Flop Labs CEO Arthur Hayes stated in a September 30 interview at KBW 2026 that Hyperliquid remains the best perpetual decentralized exchange (DEX), but its risk-reward is no longer as attractive as it was previously. Hayes revealed he bought HYPE at around $30 and sold near $75, and even after the token fell back into the $50s, he did not see an attractive enough opportunity to re-enter. He believes Hyperliquid still leads in liquidity, brand recognition, and tokenomics, but increasing competition has altered its risk-reward profile.