Perps matter because they’re where serious capital plays. In TradFi, futures drive most of the volume. In crypto, perps are the main way degens express conviction, hedge risk, and rotate size across assets. Whoever owns perps owns liquidity. What if you could blend the speed and polish of a CEX with the trustlessness and composability of DeFi? That’s the question Hyperliquid answers-not with hype, but with architecture. As a researcher who's followed perps since the early dYdX days, I se...