In an interview with foreign media, Arthur Hayes stated that Hyperliquid has rapidly risen in the on-chain perpetual contract market over the past two years, but this advantage may not be sustainable in the long term. As real-world asset derivatives trading heats up, traditional financial exchanges and large centralized platforms are likely to enter this market and directly compete for market share.

Real-world assets continue to appreciate.

Hayes believes the platform's current growth is largely driven by demand for continued trading over the weekend, particularly for traditionally less liquid but highly volatile commodities like crude oil. He states that this type of trading is drawing renewed attention to the price discovery capabilities of crypto platforms.

Following its October 2025 upgrade, Hyperliquid now supports derivatives related to real-world assets such as gold and silver. The platform stated this week that total open interest in these markets has reached $3 billion.

Repurchase mechanisms rely on transaction fees

The article points out that Hyperliquid relies on continuous transaction fee revenue to buy back HYPE tokens on the open market and permanently remove some tokens from circulation. This design is intended to increase scarcity, but Hayes believes that if the platform's trading volume suddenly declines, the mechanism will also be under greater pressure.

According to Dune dashboard data, Hyperliquid has cumulatively repurchased 26.6 million HYPE tokens and burned approximately 579,600. Based on current prices, the aforementioned repurchase amount to approximately $1.56 billion.

Wall Street may launch similar products

It's worth noting that Hayes was previously an active supporter of HYPE, publicly bullish during the token's surge to new highs. However, the day after the interview, he announced on social media that he had sold all his HYPE holdings. HYPE is currently trading at around $59, down about 14% over the past seven days, after reaching an all-time high above $75 the previous week.

Hayes believes that major traditional exchanges in the US are accelerating their entry into the perpetual contract market. Unlike traditional futures, perpetual contracts have no expiration date, allowing traders to hold positions sustainably and using funding rate mechanisms to bring prices closer to the spot market. He predicts that similar products with better liquidity may emerge in the traditional financial system in the coming year, directly competing with on-chain platforms.