Hyperliquid's 12-month revenue hits $713 million; founder says 'It's not an exchange'

Hyperliquid (HYPE) generated $713 million in revenue over the past 12 months without taking outside investment, having expanded from perpetual futures into contracts tracking assets like stocks and gold. Founder Jeff Yan, 31, told Bloomberg in Washington, D.C. that Hyperliquid is not an exchange but the infrastructure that houses exchanges, meaning developers building on it must design their own risk management and checks. He is supporting the Hyperliquid Policy Center, an independent lobbying organization, and filed paperwork with U.S. regulators to explain the platform's value. The distinction matters because it shapes how U.S. regulators may classify and oversee the platform as it broadens beyond crypto derivatives. Watch for further regulatory engagement in Washington and the platform's continued expansion into tokenized traditional assets.