arena

The landscape of decentralized finance (DeFi) is undergoing a quiet but tectonic shift. For years, the narrative surrounding decentralized derivatives exchanges (DEXs) centered on retail-heavy "degens" chasing high leverage and speculative yield. However, recent on-chain activity on Hyperliquid—a high-performance decentralized perpetuals exchange—signals that the institutional class has arrived, bringing with it the sophisticated strategies that […]