| Chameleon Trading | |
|---|---|
| Type | entity |
| Created | Thu Apr 16 2026 00:00:00 GMT+0000 (Coordinated Universal Time) |
| Updated | Thu Apr 16 2026 00:00:00 GMT+0000 (Coordinated Universal Time) |
| Tags | company, trading, market-making, predecessor |
| Sources |
raw/inbox/jeff-yan
|
| Related | jeff-yan, hyperliquid, hyperliquid-labs |
Chameleon Trading
Chameleon Trading was a crypto market-making firm founded by Jeff Yan at the end of 2019 in Puerto Rico.
Key Facts
- Founded: End of 2019
- Location: Puerto Rico
- Initial capital: $10,000
- Growth: “Several thousand percent annually” for 2.5 years
- Status: Shut down to build Hyperliquid
- Reputation: Became one of the largest anonymous trading businesses in crypto
Significance
Chameleon’s profits served as the sole funding source for Hyperliquid. Yan achieved financial independence by age 27 through Chameleon, then chose to shut down the profitable firm after the FTX and Terra collapses in late 2022. The collapses demonstrated the need for a self-custodial, decentralized alternative — which became Hyperliquid.
The self-funding model from Chameleon’s profits is what enabled Hyperliquid to reject all venture capital and allocate 31% of HYPE Token supply directly to users.