Hyperliquid has surfaced as crypto’s derivatives darling since it debuted in 2023, but the honeymoon may not last forever, according to BitMEX co-founder Arthur Hayes. Although the decentralized upstart’s surging popularity has helped spur its native token to recent all-time highs, the outspoken Hayes told Decrypt in an interview that looming competition from Wall Street and established crypto players threatens to erode one of the digital asset’s core drivers.