WA
Hyperliquid Just Got Its Pricing Power Confirmed By The People Trying To Regulate It
Wasim argues the CME and ICE's May 15 CFTC complaint about Hyperliquid isn't an attack but admission that on-chain venues now move their benchmarks—Hyperliquid processed $3T volume in 2025 and generated $907M revenue, with Brent crude perpetual notional hitting $21.51B since February 2024. Three cooperation paths exist: benchmark licensing (like TradeXYZ's S&P Dow Jones deal generating $600B annualized volume), surveillance partnerships using on-chain KYT data, and settlement through CME/ICE-affiliated clearing entities, which would let US institutions legally access on-chain perpetuals for the first time.