In two years, the decentralized platform Hyperliquid has handled several billion dollars in trades, reshaping how money moves and how perpetual futures operate across crypto markets. That scale reverberates through professional desks, OTC markets and compliance teams, altering workflows and expectations around speed, depth and risk.
Hyperliquid is a decentralized exchange focused on perpetual futures that draws professional traders because it reacts quickly and holds plenty of orders on each side of the market. Its climb shows that a little-known name can match the trade volumes of famous exchanges when it puts speed and code ahead of ads and hype.
At the same time, system giants still control most of the money flow, from the stablecoin firm that bought a farming company for about six hundred million dollars to heavyweights such as Binance, according to the figures cited. The report lists people and companies to show how power clusters, noting two executives said to hold personal fortunes of 11.5 billion and 45 billion, which reveals the scale steering those venues.
Liquidity sits at the heart of the business, with market-making firms like Cumberland, Galaxy Digital, GSR Markets and B2C2 sending institutional orders alongside OTC quotes around the clock. Their activity keeps buy-sell gaps tight and order books deep, sustaining continuous trading conditions.
Hyperliquid: how it works
In the decentralized corner, Uniswap and its Automated Market Maker model opened pools where anyone can park funds, and Uniswap V3 added “concentrated liquidity” so each dollar works harder. In plain terms, an AMM prices coins with math against pooled money rather than a classic order book of buyers and sellers.
The fall of FTX and the fund flows of Alameda Research remain reminders that money can be misused, and the text hints at places where crypto activity brushes against crime. Watchdogs keep responding with fines and warnings to curb abuse and shield users as the sector expands.
Institutional traders favor deep, fast books, but big piles of money and past scandals are drawing tighter rules. Everyday users face custody and counter-party dangers, while decentralized venues are staring at heavier KYC and compliance loads as oversight intensifies.
The scene mixes new code with old-fashioned piles of cash, and the next thing to watch is whether dollar-linked tokens move into grain and oil markets—and how quickly regulators react to the pipes that already shift billions.
