Tag: Jeff Yan

Hyperliquid vaulted from “nobody” to $2.48 trn monthly perp volume in May 2025—10.5 % of the global pie, beating many CEXs. That explosive climb, achieved without VC money and (initially) without a native token, earns applause—and regulatory side-eye. Yan, the platform’s secret-sauce quant, is now a magnet for watchdogs, investors, and money-laundering rings alike.