Perp DEXs could collapse the traditional financial stack. The core functions of Wall Street are being absorbed into single onchain venues. Hyperliquid is launching native borrow/lend and every major perp DEX is working on a stablecoin. Spot trading, options, structured products, and vaults are all being added to these platforms. The winners here will be building the next Wall Street of the digitized economy, and there will only be a handful of them. The platforms that attract the best liquidity, talent, and builders will create self reinforcing flywheels that compound their advantages. Down the line, every onchain business can access these platforms to raise capital, invest treasury, borrow, lend, and hedge. Functions that previously required relationships with big banks will be available to anyone with a wallet.(Delphi Digital)