Tag: crypto derivatives

The UK FCA has warned that Hyperliquid may be providing or promoting financial services without permission. FinTelegram analyses why Hyperliquid’s DeFi positioning may no longer protect it from derivatives regulation, especially after its S&P 500 perpetual exposure.

Hyperliquid has become one of the most extraordinary revenue engines in crypto. Public analytics suggest that the protocol generated roughly $961.5 million in gross protocol revenue in 2025 and about $873.7 million in gross profit, while current annualized revenue still sits near $675 million. At the same time, the network is processing roughly $193.9 billion in 30-day perpetual volume, carrying around $8.2 billion in open interest, and supporting a token market cap of about $10.6 billion. But behind the growth story sits a harder compliance question.