Bybit CEO Ben Zhou stated that the exchange considers Hyperliquid more of a partner than a competitor, despite some users transitioning to the platform. In an interview on April 23, Zhou highlighted that regulatory constraints, rather than competition, are driving users away from Bybit. Under Europe's MiCA regulations, Bybit cannot offer derivatives, and even with a MiFID license, leverage is limited to 10x, which Zhou described as uncompetitive compared to Hyperliquid. Zhou noted that users seeking higher leverage are naturally gravitating towards decentralized exchanges (DEXs), where Hyperliquid provides options that Bybit cannot offer within a compliant framework. This regulatory environment has influenced user behavior more than direct competition between the platforms.