{"id":44058,"date":"2026-05-19T04:00:43","date_gmt":"2026-05-19T04:00:43","guid":{"rendered":"https:\/\/cryptomag.finance\/?p=44058"},"modified":"2026-05-19T04:00:43","modified_gmt":"2026-05-19T04:00:43","slug":"hyperliquid-faces-fresh-solana-threat-as-toly-backs-new-perp-dex","status":"publish","type":"post","link":"https:\/\/cryptomag.finance\/?p=44058","title":{"rendered":"Hyperliquid Faces Fresh Solana Threat As Toly Backs New Perp DEX"},"content":{"rendered":"

Hyperliquid\u2019s lead in onchain perpetuals drew a fresh challenge from the Solana ecosystem after Solana co-founder Anatoly Yakovenko, known as Toly, argued that Solana needs its own atomically composable perp DEX inside the SVM. The debate comes as Hyperliquid is already trying to define its regulatory path in Washington during the advancement of the CLARITY Act.<\/p>\n

The exchange began with Hyperliquid co-founder Jeffrey Yan saying he had spent several days in Washington with the Hyperliquid Policy Center, meeting policymakers as the CLARITY Act advanced<\/a>. According to him, the discussions focused on Hyperliquid, its potential benefits for American consumers, and the regulatory path for bringing onchain derivatives markets into the US framework.<\/p>\n

That policy push quickly collided with a separate market-structure debate on X, where Toly publicly encouraged users who enjoy Hyperliquid to try a new Solana-based perp DEX. The comment drew pushback from users, who questioned whether the industry needs another perpetuals venue rather than further innovation.<\/p>\n

Rune framed the issue directly: \u201cI admire the Solana guys for pushing their apps publicly, genuine respect for the hustle, but maybe the energy should go towards innovation instead of replication.\u201d He added that the central question was what a Solana-native perp DEX could do better than Hyperliquid, beyond competing on fees or copying the same product category.<\/p>\n

Hyperliquid Vs. Solana<\/h2>\n

Toly\u2019s answer<\/a> was composability. He argued that the comparison is not fundamentally different from asking why Hyperliquid was needed when Binance, Coinbase or CME already existed.<\/p>\n

\u201cIt\u2019s like asking what can Hyperliquid do that Binance or Coinbase or CME can\u2019t?\u201d Toly wrote. \u201cSolana\u2019s SVM needs an atomically composable perp DEX in its runtime so innovation can flourish. Apps built inside the SVM can\u2019t use HL because you have to bridge there.\u201d<\/p>\n

The disagreement cuts to the core of how different ecosystems view derivatives infrastructure. Hyperliquid has built its case<\/a> around a vertically integrated, onchain exchange experience that appeals to traders seeking self-custody, speed, and a non-CEX interface. Rune acknowledged that Hyperliquid had answered its own \u201cwhy exist\u201d question through \u201cself-custody, no KYC, community-owned,\u201d but pressed whether composability alone is enough for a Solana-native rival to win.<\/p>\n

Toly did not argue that success is guaranteed. Instead, he framed the market as large enough to justify aggressive experimentation from Solana teams, especially if the base layer can support products that compete with centralized venues.<\/p>\n

\u201cThe 10B OI is the opportunity,\u201d he wrote, referring to open interest. \u201cIt\u2019s a small fraction of what Binance<\/a>, CME, Coinbase, NYSE have. Why wouldn\u2019t I want Solana to compete for the chunk of the global market?\u201d<\/p>\n

He added that Binance and other incumbents are unlikely to leave that market uncontested, and that Hyperliquid\u2019s own growth has already validated demand for a DEX-style trading interface. \u201cHL proved that people will trade with a DEX interface instead of a Binance\/CME style one,\u201d Toly said, while pointing to Solana ecosystem teams and hackathon winners as examples of broader experimentation.<\/p>\n

The debate also drew attention from market participants outside the Solana-Hyperliquid rivalry. Moonrock Capital founder Simon Dedic said<\/a> he was \u201cneither a Hyperliquid nor a Solana maxi\u201d and did not care much about trading, but argued that Toly\u2019s interest itself was notable. \u201cWhen Toly, one of the most brilliant, successful and relentless founders in the industry, gets excited about a new product like this, you better pay attention I guess,\u201d he wrote.<\/p>\n

At press time, HYPE traded at $45.968.<\/p>\n

\"Hyperliquid<\/p>","protected":false},"excerpt":{"rendered":"

Hyperliquid\u2019s lead in onchain perpetuals drew a fresh challenge from the Solana ecosystem after Solana co-founder Anatoly Yakovenko, known as Toly, argued that Solana needs its own atomically composable perp DEX inside the SVM. 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