Arthur Hayes: Hyperliquid's success is hard to replicate, but the Perp DEX race is still undecided On November 3, Arthur Hayes mentioned during an interview with host Guy on the Coin Bureau channel that some emerging Perp DEXs have the opportunity to grab market share from Hyperliquid. Success will depend on whether they can master market strategies like token issuance and buybacks. Hyperliquid's rise from a few dollars to around $60 is a snapshot of a mini altcoin season, but no project has yet replicated its success. He predicts that in the next 3 to 5 years, Perp DEXs will significantly siphon off trading volume from CEXs. While he personally hopes Hyperliquid will emerge as the ultimate winner, it remains uncertain whether it can maintain its top position. Source: @CoinBureau