Many people still don’t understand what Hyperliquid is actually doing.

It’s not a player in the so-called perpetual DEX sector at all—in fact, that sector itself is a pseudo-concept. What Hyperliquid is doing is bringing the seamless experience of a CEX directly on-chain, using decentralized infrastructure to deliver a product experience on par with centralized exchanges. That’s the real product revolution.

Technical iteration isn’t rare; what’s rare is creating something that people can and want to actually use. In crypto to this day, there are very few projects that achieve true product-market fit and break out of the niche. Hyperliquid is one of them.

Its value doesn’t lie in adding another feature, but in redefining what “trading infrastructure” means. Just like when the iPhone came out—it wasn’t just about the touchscreen, it completely changed how people saw mobile phones.

The future upgrade and transformation of traditional financial markets will most likely be built on this kind of on-chain infrastructure. Whether it’s the NYSE or Nasdaq, sooner or later they’ll have to face this question: what will the next generation of trading systems look like?

Stop dwelling on DEX vs. CEX—that’s a categorization from the last era. Products that truly change the industry never rely on narratives or packaging, but on their real ability to deliver.

Hyperliquid isn’t telling stories—it’s giving you the answer directly.