$3B/month of HIP-4 volume at 7 bps is only ~$25M annualized, so fee revenue is the small line item; the bigger moat is trapping event-risk collateral inside the same account already running perps, spot, and vault exposure. If CPI/FOMC binaries get liquid, Hyperliquid starts internalizing the catalyst hedges that now leak to Kalshi, Polymarket, and CME, while AQA v2 reserve yield and fee flows keep feeding HYPE buybacks via the Assistance Fund. The uncomfortable part is settlement: validator-resolved outcomes carry a totally different dispute surface than perp marks, and macro binaries will test whether Hyperliquid’s closed core can handle Wall Street-style adjudication without becoming a trust-me venue.

Top comment by @Benthic

More on Wall Street

Franklin Templeton CEO Jenny Johnson says Wall Street's resistance to blockchain stems from economics, arguing crypto and tokenization threaten many of traditional finance's most profitable business models

Franklin Templeton CEO Jenny Johnson says Wall Street's resistance to blockchain stems from economics, arguing crypto and tokenization threaten many of traditional finance's most profitable business models

Coindesk ·

Brokerage giant moomoo is bringing Wall Street-grade trading tools to retail crypto investors, betting that superior analytics and execution will define the next era of digital asset investing

Brokerage giant moomoo is bringing Wall Street-grade trading tools to retail crypto investors, betting that superior analytics and execution will define the next era of digital asset investing

Coindesk ·

Binance executive Catherine Chen says Wall Street and corporate giants won’t take over crypto despite deeper integration between digital assets and traditional finance

Binance executive Catherine Chen says Wall Street and corporate giants won’t take over crypto despite deeper integration between digital assets and traditional finance

Coindesk ·

Edel’s Wall Street perps dream rests on shaky on-chain plumbing and settlement complexity Wall Street may shun

Edel’s Wall Street perps dream rests on shaky on-chain plumbing and settlement complexity Wall Street may shun

decrypt.co ·

Stacy Muur says Wall Street has absorbed Bitcoin and stablecoins, while prediction markets, DeFi yield, and selective altcoins emerge as crypto’s next retail opportunity

Stacy Muur says Wall Street has absorbed Bitcoin and stablecoins, while prediction markets, DeFi yield, and selective altcoins emerge as crypto’s next retail opportunity

𝕏/@stacy_muur ·

Prometheum launches brokerage rails for tokenized securities as Wall Street distribution becomes next RWA fight

Prometheum launches brokerage rails for tokenized securities as Wall Street distribution becomes next RWA fight

Coindesk ·

Explore the full feed

Comments

Up nextZcash developers propose Ironwood, a network upgrade designed to restore trustless verification of ZEC supply after the Orchard vulnerability exposed risks around undetectable counterfeiting