Arthur Hayes, co-founder of BitMEX, expressed concerns regarding Hyperliquid's competitive standing in the perpetual futures market. In an interview with Decrypt, he highlighted the potential threat posed by traditional finance (TradFi) platforms and established cryptocurrency exchanges as they move into this sector. Hayes criticized Hyperliquid's reliance on a model that utilizes trading fees for purchasing and burning its HYPE tokens, deeming it susceptible to market pressures.
Currently, Hyperliquid's open interest in real-world asset (RWA) perpetuals has surged to $3 billion. Despite this growth, Hayes revealed he divested his entire HYPE stake less than two months after forecasting that the token could reach $150 by August 2026.
