OKX CEO Star Xu has praised Hyperliquid’s success in the on-chain perpetuals space and noted that the platform achieved massive success with very few employees.
Summary
- OKX CEO highlights Hyperliquid’s success and regulatory barriers to mainnet launch.
- CFTC enforcement actions on DeFi keep exchanges cautious on perpetuals rollout.
- Arthur Hayes predicts HYPE may hit $5,000 by 2028.
OKX CEO points to regulatory enforcement as market barrier
Xu’s comments come as HYPE (HYPE) token reached a new all-time high of $59.30 on September 18, jumping over 30% in the last 30 days.
Xu revealed that OKX Web3 has been testing a similar product since 2023 but chose not to launch on mainnet due to regulatory concerns.
He pointed to the CFTC’s 2023 enforcement action against Deridex as a key factor.
The OKX CEO shared CFTC enforcement data showing charges against Opyn, ZeroEx, and Deridex for failing to register as swap execution facilities, designated contract markets, or futures commission merchants.
The companies were also charged with illegally offering leveraged and margined retail commodity transactions in digital assets without proper registration.
Hyperliquid proved that massive success in onchain perps can be achieved with very few employees. Now, more competitors like $Aster are stepping into the space. OKX Web3 has been testing a similar product since 2023, but we chose not to launch mainnet due to regulatory concerns.…
— Star (@star_okx) September 21, 2025
Xu expressed hope that the industry will soon gain much-needed regulatory clarity which will allow platforms like OKX to safely enter the on-chain perpetuals market.
Meanwhile, he noted that more competitors like Aster are stepping into the space following Hyperliquid’s success.
The CFTC’s enforcement actions against DeFi platforms have created a cautious atmosphere.
The charges centered on failures to comply with traditional financial regulations adapted for digital assets. This includes lack of proper customer identification programs needed under Bank Secrecy Act compliance.
Arthur Hayes predicts $5,000 HYPE target by 2028
BitMEX co-founder and Maelstrom CIO Arthur Hayes has made one of his most aggressive cryptocurrency predictions. He suggested that HYPE could reach $5,000 by 2028.
Hayes shared his bullish thesis during multiple September 2025 appearances, including the WebX 2025 conference in Tokyo and a podcast interview with Kyle Chasse.
His prediction builds on earlier remarks where he suggested HYPE could see a 126-fold gain within three years. Hayes’ $5,000 target would be an 84x to 86x increase from current levels.