Hyperliquid is preparing a governance-driven launch of its native stablecoin, USDH, in its next network upgrade, according to a Sept. 5 update on the DEX Discord channel. The protocol described USDH as a “Hyperliquid-first and compliant” dollar-pegged asset, but unlike conventional launches, it is opening the process to competition among development teams. According to the […]
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Hyperliquid is slowly building a name within the decentralized finance (DeFi) sector. In August, the platform recorded nearly $400 billion in perpetual trading volume and more than $106 million in revenue, according to DefiLlama. Related Reading: Ethereum price Crash To $4,081: Why The Bears Are In Charge This milestone not only cements Hyperliquid’s dominance in the decentralized perpetuals market, where it now controls around 70% of market share, but also signals growing adoption by both retail and institutional investors. A key driver of this success is its proprietary HyperEVM blockchain, designed for speed, scalability, and zero gas fees. These features replicate the performance of centralized exchanges while maintaining DeFi’s transparency and user custody, making Hyperliquid an appealing alternative to platforms like Binance or Solana-based DEXs. Whale Activity and Market Sentiment Despite its strong fundamentals, HYPE, the platform’s native token, is facing volatility. Currently trading around $44, HYPE has retraced from the $51 mark but remains on track for a possible breakout. Analysts point to resistance at $48.73, with upside targets at $52, $55, and even $73 if bullish momentum persists. HYPE's price trends to the upside on the daily chart. Source: HYPEUSD on Tradingview Whale activity has added intrigue to the token’s outlook. Recently, a whale deposited over $3 million USDC into Hyperliquid and opened a leveraged short against HYPE, sparking debate about near-term price action. While shorts suggest caution, derivatives data shows rising open interest and a slight long bias, hinting at sustained optimism among traders. Can Hyperliquid Become the Next “Killer App”? BitMEX co-founder Arthur Hayes has gone as far as calling Hyperliquid a “decentralized Binance,” projecting the HYPE token could rise over 100x if adoption keeps pace. The launch of a 21Shares Hyperliquid ETP on the SIX Swiss Exchange also signals mounting institutional confidence. Still, challenges remain. Hyperliquid has faced brief outages and accusations of whale manipulation in newly launched futures markets. To counter this, the team has implemented stricter safeguards, including tighter price caps and external data integrations. These moves aim to balance rapid growth with market integrity. Related Reading: One Major Reason Bitcoin Hasn’t Reached $150,000, According To Trump’s Crypto Advisor With trading volumes surging, institutional adoption growing, and technical indicators hinting at a potential HYPE breakout toward $55, Hyperliquid stands at a defining moment. If it maintains momentum while addressing risks, it could cement itself as crypto’s next true “killer app.” Cover image from ChatGPT, HYPEUSD chart on Tradingview
Hyperliquid recorded a record-breaking month in August, with its revenue and trading volume reaching all-time highs.
Arthur Hayes argues that fiat decline drives stablecoin saving, funneling into crypto speculation—and Hyperliquid is the exchange built for that wave.
Analysts highlight Hyperliquid's strong fundamentals but caution about potential risks from scheduled token unlocks and its high valuation.
Decentralized exchange Hyperliquid is under scrutiny after a sharp rally in its HYPE token coincided with whale-driven manipulation claims on its platform. On Aug. 27, analytics firm SpotOnChain reported that a cluster of large wallets pushed XPL’s price up by 200% to $1.80 before it quickly retraced. The sudden move transferred millions between traders. According […]
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Open interest on Hyperliquid’s XPL market plunged from $160 million to $30 million in minutes as a trader-triggered price spike caused mass auto-deleveraging.
"Sell of Rally" sentiment weighs on BTC as ETH's futures and options markets hit record highs.
