Written by Nate Kostarstaff writerReviewed by Robert Lakinstaff editor

Written by Nate Kostarstaff writer

Reviewed by Robert Lakinstaff editor

Hyperliquid’s biggest risk is regulation, says Ran Neuner

Latest NewsPublishedSep 11, 2026

The Crypto Banter founder stated Hyperliquid’s network effects give it a strong competitive moat, but regulatory uncertainty remains its biggest threat.

Crypto Banter founder Ran Neuner stated regulation poses the biggest risk to Hyperliquid, warning that decentralized exchanges could eventually face greater government scrutiny.

Speaking on Cointelegraph’s Chain Reaction podcast, Neuner stated regulators have begun establishing rules for centralized crypto exchanges and predicted decentralized platforms would be next.

“The biggest issue is that we don’t know how regulators are going to treat the decentralized exchanges,” Neuner stated. He added:

The governments have just started to regulate centralized exchanges. There’s MiCA licensing, et cetera, et cetera. And I think that when that’s done, they come in for the decentralized exchanges.

Hyperliquid is a layer-1 blockchain best known for its decentralized perpetual futures exchange, which leads the sector with about $223 billion in trading volume over the past 30 days, as reported by DeFiLlama data.

Hyperliquid leads perpetual DEXs by 30-day volume. Source: DeFiLlama

While Neuner identified regulation as Hyperliquid’s biggest vulnerability, he was more bullish on its ability to withstand competition.

Neuner argued that Hyperliquid’s network effects make it difficult for competitors to challenge the platform simply by replicating its technology. “You can’t copy a network,” he stated. “There can be a thousand competitors to Uber. How many of them are going to succeed? Hardly any.”

Neuner stated the same dynamic applies to trading platforms, where users tend to gravitate toward exchanges with deeper liquidity because it allows them to enter and exit positions more easily. “When something is a network, naturally users will flock to the busiest or the best node,” he stated.

Related: HYPE treasury firm Hyperliquid Strategies boosts equity facility to $2.5B

Hyperliquid eyes compliant US path amid HYPE rally

Despite Neuner’s concerns over regulation, US officials have signaled that Hyperliquid could gain a compliant pathway into the country.

President Donald Trump stated in August that CFTC Chair Michael Selig was working to bring Hyperliquid into the US in a “fully compliant and legal fashion.” HYPE jumped about 20% over the 24-hour period surrounding the remarks, trading around $70.

As of the August announcement, neither the CFTC nor Hyperliquid had released a formal proposal explaining how US access would work, whether an application had been submitted or when a compliant service could launch.

On Friday, HYPE was trading around $82, up more than 220% year-to-date, as reported by CoinGecko. The token had a market capitalization of about $18.2 billion and a fully diluted valuation of roughly $78.4 billion.

HYPE token price year-to-date. Source: CoinGecko

Magazine: Metaplanet equity backlash, SE Asia crypto funding doubles: Asia Express

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

• Futures
• Derivatives
• Decentralized Exchange
• United States
• Donald Trump
• Industry

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