🔶 Arthur Hayes: The success of #Hyperliquid is hard to replicate, but the Perp DEX war has only just begun

On November 3, Arthur Hayes candidly stated in an interview with the Coin Bureau channel:
👉 Nowadays, quite a few emerging Perp DEXs are already trying to grab market share from Hyperliquid.
But he also poured some cold water on the situation:
Just because you launch a contract DEX doesn’t mean you’ll become the next Hyperliquid.
——
🟡 Why is Hyperliquid hard to replicate?
Hayes believes the key isn’t the product itself,
but rather:
✅ Token issuance pace
✅ Buyback mechanism
✅ Market sentiment dynamics
This entire combination of “financial engineering” strategies.
Going from a few dollars to $60
is itself a microcosm of a mini altcoin season. 🚀
But so far—no other project has achieved this.
——
🟡 But the outcome of the Perp DEX race is still undecided ✅
Hayes predicts:
⏳ In the next 3–5 years
👉 A large volume of contract trading will shift from CEX to DEX
This isn’t a trend; it’s a structural migration.
Of course, he personally hopes Hyperliquid will have the last laugh,
but he also frankly says:
Can it stay number one forever? No one dares to bet on that now.
——
In a nutshell:
Hyperliquid won the first wave,
but the ultimate outcome for Perp DEXs is far from being revealed. ⚔️