Ark Invest cast doubts on Hyperliquid's U.S. plans – 'Best casino in the world'

What happened

Ark Invest cast doubts on Hyperliquid's U.S. plans. The article states that on-chain venues now control 86% of the RWA perps market, meaning real-world asset perpetual futures, which are contracts tied to real-world assets, trade mostly on blockchain-based platforms.

Confirmed

Global impact / market context

If on-chain venues already control most real-world asset perpetual futures trading, Hyperliquid's push into the United States faces crowded competition and regulatory scrutiny. Doubts from Ark Invest suggest investors may question whether U.S. expansion can add revenue or users without hurting the platform's existing edge.

Analyst inference

The 86% share shows blockchain-based trading venues dominate this niche, so traditional exchanges are losing ground in real-world asset perpetual futures. For HYPE holders, U.S. plans are a growth story, but Ark Invest's doubts imply the market may already price in limited upside from regulated expansion.

Analyst inference

What to watch

1. Ark Invest publicly cast doubts on Hyperliquid's U.S. plans, so any formal statement or research note from Ark could change how investors view HYPE and the platform's regulated expansion path. Confirmed
2. Hyperliquid could clarify its U.S. licensing strategy, including which regulator would oversee real-world asset perpetual futures and how it would comply with American rules for on-chain derivatives. Proposed
3. Watch whether on-chain venues keep or lose the 86% share of real-world asset perpetual futures, because a falling share would weaken Hyperliquid's main growth argument for U.S. expansion. Analyst inference

Affected assets

• HYPE — Hyperliquid

Evidence

• ambcrypto.com