Jake Chervinsky, CEO of the Hyperliquid Policy Center, says exchanges from CME Group to Coinbase will have to adopt public blockchain infrastructure if they want to stay competitive. He also expects U.S. regulators to bring onchain markets inside the regulatory perimeter “at some point soon.”
Infrastructure, Not an Exchange
Speaking to The Block on Tuesday at the Digital Asset Summit 2026 Asia in Singapore, Chervinsky argued that Hyperliquid is not an exchange. He compared it to Bitcoin, Ethereum and Solana, saying a public blockchain has no reason to register as an exchange.
“Hyperliquid is not meant to compete with Kalshi, Coinbase, Robinhood, and CME,” he said. It “sits one level below them in the technology stack,” he added, offering tools that those firms can use to improve their products.
His forecast is bold. If the vision succeeds, every exchange, from crypto-native names like Kraken and Coinbase to traditional operators like Intercontinental Exchange and CME, will have to integrate the technology within 10 years.
The Path to U.S. Onshoring
Chervinsky’s remarks follow a string of developments. Payward announced in September that it plans to launch permissioned perpetual markets on Hyperliquid for U.S. clients. Bitnomial, the CFTC-regulated exchange and clearinghouse that Payward acquired, would create and clear the contracts, and NinjaTrader Clearing would carry the accounts.
Earlier, President Donald Trump said the CFTC would bring Hyperliquid onshore in a compliant manner. Before that, the CFTC cleared the way for Kalshi to offer regulated perpetual futures to U.S. customers.
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There is still a gap. U.S. regulators have let registered exchanges offer crypto perpetuals to domestic customers, but they have not approved the underlying onchain infrastructure. Chervinsky said he has “no doubt” regulators are working hard on it and credited them for moving in a methodical, careful way.
He sees clear benefits to bringing onchain markets inside the perimeter: a shared public ledger and decentralization add resilience, security and transparency, while lower costs and faster speeds improve existing systems. Next, he expects perpetuals on other assets, such as oil and metals, which are already among Hyperliquid’s more active markets, plus agricultural contracts.
CME’s “Delay Tactics”
Chervinsky also took aim at CME’s lawsuit against the CFTC, filed in June, which seeks to overturn the approval of perpetual futures as futures contracts. CME argues they should be classified as swaps. The case is pending on a motion to dismiss, and the CFTC has argued CME lacks standing because the rule lets CME list the same product.
He called CME’s chances of winning highly unlikely. “If you choose not to compete, you can’t complain about the competition,” he said. Perpetuals are a separate market, not a drain on CME’s dated futures, so he reads the suit as “a delay tactic” from an exchange that isn’t ready to capitalize on the shift.
He also rejected CME’s explanation that staffing issues led it to withdraw plans for around-the-clock energy futures. “I think it was the CME getting way out over their skis,” he said, pointing to a misread of real demand for 24/7 energy trading.
What to Watch
The key questions are whether regulators approve onchain infrastructure for U.S. users, how the CME case plays out, and whether Payward’s Hyperliquid-based markets launch. Chervinsky is a Hyperliquid advocate, so his forecasts reflect that perspective.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
