Wall Street wants in on Hyperliquid. So why isn’t its broader onchain ecosystem thriving?

Our Kinetiq report is anchored around that question.

Hyperliquid made $818M in revenue in 2025. It has built an exchange people clearly want to use.

The institutional appetite for its infrastructure looks unprecedented for an onchain exchange.

ICE partnered with TradeXYZ for proposed US markets. Payward will deploy HIP-3* market