Hyperliquid is no longer just the shiny new decentralized exchange for perpetual futures (a perp DEX). Recent data from CoinGecko suggests it even surpassed Coinbase International’s derivatives volume in 2025, putting it forward as arguably the most credible “Binance killer” candidate in the crypto derivatives market. Hyperliquid: The Rise of The Underdog Despite having launched only in 2023, Hyperliquid has climbed mountains that most DEXs can never even get close to, going from just a curious DeFi outlier to a genuine force of nature in the derivatives stack. At peak, the platform cleared around 4–5 billion dollars in daily trading volume, rivaling, and at times surpassing, mid‑tier centralized exchanges in both activity and open interest. In Q2 2025 alone, the perp‑focused venue processed roughly 653 billion dollars in trading volume, marking the first time a decentralized platform has outtraded a legacy player like Coinbase International in derivatives. Related Reading: Hyperliquid Hits $400B Trading Volume and $100M Revenue as HYPE Price Eyes $55 Breakout CEX vs DEX: The Tale Of A Mass Migration Hyperliquid sits at the center of a market seems to finally be starting to move off centralized rails. The capital which used to default to centralized futures platforms, such as Binance, is now comfortable routing size through smart contracts. CEX vs. DEX Spot and Perps Trading Volumes (Source: CoinGecko Crypto Industry Report 2025) On the derivatives front, despite centralized exchanges (CEX) still handling the bulk of the trading, the DEX perp volume climbed from roughly 0.26 trillion dollars in January to around 0.84 trillion by December 2025. In 2025, the top 10 centralized exchanges still dominated spot trading with between 0.95 and 2.21 trillion dollars in monthly volume, but once again DEXs quietly carved out a meaningful slice, ranging from 0.16 to 0.42 trillion on the spot side over the year. Top 10 Perp CEXes & DEXes Trading Volume (Source: CoinGecko Crypto Industry Report 2025) Even after the seasonal cool‑down into December, with CEX perps near 5.3 trillion and DEX perps still above 0.8 trillion, on‑chain derivatives are clearly holding on to a much larger share of the market than they had just a year before. Related Reading: Where Does Hyperliquid (HYPE) Stand Now? A Deep Dive Into Key Metrics Post-2025 Why This Matters For The “Binance Killer” Narrative The fastest growing spot of on-chain venues are perpetual futures, which happens to be one of Binance’s core profit engines. Hyperliquid isn’t just a part of a broader shift: it is capturing an enormous, even disproportionate, share of it, turning itself into the default routing choice for traders who want CEX‑grade execution without surrendering custody. So, even when Binance remains the center of gravity for crypto derivatives today, if the market anoints a true on‑chain challenger over the next cycle, the numbers suggest that challenger is far more likely to be Hyperliquid than anyone else. HYPE's price trends to the upside as seen on the daily chart. Source: HYPEUSD on Tradingview Cover image from ChatGPT, HYPEUSD chart from Tradingview
While bitcoin and ether remain in bear markets, HYPE has climbed alongside gold as HyperLiquid’s derivatives volume expands, weekend equity trading gains traction.
Traders lean into supply compression stories in altcoins as Hyperliquid ramps up token burns and Jupiter freezes new emissions, even as bitcoin churns between $60,000 and $69,000 with muted flow.
