Jeff Sprecher calls Hyperliquid bigger than NASDAQ, run by 11 people

Jeff Sprecher, CEO of Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, called Hyperliquid—a decentralized crypto exchange with just 11 employees—a standout example of efficiency in trading. During the Bernstein 42nd Annual Strategic Decisions Conference on May 27, Sprecher stated the platform was 'bigger than NASDAQ,' citing its dominance in decentralized perpetual futures trading. Hyperliquid generates an estimated $650 million in annualized protocol revenue and handles $9.5 billion in open interest as of late May. The exchange operates on its own Layer-1 blockchain, HyperCore and HyperEVM, featuring a fully on-chain central limit order book similar to traditional exchanges but running entirely on blockchain technology. The platform’s governance token, HYPE, launched via an airdrop in 2024 and surged to record prices above $62, pushing its market cap to $13 billion–$15 billion. Revenue from trading fees is being reinvested into buybacks and treasury operations. Beyond crypto, Hyperliquid has expanded into S&P 500 perpetual futures and prediction markets, positioning itself as a general-purpose trading venue. This move signals broader institutional interest in decentralized finance (DeFi) as a viable alternative to traditional markets. While Hyperliquid’s small team and validator set raise centralization concerns, its ability to process high volumes with minimal overhead has drawn attention from legacy finance. Sprecher’s endorsement underscores the growing relevance of DeFi platforms in disrupting traditional trading infrastructure.