Flop Labs CEO Arthur Hayes — the co-founder and former chief executive of crypto derivatives exchange BitMEX — has described Hyperliquid as the best-run decentralized exchange in the industry, while cautioning that the platform's scale limits how much further it can deliver as an investment. In a Sept. 12 interview with VirtualBacon, Hayes said Hyperliquid can keep growing despite intensifying competition and its planned U.S. expansion. However, a fully diluted valuation (FDV) of roughly $85 billion to $90 billion makes another fivefold gain significantly harder, he said.

Hayes' remarks were also flagged on X by WuBlockchain: https://x.com/WuBlockchain/status/2105483724142105043?s=20

Hayes Separates Platform Quality From Investment Returns

Hayes maintained that Hyperliquid — a decentralized exchange for perpetual futures that runs on its own layer-1 blockchain — is the best-run decentralized exchange and said he expects the platform to sustain its growth. He compared its size with other major crypto assets, noting that the exchange already represents a much larger investment base.

That scale, he argued, is central to his outlook: generating another fivefold increase would require a much larger rise in overall market value. Hayes contrasted Hyperliquid with Ethena, the protocol behind the USDe synthetic dollar, which he said has fallen 99%. Because a smaller asset starts from a lower base, he explained, it needs far less additional market capitalization to produce a fivefold return.

Hayes emphasized that his comments address investment returns rather than Hyperliquid's operations. He said he believes the exchange can continue building on its existing progress.

U.S. Expansion Raises Compliance Questions

Hayes also weighed in on Hyperliquid's planned U. expansion and the compliance requirements that come with it. He questioned whether the U.S. version of the product would retain the features available on the existing platform, specifically raising the possibility of restrictions on leverage and access to certain products.

Those requirements, he said, could influence how quickly Hyperliquid grows. At the same time, the exchange faces competition and heightened attention as it broadens its reach — conditions that could force changes to its products, according to Hayes.

Hayes added that he prefers permissionless products, which can launch without seeking approval — a design principle at the core of decentralized finance, and one that sits in tension with the compliance demands of a U.S. rollout. Even so, he characterized the U.S. expansion as one factor shaping his investment view, rather than a verdict on the platform itself.

HYPE Price Action Holds Near $89

HYPE, the native token of the Hyperliquid platform, was trading near $88.894 on the 4-hour HYPE/USDT chart at the time of writing. The latest candle opened at $88.910, reached a high of $89.596, and dipped to a low of $88.416.

The token has been volatile in recent weeks. After moving out of its 80–86 range and climbing above $92 in September, HYPE rallied to nearly $98 around Sept. 23 before falling back toward $85.

For now, $92 stands as immediate resistance, with the 96–98 zone forming the next barrier overhead. On the downside, $88 provides near-term support, followed by the 84–85 region and then $80.

Among momentum indicators, the relative strength index (RSI) sits at 49.76, above its average of 42.94, while the MACD histogram is positive at 0.432 and the MACD line remains above its signal line. A decisive move above $92 could expose the 96–98 zone, whereas losing $88 would put the 84–85 region back in focus.

Away from the charts, the shape of Hyperliquid's U.S. rollout — including whether leverage and product access carry over — remains one of the factors Hayes said could influence the platform's growth.