Jeff Sprecher, CEO of ICE and the New York Stock Exchange, called Hyperliquid bigger than the Nasdaq and praised its 11-person team.

Then Arthur Hayes put $100,000 behind that framing in a bet against Multicoin’s Kyle Samani, who calls Hyperliquid Binance 2.0 without a marketing team.

Kain Warwick and Luca Netz break down the bet, Luca’s bull case for HYPE’s valuation, and why a bear market makes Hyperliquid one of the few assets traders still see as investable.

Hosts:

• • Kain Warwick – Founder of Infinex and Synthetix
  • Taylor Monahan – Security Expert
  • Luca Netz – CEO of Pudgy Penguins

This clip is from a longer conversation on the Polymarket dispute, Solana’s SOL burn fight, a frozen confidential USDC pool, and Hyperliquid. Full episode here.

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• • Multichain Advisors: Get help navigating TGEs, go‑to‑market, BD and partnerships, capital markets advisory, PR, media placements, KOL activations and more at multichainadv.com.