Hyperliquid faces regulatory uncertainty as its biggest threat, according to Crypto Banter founder Ran Neuner, who said decentralized exchanges could come under broader scrutiny after regulators establish frameworks for centralized platforms, including the European Union’s MiCA rules. Hyperliquid is a decentralized perpetual futures exchange built on its own Layer 1 blockchain and recorded about $223 billion in trading volume over the past 30 days, making it the largest decentralized derivatives exchange, according to DefiLlama. Neuner said network effects and liquidity make its lead difficult for competitors to replicate. Investor attention has also focused on a potential regulated U.S. market entry. President Donald Trump said in August that Brian Quintenz, a commissioner at the Commodity Futures Trading Commission, was pursuing a plan to let Hyperliquid legally offer services in the U.S. After Trump’s remarks, HYPE rose about 20% in a day, breaking above $70. The token now trades around $82, up more than 220% since the start of the year, with a market capitalization of about $18.2 billion and a fully diluted valuation of about $78.4 billion. An earlier market assessment put the odds of HYPE reaching $100 by the end of 2026 at 62%, before they fell to 52.5% over 24 hours.