Key Takeaways
- • Bruno Caratori, co-founder of Hashdex (a $1 billion regulated crypto ETF issuer), publicly endorses Hyperliquid as "very much in vogue" in the first half of 2026, signaling institutional-grade attention to the permissionless onchain perpetuals exchange.
- • Hyperliquid's HYPE token traded near $70 in mid-June 2026, approaching record highs, while the protocol achieved $1 billion in cumulative revenue by June 30, 2026—less than two years after launch.
- • The platform's strategic competitive advantage lies in offering 24/7 perpetual swaps on traditional assets (oil, S&P 500, gold) alongside crypto, eliminating market closure friction that became critical during geopolitical volatility in 2026.
- • Institutional money managers increasingly view Hyperliquid as an essential alternative to traditional Wall Street venues due to continuous market access and leverage capabilities unavailable through regulated channels.
- • Caratori's endorsement from within the regulated crypto establishment underscores a market shift where institutional capital is allocating to permissionless, onchain derivatives infrastructure rather than traditional gatekept exchanges.
Summary
Bruno Caratori, co-founder and operator of Hashdex—a $1 billion regulated crypto ETF issuer that spent eight years securing SEC approval for institutional crypto access—has publicly positioned Hyperliquid as a dominant market force during the first half of 2026. Speaking on the On The Margin podcast, Caratori stated that "Hyperliquid is one that at this moment, first semester of 2026, has been very much in vogue," acknowledging that "everybody that is in finance right now is well aware and attuned to what's happening on Hyperliquid."
This endorsement carries institutional weight given Caratori's background in building compliant crypto infrastructure. However, his focus on Hyperliquid centers not on crypto trading itself, but on the platform's expansion into perpetual swaps on traditional assets. Hyperliquid now offers leverage-enabled trading on oil, the S&P 500, and gold—assets historically confined to traditional market hours and regulated venues. This product expansion has attracted not just retail participants but "more and more traditional players both in finance and out of finance," according to Caratori.
The core appeal for institutional asset managers is operational: Hyperliquid operates continuously without market closures. Caratori explicitly noted that "everybody that manages money has had their eyes on Hyperliquid, especially this year when geopolitical turmoil brought a lot of volatility to markets and things that were happening on weekends started to matter to people." During periods of elevated global tension, the inability to trade traditional assets outside market hours created friction that Hyperliquid's always-on model eliminates.
Hyperliquid's market performance reflects this momentum. The HYPE token traded near $70 in mid-June 2026, approaching record highs. More significantly, the protocol achieved $1 billion in cumulative protocol revenue by June 30, 2026—a milestone reached in less than two years since launch. Ostium, a rival onchain perpetuals exchange, has pursued a similar strategic thesis for longer but has not achieved comparable market penetration.
The convergence of institutional demand, permissionless market structure, and continuous asset availability represents a structural shift in how professional capital accesses volatility and leverage—one that traditional gatekeepers were unable or unwilling to accommodate, leaving space for decentralized alternatives to capture market share.
This endorsement carries institutional weight given Caratori's background in building compliant crypto infrastructure. However, his focus on Hyperliquid centers not on crypto trading itself, but on the platform's expansion into perpetual swaps on traditional assets. Hyperliquid now offers leverage-enabled trading on oil, the S&P 500, and gold—assets historically confined to traditional market hours and regulated venues. This product expansion has attracted not just retail participants but "more and more traditional players both in finance and out of finance," according to Caratori.
The core appeal for institutional asset managers is operational: Hyperliquid operates continuously without market closures. Caratori explicitly noted that "everybody that manages money has had their eyes on Hyperliquid, especially this year when geopolitical turmoil brought a lot of volatility to markets and things that were happening on weekends started to matter to people." During periods of elevated global tension, the inability to trade traditional assets outside market hours created friction that Hyperliquid's always-on model eliminates.
Hyperliquid's market performance reflects this momentum. The HYPE token traded near $70 in mid-June 2026, approaching record highs. More significantly, the protocol achieved $1 billion in cumulative protocol revenue by June 30, 2026—a milestone reached in less than two years since launch. Ostium, a rival onchain perpetuals exchange, has pursued a similar strategic thesis for longer but has not achieved comparable market penetration.
The convergence of institutional demand, permissionless market structure, and continuous asset availability represents a structural shift in how professional capital accesses volatility and leverage—one that traditional gatekeepers were unable or unwilling to accommodate, leaving space for decentralized alternatives to capture market share.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.