Hyperliquid's newly launched Equity Perps have generated nearly $100 million in trading volume within 24 hours, despite a cap on open interest at $66 million. This launch has sparked significant debate within the crypto and DeFi communities. While some see it as a promising opportunity for on-chain equity trading, others caution that it represents a high-risk experiment. Analysts suggest that Equity Perps could potentially disrupt zero-day-to-expiration (0DTE) options, which are popular among leveraged short-term traders. However, concerns have been raised about legal risks, market depth, and the absence of shareholder rights and protections in decentralized equity derivatives. Experts emphasize the potential for regulatory scrutiny and the necessity for robust risk management and compliance frameworks.