Hyperliquid (HYPE), one of the largest decentralized exchanges (DEXs) in the crypto sector, is preparing a significant upgrade that could reshape how new projects launch tokens on its platform. The proposal, known as HIP-6, introduces a framework designed to enable permissionless, on-chain token launches without relying on the off‑chain capital-raising methods that many teams currently use. New Hyperliquid Proposal Details of the proposal were shared on social media by James Evans of Reciprocal Ventures. According to Evans, HIP-6 establishes a permissionless token launch auction for new HIP-1 assets, specifically tailored for teams seeking to issue tokens directly on Hyperliquid. The system adapts Uniswap’s continuous clearing auction model to function within Hyperliquid’s central limit order book (CLOB) environment, allowing token launches to occur natively within the exchange’s infrastructure. Related Reading: Jane Street Faces New Lawsuit: Trump Media Calls For Federal Investigation At present, while HIP-1 and HIP-2 already allow permissionless token deployment and automated liquidity provisioning, gaps remain in capital formation and price discovery. Teams launching tokens on Hyperliquid often need to secure funding off chain, manually provide their own liquidity to seed HIP-2 pools, or release tokens into relatively thin order books. These limitations have meant that, despite its technical strengths, Hyperliquid has not yet reached feature parity with other high-performance ecosystems and exchanges when it comes to initial token offerings. HIP-6 is designed to close that gap, though participation will remain optional for projects. By integrating capital raising and liquidity seeding into a single on-chain flow, the proposal aims to simplify the process for founders. Funds raised during the auction would be split automatically between the token deployer and liquidity provision through HIP-2, reducing operational friction and reliance on external arrangements. Auction Structure And Ecosystem Growth A core component of the proposal is its approach to price discovery. Instead of a one‑time auction vulnerable to timing strategies, HIP-6 uses a continuous clearing auction that unfolds over multiple blocks. This structure is intended to determine a fair market price while minimizing the “sniping” and last‑minute bidding behavior often seen in traditional token launches. The upgrade also seeks to strengthen the broader ecosystem around Hyperliquid. By creating utility for aligned quote assets, HIP-6 could contribute to higher total value locked (TVL) in those assets and generate yield for the platform’s Assistance Fund. Related Reading: Circle Tops Q4 Revenue Forecasts, Shares Surge 30% — Key Numbers Inside While HIP-6 addresses how new tokens raise funds and establish initial liquidity, it does not dictate how those tokens create long-term value or how their governance systems operate. Mechanisms such as revenue sharing, buybacks, staking rewards, treasury oversight, or voting rights would remain up to individual projects. Similarly, tokenholder protections—such as treasury lockups, on-chain transparency requirements, or vesting schedules affecting both buyers and team allocations—would need to be built on top of the HIP-6 framework. The proposal’s stated objective is to make the initial auction process as efficient and equitable as possible, leaving post-launch design choices to the creativity of the Hyperliquid community. At the time of writing, HYPE, the platform’s native token, was trading at $27.430, representing a 3% drop over the previous 24 hours. Featured image from OpenArt, chart from TradingView.com
The company said the fresh capital will be used to expand into new markets and build out its onchain financial infrastructure.
Jake Chervinsky, CEO of the Hyperliquid Policy Center, said markets are migrating to blockchain, and the U.S. need to adopt new rules of risk being left behind.
HYPE, the price ticker often used for the Hyperliquid ecosystem token (HYPE), has been under pressure in recent sessions as broader market weakness intersects with profit-taking and technical sell signals. Related Reading: Bitcoin Giant Awakens: 2,043 BTC Moved After 7-Year Slumber While on-chain activity and exchange metrics point to growing market share for the Hyperliquid decentralized exchange (DEX), the token’s price has dipped toward critical support levels, prompting questions about whether $25 can hold as a floor. HYPE's price moving sideways following an uptick on the daily chart. Source: HYPEUSD on Tradingview HYPE Price Weakness Meets Broader Market Trends As of the latest data, Hyperliquid (HYPE) is trading around $28.6, down from recent highs and roughly 51% below its all-time peak recorded in September 2025. The 24-hour trading volume remains elevated at over $285 million, suggesting active participation even amid the decline. In the short term, technical indicators have shown bearish momentum, with resistance forming above current levels and support zones near $24–$26, making this range a focus for traders gauging near-term risk. Investors have pointed to leverage flushes and large position liquidations as catalysts for downward pressure in recent sessions. Earlier reports flagged concentrated selling from leveraged casts that sent ripples through perp markets, contributing to price swings across derivatives tokens, including HYPE. DEX Growth and Exchange Share Gains Despite price softness, fundamental usage metrics for the Hyperliquid protocol tell a different story. Across 2025, Hyperliquid’s notional trading volume reached approximately $2.6 trillion, nearly double the $1.4 trillion processed by Coinbase, one of the largest centralized exchanges, according to analytics firm Artemis. The significant growth in the trading volume suggests that traders are increasingly allocating activity to on-chain venues, particularly those offering decentralized perpetual futures. Further supporting this trend, Hyperliquid’s permissionless perpetual markets (HIP-3) recorded a $5.2 billion daily trading volume, driven in large part by precious metal contracts such as silver. What’s Next for Hyperliquid’s Support Levels? The juxtaposition of strong underlying volume and a weakening token price underscores the complexity of the current selloff. If selling pressure persists, the $25–$26 zone will be critical to watch; a breach could expose lower support near $22. Conversely, stabilization above this range could shift sentiment toward accumulation, especially if broader market conditions improve. Related Reading: BlockTower’s Ari Paul: Bitcoin May Never Hit Another All-Time High In a market where exchange usage and on-chain activity are becoming as important as price alone, HYPEUSD’s ability to consolidate at key levels may prove decisive for its next directional. Cover image from ChatGPT, HYPEUSD chart on Tradingview
Hyperliquid Strategies reported a $317.9 million net loss for the six months ended Dec. 31, driven by HYPE token declines.
