Why a Team of Seasoned Finance Veterans Launched a Hyperliquid DAT | David Schamis

In this episode of Talking Tokens, Jacquelyn Melinek sits down with David Schamis, CEO of Hyperliquid Strategies and Atlas Merchant Capital Founding Partner and CIO. He breaks down the rapid rise of Hyperliquid, the decentralized exchange powering billions in annual free cash flow without raising a dollar of outside capital. David explains how perps became crypto’s dominant trading product, why Hyperliquid’s architecture prevents FTX-style failures, and how real token buybacks created an equity-like model for protocol growth. He also shares what US-based investors misunderstand about access, the role of Hyperliquid Strategies as a publicly listed vehicle for exposure, and why he believes Hyperliquid is becoming the “AWS of exchanges” where builders can launch everything from tokenized equities to prediction markets. David reflects on navigating the 2008 financial crisis, how those lessons shaped his conviction in non-custodial systems, why private equity is warming up to crypto, and what it means for global market structure as real-world assets move onchain.

Timestamps (00:00) – Intro (02:01) – Why perpetual futures dominate crypto (03:25) – How external builders tokenized US equities on Hyperliquid and enabled global access (04:11) – Why the HYPE token functions like equity through buybacks without giving up ownership (06:00) – Why Americans cannot access Hyperliquid directly and the role of the listed vehicle PURR (07:44) – Perps vs options and why retail prefers simplicity (09:54) – David’s background in private equity and why financial services experience led him into crypto (15:16) – Why traditional private equity firms will increasingly enter crypto as the space matures (17:49) – Lessons from Merrill, Lehman and the 2008 financial crisis and why self-custody is essential after FTX (20:19) – The future of global access and why decentralized rails matter for emerging markets (22:07) – How Hyperliquid compares to centralized exchanges and why trustless execution is the point (28:12) – Traditional finance meets crypto Hyperliquid Strategies’ board mix and what it signals about maturation (33:24) – Why global investors need decentralized venues and how Hyperliquid enables trust at scale (37:11) – Competition from dYdX and Lighter and why RWAs will be Hyperliquid’s differentiator (41:13) – Macro catalysts for bitcoin, regulation, deleveraging and why stability is coming to crypto (45:09) – Prediction markets, new verticals and Hyperliquid as the backend for future applications (49:58) – David’s career advice: be smart, work hard and get along with people Essentials You can subscribe to the podcast on Spotify, Apple or YouTube.If you like the show, please let us know by leaving a review! Spotify: https://open.spotify.com/show/0LOgWxIQ0NnNUD5eXsSuoZApple Podcast: https://podcasts.apple.com/us/podcast/talking-tokens/id1743669141 Follow us on XJacquelyn: https://twitter.com/jacqmelinekTalking Tokens: https://twitter.com/_TalkingTokens Follow us on Instagramhttps://www.instagram.com/_talkingtokens/ Note that this podcast is for informational purposes only and any views shared are opinions, not financial advice. The host or guests may have a direct or indirect financial interest in content mentioned.