Bankless · Friday, July 10, 2026
The perpetual decentralized exchange (DEX) landscape is heating up, with a rivalry emerging between Hyperliquid and LiDO, likened to the Ethereum vs. Solana dynamic. The CFTC has reportedly told the CME to cease its 24/7 market plans, potentially favoring DEXs like Hyperliquid. LiDO is positioning itself for the US market with a focus on compliance and a hub-and-spoke model, while Hyperliquid aims to be a dominant, first-party exchange. This competition is driving innovation and tribalism within the crypto community.
“The CME filed to do 24-7, 365 markets. I think it's just starting with their oil market. And they asked the CFTC if they could do that. And the CFTC just said, no, you can't do that.”
“There is a brewing war between the commodities exchanges and the perp dexes. And yet within that, too, this cycle, there's a war between the Perpstexes themselves.”
“I think Hyperliquid versus LiDAR is the... I think you said the new ETH for Solana. Yeah, it's a new ETH for Solana. That's right.”
“LIDAR is the very technically competent, I think it could potentially create a framework for the end game of like exchanges, like full stop, not just crypto exchanges, not just Perpdexes, but like exchanges, like the NASDAQ and the NYSE, like stuff like this.”