A volatile trading session on February 5 offered a clear example of how quickly narratives can diverge in the crypto market. While most large-cap assets moved lower amid regulatory uncertainty and heavy liquidations, Hyperliquid’s HYPE has posted a 6.2% gain following news of its integration with Ripple’s ecosystem. Related Reading: Bitcoin Crash To $72,000 Signals Major Reset: On-Chain Metrics Deteriorate At the same time, XRP extended its decline by 10%, weighed down by broader market pressure rather than project-specific developments. The contrast underlined how selective optimism can emerge even during a broad sell-off, especially when tied to infrastructure upgrades or ecosystem expansion. HYPE's price trends to the downside on the daily chart after recording some gains. Source: HYPEUSD on Tradingview HYPE Rallies After Ripple Integration Hyperliquid’s price moved higher, up 4.23%, after confirmation that the platform had integrated Ripple’s technology stack, a step aimed at improving interoperability and settlement efficiency. Market participants appeared to interpret the move as a practical enhancement rather than a speculative announcement, helping HYPE outperform a largely bearish market. The rally came despite worsening sentiment across the sector. Bitcoin traded near $71,000 after a sharp pullback, and total crypto market capitalization fell more than 6% on the day. Against that backdrop, HYPE’s gains stood out as traders rotated into assets linked to near-term network developments rather than macro-driven trades. While trading volumes in HYPE increased following the announcement, the move remained relatively contained, suggesting measured positioning rather than a surge of speculative leverage. XRP Slips as Market Weakness Dominates XRP, by contrast, declined alongside other major altcoins. The token fell close to 11% over 24 hours, tracking losses in Ethereum, Solana, and BNB as risk appetite faded. The drop occurred even as Ripple-related developments supported other parts of the ecosystem, underscoring how broader market conditions continue to outweigh individual catalysts for large-cap tokens. The sell-off was amplified by derivatives activity. Falling open interest and a rise in forced liquidations across centralized exchanges added to downside momentum, particularly for assets with high leverage exposure. XRP’s move appeared more sentiment-driven than fundamental, reflecting the day’s defensive tone. Broader Market Context Remains Fragile The divergence between HYPE and XRP played out as investors reacted to stalled discussions around a US crypto market structure bill and ongoing debates over stablecoin regulation. These issues contributed to a spike in volatility and more than $800 million in liquidations, mostly from long positions. Meanwhile, institutional positioning continued to shift. Grayscale’s recent decision to remove Cardano from its CoinDesk Crypto 5 ETF in favor of BNB reinforced the focus on liquidity and market depth, a theme that continues to shape capital flows. Related Reading: Are We Near A Bitcoin Bear Market Bottom? History Offers A Framework Hyperliquid’s rally indicates that targeted integrations continue to attract interest, despite weakness in the wider crypto market. Its durability, however, will depend on genuine adoption rather than sentiment alone. Cover image from ChatGPT, HYPEUSD chart on Tradingview
Ripple has announced new support for Hyperliquid, one of the fastest‑growing decentralized exchanges (DEXs) in the crypto sector, a move that has added momentum to the platform’s native token, HYPE, even as the broader market remains under pressure. Ripple Expands Prime Brokerage Platform With Hyperliquid In a press release issued on Wednesday, Ripple confirmed that Ripple Prime, its institutional prime brokerage platform, has integrated support for Hyperliquid. Related Reading: Bitwise CIO Warns Market Is Facing A ‘Full-Bore’ Crypto Winter, Not A Pullback According to Ripple, the integration allows institutional clients to tap into on‑chain derivatives liquidity on Hyperliquid while cross‑margining their decentralized finance (DeFi) positions alongside other assets already supported by Ripple Prime. These include digital assets, foreign exchange, fixed income products, over‑the‑counter swaps, and cleared derivatives. The structure is designed to give professional traders greater capital efficiency while operating across both decentralized and traditional markets. Michael Higgins, International CEO of Ripple Prime, said the move reflects the company’s broader strategy of bridging DeFi and traditional financial infrastructure. He noted that Ripple Prime aims to offer direct support for trading, yield