Bitcoin slipped to its weakest level in more than a month after a major investor began unloading thousands of coins in favor of Ethereum. Data from CryptoSlate show the asset trading at roughly $111,600 on Monday, down nearly 3% in a single day and its lowest mark since early July. The sell-off erased gains from […]
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BitMEX co-founder and crypto-legend Arthur Hayes used the main stage at Tokyo’s WebX 2025 to unveil a blunt, numbers-first valuation case for Hyperliquid’s HYPE token. On a slide headed “Hyperliquid: 126x Upside,” Hayes’ family office Maelstrom modeled how an accelerating stablecoin economy could reprice the decentralized perps exchange dramatically higher. Why HYPE Could Be The Best Crypto Bet The slide’s premise was explicit: “Stablecoin Expansion To Boost Annualized Fees To $258B,” with a 0.03% net trading-fee assumption, a 5% discount rate, and a “Terminal Value of HYPE Rev” of $5.161 trillion versus a current fully diluted valuation near $41.05 billion—yielding an “Upside Potential 126X.” In his talk, Hayes told the audience he expects HYPE “to 126x over the next three years.” The timing of the forecast coincides with a burst of on-chain and trading-venue milestones for Hyperliquid. According to data highlighted during and around the event, Hyperliquid open positions hit a record 196,462 on Sunday, open interest climbed above $15 billion, total wallet equity peaked near $31 billion, and Sunday volume set a high around $19.46 billion for weekends, per DefiLlama. Related Reading: Lummis Fast-Tracks Crypto Market Structure Bill To Reach Trump’s Desk Before Thanksgiving A research note from Redstone last week argued the venue has, within two years, captured “over 75% of the entire decentralized perpetual exchange market,” challenging dYdX and, at times, approximating Binance volumes on select pairs. Hayes’ 126x case rests on a macro-to-micro bridge: a world where stablecoin float expands to roughly $10 trillion by 2028, Hyperliquid’s share of average daily volume reaches 26.4%, and that activity translates into $258 billion of annualized fees for the protocol. The geometry of the model is what matters: if volumes and fees scale with the stablecoin base and if HYPE continues to be the instrument that reflexively captures protocol economics, the implied terminal value dwarfs the token’s present FDV. Those inputs, assumptions, and outputs were all printed on the Maelstrom slide on stage in Tokyo. Related Reading: Crypto Analyst Reveals Key Altcoins To Watch Right Now Crucially, Hayes has been backing the thesis with capital. On August 15, on-chain sleuth Lookonchain flagged that Arthur Hayes bought more HYPE, LDO, and ENA, detailing cumulative five-day purchases that included 58,631 HYPE alongside 1,750 ETH, 3.1 million ENA, 1.29 million LDO, 184,610 PENDLE, and 420,000 ETHFI (about $15.9 million in total at reported valuations). The structural backdrop helps explain why a stablecoin-led model resonates for Hyperliquid. The exchange is a decentralized venue for perpetual futures, letting traders take leveraged exposure without expiry; it runs on its own L1 and has seen sustained growth in both open interest and fee generation in 2025. Hayes has talked up HYPE before—publicly floating a nearer-term $100 price marker back in May—yet Monday’s deck was his most explicit attempt to tie a 2028 outcome to quantifiable drivers. Whether the path requires a $10 trillion stablecoin base and a quarter-share of decentralized perps ADV is the crux of the debate. But the mechanism he emphasized—fee throughput scaling with stablecoin adoption, captured in token value—matches how many analysts already frame HYPE’s design, where protocol revenues and buybacks link the token to venue performance. At press time, HYPE traded at $45.84. Featured image created with DALL.E, chart from TradingView.com
Ethena approved BNB as eligible collateral for the perpetual-futures portion of USDe’s backing, hinting that XRP and HYPE may be next in line.
Plasma’s XPL token began trading on pre-market venues, with Hyperliquid launching leveraged “hyperps” and Binance opening order books.
