Wall Street isn't fighting crypto's trading rails anymore. It's renting them.
This week the CFTC cleared single-stock perps, and Kalshi did more than $300M in volume within hours. ICE, the company behind the NYSE, is working with TradeXYZ to bring Hyperliquid-based perp markets to US traders.
Hyperliquid Strategies filed to become a CFTC-registered futures broker for HIP-3 markets. Coinbase Wallet's perps run on a Hyperliquid integration, and they brought in new traders instead of eating spot.
The pattern is clear. The licence, the clearing and the customer relationship stay with incumbents. The matching engine and the liquidity are moving onchain.
That's the opening for builders on Hyper. The rails are being chosen right now, while Congress is still arguing about CLARITY.