generation, and an expanding range of digital assets. Higgins added that extending the prime brokerage platform into decentralized finance is intended to improve client access to liquidity while delivering the efficiency and innovation institutional customers increasingly expect. HYPE Surges As XRP Slides The announcement comes at a time when market performance has sharply diverged between the largest cryptocurrencies and Hyperliquid’s ecosystem. Ripple’s associated cryptocurrency, XRP, has fallen roughly 20% over the past week, broadly tracking the downturn across the wider crypto market. In contrast, Hyperliquid has surged by about 64% over the past two weeks, standing out as one of the strongest performers during a period of overall market weakness. That rally has pushed HYPE toward what traders see as a critical technical zone. At the time of writing, the token is trading just above $34, with the $35 level emerging as an important short‑term support area. Related Reading: Bitcoin Price Crashes Below $73,000, Hitting Lowest Level Since 2024 Over the past week, Hyperliquid has struggled to hold above that threshold on a sustained basis, despite briefly breaking through it on Tuesday. During that move, the token climbed as high as $38, marking its highest price since November of last year. On the downside, Hyperliquid’s price action suggests that buyers have established a solid base around the $30 level. Daily chart data shows this area acting as a key support floor, repeatedly halting declines and helping to preserve the recent recovery in the weekly time frame. Featured image from OpenArt, chart from TradingView.com
The company will provide collateral for the writing and settling of HYPE options and then earn revenue on premiums and fees.
Analysts say the latest crypto selloff has been marked by fragmented liquidity, tight rotation and dispersion rather than pure capitulation.
Hyperliquid has broken ranks with the broader digital asset market, posting a massive double-digit rally while Bitcoin and other major altcoins like XRP suffer from the bear market. According to CryptoSlate's data, Hyperliquid's HYPE is one of the crypto market's top performers over the past two weeks, jumping roughly 71% to a high of $35, […]
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This integration allows cross-margining of decentralized finance derivatives alongside traditional assets, enhancing centralized risk management.
Hyperliquid, the decentralized exchange (DEX) behind the HYPE token, surprised the market on Monday with a new product initiative that ran counter to the prevailing bearish sentiment across the crypto sector. As several major cryptocurrencies slipped below important technical levels, Hyperliquid’s native token jumped roughly 14% following the announcement, signaling renewed investor interest despite broader market weakness. Hyperliquid’s HIP‑4 Proposal The rally was triggered after the Hyperliquid team revealed details of HIP‑4, a proposal that introduces outcome‑based trading to the platform. Shared via the social media platform X (previously Twitter), the announcement explained that HyperCore — Hyperliquid’s Layer‑1 blockchain engine — will soon support so‑called “outcomes.” These are fully collateralized contracts designed to settle within a predefined range. Unlike traditional leveraged derivatives, outcome contracts do not rely on leverage or liquidations, offering a different approach to derivatives trading. Related Reading: Is The Bitcoin Bottom In? CMT Reveals What Investors Need To See Now According to the team, outcomes are intended as a general‑purpose building block that can power use cases such as prediction markets and bounded, options‑like instruments, areas where user demand has been growing. Following the news, HYPE managed to hold firmly above the psychologically important $30 level and was trading near $33.22 at the time of writing. Over the past week alone, the token has surged approximately 48%. The move stands in stark contrast to the performance of the wider market. During the same period, Bitcoin (BTC) fell around 10%, Ethereum (ETH) dropped roughly 18%, and Binance Coin (BNB) slid about 11%. Challenging Polymarket And Kalshi Beyond price action, the Hyperliquid team emphasized the broader implications of the outcome primitive for its ecosystem. Outcomes introduce non‑linear payoff structures and fixed‑duration contracts, expanding the range of financial products that can be built on HyperCore. These contracts are also designed to work alongside existing components such as portfolio margin and the HyperEVM, increasing the overall flexibility of the platform’s infrastructure. At this stage, outcomes remain