HyperLiquid breaks $8 billion daily trading volume pushing HYPE token near all-time highs

Hyperliquid’s autochthonal token, HYPE, is approaching its all-time high, fueled by the decentralized derivatives speech capturing implicit 80% of the on-chain perpetual futures market.

The level has seen its mean regular trading volumes summation to a accordant scope of $2-6 billion, a surge that coincides with a caller partnership with Phantom wallet and caller web upgrades. Over the past 24 hours, it has surged to $8.4 billion, breaking $1.88 trillion successful beingness volume.

HyperLiquid measurement (source: DefiLlama)

However, trading measurement inactive sits good beneath its all-time precocious of $18 cardinal earlier successful the year, though averages person remained beardown since successful past 2024 breakout.

The decentralized speech present commands the immense bulk of the perpetuals market, with its full worth locked (TVL) exceeding $480 million, per information from DefiLlama. This maturation places Hyperliquid up of its competitors successful the decentralized concern landscape.

The platform’s ascent is built connected its proprietary layer-1 blockchain, which utilizes an on-chain bid book, which distinguishes it from galore different decentralized exchanges that trust connected automated marketplace shaper models. The infrastructure is designed to supply high-throughput and low-latency trading, mirroring the show of centralized exchanges.

Fueling capitalist optimism is the platform’s “real yield” model, wherever gross from trading fees is distributed to HYPE token stakers. Hyperliquid charges a 0.025% interest for takers and 0.002% for makers, with the collected fees utilized to bargain backmost and pain HYPE tokens, creating deflationary pressure.

The mechanics straight ties the token’s worth to the platform’s trading volume. The Hyperliquidity Provider (HLP) vaults are an integral portion of this ecosystem, allowing users to supply liquidity and gain a stock of the platform’s revenue.

Hyperliquid’s caller partnership with Phantom, the fashionable Solana-based wallet with implicit 15 cardinal users, is expected to onboard a important fig of caller traders to the Hyperliquid platform, further boosting its trading measurement and liquidity.

The exchange’s co-founder, Jeff Yan, has emphasized a user-centric approach. In an interrogation with ChainCatcher, Yan stated, “We wanted to physique thing that radical really wanted to use, not conscionable for farming airdrops.” This doctrine appears to beryllium resonating wrong the DeFi community, with the platform’s idiosyncratic basal increasing to implicit 500,000 and implicit $88 cardinal successful full deposits.

The caller “CoreWriter” upgrade, which launched past week, is besides underpinning bullish sentiment. It allows HyperEVM decentralized applications to interact straight with HyperCore’s perpetual exchange. HyperCore went unrecorded successful March and enabled seamless plus transfers and astute declaration improvement wrong the Hyperliquid ecosystem, combining centralized speech show with decentralized concern functionality.

Despite its accelerated growth, Hyperliquid has faced challenges. In March 2025, the level experienced a information breach. The incident, which progressive an exploit related to the HLP vaults, resulted successful astir $12 cardinal successful cumulative losses for liquidity providers.

Hyperliquid’s HYPE token is presently trading astatine astir $41.60, reflecting a astir 7% summation successful the past 24 hours arsenic the platform’s cardinal strengths and strategical initiatives proceed to pull marketplace attention.

Its marketplace dominance, sustainable output model, and expanding idiosyncratic basal done cardinal partnerships presumption the speech arsenic a formidable subordinate successful the on-chain derivatives assemblage arsenic it goes from spot to strength.