Arthur Hayes' HYPE Vision Could Redefine DEX Dominance

Hyperliquid’s HYPE token has experienced a notable surge in recent trading sessions, driven by high-profile projections from crypto industry figure Arthur Hayes. During the WebX 2025 conference in Tokyo, Hayes forecast a 126x increase in the token’s value over the next three years, positioning it as a key player in the decentralized derivatives exchange (DEX) space. At the time of reporting, HYPE was trading at $45.64, with a peak of $47 observed earlier in the day [2]. The token’s performance has been robust, with a near-4% gain over the past 24 hours.

Hayes, co-founder of the now-defunct BitMEX exchange, argued that the expansion of stablecoin usage would significantly boost Hyperliquid’s annualized fees. Currently at $1.2 billion, Hayes predicts this could rise to $258 billion in the future [2]. His remarks came as the DEX’s open positions and trading volume reached all-time highs. On Monday, total open positions hit 198,397, while open interest exceeded $15 billion. Additionally, total wallet equity reached $31 billion, underscoring growing user confidence and liquidity depth.

The DEX’s trading volume also hit record levels over the weekend, with DefiLlama reporting an all-time high of $1.56 billion in a 24-hour period. Transaction fees have mirrored this surge, reaching a July high of $93 million this month [2]. These figures indicate that Hyperliquid is not only capturing significant market share but is also processing a substantial portion of decentralized perpetual futures trading. Redstone, a data provider, recently highlighted that Hyperliquid has captured over 75% of the decentralized perpetual exchange market within two years, a figure previously dominated by dYdX [2].

As of the latest data, HYPE’s price is $48.23, with a 296.08% increase year-to-date. The token’s market cap stands at $16.11 billion, supported by a circulating supply of 334 million out of a maximum 1 billion HYPE. The fully diluted valuation is $48.24 billion, reflecting the potential implied by Hayes’ projections [1]. Over the last 24 hours, the token’s trading volume totaled $665.67 million, with a 7-day volume of $3.55 billion. These metrics suggest strong institutional and retail participation, with HYPE approaching its all-time high of $49.84, which was recorded on July 14, 2025 [1].

Social media sentiment around HYPE has also been largely positive, with 55.21% of tweets on Twitter expressing bullish views. The token’s growing presence on platforms like Reddit and Twitter indicates rising awareness and speculative activity. Despite being in its early adoption phase, Hyperliquid appears to be gaining traction among traders seeking leveraged exposure to crypto assets. Analysts note that the token’s decentralized nature and performance-driven design make it a compelling proposition in the fast-evolving DEX landscape [2].

Source:

[1] Hyperliquid Price, HYPE Price, Live Charts, and Marketcap (https://www.coinbase.com/price/hyperliquid)

[2] Hyperliquid spikes as Arthur Hayes predicts 126x upside in ... (https://cointelegraph.com/news/hyperliquid-hype-spikes-arthur-hayes-predicts-126x-upside)