Bybit CEO Ben Zhou stated in an interview on April 23 that Bybit and Hyperliquid maintain a collaborative rather than competitive relationship. Zhou noted that there has not been a significant shift of customers from Bybit to Hyperliquid, attributing this to regulatory and licensing constraints. Under the European regulatory framework, Bybit's MiCA license does not permit derivatives trading, and even with a MiFID license, leverage is capped at 10x, which is less competitive compared to Hyperliquid's offerings. Zhou emphasized that Hyperliquid provides services that Bybit cannot offer within its compliance framework, thus not posing as a direct competitor.