Copper Launches Institutional Hyperliquid Perpetuals Trading via API

The notable part is the custody model, not the venue: Copper is letting institutions touch a decentralized perpetuals exchange while collateral stays inside its MPC setup, which removes a key operational objection to on-chain derivatives. That matters most for funds and trading desks whose mandates or counterparty rules have kept them off native DEX perps. Whether this becomes a template other custodians copy, and how the arrangement handles collateral and liquidation mechanics across a non-custodial wrapper, is the open question.