Key Notes
- Hyperliquid Labs confirms its Singapore headquarters, while the FT attributes MAS’s jurisdictional reasoning to unnamed sources.
- The platform says it has never claimed an MAS licence and previously responded to its inclusion on Singapore’s Investor Alert List.
- Bloomberg’s WSL HYPE monitor streams selected perpetual prices around the clock, providing market data rather than regulatory authorization.
Hyperliquid Labs has confirmed that it is based in Singapore, while the city-state’s regulator reportedly views the decentralized trading platform as outside its jurisdiction. The contrast puts the distinction between a development company’s headquarters and supervision of its markets in focus.
The Financial Times reported that people familiar with the Monetary Authority of Singapore’s thinking attributed its position to Hyperliquid’s decentralized structure. That explanation comes from unnamed sources. Separately, MAS told the newspaper it was unaware of the platform being regulated in any major jurisdiction.
The scrutiny comes as Hyperliquid’s markets gain visibility in traditional finance. Bloomberg’s Michael McDonough has introduced a Terminal monitor streaming selected Hyperliquid perpetual-futures prices around the clock, including contracts linked to stocks, commodities and currencies.
Use WSL HYPE <GO> to monitor 24/7 streaming prices for select perpetuals on Hyperliquid and track market signals around the clock:
— Michael McDonough (@M_McDonough) September 29, 2026
A Singapore Headquarters Is Not an MAS Licence
Company documents reviewed by the FT identify Singapore as Hyperliquid Labs’ registered headquarters. The company confirmed its location and said it had never claimed to hold MAS authorization, while expressing willingness to engage with regulators.
Hyperliquid’s own statement in June already made its position explicit. Responding to its addition to Singapore’s Investor Alert List, the project said its infrastructure was permissionless, users retained custody of their assets and transactions settled onchain.
The company also said the listing did not constitute a ban, enforcement action or finding of wrongdoing. Its response should be read alongside the purpose of the warning: avoiding confusion about which businesses MAS actually supervises.
Perpetual futures give traders exposure to price changes without an expiry date. Hyperliquid’s funding mechanism transfers payments between long and short positions to help keep contract prices aligned with their underlying assets. Trading a stock-linked perpetual therefore differs from buying the stock itself.
What Singapore’s Investor Warning Establishes
MAS describes its alert list as covering entities that investors may mistakenly believe are licensed, authorized or regulated by the authority. It says the list is not exhaustive and reflects information available when an entry is published.
That public notice establishes a clear limit on assumptions about regulatory status. A Singapore office, an onchain settlement system or recognition by a financial-data provider does not, by itself, demonstrate that a platform’s derivatives fall under MAS supervision.
Singapore nevertheless has rules for some digital-token businesses serving customers abroad. In its May 2025 policy response, MAS said providers subject to that licensing requirement had to suspend or cease the relevant overseas services by June 30, 2025, without a transitional arrangement.
The same document describes licensing as available only in extremely limited circumstances. It defines the scope by reference to the entity, its location and the business being conducted. Those general rules do not resolve Hyperliquid’s particular position; applying them requires a determination about the relevant activities and parties.
Jeff Yan Presents Hyperliquid as Financial Infrastructure
At TOKEN2049 in Singapore, co-founder Jeff Yan described Hyperliquid as infrastructure that other companies can use, rather than a business seeking to compete directly with every trading interface. Foresight News’ live report said he compared that role with the internet as a shared foundation for different services.
Yan pointed to developers building applications and institutional trading interfaces on the protocol, using its existing markets and liquidity. The argument places Hyperliquid below the customer-facing product: different businesses can build their own experience around common trading infrastructure.
The project’s HIP-3 documentation shows how that division works for builder-deployed perpetual markets. A market’s deployer is responsible for its contract specifications, price-oracle definition, leverage limits and operation, including settlement when needed.
These markets use HyperCore’s order books and margining infrastructure. The arrangement separates the underlying protocol from individual market operators, but the documentation does not itself establish a regulatory exemption for either.
CoinScreamer previously covered Hyperliquid’s integration into Coinbase’s Base App, an example of its markets reaching users through another interface. The access conditions of an application and the regulatory status of the underlying venue remain separate questions.
Bloomberg Brings Perpetual Prices to Traditional Screens
McDonough, Bloomberg’s global head of market innovation for the Terminal, identified the command as WSL HYPE <GO>. His September 29 announcement describes a tool for monitoring prices and market signals continuously.
The accompanying screen groups instruments into commodities, indexes, equities, currencies and crypto, alongside HYPE’s spot rate. Examples include oil and gold contracts, stock-index perpetuals, Nvidia-linked exposure and Bitcoin and Ether perpetuals.
The display also places perpetual prices beside reference-market prices. That comparison matters when a traditional exchange is closed: a continuously traded derivative can move while its reference quote remains unchanged. The resulting gap is information about the two markets, rather than proof that either price will prevail.
CoinScreamer’s earlier coverage of RWA perpetuals examined the expansion of derivatives linked to traditional assets. Bloomberg’s monitor makes those markets easier to observe, while leaving the separate questions of trade execution, investor eligibility and regulatory responsibility unresolved.
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