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How Hyperliquid Becomes the Backend for ALL of Finance | Tushar Jain
- Portfolio margining across asset classes as the core competitive moat for Hyperliquid, enabling cross-collateral trades (Bitcoin paired with rate futures, commodities with equities) that competitors cannot easily replicate at scale.
- HIP3 (permissionless market creation) and builder codes as twin decentralization vectors that transform Hyperliquid from a first-party exchange into a platform, with HIP3 volumes already reaching ~33% of total volume in months.
- Direct value capture model: all revenue (trading fees, priority fees, stablecoin yield from the Coinbase USDC deal) flows to buy and burn the HYPE token, with no equity entity or routing ambiguity.
- Real traction signals measured by liquidation data and open interest rather than farmed volume; Hyperliquid shows higher liquidation-to-volume ratios than competitors (Lighter, Aster), indicating genuine directional risk-taking.
- Regulatory pathway to US markets via Clarity Act-style safe harbors for decentralized finance, plus regulated front ends plugging into Hyperliquid's backend—a multi-year process already showing early progress.
- Team execution and motivation: 14 engineers sustaining relentless shipping velocity post-windfall wealth; founder conviction on the "everything exchange" vision for DeFi as core thesis strength.