Arthur Hayes, in a recent interview, highlighted the potential for emerging perpetual decentralized exchanges (Perp DEXs) to capture market share from Hyperliquid. Hayes noted that while Hyperliquid's rapid ascent from a few dollars to approximately $60 was notable, replicating such success remains challenging. He emphasized that the future success of Perp DEXs will depend on strategic market maneuvers like token issuance and buybacks. Looking forward, Hayes anticipates that Perp DEXs could significantly divert trading volume from centralized exchanges (CEXs) over the next 3-5 years. Although he expressed a personal preference for Hyperliquid to maintain its leading position, he acknowledged the uncertainty surrounding its ability to remain the top player in the evolving market.