BLONDISH

This is the story of Hyperliquid, the most profitable startup per employee on earth, told from a guarded office in Singapore. Last year, its team of 11 generated $900 million in profit. It's 3 years old, has never taken a dollar of venture capital, and is beginning to change how century-old markets work. Its founder, Jeffrey Yan (@chameleon_jeff), had never taken a physics class when he picked up a textbook at 16. Two years later, he won gold at the International Physics Olympiad. In 2019, he started trading with $10,000 from a living room in Puerto Rico—working off a television because he didn't own a monitor. Within 3 years, he was running one of the largest anonymous crypto trading firms. Then he shut it down. Yan was rich and free, but he had spent years inside crypto, watching it betray itself. Bitcoin's central premise was decentralization. Yet the biggest exchanges were centralized. Crypto kept reintroducing the dependence on trust it was built to eliminate. He set out to create what should have existed. Hyperliquid is a blockchain with a trading exchange on top, and anyone can build on it. Yan's vision is to house all of finance. In 3 years, it has done over $4 trillion in volume. And in the past few months, it has begun to outgrow crypto. Markets for oil, silver, and the S&P 500 now trade on Hyperliquid around the clock, weekends included, and are growing roughly 40% week on week. When the US and Israel bombed Iran on a Saturday in February, Hyperliquid was the venue traders turned to. Hyperliquid's success has cost Yan his freedom. He works out of a secret office in Singapore and cannot travel without two bodyguards. Even the team's housekeeper doesn't know what they do. In January, @domcooke spent a week at their office. Read his profile on Yan and @HyperliquidX below.