The Rollup Hyperliquid Strategies CEO: Hyperliquid Is Extremely Undervalued (...And What Comes Next)
Mar 29, 2026
David Schamis, CEO of Hyperliquid Strategies and co-founder/CIO of Atlas Merchant Capital, explains how they raised $888M and built the largest DAT holding. He discusses why many DATs struggle, how HIP-3 rewired the thesis, 24/7 settlement advantages shown in wartime oil trading, S&P’s TradeXYZ signal, perp vs options appeal, TAM and risks, and staking and product roadmap plans.
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Instant Settlement Matters During Market Disruptions
- 24/7 trading plus instantaneous on-chain settlement creates utility during geopolitical shocks when traditional markets are closed.
- David cites the war-driven weekend oil trading as proof that Hyperliquid provided unique continuous liquidity.
S&P Partnership Validates On-Chain Derivatives
- S&P's decision to license TradeXYZ to list an S&P 500 perp signals institutional due diligence and legitimizes on-chain derivatives.
- Schamis argues S&P wouldn't attach its name lightly, implying confidence in Hyperliquid and TradeXYZ.
Commodities Are Hot Now But Equities Are Bigger Long Term
- Commodities showed immediate traction on HIP-3, but equities have far larger retail and global addressable markets.
- Schamis would bet long-term on equities for 2030–2035 despite short-term commodity strength.