On-chain analytics platform Lookonchain has drawn attention to a 7-year-old Bitcoin whale who is betting big on Ethereum. This comes amid a crypto market pullback, which has seen ETH and BTC record significant losses. Bitcoin Whale Sells $76 Million To Buy Ethereum In an X post, Lookonchain revealed that a Bitcoin OG, which is holding 14,837 BTC ($1.69 billion), had sold 670.1 BTC ($76 million) and opened long positions of 68,130 ETH ($295 million). The whale made this move by depositing the $76 million BTC to Hyperliquid and selling it off before going long on ETH across four wallets, totaling 68,130 ETH. Related Reading: Analyst Warns Investors To Avoid Bitcoin At All Cost As Price Is Going Below $60,000 This Bitcoin whale received 14,837 BTC seven years ago, which was worth $107.5 million back then, from HTX and Binance when Bitcoin was trading at $7,242. With this recent move, there is the possibility that the whale is now turning their attention to Ethereum, as the investor anticipates a massive move from the largest altcoin by market cap. Furthermore, in another X post, Lookonchain revealed that the Bitcoin whale tried to play it safe on their Ethereum investment as they began closing the long positions and switched to buy spot ETH. In the process, the whale deposited another 1,000 BTC ($113.95 million) to Hyperliquid to buy ETH and bought 19,794 ETH ($85 million) Meanwhile, the Bitcoin OG also moved to trade Ethereum using leverage again and therefore proceeded to create a new wallet and deposited $20 million USDC to go long on ETH with 6x leverage. This brought the whale’s total holdings to 78,265 ETH ($334 million) across five wallets. More Ethereum Buys From The Bitcoin OG The Bitcoin investor has continued to double down on their conviction in Ethereum. The whale has now sold 3,142 BTC ($356.47 million) over the last two days and has bought 55,039 ETH ($237 million) through spot trading and opened a 135,265 ETH ($577 million) long position. Hyperliquid data shows that three out of the five long positions are currently in profit. The largest of them is an unrealized gain of over $2 million. Related Reading: Trader Goes From $43M To $770,000 As Ethereum Price Retraces, Here’s How Lookonchain spotted another Bitcoin OG who deposited BTC into Hyperliquid to sell and buy ETH. On-chain data shows that this whale received 85,947 BTC ($547 million) seven years ago, similar to the earlier Bitcoin OG. Based on this, the on-chain analytics platform opined that it is likely the same whale. Another whale also recently created a new wallet and withdrew 11,950 ETH ($51.32 million) from Binance. At the time of writing, the Ethereum price is trading at around $4,280, down in the last 24 hours, according to data from CoinMarketCap. Featured image from Pixabay, chart from Tradingview.com
A new RedStone report says Hyperliquid’s on-chain order book, HIP-3 market creation, and dual-chain design have propelled it to over 80% market share.
Circle will bring native USDC and CCTP v2 to Hyperliquid, shifting the DEX from bridged dollars to directly issued USDC with 1:1 cross-chain transfers.
The SVM Layer 1 network aims to bring TradFi speed to DeFi without sacrificing decentralization or composability.
XRP Open Interest (OI) has surged to a new all-time high, surpassing $10 billion across major crypto exchanges. This jump in futures activity comes as the XRP price climbs toward $3.48, its highest level in years. Historically, rising Open Interest has often coincided with significant price rallies, suggesting the potential for further upside in XRP’s trajectory. XRP Open Interest Records New ATH Reports from Coinglass have revealed that the total Open Interest in XRP futures has climbed to a fresh ATH of $10.49 billion, reflecting a sharp increase in trading activity and capital inflows into the derivatives market. Notably, the Open Interest broke ATH targets after it exceeded the $9 billion mark, with trading activity continuing to accelerate, according to a recent X post by crypto analyst Captain Redbeard. Related Reading: XRP Open Interest Explodes To January ATH Levels, Will Price Follow Above $3? Coinglass chart data from July 18, 2025, shows that XRP is currently trading at approximately $3.5, marking a significant recovery from its prolonged consolidation period just above $2 in recent months. The spike in Open Interest is reportedly driven by some of the top crypto exchanges, with Bitget leading with $2.21 billion, followed by Binance at $1.83 billion, Gate at $1.69 billion, Bybit at $1.53 billion, and other platforms contributing to the overall increase. Binance, the dominant player in XRP futures, has seen its Open Interest vault from around $544.4 million on March 11, 2025, to nearly $2 billion in just four months. This reflects a broader trend where major exchanges, including Bitmex, Coinbase, OKX, and Hyperliquid, witness multiple hundred-million-dollar positions being opened by traders betting on XRP’s next move. The correlation between Open Interest and price action often serves as a crucial signal in the derivatives market. Usually, when OI climbs alongside price, it suggests strong bullish momentum backed by real capital. Conversely, a surge in OI without a corresponding price increase can raise concerns over potential leverage traps or looming liquidations. In the case of XRP, both Open Interest and price appear to be rising, indicating sustained market confidence and the possibility of an even stronger uptrend. XRP Eyes Three Bullish Targets In 2025 The XRP price is eyeing higher levels this bull cycle, as crypto analyst Armando Pantoja has forecasted three upside targets for the altcoin in 2025. Firstly, the analyst announced that XRP has officially entered price discovery territory after smashing through the long-standing resistance level of $2.98. Related Reading: Prepare For ATHs: ‘XRP Train Has Left The Station – Analyst This breakout now marks the possible start of another bull phase, with XRP expected to hit an immediate target of $4 soon. Pantoja’s Projections also extend to a bullish target of $6.37 and even $8.12 before the end of 2025. These targets are based on Fibonacci Extension levels and historical cycle patterns, indicating that XRP could still be in the early phases of a larger breakout. Featured image from Getty Images, chart from Tradingview.com
Solana-based DEX Raydium has cumulatively spent $190 million to repurchase 69 million RAY, the project noted.
