WuBlockchain
Arthur Hayes told Bitcoin News at KBW 2026 on September 30 that Hyperliquid remains the best perpetual DEX by liquidity, brand and tokenomics, but the risk-reward on its HYPE token is no longer as attractive as it was earlier in the cycle. Hayes said he bought HYPE around $30 and sold near $75. Even after the token later slipped back toward $50, he did not see an attractive re-entry point.
Growing competition has shifted the math for the category leader. The call from an early bull on the name carries weight: the venue still leads, but the token's risk-reward has tightened enough that Hayes is sitting out the next leg.
Frequently asked questions
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What did Arthur Hayes say about Hyperliquid at KBW 2026?
Hayes told Bitcoin News that Hyperliquid still leads perpetual DEXs on liquidity, brand and tokenomics, but the risk-reward on its HYPE token is no longer as attractive as earlier in the cycle.
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At what prices did Arthur Hayes buy and sell HYPE?
Hayes said he bought HYPE around $30 and sold near $75. Even after the token later slipped back toward $50, he did not see an attractive re-entry point.
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Why does Hayes think HYPE's risk-reward has changed?
In his view, growing competition from rival perpetual DEXs has shifted the risk-reward profile for the category leader, even though Hyperliquid still tops the natural trading.
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Which venue currently leads perpetual DEX trading?
Hayes said Hyperliquid remains the leading perpetual DEX by liquidity, brand recognition and tokenomics, calling it the best venue in the category.
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How should investors weigh Arthur Hayes' specific market calls?
WuBlockchain noted that Hayes has a mixed historical track record on individual price calls, but his analytical framework tends to be the more durable signal than specific targets.
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