Hyperliquid handles half of decentralized perpetual trading, LegalBison co-founders say
LegalBison co-founders told Bitcoin.com News that Hyperliquid handles roughly half of decentralized perpetuals trading and has booked more than $4 trillion in volume since launch.
Why it matters
Where a perpetual DEX registers and how it is licensed now determines how much of the market it can hold, and the account of three regulators using three different approaches describes that choice. The same outlet puts decentralized venues at roughly a tenth of perpetuals volume, leaving most of that volume with offshore centralized exchanges while U.S. regulators work to draw it back. The item is an interview rather than a rule, a licence or a company action, so its significance is limited to the regulatory backdrop.
Key facts
Hyperliquid has pushed more than $4 trillion in volume through its books since launch.
4,000,000,000,000 USDReported by Bitcoin.com News
The rest of the perpetuals market sits on offshore centralized exchanges that U.S. regulators are trying to draw back.
Reported by Bitcoin.com News
Perpetual DEX founders often register their companies in the Caymans.
Reported by Bitcoin.com News
LegalBison is a boutique legal and business services firm and a licensed Corporate Service Provider specializing in regulatory structures for FinTech and digital asset projects.
Reported by Bitcoin.com News
Bitcoin.com News interviewed LegalBison co-founders and managing directors Aaron Glauberman, Viktor Juskin and Sabir Alijev about how perpetual DEXs operate.
Reported by Bitcoin.com News
What happened
Bitcoin.com News interviewed Aaron Glauberman, Viktor Juskin and Sabir Alijev, co-founders and managing directors of LegalBison, a boutique legal and business services firm and licensed Corporate Service Provider that works on regulatory structures for FinTech and digital asset projects. The outlet reports that Hyperliquid handles roughly half of all decentralized perpetuals trading and has pushed more than $4 trillion in volume through its books since launch. Bitcoin.com News also puts decentralized platforms at about a tenth of the total perpetuals market, with the rest on offshore centralized exchanges that U.S. regulators are trying to bring onshore. The article says three regulators are handling perpetual DEX structures in three different ways in 2026 and that founders often register in the Caymans, but the material available names none of the three regulators and gives no detail on the U.S. initiative. Only Bitcoin.com News has covered this, so the figures and the regulatory account rest on a single source.
How the story developed
- First report
First report by Bitcoin.com News
Hyperliquid Behind the Scenes: How to Build a Perpetual DEX
- Update
Bitcoin.com News publishes LegalBison interview on building a perpetual DEX
The interview covers Hyperliquid's share of decentralized perpetuals trading and its cumulative volume, the three different regulatory approaches in 2026 and the dominance of offshore centralized exchanges.
Affected entities
Also mentioned: United Arab Emirates
Original sources
| Publisher | Report | Role | Published |
|---|---|---|---|
| Bitcoin.com News Company, official | Hyperliquid Behind the Scenes: How to Build a Perpetual DEX | Original |
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