under development and are currently being tested on Hyperliquid’s testnet. The team noted that standardized, or “canonical,” markets based on objective settlement sources will be launched once development is finalized. Depending on community feedback, Hyperliquid plans to eventually open the system to permissionless deployment, allowing a wider range of users and builders to create their own markets. Market researcher DeFi Ignas described the proposal as an important innovation, highlighting how outcome contracts could be combined with perpetual futures to create more efficient hedging strategies. As an example, he explained that a trader could hold a long ETH perpetual position while simultaneously purchasing an outcome contract that pays out if ETH falls below a certain price level, such as $2,000. According to Ignas, this type of composability is not currently possible on prediction platforms like Polymarket or Kalshi. Ignas also pointed to permissionless market creation as another potential differentiator. HYPE Battles Major Resistance HYPE’s price behavior reflects the instability of the crypto market, despite the euphoria surrounding Hyperliquid’s HIP-4. From a technical sense, $28 served as a major support level during the weekend, preventing further losses. Related Reading: Dogecoin Crash Sends It To Key Demand Zone, Here’s The Level To Watch On the upside, resistance near $34 has capped gains on multiple occasions, including two failed attempts to break higher on Wednesday and Thursday of last week. Whether HYPE can decisively clear this resistance is likely to determine whether the recent rally extends further or gives way to another short‑term correction. Featured image from OpenArt, chart from TradingView.com
The exchange said it has added support for outcome-based trading in a move to compete with prediction markets.
Year-to-date crypto flows and institutional sentiment declined following another $1.7 billion in weekly outflows, per CoinShares.
The "Hyperunit Whale" first rose to notoriety after profiting off a massive short position shortly before President Trump's October tariff announcement.
Hyperliquid (HYPE) has emerged as one of the few large‑cap cryptocurrencies showing sustained strength across multiple time frames, even as the broader digital asset market remains under pressure. While Bitcoin (BTC), Ethereum (ETH), and most major tokens have struggled amid a market‑wide pullback, Hyperliquid has continued to post notable gains, setting it apart during what many consider the early stages of a bear market. What’s Driving Hyperliquid Higher Market data from CoinGecko shows that HYPE surged roughly 31% over the past week, pushing the token toward the $34 level earlier in the week, and marking its highest price in more than a month. Over the past 14 days, HYPE is up around 17%, while gains of 13% and 8% were recorded over the 30‑day and year‑over‑year periods, respectively. By comparison, Bitcoin has fallen 12% over two weeks, slipped 4% over the past month, and is down roughly 21% year‑over‑year. Related Reading: Bitcoin Supply In Loss Begins To Rise, Raising Early Bear Market Concerns Experts have pointed to fundamental and structural developments as key drivers behind HYPE’s performance. Crypto analyst Elite Crypto highlighted the impact of Hyperliquid’s HIP‑3 upgrade, which introduced permissionless perpetual contracts tied to real‑world assets (RWAs) such as gold, silver, and other commodities. According to the analyst, trading activity in these products has expanded rapidly, with silver‑based perpetuals alone exceeding $1 billion in daily volume on many occasions. Elite Crypto also pointed to signs of institutional accumulation, noting that decentralized autonomous traders, including strategies operating directly on Hyperliquid, have been steadily increasing their exposure. In addition, research firm Citrini has published bullish commentary on the platform, and speculation around a potential HYPE exchange‑traded fund (ETF) has added to market interest. HYPE Faces Crucial Technical Test From a technical perspective, analysts see important levels coming into focus. DeFi Guru noted that HYPE is currently testing its primary descending resistance, describing recent price action as impulsive and confidence‑driven, suggesting a shift in momentum. The analyst identified $30 as a key level to reclaim decisively. A clean move above that area could open the door to the next major target near $35, which aligns with the 0.618 Fibonacci retracement level. Related Reading: Bitcoin Slides Toward $85,000 Despite Progress On US Crypto Market Structure Bill Another analyst, Efloud, offered a more cautious view and outlined potential support