Hyperliquid, a decentralized exchange co-founded by Jeff Yan in 2023, has rapidly gained traction in the crypto space by popularizing perpetual futures trading. Over the past year, it generated more than $2.73 trillion in perpetual futures trading volume and $110.65 billion in spot trading volume, earning $1.22 billion in annualized revenue. In comparison, the American audio company Dolby, which employs over 2,000 people, reported $1.35 billion in revenue this year. Hyperliquid operates with a small team of just 11, and its users share in the revenue, which sets it apart from traditional centralized exchanges. Perpetual futures allow traders to speculate on asset prices without expiration dates, using borrowed capital and varying leverage. Hyperliquid has made these tools more accessible, previously limited to accredited investors or users of centralized exchanges. With leverage options ranging from 3x to 40x, Hyperliquid attracts retail traders eager for high-risk, high-reward opportunities. In contrast, centralized exchanges like Binance offer leverage up to 150x but require extensive verification processes. The growth of perpetual futures trading reflects a shift from centralized finance (CeFi) to decentralized finance (DeFi), with open interest in perp DEXs increasing over 700% in the past year. Critics argue that Hyperliquid exemplifies a troubling trend in finance, where the tools designed for wealth generation may encourage reckless gambling behavior among inexperienced traders. The rise of leverage in retail trading is linked to past market events, such as the GameStop short squeeze, which sparked demand for easier access to high-risk trading options. Hyperliquid's unique position lies in its dedicated layer-1 blockchain, enabling on-chain transactions and gasless trading, contributing to its appeal in a rapidly evolving financial landscape.