Hyperliquid (Hyper Liquid) logo displayed on a smartphone screen. (Photo Illustration by Thomas Fuller/SOPA Images/LightRocket via Getty Images) SOPA Images/LightRocket via Getty Images In the years after FTX collapsed, the prevailing wisdom in our industry hardened into something close to a law of physics: you could have the performance of a centralized exchange, or you could have the transparency and self-custody of a decentralized one, but you could not have both.