In a podcast episode compiled by TechFlowPost, Hanson Birringer, co-founder and chief revenue officer of Hyperdash and a core contributor to Hyper Holdings Global, laid out a detailed case for why he remains bullish on Hyperliquid. His central claim was that three large markets are accelerating at the same time — perpetuals, tokenization and stablecoins — and that Hyperliquid is one of the few assets that can capture all three in a single expression.
The episode aired on July 14, 2026, on The Rollup, hosted by Rob, or Robbie Klages, and Andy. TechFlowPost also included a clear disclosure: Birringer is deeply tied to the Hyperliquid ecosystem through Hyperdash, whose business depends on Hyperliquid, and through Hyper Holdings Global, the SPV raising capital for the Grayscale Hyperliquid staking ETF. The publication said his comments should be read as an insider view rather than independent third-party analysis.
A single thesis built on three trends
Birringer began with the structure of Hyperliquid itself. He described it as open source, permissionless and decentralized, with equal access for all participants. At the same time, he said, it combines crypto-native values with a high-performance financial system in a way that lets institutional capital participate directly in a decentralized market.
He said that in his 10 years in crypto, Hyperliquid is the only thing he has seen that allows institutional capital and the decentralized world to grow together instead of moving on separate tracks.
When the hosts narrowed the discussion to perpetuals, tokenization and stablecoins, Birringer said Hyperliquid is the purest expression of those three trends. On perpetuals, he called Hypercore a leading perp DEX whose open interest and trading volume can already compete with centralized exchanges. On some pairs, he said, it is already the best or second-best market from a liquidity standpoint.
He argued that HIP-3, by introducing RWA perpetuals, combines two of those trends in one product. In his telling, Hyperliquid is now the category leader in RWA and stock perpetuals.
The USDC alignment and the buyback argument
The part of the thesis Birringer emphasized most was USDC becoming Hyperliquid’s aligned quote asset under V2. He called it something crypto had never seen before, saying that USDC had voluntarily given up 90% of its yield in order to join Hyperliquid.
He put the current stablecoin supply on Hyperliquid at about $10 billion. Using his own example, if the underlying net interest margin on T-bills is 4%, then 90% of that income would flow into the assistance fund and be used to buy back HYPE programmatically on-chain. Under that framework, he said, the protocol would gain buy pressure worth hundreds of millions of dollars per year, even before adding trading-fee revenue.
His broader point was that HYPE, both as a token and as an ecosystem asset, sits at the intersection of perpetuals, RWA and stablecoins, and that those three lines reinforce one another rather than operating separately.
Builder Codes and the “AWS” comparison
The hosts brought up a recent comment from Hyperliquid founder Jeff on the Valor podcast, where he said Hyperliquid now looks more like AWS, providing the infrastructure layer for perps, RWA and trading. Birringer tied that description to Builder Codes.
He said every new front end that integrates Hyperliquid Builder Codes — including Phantom, MetaMask and Valor Exchange — benefits the full user base of the ecosystem. More front ends bring in more market makers, which lifts open interest, tightens spreads and improves user experience. In his view, that loop strengthens each time another front end joins.
He also pointed to the limits facing regulated consumer interfaces. Kalshi, he said, cannot directly use Builder Codes. Although Kalshi has launched a perp product, open interest across its markets remains low because it must move through KYC and Commodity Futures Trading Commission compliance. He said Robinhood faces a similar issue, noting that Light has deployed a separate instance on Robinhood Chain but that liquidity there cannot match Hyperliquid mainnet.
Regulation remains the gate to the US market
Asked what stands in the way of broader distribution through regulated front ends such as Robinhood, Revolut and eToro, Birringer framed the issue as one of regulatory clarity rather than technical readiness.
He said Hyperliquid as an L1 is open source and permissionless, so anyone can participate. He added that the Hyperliquid Policy Center has been active in Washington and that Phantom has submitted comment letters to the CFTC in support of clearer treatment for decentralized venues. If the CFTC eventually allows regulated broker front ends to route orders through Hyperliquid’s back end, he said, that would be a major tailwind.
Birringer also said Hyperliquid has taken an active posture on regulation instead of waiting to respond. He noted that Jeff had personally gone to Washington, D.C., a few months ago to speak with regulators. In his view, the US remains the largest capital market, and those talks are moving in the right direction.
Why he sees HIP-3 as the larger revenue driver
On near- and medium-term revenue, Birringer put more weight on HIP-3 RWA perpetuals than on existing revenue lines. He noted that HIP-3 market open interest reached a record $3.6 billion the previous day. He also mentioned that priority fee and USDC V2 revenue begins on Aug. 26, with the first distribution scheduled for Oct. 3.
Still, he said the forward revenue picture could be dominated by the size of the RWA perpetuals market itself. His argument was based on the scale of traditional finance: global options notional volume is measured in the trillions of dollars, and some ETFs alone see daily notional volume in the trillions. Since perpetuals also use leverage, he argued that even a small share of global trading volume could lead Hyperliquid revenue to grow 100x over the next decade.
