Hyperliquid's Daily Trading Volume Surges 50% Above Bybit, OKX

Hyperliquid, a prominent player in the cryptocurrency space, has recently garnered significant attention for its impressive trading volumes. Over the past three months, the platform has averaged $6.4 billion in daily trading volume. This figure is notable as it represents just over 50% of the daily trading volumes of Bybit and OKX, two other major players in the industry.

The open interest (OI) for Bitcoin on Hyperliquid stands at $1.4 billion, which is a substantial portion of the OI on other major exchanges. Specifically, it is 15% of Binance's $9.2 billion, 46% of OKX's $3 billion, and 25% of Bybit's $5.6 billion. This indicates a strong presence and liquidity on the Hyperliquid platform.

In comparison, Jupiter Perps, often considered a close competitor to Hyperliquid, averages $704 million in daily trading volume. This is significantly lower than Hyperliquid's $6.4 billion, highlighting Hyperliquid's dominance in the market.

One of the key factors contributing to Hyperliquid's success is its user experience (UX) and the platform's ability to quickly list popular tokens. This has helped boost its popularity among traders and investors.

Hyperliquid's core businesses include HyperCore, the order book exchange, and HyperEVM, the EVM network. Currently, HyperCore is the dominant business with a valuation of $11.2 billion, while HyperEVM is valued at $61 million. This discrepancy is justified, as the core product is HyperCore, with HyperEVM initially acting as a supporting chain.

However, there is potential for HyperEVM to become more profitable in the future, especially if it integrates token launchpads, SocialFI, and NFT marketplaces on the chain. This could further enhance Hyperliquid's overall value and market position.