Tag: Market Integrity

Keep your token in MiCA and route derivatives liquidity to venues that shoulder MiFID II obligations. Our Hyperliquid tests show why the split matters: EU access to perps without KYC is a venue risk, not a loophole for issuers.

Perpetual futures (perps) on DEXs may be branded as “permissionless,” but in the EU they don’t live outside the law. When derivatives are offered to EU clients, they generally fall under MiFID II—licences, conduct rules, surveillance, the lot [2]. In our latest field test from Italy, we connected a wallet to Hyperliquid, accepted its terms, and reached Spot and Perps—with no EU geo-gate, no residency question, and no KYC.