Hyperliquid has no KYC. There is no account in the usual sense: you connect a wallet, sign a message, deposit USDC from Arbitrum, and trade. No ID, no selfie, no proof of address, no questions about source of funds. For a trader Hyperliquid will accept who does not want to hand a passport to an offshore exchange, that is the whole appeal, and it is honest to say that no licensed venue can match it.
It is equally honest to say what "no KYC" does not do. It does not make a U.S. person eligible; the terms bar them, the front end geoblocks them, and the terms prohibit hiding your location. It does not remove U.S. tax obligations; every perpetual trade is a taxable event whether or not anyone collected your name, and the on-chain record is permanent and public. It does not remove sanctions obligations; third-party compliance tools screen wallets that touch the protocol, and users have reported balances flagged as high risk after interacting with a sanctioned address, with no support process to contest it. And it does not protect you from yourself: a deposit sent on the wrong chain is gone.
Anytime Capital verifies identity once, before you pay, because U.S. money services businesses are required to. In exchange you get a licensed counterparty, a phone number, a record of your purchase for tax season, and coins delivered to a non-custodial wallet you control. For a Hyperliquid user the two are complementary: verify once at the on-ramp, then trade wherever you like.