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Bybit CEO Ben Zhou said the exchange views Hyperliquid more as a partner than a direct competitor, arguing the two venues serve different user needs under the current regulatory environment. Speaking on the When Shift Happens podcast on April 23, Zhou pushed back on the narrative that Hyperliquid is draining Bybit's user base.
Why it matters
Zhou's framing leans on regulatory geography. Under Europe's MiCA framework, Bybit's licensed entity cannot offer derivatives at all, and even a MiFID license would cap leverage at 10x — a level he called "not competitive at all" against what Hyperliquid offers on-chain. The argument is that compliance constraints are pushing a segment of high-leverage users toward DEXs by design, not because Bybit is losing on product.
Market impact
The framing matters for how the CEX–DEX boundary is read. If a major centralized exchange publicly treats a leading perp DEX as a complementary venue rather than a threat, it validates the segmentation thesis: regulated CEXs and high-leverage DEXs are increasingly serving different cohorts rather than fighting for the same flow.
Frequently asked questions
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Did Bybit's CEO say Hyperliquid is a partner instead of a competitor?
Yes. On the When Shift Happens podcast on April 23, CEO Ben Zhou said Bybit sees Hyperliquid more as a partner than a direct competitor, framing the relationship as complementary under current regulatory constraints.
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Why does Bybit think users move to Hyperliquid?
Zhou said it is driven by licensing and compliance limits, not product failure. Bybit's MiCA entity in Europe cannot offer derivatives, and a MiFID license would cap leverage at 10x, which he called uncompetitive against Hyperliquid's on-chain offering.
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Does Bybit have a MiCA license?
Zhou referenced Bybit's MiCA site in Europe, which is restricted from offering derivatives under the framework. He also noted that even a MiFID license would impose a 10x leverage cap.
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What leverage does Hyperliquid offer compared to regulated CEXs?
Hyperliquid offers high-leverage perpetual futures on-chain without the leverage caps imposed by frameworks like MiFID. Zhou said 10x leverage under MiFID is "not competitive at all" against what Hyperliquid provides.
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What does this mean for CEX vs DEX market share?
Zhou's framing supports a segmentation view: regulated CEXs and high-leverage DEXs are increasingly serving different user cohorts under the current rules, rather than competing directly for the same flow.
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