The guy who owns the New York Stock Exchange just told a room full of institutional investors that a decentralized crypto exchange with 11 employees is bigger than NASDAQ.
Jeff Sprecher, CEO of Intercontinental Exchange, made the comment during the Bernstein 42nd Annual Strategic Decisions Conference on May 27. His exact words, delivered with the casual confidence of someone who’s been watching this space closely: “This Hyperliquid that we’re talking, if you haven’t heard about it, it’s bigger than NASDAQ, okay? It’s 11 people.”
The numbers behind the flex
Hyperliquid has carved out a dominant market share in decentralized perpetual futures trading, generating an estimated $650 million in annualized protocol revenue.
As of late May, Hyperliquid is processing roughly $9.5 billion in open interest.
