Arthur Hayes says Hyperliquid still leads perp DEXs as risk-reward shifts

Oct 2, 2026 00:00 (22d ago)

Arthur Hayes said Hyperliquid remains the best perp DEX.
September 30 marked the date of Hayes’ BitcoinNews interview at KBW 2026.
Flop Labs CEO Arthur Hayes said Hyperliquid’s risk-reward is less attractive.

Hyperliquid remains the best perp DEX, in the view of Flop Labs CEO Arthur Hayes, but its risk-reward profile is no longer as attractive. Hayes made the comments in a September 30 interview with BitcoinNews at KBW 2026. A perp DEX is a decentralized exchange offering perpetual futures contracts, which have no fixed expiration date.