Hyperliquid Records $400 Billion Trading Volume and $106 Million Revenue
Hyperliquid has gained traction in the DeFi sector, recording nearly $400 billion in perpetual trading volume and over $106 million in revenue in August, according to DefiLlama. The platform now holds around 70% of the decentralized perpetuals market share.
The success is largely attributed to its HyperEVM blockchain, which offers speed, scalability, and zero gas fees, positioning it as a viable alternative to centralized exchanges.
Whale Activity and Market Sentiment
The native token, HYPE, currently trades around $44, down from $51. Analysts identify resistance at $48.73 with potential targets at $52, $55, and $73.
A whale recently deposited over $3 million USDC into Hyperliquid and opened a leveraged short against HYPE, indicating mixed market sentiment. Despite this, rising open interest in derivatives suggests continued optimism among traders.
Future Prospects
BitMEX co-founder Arthur Hayes described Hyperliquid as a “decentralized Binance,” predicting that HYPE could rise over 100x with increased adoption. The launch of a 21Shares Hyperliquid ETP on the SIX Swiss Exchange reflects growing institutional confidence.
However, Hyperliquid faces challenges including outages and concerns over whale manipulation. The team has introduced stricter measures like tighter price caps to enhance market integrity.
With increasing trading volumes and institutional interest, Hyperliquid could solidify its position in the crypto space if it continues to address these risks effectively.