Co-founder of BitMEX, Arthur Hayes, commented to Decrypt that Hyperliquid may lose market share as TradFi platforms and major crypto exchanges enter the perpetual futures segment. He described the model where trading fees are used for buying back and burning HYPE as vulnerable. The platform's open interest in RWA perpetuals has reached $3 billion, and Hayes noted that he sold his entire HYPE holdings less than two months after predicting a price of $150 by August 2026.