Hyperliquid’s biggest risk is regulation, says Ran Neuner

Neuner's framing shifts the debate from the familiar DEX-versus-DEX rivalry to the policy layer, where network effects offer no protection. That matters because Hyperliquid's moat is built on user liquidity and trader habit, advantages that can be undone by a single jurisdictional action rather than a better product. The notable gap is specificity: without naming jurisdictions or the regulatory actions in view, the warning lands as directional rather than actionable. Whether the platform or its peers begin disclosing concrete regulatory exposure is the open question.