and resistance zones for Hyperliquid. He identified a key support region near the $23.7 level, which is crucial in determining whether the cryptocurrency will continue its rally. Efloud noted that price has already reached an intermediate resistance area and suggested that short‑side setups would only be considered if bearish market structure appears on lower time frames, either at current levels or closer to the $38–$39 range. Despite the broader bullish narrative, Hyperliquid has not been immune to short‑term volatility. Over the past 24 hours, HYPE has pulled back by roughly 10%, falling toward around $29. Analyst Ox Kaize described the recent dip as a normal market reaction, particularly given recent developments affecting both gold and Bitcoin. He asserts that a recovery in those markets could provide additional upside momentum for Hyperliquid, potentially pushing the token toward the $50 level. Additional catalysts remain on the horizon. A second Hyperliquid airdrop is expected in the near future, and Kaize believes the timing could be deliberate, as distributing tokens while prices remain below peak levels may support longer‑term ecosystem growth. Featured image from OpenArt, chart from TradingView.com
The Hyperliquid price is seeing renewed bullish momentum, recording double gains over the last week and bucking the broader crypto market downtrend. This comes thanks to bullish fundamentals in the token’s ecosystem, including a rise in open interest on the decentralized exchange (DEX). Why The Hyperliquid Price Is Rising The Hyperliquid price is up over 58% in the last seven days, outpacing the broader crypto market as Bitcoin trades just below the psychological $90,000 level. This price surge has come on the back of a rise in Hyperliquid’s HIP-3 open interest. The DEX announced in an X post that open interest reached an all-time high of $790 million, driven recently by a surge in commodities trading. Related Reading: XRP, HBAR, And Litecoin: Pundit Highlights Coins To Watch In 2026 The exchange added that HIP-3’s open interest has been hitting new all-time highs each week, after being just $260 million a month ago. HIP-3 enables anyone to launch a custom perpetual market for crypto, commodities such as gold and silver, and other assets such as stocks. Thanks to this upgrade, the DEX is seeing increased trading activity, which has led to a surge in the Hyperliquid price. Notably, the Hyperliquid price has benefited from the precious metals boom, with the silver perpetuals market on the DEX seeing massive trading activity. CoinGecko data shows that the Silver perpetuals market is the third-largest traded in the last 24 hours, behind Bitcoin and Ethereum, with a trading volume of just over $1 billion. In an X post, Hyperliquid’s co-founder Jeff Yan noted that the DEX has achieved an important milestone of becoming the most liquid venue for crypto price discovery in the world. This came as he highlighted the order books for BTC perps on Binance and his DEX. He added that Hyperliquid has also grown to become the most liquid venue for perps on traditional-finance (TradFi) assets. Little Selling Pressure And Huge Buying Pressure For HYPE In an X post, Hyperliquid stakeholder Henrik noted that the Hyperliquid price is also rising as major selling pressure is gone. On the other hand, HYPE is seeing significant demand, including from digital asset treasuring companies such as Hyperliquid Strategies. He further highlighted the imminent Kraken HYPE listing, which is also bullish for the token. Meanwhile, Henrik stated that Hyperliquid dominates all trading metrics, including volume and open interest. Related Reading: Here’s Why The Bitcoin, Ethereum, And Solana Prices Are Still Crashing Hard The increase in the DEX’s trading activity is also significant and bullish for the Hyperliquid price, as the majority of fees earned on the protocol are directed to the Assistance Fund, which is used to buy back HYPE tokens on the open market. DeFiLlama data shows that the DEX is currently among the top five protocols by fees generated over the last 24 hours. At the time of writing, the Hyperliquid price is at around $34, up over 27% in the last 24 hours, according to data from CoinMarketCap. Featured image from Medium, chart from Tradingview.com
HYPE has jumped more than 60% over the past week as surging silver and commodities trading on Hyperliquid’s HIP-3 DEXs fueled momentum.
HYPE has surged 30%, outperforming bitcoin, ether and the CoinDesk 20 index by a big margin.
Silver futures on the crypto derivatives exchange are currently showing $1.25 billion in volume and $155 million in open interest.
Silver perps have more volume on Hyperliquid than SOL or XRP.
