Wintermute CEO Flags Two Big Risks for Hyperliquid as U.S. Expansion Nears

Wintermute CEO Evgeny Gaevoy has raised two concerns about Hyperliquid’s future: regulation and throughput. His comments come as Hyperliquid (HYPE) seeks a regulated route to bring its perpetual futures to U.S. users.

Regulation Could Change Hyperliquid

Gaevoy’s first concern is what happens if U.S. regulations become stricter under a future administration. He questioned whether Hyperliquid could eventually be forced to introduce KYC requirements or restrict users from sanctioned jurisdictions.

“If Hyperliquid becomes like KYC-able, like, okay, then it’s just another exchange.”He said. 

The concern is that heavier compliance could change what makes Hyperliquid different from traditional centralized exchanges.

At the same time, Hyperliquid is already working toward U.S. access. According to reports, the platform is seeking a regulatory pathway that could allow U.S.-regulated firms to offer its perpetual futures to American users while trades remain executed and settled on Hyperliquid’s blockchain.

The Hyper Foundation-backed Policy Center has been engaging with policymakers in Washington, while CEO Jake Chervinsky is pushing for a favorable interpretation of existing rules rather than waiting for the delayed CLARITY Act.

Can Hyperliquid Handle Traditional Market Volumes?

Gaevoy’s second concern is throughput. He questioned whether blockchains can eventually process the enormous volumes handled by traditional exchanges such as CME and Nasdaq.

“I generally don’t believe blockchains are the best tool when it comes to throughput.” He said.

He argued that competing directly with major financial exchanges could eventually require Hyperliquid to become more centralized.

“The only way for them to do it is to become more and more centralized.” He said. 

Gaevoy stressed that this could still work as a product, but users and investors need to understand what that shift could mean for Hyperliquid’s original onchain model.

U.S. Access Could Change the Game

Hyperliquid already has substantial trading activity without serving U.S. users. Around 32% of its second-quarter volume was tied to stocks and other real-world assets, showing that its market is expanding beyond crypto.

The platform’s core perps remain unavailable to Americans, but a regulated U.S. pathway could bring new capital and liquidity into the ecosystem.

HYPE is currently around $57.46, roughly 25% below its June all-time high. For Hyperliquid, the bigger question now is whether it can expand into the U.S. while preserving its onchain structure and scaling enough to compete with traditional financial markets.