James Wynn, a high-risk crypto trader, has taken a shot at Hyperliquid, and its lack of a referral program is the cause of its downfall. In a recent post on X, Wynn stated that poor incentives will force users onto better platforms, as Hyperliquid’s referral payouts are ‘terrible’ even though they are generating a lot of volume.
Wynn said he made only $34,000 from referrals, an amount he called disappointing given the impact he had on the platform’s user growth. “Their referral program sucks,” he wrote, adding that other exchanges offer far more competitive rewards.
I was not paid a single cent by HyperLiquid.
I reached out on two occasions hoping to get some kind of partnership deal for all of the attention I was bringing them, and although they seemed thankful they don’t offer such deals to anyone. Which kinda makes sense considering…
— James Wynn (@JamesWynnReal) June 8, 2025
The drama escalated when Wynn revealed that he tried to strike a partnership with Hyperliquid twice. However, the DEX reportedly turned him down, saying partnerships go against its internal policy.
Rumors that Wynn’s high-octane trading was a marketing stunt were also dismissed by him: “I was not paid a single cent by Hyperliquid.” However, a new player is seen as a ray of hope for the trader in the form of a CZ-backed dark pool DEX.
Binance founder Changpeng Zhao has the resources to build a more attractive alternative, Wynn believes, especially if it has better referral bonuses. COTI has already launched a privacy-first DEX inspired by CZ’s vision, and speculation is already rife that the Binance founder may soon be joining the market himself.
Although Hyperliquid’s HYPE token has surged nearly 50% in the last month, fueled by Wynn’s trades, he has threatened to walk away from crypto futures entirely, citing manipulation and transparency concerns.
If CZ launches his own DEX, it could be game over for Hyperliquid.
Also Read: Crypto Trader James Wynn Lost $100M, Says He ‘Lost Control’