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DRW founder Don Wilson questioned the practical value of bringing Hyperliquid’s HYPE to the U.S. market through the New York Stock Exchange, arguing that the benefits of trading onchain perpetual futures on a regulated exchange are unclear.
In a post on X, Wilson said it was unclear what advantages onchain perpetual futures offer in a regulated venue. Wilson also questioned whether Hyperliquid’s real-time public disclosure of trades and positions, as well as a fee structure that can raise order-processing priority, aligns with core regulatory principles at the U.S. Commodity Futures Trading Commission. Wilson added that if liquidity cannot be integrated across U.S. and offshore trading venues, a traditional centralized order book could be more efficient.