Empire How Hyperliquid Unlocks 24/7 Markets | Jake Chervinsky & MC Lader
Mar 11, 2026
MC Lader, founder and CEO of Native Markets and creator of USDH, and Jake Chervinsky, former DeFi lawyer turned policy leader, discuss Hyperliquid’s 24/7 markets thesis. They cover why a native stablecoin matters, building USDH, regulatory work to enable on-chain derivatives, TradFi adoption barriers, risk design, and the path to broader liquidity and tokenized real-world assets.
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Perps Plus DeFi Is A Fundamental Market Upgrade
- Decentralized perpetuals plus DeFi infrastructure can outcompete TradFi by offering simpler, cheaper, and more resilient derivatives markets.
- Jake argues perps track underlying assets cleanly and DeFi removes intermediaries and fees, making a superior global trading system.
Protect Consumers By Preserving Choice And Transparency
- Prioritise consumer choice and clear front‑end disclosure over heavy-handed bans to protect users.
- Jake: let competing products offer different risk profiles and ensure users understand ADL mechanics so they aren't surprised when risks materialize.
Clarity Act Focuses On Centralized Markets Not DeFi
- The Clarity Act targets centralized spot markets and issuers, not DeFi protocols, because Congress must avoid locking in statutes that misclassify noncustodial developers.
- Jake stresses the bill must protect DeFi developers from being treated as intermediaries that can't perform KYC on pseudonymous users.