How Hyperliquid Becomes the Backend for ALL of Finance | Tushar Jain

July 7, 2026

AI Summary

5 min read

Hyperliquid started as a fast-growing perpetuals exchange, but the team at Multicoin Capital sees something much larger. In a recent investment report, they argued that at a token price of $63, the market was "deeply mispricing hype, viewing it too narrowly as just a fast-growing perp exchange." Partner Tushar Jain joined Bankless to explain why his firm believes Hyperliquid is on a path to become the backend for a global "everything exchange" — a single, permissionless venue where anyone can trade any asset, derivative, or event contract with a unified collateral account.

The Everything Exchange and the DeFi Mullet

The core vision is an "everything exchange" where a user can trade Bitcoin, oil, gold, event contracts on Fed rate decisions, and options all in one place. While Robinhood and Coinbase also aspire to be everything exchanges, Hyperliquid's approach is fundamentally different. Jain describes it as a "DeFi mullet": a decentralized, permissionless global liquidity backend paired with localized, regulated front ends. Wallets like Phantom or MetaMask are early examples of these front ends, routing user trades to Hyperliquid's liquidity. The long-term goal is for regulated custodial front ends to do the same, plugging into Hyperliquid as a credibly neutral hub.

Portfolio Margining as the Killer Feature

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What you'll learn

1 (00:57) **Perps Have Hit Product-Market Fit** - Tushar argues perpetuals have captured attention beyond crypto, citing the CME suing the CFTC over onshore perps as proof of incumbent fear.
2 (03:29) **Hyperliquid's Vision: The Everything Exchange** - Hyperliquid is more than a perp DEX; it aims to become the backend for a global DeFi "mullet" where anyone can trade any asset.
3 (07:13) **Why Portfolio Margining is the #1 Bull Case** - Cross-margining across asset classes (crypto, equities, commodities, event contracts) creates powerful compounding returns to scale.
4 (11:26) **HIP3: Permissionless Market Creation** - Decentralizes market listing via "deployers" who post a 500k HYPE bond, turning potential competitors into collaborators.
5 (19:19) **The On-Ramp Challenge & Stablecoin Solution** - Hyperliquid lacks direct fiat on-ramps, but stablecoin proliferation and services like Fund.xyz are solving this, making it less of a moat for incumbents.
6 (22:03) **Why Perps Aren't the Core Thesis** - The perp contract type is attractive but not a competitive moat; anyone can build one. The real edge is execution, portfolio margining, and the platform model.
7 (23:02) **The Ultimate Goal: The Everything Exchange** - The core conviction is the DeFi vision of a global, permissionless backend for all assets. Hyperliquid is currently the most credible path, but the path is revisable.

+ Full timestamped outline available in the app

Guests on this episode

Tushar Jain

Show Notes

Multicoin provides investment advice to certain private fund clients that own HYPE tokens discussed herein and stands to gain in the event that the price of the token increases.
Multicoin's HYPE valuation report discussed in this podcast can be found as a link in the show notes.
Any trading discussion is for informational purposes only and is not a recommendation to engage in derivatives, leverage, or any specific trading strategy.

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Hyperliquid is already one of crypto’s biggest perp stories, but Multicoin’s Tushar Jain thinks the market may still be looking at it too narrowly. In this episode, David sits down with Tushar to unpack the deeper thesis: portfolio margining as the hidden unlock, HIP3 and builder codes as the path to platformization, real traction versus farmed volume, and why HYPE’s value-capture model is unusually direct for crypto.

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TIMESTAMPS

0:00 Intro
1:50 Perps Get TradFi’s Attention
3:17 More Than a Perp DEX
6:29 Why Portfolio Margining Matters
11:13 HIP3 and Permissionless Market Creation
13:47 Hyperliquid Becomes a Platform
19:54 The On-Ramp Question
21:36 Perps Are Not the Whole Thesis
28:04 Cash Flow as the Credibility Signal
33:05 Valuation Multiples and Lighter
34:36 Multicoin’s HYPE Framework
42:05 Token Value Capture
43:34 Unlocks, Wealth, and Team Motivation
48:30 The US Perps Question
52:27 Does Hyperliquid Need to Come Onshore?
54:32 The Final Bull Case

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RESOURCES

Tushar Jain
https://x.com/tushar_jain

Multicoin's Hype Analysis and Valuation report can be found here:
https://multicoin.capital/2026/06/25/hyperliquid-hype-analysis-and-valuation/
The report includes important disclosures