Singapore's MAS claims no jurisdiction over Hyperliquid despite its Singapore HQ, citing the platform's decentralized nature; Hyperliquid confirms it is unregulated.
DeFi & Yields ·
Singapore's Monetary Authority stated it lacks jurisdiction over Hyperliquid due to the platform's decentralized structure, despite the trading venue's corporate registration in the city-state. According to reporting, MAS has not identified Hyperliquid as regulated in any major jurisdiction and has cautioned investors that the platform's perpetual futures fall outside its oversight. Hyperliquid Labs acknowledged its Singapore presence through job postings and company documents but clarified it operates without regulation and has never sought MAS authorization, while pledging continued engagement with regulators.
The platform has demonstrated substantial operational scale, generating $730.5 million in protocol revenue and recording $716.4 billion in perpetual derivatives volume during the third quarter, with $16.4 billion in open interest at quarter-end. Growth has accelerated through HIP-3, a deployer-based perpetual futures expansion that represented 36.6 percent of total derivatives volume in Q3, up from 32.7 percent in Q2, enabling trading in assets such as crude oil and pre-IPO markets previously difficult to access on-chain.
The regulatory clarity question remains unresolved: whether decentralized protocols with incorporated entities in regulated jurisdictions can operate entirely outside local oversight frameworks. HYPE, the native token, has traded near $91 after approaching $98 in September but faces ongoing price volatility in the absence of formal regulatory status.