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Hyperliquid CEO Jeff Yan said at TOKEN2049 2026 that platforms integrating Hyperliquid’s infrastructure should not be viewed as competitors. He pointed to VALR’s Builder Codes integration as the first representative example of the model.
Why it matters
Yan said other platforms may also use Hyperliquid’s infrastructure and liquidity while retaining their own customer relationships and trading flows. Risk Labs co-founder Hart Lambur compared the arrangement to the internet, which people use without competing with it.
Market impact
The approach frames integrations as a way to extend Hyperliquid’s reach across trading platforms, rather than displacing their existing user relationships. The seed identifies VALR as the first example; it does not name other integrations or quantify their effect on liquidity or trading activity.
Frequently asked questions
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What did Jeff Yan say about platforms integrating Hyperliquid?
Yan said platforms using Hyperliquid’s infrastructure should not necessarily be viewed as competitors. They can access its infrastructure and liquidity while retaining their own users and trading flows.
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Which platform is the first example of Hyperliquid’s integration model?
Yan identified VALR’s integration through Builder Codes as the first representative example.
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What are Builder Codes in the context of this announcement?
The seed describes VALR’s integration through Builder Codes as an example of a platform connecting to Hyperliquid’s infrastructure and liquidity.
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What can partner platforms retain under the model Yan described?
They can maintain their own customer relationships and trading flows while using Hyperliquid’s infrastructure and liquidity.
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How did Hart Lambur explain Hyperliquid’s role?
Lambur compared the model to the internet, saying people use it rather than compete with it.
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