Hyperliquid’s native token, HYPE, is approaching its all-time high, fueled by the decentralized derivatives exchange capturing over 80% of the on-chain perpetual futures market.
The platform has seen its average daily trading volumes increase to a consistent range of $2-6 billion, a surge that coincides with a new partnership with Phantom wallet and recent network upgrades. Over the past 24 hours, it has surged to $8.4 billion, breaking $1.88 trillion in lifetime volume.
However, trading volume still sits well below its all-time high of $18 billion earlier in the year, though averages have remained strong since the 2024 breakout.
The decentralized exchange now commands the vast majority of the perpetuals market, with its total value locked (TVL) exceeding $480 million, per data from DefiLlama. This growth places Hyperliquid ahead of its competitors in the decentralized finance landscape.
The platform’s ascent is built on its proprietary layer-1 blockchain, which utilizes an on-chain order book, which distinguishes it from many other decentralized exchanges that rely on automated market maker models. The infrastructure is designed to provide high-throughput and low-latency trading, mirroring the performance of centralized exchanges.
Fueling investor optimism is the platform’s “real yield” model, where revenue from trading fees is distributed to HYPE token stakers. Hyperliquid charges a 0.025% fee for takers and 0.002% for makers, with the collected fees used to buy back and burn HYPE tokens, creating deflationary pressure.
The mechanism directly ties the token’s value to the platform’s trading volume. The Hyperliquidity Provider (HLP) vaults are an integral part of this ecosystem, allowing users to provide liquidity and earn a share of the platform’s revenue.
Hyperliquid’s recent partnership with Phantom, the popular Solana-based wallet with over 15 million users, is expected to onboard a substantial number of new traders to the Hyperliquid platform, further boosting its trading volume and liquidity.
The exchange’s co-founder, Jeff Yan, has emphasized a user-centric approach. In an interview with ChainCatcher, Yan stated, “We wanted to build something that people actually wanted to use, not just for farming airdrops.” This philosophy appears to be resonating within the DeFi community, with the platform’s user base growing to over 500,000 and over $88 billion in total deposits.
The recent “CoreWriter” upgrade, which launched last week, is also underpinning bullish sentiment. It allows HyperEVM decentralized applications to interact directly with HyperCore’s perpetual exchange. HyperCore went live in March and enabled seamless asset transfers and smart contract development within the Hyperliquid ecosystem, combining centralized exchange performance with decentralized finance functionality.
Despite its rapid growth, Hyperliquid has faced challenges. In March 2025, the platform experienced a security breach. The incident, which involved an exploit related to the HLP vaults, resulted in nearly $12 million in cumulative losses for liquidity providers.
Hyperliquid’s HYPE token is currently trading at approximately $41.60, reflecting a nearly 7% increase in the last 24 hours as the platform’s fundamental strengths and strategic initiatives continue to attract market attention.
Its market dominance, sustainable yield model, and expanding user base through key partnerships position the exchange as a formidable player in the on-chain derivatives sector as it goes from strength to strength.
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