After a tumultuous conclusion to 2025, characterized by heightened volatility and the impactful October 10 crypto crash, Hyperliquid (HYPE), one of the market’s largest decentralized exchanges (DEXs), faced significant challenges as it entered 2026. With less than two weeks remaining in January, market research firm GLC released an interesting report assessing Hyperliquid’s current standing and evaluating its recovery metrics. Post-October 10 Downturn The report highlights that Hyperliquid’s trading volume and open interest suffered a considerable decline following the liquidation event on October 10, marking the onset of a downtrend for the platform. Since that date, trading volume has decreased by 44.3%, dropping from $10.17 billion to $5.66 billion. Open interest has also experienced a decline of 35.7%, falling from $14.75 billion to $9.48 billion. However, there are signs of recovery. Notably, since December 1, 2025, trading volume on the platform has seen a slight decrease of 3.2%, while open interest has surged by 45.6%. Related Reading: Is A New XRP Price Record Imminent? Analyst Forecast Colossal Short Squeeze Ahead Year-to-date metrics reveal a more optimistic picture: trading volume has increased by 59.2%, rising from $3.56 billion to $5.66 billion, and open interest has grown by 24.7%, going from $7.60 billion to $9.48 billion. While open interest has started to recover since the October event, trading volume has not rebounded at the same rate. This disparity has caused the volume-to-open interest (OI) ratio to decline from 0.90 on December 1 to 0.60 as of mid-January, likely due to decreased market volatility, which has dampened trading activity. Despite these challenges, there is a positive trend indicating that traders are beginning to open larger positions on Hyperliquid, and the recovery in volume on a year-to-date basis is promising. The report suggests that open interest is a more reliable indicator of trader confidence and long-term positioning, while trading volume tends to be influenced by broader market conditions. Although current metrics remain below pre-October 10 levels, the trend indicates that recovery is underway. Will 2026 Mark A Surprising Resurgence For Hyperliquid? The recent volume and open interest data are said to be bullish, with the 7-day average volume increasing by over 130% year-to-date, primarily driven by one active deployer, XYZ, which accounts for roughly 80% of that volume. The 7-day average open interest has also risen by more than 60%. Moreover, Hyperliquid is regaining market share from centralized exchanges (CEXs) as seen in the chart below, with its open interest currently representing about 14.6% of Binance’s, gaining momentum against platforms like Bybit and OKX. Related Reading: Ethereum Poised For $4,000 Breakout? Expert Pinpoints On-Chain Triggers For Potential Rally Another key factor that could further contribute to the platform’s recovery this year is the rollout of portfolio margin. Currently live on testnet, this feature will enable traders to borrow and lend against their collateral, unlocking numerous new use cases. Historical evidence from other exchanges, such as Bybit, suggests that introducing portfolio margin can be a significant growth catalyst, potentially translating to a substantial increase in trading volume for Hyperliquid. Overall, core metrics are gradually improving, and several catalysts lie ahead, such as the growing adoption of equity perpetuals and the introduction of portfolio margin. GLC’s report asserts: …If improving market conditions are combined with the catalysts outlined above, and potentially another S3 season bringing in new traders, Hyperliquid will surprise the market once again. At the time of writing, the platform’s HYPE token is trading at around $21.84. This represents a significant 9% retracement within the last 24 hours alone, placing the altcoin 63% below its all-time high of $59.30. Featured image from OpenArt, chart from TradingView.com
Hyperliquid is consolidating its lead in on-chain derivatives, even as falling volumes elsewhere highlight the limits of incentive-driven growth.
A week after raising $11.5 million to build a perp DEX on Hyperliquid, Trove said it will build on Solana instead, blaming a liquidity partner for the move.
If 2024 was the year of the crypto reawakening, 2025 was the year the plumbing finally got permitted. This year, the emerging industry entered January with tentative optimism and exited December with federal statutes. As a result, the narrative shifted definitively from “crypto as a casino” to “crypto as capital markets infrastructure.” During this period, […]
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Jeff Yan, founder of Hyperliquid, has quietly built a $308 billion volume DEX with over half a million users, influencing DeFi while avoiding public attention.
Hyperliquid has posted more than $430 million in weekly outflows as competition from fast-growing rivals Lighter and Aster intensifies.