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1Repair Windows errors before they cause bigger problems2Fix the driver behind crashes, sound loss and screen glitches3Clear out junk files and repair common Windows errorsPublic blockchain infrastructure could give exchanges always-on trading and publicly verifiable activity, but the claim that every exchange will need it is a forecast—not an established outcome. The available interview description and Hyperliquid Policy Center (HPC) materials support the broader argument, but do not independently verify the headline’s exact “every single exchange” wording.
What does it mean for an exchange to use public blockchain infrastructure?
A public blockchain is a shared ledger whose transactions can be inspected by the public. In HPC’s description, Hyperliquid is a public, permissionless blockchain and decentralized exchange designed for trading. “Permissionless” means users can interact with the system without the traditional exchange model of first obtaining an account and approval from a centralized operator; it does not mean every product or use is legally available to everyone.
HPC describes Hyperliquid as self-custodial, meaning users retain control of their assets rather than depositing them with a conventional exchange intermediary. That shifts responsibilities and risks: users may have less recourse if they lose access or make an irreversible transaction, while a regulated intermediary may provide controls and customer protections that a protocol does not automatically supply.
Why does Jake Chervinsky think public infrastructure could matter?
HPC argues that public transaction records allow orders and other market activity to be visible and independently verifiable. Its case is that this transparency, alongside continuous trading, could improve market infrastructure and price discovery. These are HPC’s advocacy claims, not independent findings that public-chain markets are necessarily fairer, more liquid, or more resilient than conventional exchanges.
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In its February 18, 2026 launch announcement, Chervinsky, HPC’s CEO, said: “Financial markets are migrating onto public blockchains because they offer efficiency, transparency, and resilience that legacy systems cannot match.” That is his statement of the organization’s position, not a neutral conclusion established by comparative evidence.
The interview description also discusses perpetual futures beyond crypto, 24/7 price discovery, oil markets, and the conditions for regulated U.S. markets. It explicitly leaves room for the possibility that not every market needs to trade around the clock. The description establishes the scope of the discussion, not that such products are currently available or legally accessible to every U.S. investor. (Interview description; HPC launch announcement)
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How do perpetual contracts fit into the argument?
A perpetual contract is a derivative with no fixed expiration date. HPC says periodic funding payments help keep a perpetual contract’s price anchored to the referenced spot asset. Unlike a dated futures contract, it does not simply settle because a scheduled expiry arrives; traders remain exposed while holding the position, and the funding mechanism is part of how the contract is designed to track its reference price. This is HPC’s basic explanation, not a guarantee that the contract will always trade at the spot price. (HPC overview; HPC explanation of perpetuals)
HPC reported more than $6.5 trillion in notional volume for perpetuals protocols in 2025, citing CoinGecko in an April 22, 2026 article. Notional volume measures the stated value of contracts traded, not cash invested, assets held, or profit earned; the figure is HPC’s report of CoinGecko data, not a directly cited CoinGecko report in the material available here. (HPC’s volume discussion)
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What would exchanges need to weigh?
The case for moving exchange infrastructure onchain is not only a question of transaction technology. Exchanges and market operators would need to assess how public systems fit their products, customers, and legal obligations. These are useful comparison dimensions; the sources available do not settle the overall comparison.
| Dimension | Public blockchain approach | Conventional exchange approach |
|---|---|---|
| Visibility | Transaction activity can be publicly inspectable, as HPC emphasizes. Visibility alone does not establish fair outcomes or prevent manipulation. | Records may be private or proprietary to the operator; the sources do not characterize all conventional exchanges as having the same disclosure model. |
| Custody and intermediation | HPC characterizes Hyperliquid as self-custodial and permissionless. Users may bear more responsibility for assets and transactions. | A regulated intermediary can provide account controls and customer-service or protection mechanisms, depending on the product and jurisdiction. |
| Trading schedule | Continuous operation can support trading and price discovery outside conventional market hours. | Some markets operate on defined schedules. The interview description recognizes that 24/7 trading may not be necessary for every market. |
| Regulatory fit | HPC argues that existing frameworks do not clearly accommodate decentralized derivatives. That is the policy center’s view, not a jurisdiction-by-jurisdiction legal determination. | Established exchange structures may fit existing oversight frameworks more readily, but obligations vary by market, product, and jurisdiction. |
| Operational and market risks | Public visibility does not by itself prove adequate liquidity, resilience, consumer protection, or fair execution. | The sources reviewed do not provide an independent comparison of conventional exchanges’ resilience, liquidity, or customer outcomes. |
HPC’s policy materials advocate for regulated access to onchain markets and argue that current frameworks do not clearly accommodate decentralized derivatives. That makes the legal structure of access central to the debate: a market can be technically open while questions about oversight, eligibility, and U.S. access remain unresolved. The sources do not provide current legal advice or a complete account of applicable rules. (HPC policy materials; HPC filing)
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Is “every single exchange” an established prediction?
No. The exact wording in the headline is not independently confirmed by the interview description or the primary materials identified here. Those sources support the broader discussion of Hyperliquid as potential exchange infrastructure and Chervinsky’s advocacy for public blockchain markets; they do not demonstrate that every exchange must adopt this model to remain competitive.
Whether public infrastructure becomes a competitive requirement will depend on factors including market type, customer needs, operating hours, liquidity, custody choices, and regulatory fit. The available evidence does not establish that a public blockchain is suitable for every exchange or that conventional systems cannot compete.
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