Sonnet BioTherapeutics, a publicly listed biotech firm, has announced a definitive merger agreement with Rorschach I LLC, a newly formed entity backed by Atlas Merchant Capital and other crypto-focused investors, including Paradigm Ventures. According to a July 14 statement, the merged company will adopt a new name, Hyperliquid Strategies, Inc. (HSI), and shift its focus […]
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The volume grew significantly between November and December last year, when the platform held its HYPE airdrop event.
A few altcoins have diverged from the market with sharp rallies. Here’s whether they can sustain the momentum, according to social media data. Social Media Has Started Paying Attention To These Altcoins In a new insight post, the analytics firm Santiment has talked about some altcoins that have recently diverged from the rest of the market with notable price surges. Related Reading: Bitcoin NVT Enters Reversal Zone: BTC Dangerously Overvalued? Here are the coins in question and how their monthly returns have looked: As is visible above, these altcoins have managed to deliver sizeable profits during a period where the major assets have printed losses. Bitcoin (BTC), for instance, is down around 2% on this timeframe. Among the listed alts, two are particularly prominent in terms of market cap size: Hyperliquid (HYPE) and WhiteBIT Token (WBT). The former has seen a rise of 51.6% and the latter 59.2%. Now, can these coins sustain their runs? One hint can come from social media data. Santiment has shared two indicators related to social media: Social Dominance and Positive/Negative Sentiment. The first metric, the Social Dominance, tells us about what part of social media discussions related to the top 100 assets a particular cryptocurrency is responsible for. The indicator determines this by comparing the asset’s Social Volume, a count of the posts/messages/threads on social media containing unique mentions of the coin, with the combined Social Volume of the top 100 cryptocurrencies. The other metric of interest, the Positive/Negative Sentiment, basically measures the ratio between the positive and negative sentiments present among the social media users. To determine this, the indicator runs the Social Volume of an asset through a machine-learning model to distinguish between bullish and bearish comments. It then takes the ratio of the two to find the net situation on these platforms. First, here is a chart that shows the trend in both of these metrics for Hyperliquid: As displayed in the above graph, the Social Dominance of HYPE peaked at 1.5% in May, but has gone down since then, despite the price continuing its surge. Nonetheless, the indicator has remained at 1.25%, which is still a notable level. Alongside this high attention, the Positive/Negative Sentiment has stayed at around 3.75, which suggests social media users have been making almost 4 times as many bullish comments related to the altcoin as bearish ones. Historically, altcoins have tended to move against the crowd’s expectations, so an excessive sentiment in either direction has often proven to be a reversal signal. This means that an overly bullish mood can actually lead to a top for an asset. Considering this, HYPE may not be in the best position for continuing its surge, at least from the perspective of sentiment. Related Reading: XRP Bullish Signal: Shark & Whale Wallets Set New All-Time High While Hyperliquid has seen a bit of a cooldown in Social Dominance, WhiteBIT Token has just seen a huge surge. That said, WBT’s Positive/Negative Sentiment hasn’t budged alongside this Social Dominance explosion, although it remains at a notable level of 3.07. Based on the trend, the analytics firm thinks, “we likely will see its price make a second run after its local top that just occurred on June 15th unless FOMO begins to make an appearance.” HYPE Price Hyperliquid has seen a sharp decline since its peak on Monday as its price has come down to $39, a potential sign that the social media hype may already be biting back. Featured image from Shutterstock.com, Santiment.net, chart from TradingView.com
One of the biggest stories in crypto this week unfolded as a prominent trader on the Hyperliquid decentralized exchange, known as James Wynn, saw nearly $100 million in leveraged Bitcoin positions liquidated after the price of BTC dipped below $105,000. The swift market downturn, triggered in part by new tariff announcements from the United States, […]
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Wynn currently still holds a 40x leveraged long Bitcoin position of approximately 1,591.82 BTC, valued at roughly $167.49 million
Blockchain investigator ZachXBT has publicly accused high-risk trader James Wynn of hypocrisy and deceptive trading practices. In a May 28 post on X, ZachXBT alleged that Wynn, who recently condemned scam tokens tied to his name, had previously engaged in similar pump-and-dump tactics involving memecoins. The controversy started after Wynn warned his followers about a […]
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Hyperliquid has quickly become a main character in the crypto space after it became the leading decentralized finance (DeFi) exchange for perp trading. As its popularity has grown, so has the price of its native HYPE token. This has seen it rally even at a time of bearish divergence in the crypto market, moving up by more than 50% in one week to reach new all-time highs. Factors Driving The Hyperliquid Price The main driver behind the Hyperliquid price pushing to new all-time highs has been the rise in attention being paid to the platform. As crypto investors are pivoting toward more decentralized platforms for their perpetual trading activities, HYPE’s mindshare has grown exponentially over the last few months. Related Reading: Is The Bitcoin Rally Over After $111,900 ATH? Global M2 Money Supply Is Still Going This rising interest translated to a major surge in the platform’s trading volume over the last few weeks. Most notable were the billion-dollar bets placed by James Wynn, who has quickly risen to become the most popular crypto trader on Hyperliquid. His trades garnered the interest of thousands, putting more eyes on the platforms as onlookers stood by to see the outcome of his trades. In particular, over the last week, the platform recorded its highest weekly volume since it was launched, reaching $78.672 billion in trading volume between May 11 and May 18, 2025. Daily trading volumes have also not been left out, consistently crossing the $2 billion mark daily. Its highest daily trading volume yet was recorded on May 21, 2025, with $17.731 billion trade on the platform. Cumulatively, the Hyperliquid platform has reached $1.156 trillion in volume in three years of operation, DefiLlama data shows. Other major developments that the platform has seen is the rise in the open interest. The platform celebrated a new all-time high after open interest crossed the $10.1 billion mark on the platform. The amount of USDC locked on the platform also climbed to $3.5 billion, with $5.6 million in fees generated in only a 24-hour period. In one week, the platform was able to generate over $22 million in fees alone. Related Reading: XRP Price Consolidates In Tight Bullish Compression Pattern, Why $5 Is Possible On its own, the HYPE price is still showing a lot of bullish momentum despite already rising 50% in one week. Daily trading volumes crossed $460 million on May 26, according to data from CoinMarketCap. Crypto whales have been especially active during this time, as Lookonchain reported three whales spending $5.33 million to buy HYPE on Monday. With volumes rising and prices going up, it suggests that a lot of the volume is actually from buyers. If this buying pressure continues, then it is likely that the price sees further upside before putting in a correction. Featured image from Rigzone, chart from TradingView.com
Bitcoin saw a mild bounce during early trading in Asia, rising 3% to briefly touch $110,256 before settling at $109,652, CryptoSlate data showed. This uptick followed a weekend pullback from recent record highs. Market analysts suggest that BTC’s price trajectory remains solid, backed by favorable regulatory developments and steady institutional participation. Valentin Fournier, Lead Analyst […]
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Hyperliquid’s native token, HYPE, surged to a new record high following a significant increase in trading activity and open interest on the platform. This momentum mirrors the broader market upswing driven by Bitcoin’s latest price milestone and coincides with Hyperliquid’s public response to regulatory discussions with the US Commodity Futures Trading Commission (CFTC). Hyperliquid’s open […]
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Open interest on Hyperliquid crosses $9 billion for the first time as bitcoin surged over $111,800 and demand for crypto derivatives jumped.
Decentralized trading platform Hyperliquid has hit a new high, crossing $6 billion in open interest, according to figures from CoinGlass. The surge came just a day after Hyperliquid reported that open interest volume on its platform reached an all-time high of $5.6 billion. According to CoinGlass data, Bitcoin holds the dominant position on Hyperliquid with […]
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HYPE is showing renewed strength as it pushes into higher levels, riding the wave of a broader market breakout. With Bitcoin surging above $104,000 and Ethereum reclaiming the $2,500 mark, the crypto landscape is rapidly shifting back into a bullish phase. Altcoins are waking up across the board, and HYPE is quickly emerging as one of the standouts. Related Reading: XRP Whales Are Back – 880 Million Tokens Accumulated This Month After a brief pullback, HYPE has bounced strongly off the $17.5 level—an important throwback zone that is now acting as support. The asset is regaining momentum and approaching local highs, signaling strong buyer interest and potential for further continuation. Crypto analyst Cheds shared a technical breakdown confirming this setup, noting that HYPE is displaying clean strength off its recent retrace and could be gearing up for a significant breakout if market conditions hold. As sentiment turns bullish and liquidity rotates into high-potential altcoins, HYPE is well-positioned to benefit from the renewed energy in the market. With price structure improving and key levels being reclaimed, the coming days may be critical in defining whether this move evolves into a sustained uptrend. Traders are now watching closely for follow-through as HYPE approaches its next resistance zone. HYPE Bulls Target January Highs HYPE is facing a decisive moment as price action pushes into a key supply zone near the January highs around $28. After bouncing strongly from the $17.5 throwback level, the asset has regained bullish momentum and now approaches one of the most important technical levels on its chart. This zone served as a rejection point earlier in the year, and bulls must now prove they have the strength to flip it into support. Cheds shared insights confirming the shift in momentum, noting that HYPE is showing clear strength off the $17.5 level—an area that has now acted as a successful retest following the asset’s initial breakout. The strong rebound suggests that market participants are accumulating, and momentum is beginning to build as the broader crypto market turns bullish. Across the board, sentiment is improving. HYPE is now participating in that resurgence, but faces its biggest test yet. If bulls can reclaim the $28 level with conviction, the path toward new all-time highs opens up. However, if this level holds prices again, another period of consolidation may follow. The weekend rally has pushed markets into critical zones, and HYPE’s ability to sustain upward pressure through this resistance will be closely watched. A breakout above $28 would not only mark a technical victory but also likely accelerate interest and volume across the board. For now, bulls remain in control, but the next move will determine whether HYPE enters true price discovery or pauses just below the highs once more. Related Reading: Bitcoin 4H Chart Shows Bullish Consolidation – Classic Continuation? HYPE Approaches Resistance With Momentum As Bulls Eye Breakout The 4-hour chart for HYPE shows strong bullish momentum, with price currently trading at $25.29 after tapping a local high near $25.57. The rally has been steady and clean, bouncing consistently off the 200 EMA and SMA, now well below the current price, confirming a clear uptrend structure. HYPE is now pressing into a key resistance zone between $26 and $28, a level that previously acted as supply back in January. This area represents a major test for bulls, as it aligns with the upper boundary of a multi-month range. Volume is healthy, and the trend remains intact with higher highs and higher lows across multiple timeframes. If HYPE can break and hold above $28, it opens the door for a challenge of the all-time highs. For now, the price may consolidate slightly below resistance as sellers defend this zone, but the overall structure favors a breakout continuation. Related Reading: Bitcoin Whale Entry Prices Diverge Sharply – Confidence Builds At Higher Levels A throwback to the $23–$24 region could act as a healthy retest, but holding above $22 is key to preserving bullish momentum. As long as the trend and volume remain intact, HYPE appears poised for further upside in the coming days. Featured image from Dall-E, chart from TradingView