-to-n game—fighting over a shrinking, commoditized perps market with new entrants like Coinbase and Robinhood circling.
The real move is vertical.
HIP-3 marks the shift from a perps product to permissionless futures infrastructure—for everything.
Stocks. FX. Indices. Events.
This flips the competitive map.
Robinhood and Binance monetize retail flow inside walled gardens. Prediction markets stay boxed in by compliance. Hyperliquid skips the gatekeeping—any builder can launch perps on anything, instantly.
That means more markets and more users. Growth becomes decentralized. Teams build, liquidity deepens, and optionality compounds.
More assets → more volume → higher switching costs → real network effects.
The vision: a chain where all financial future claims live. Not just crypto. Everything. Perps as the base layer for pricing the future.
Don’t iterate. Invert the model. Build the alternative. Make the exchange itself open-source software.
Anyways, that’s my thesis with the upcoming release.
7.37K
11
The content on this page is provided by third parties. Unless otherwise stated, OKX is not the author of the cited article(s) and does not claim any copyright in the materials. The content is provided for informational purposes only and does not represent the views of OKX. It is not intended to be an endorsement of any kind and should not be considered investment advice or a solicitation to buy or sell digital assets. To the extent generative AI is utilized to provide summaries or other information, such AI generated content may be inaccurate or inconsistent. Please read the linked article for more details and information. OKX is not responsible for content hosted on third party sites. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition.