Arthur Hayes Says Hyperliquid’s HYPE Token May Trail Ether (ETH) and Zcash (ZEC)

BitMEX founder Arthur Hayes says Hyperliquid’s HYPE token faces a weaker investment case as competition among decentralized perpetual futures platforms intensifies, even though he sees real demand for their products. His concern is whether HYPE can keep pace with Ether (ETH) and Zcash (ZEC), rather than whether the token must lose value outright. Hayes said Oct. 16 that Hyperliquid had shown real demand for on-chain perpetual futures. He also described the sector as a consensus trade, with competing platforms offering increasingly similar products. In his view, those conditions have reduced HYPE’s risk-reward appeal.