Arthur Hayes: Hyperliquid Still Leads Perp DEXs, but Risk-Reward Has Changed Flop Labs CEO Arthur Hayes @CryptoHayes said in a September 30 interview with @BitcoinNews at KBW 2026 that Hyperliquid remains the best perp DEX, but its risk-reward is no longer as attractive as it was earlier.Hayes said he bought HYPE at around $30 and sold near $75. Even after the token later fell back into the $50, he did not see an attractive enough opportunity to re-enter. In his view, Hyperliquid still leads on liquidity, brand recognition and tokenomics, but growing competition has changed the risk-reward profile. WuBlockchain note: Arthur Hayes has a relatively poor historical track record on market forecasts and frequently adjusts his views. His analytical framework may be more useful to follow than his specific price targets or timing calls.