How Jeff Yan Built Hyperliquid: Zero Venture Capital, No Marketing Department "(author Thejaswini MA compiled White55, Mars Finance) This article describes how Jeff Yan, with a team of 10 people, zero venture capital, and no marketing budget, built the decentralized derivatives trading platform Hyperliquid, which has gained over 10% market share in the global perpetual contract market. He builds high-performance chains through technology, optimizes market making mechanisms, enhances trading fairness and liquidity, and builds incentive models and ecosystems around users.