WuBlockchain
Bybit CEO Ben Zhou told the When Shift Happens podcast on April 23 that the exchange views Hyperliquid as a partner rather than a direct competitor, pushing back on the narrative that DEXs are cannibalising centralised exchange user bases.
Zhou said Bybit has not seen a significant wave of users actively migrating to Hyperliquid. Instead, the movement is largely regulatory in nature: under Europe's MiCA framework, Bybit's compliant site cannot offer derivatives at all, and even a MiFID licence would cap leverage at 10x — a level Zhou described as "not competitive at all" relative to what Hyperliquid can offer without those constraints.
The framing matters for how the industry reads CEX-DEX dynamics.
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