He extended that reasoning to collateral and margin balances. If volume rises 100x, he said, margin and collateral should rise 100x as well. Starting from roughly $5 billion to $10 billion in margin today, a move to $50 billion or $100 billion would mean USDC V2 buyback pressure rises on the same scale.
Grayscale ETF and the institutional on-ramp
The conversation also turned to the partnership between Hyper Holdings Global and the Grayscale Hyperliquid staking ETF. Birringer said Hyper Holdings Global is a dedicated vehicle created to seed that ETF and that all of the relevant details are disclosed in SEC filings. The vehicle contributes in kind, and he described the ETF as the lowest-fee staking product for Hyperliquid currently on the market.
He said there were several reasons to work with Grayscale. He described the firm as the world’s largest crypto asset manager with assets under management near $20 billion, and as one of the earliest firms to win its legal fight with the SEC and secure approval for crypto ETPs. He also said Grayscale is working alongside the Hyperliquid Policy Center on regulatory efforts.
For institutions, he said, the value of the ETF is mainly in reducing friction. A client that wants to buy HYPE may not have a Coinbase account and, in the US, may not be able to access Hyperliquid directly. That client might have to go through an OTC broker such as Flowdesk and then wait through a long compliance process. An ETF available through a brokerage account removes much of that friction.
He did add that liquidity remains a practical concern. If the ETF only has $2 million in AUM, a client trying to build a $10 million position cannot do that efficiently. That is why diversification among seed holders matters, he said, so later institutional buyers can enter with enough scale.
Birringer said the investor base in Hyper Holdings includes some of the largest hedge funds and venture firms in crypto, along with one of the largest on-chain HYPE holders globally. He said the next step is to support Grayscale with institutional roadshows and investor education.
A token he says can be valued like equity
On tokenomics, Birringer contrasted Hyperliquid with crypto projects from earlier cycles. He pointed to 2017, 2021 and 2024 as periods when many tokens traded on hypothetical upside rather than actual business performance. In his example, some projects were generating $500 a month in revenue while carrying $2 billion valuations.
He said HYPE is different. In his description, Hyperliquid looks like a real growth company tied to multiple major trends, with actual cash flow, and 99% of that value accrues to token holders. Trading fees, stablecoin interest income and priority fees are all returned through on-chain buybacks, he said. Token holders can also stake HYPE for staking rewards, while traders holding HYPE receive fee discounts.
That, he said, is why Grayscale research head Zach Pandl told him Hyperliquid is easier to sell than the firm’s other ETFs. In Birringer’s retelling, the product has both a revenue story and a buyback story, which allows investors to think about it in ways that resemble equity valuation. He also said Pandl told him investors are treating Hyperliquid as a five- to ten-year position and do not want to explain to LPs later that they missed the three biggest exits in digital assets.
Birringer added that Hyperliquid is one of the fastest-growing companies in the world while operating with only 10 to 11 employees. Within crypto, he said, nearly everyone already knows the name. Outside crypto, the sector still makes up only a small slice of the global economy.
Hyperdash, data, and the Imperator acquisition
Later in the episode, Birringer discussed Hyperdash itself. He said the platform has processed more than $35 billion in trading volume and described it as a global brokerage and trading data analytics platform.
Users can trade through the Hyperdash terminal, he said, and the platform offers execution tools not found elsewhere, including private TWAP and more advanced algorithmic execution. It also layers in data-rich trading workflows designed to help users make better decisions. On the platform, users can identify top traders to study or follow and can also spot underperforming traders to avoid.
In his view, the challenge on Hyperliquid is not a lack of transparency. Every trade is visible in real time. The harder task is cleaning and structuring that raw data into usable information, which is where Hyperdash says it adds value.
That also explains the acquisition of Imperator, according to Birringer. After the deal, Hyperdash became a top validator on Hyperliquid, giving it faster data processing than other participants. He said that capability now allows the company to sell data packages to enterprise clients, including traditional finance institutions that want exposure to Hyperliquid intelligence before they are ready to trade.
The bear case he could not identify
At the end of the interview, the hosts asked what would need to happen over the next 18 months for the bullish case to play out in full, and what could change his mind.
Birringer stayed with the same broad framework. He said several long-duration trends are accelerating at once and strengthening one another. AI and the internet, in his view, are bringing more people around the world into capital markets, making it possible for users to move from local fiat into USDC and onto Hyperliquid in just a few steps.
When pushed on the bear case, his answer was unusually direct. If his thesis starts to break, he said, it would be because those trends stop or reverse, but right now he does not see any sign of that.
He added that this was one reason he moved full time from institutional work at Flowdesk to Hyperdash. TechFlowPost, in its summary, said that point is important to keep in mind: when someone has committed both career and company capital to the same ecosystem, saying it is hard to find a bear case is not only a statement of conviction, but also a reflection of economic positioning.