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Hyperliquid
2026-10-11 23:45:20

Jeff Yan says Hyperliquid is closer to Linux-style public infrastructure than an exchange

At Blockworks Digital Asset Summit Asia in Singapore on Oct. 7, 2026, Hyperliquid Labs co-founder and CEO Jeff Yan laid out a broader vision for Hyperliquid beyond perpetual futures, framing the protocol as neutral financial infrastructure rather than a direct rival to any single exchange. In a conversation with Blockworks research analyst Shaunda Devens, Yan discussed how Hyperliquid is adding a compact set of composable building blocks — including HIP-3, HIP-4, cross margin, native lending, priority fees and permission controls — to support a wider range of financial activity. Yan argued that each core component should be narrowly designed but broadly useful, so developers can combine them into products that users actually want. He pointed to HIP-4 as a possible base layer for options and options-like payoff structures, and said spot markets, options and a high-quality asset issuance layer are among the clearest next steps for the network. He also said HIP-3-related real-world-asset markets had grown into a major source of expansion, with open interest rising from about 300 million in January to 3.9 billion by the time of the interview. The discussion also covered HIP-3*, a testnet extension that adds optional permission controls, including whitelist-based access, and priority fees, which Yan described as an attempt to internalize the negative externalities of latency competition. On market transparency, he said open order flow and onchain order books can improve execution and fairness by making information broadly accessible rather than concentrating it in privileged intermediaries.

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Jeff Yan says Hyperliquid is closer to Linux-style public infrastructure than an exchange
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