Within a few months Hyperliquid captured the lion's share of on-chain trading volume, amassed a multi-billion-dollar fee run-rate and began siphoning volume from the biggest centralized exchanges, all without any venture-capital backing.
View full episode →“Retail orders are internalised and rarely hit the exchange, giving brokers and market‑makers the profit”
“Meme‑stock rallies gave retail traders a louder voice, but institutional participants still dominate price formation”
“Institutions value retail participation because it generates fee revenue (PFOF) and keeps markets liquid”