Hyperliquid Hits $29 Billion Daily Volume as HYPE Surges 19% to Near All-Time High

Hyperliquid, a Layer-1 blockchain built specifically for decentralized derivatives trading, has reached a significant milestone by recording a 24-hour trading volume of $29 billion and generating $7.7 million in daily fees, as of August 15 [1]. The platform’s native token, HYPE, has surged to $48.57, just 1.1% below its all-time high of $49.75, marking a 19% increase over the past week [1]. This performance has positioned Hyperliquid as a formidable challenger to both centralized exchanges and other decentralized finance (DeFi) platforms.

Hyperliquid's success is underscored by its ability to generate $97.7 million in fees over the past 30 days, representing approximately 35% of all blockchain fee revenue in the cryptocurrency ecosystem [1]. The platform's total value locked has risen from $460 million in mid-July to $610 million, while monthly USD inflows surged from $21.35 million in June to $349.27 million in July [1]. Over the past 12 months, Hyperliquid has recorded $1.57 trillion in trading volume and generated over $300 million in revenue during Q2 2025 [1]. Analysts estimate that Hyperliquid’s performance is roughly ten times stronger than that of its nearest rival [1].

A key factor in Hyperliquid's rapid ascent is its custom-built Layer-1 blockchain architecture, which enables the processing of up to 100,000 orders per second with sub-second finality. The platform utilizes a fully on-chain order book system, offering the speed and efficiency of centralized exchanges while preserving the transparency and security of decentralized infrastructure [1]. Unlike most decentralized platforms, Hyperliquid does not rely on Automated Market Makers (AMMs), which allows for deeper liquidity and more accurate price discovery without gas fees.

The platform has also attracted significant institutional interest in 2025. On July 31, Circle announced the launch of native USD Coin (USDC) and Cross-Chain Transfer Protocol (CCTP) V2 on Hyperliquid, enabling direct on/off ramps and cross-chain transfers [1]. This integration reduces counterparty risk and streamlines treasury operations for institutional users. On August 13, Anchorage Digital Bank announced custody services for the HYPE token, offering institutional-grade security on HyperEVM and facilitating large-scale participation in the HYPE ecosystem [1].

Hyperliquid’s token economics further strengthen its value proposition. The platform burns 93% of its generated fees to repurchase and destroy HYPE tokens, creating deflationary pressure on the supply [1]. Analysts estimate that at current rates, the entire circulating supply could be repurchased within four years [1]. Additionally, 54% of perpetual contract trading income is directed toward HYPE token buybacks, while 46% is distributed to Hyperliquid Liquidity Providers (HLP), ensuring value accrual for token holders and liquidity contributors [1].

Technically, HYPE appears well-positioned for a potential breakout. The token's price has pushed against the upper Bollinger Band, with all major moving averages indicating a bullish trend [1]. While the RSI remains in neutral territory at 63, the narrowing volatility suggests a possible significant price movement. Analysts have identified $55 as a potential price target if the token closes firmly above $49.75, with $52 acting as an intermediate resistance level [1].

Hyperliquid's competitive positioning has allowed it to poach high-value users from Solana, challenging one of the leading blockchain networks in derivatives trading [1]. Although centralized exchanges still dominate overall trading volume, Hyperliquid’s ability to generate revenue comparable to major blockchain networks demonstrates the growing viability of decentralized alternatives. The platform's open interest currently represents 10% of Binance’s levels, with its trading volume reaching 6% of the world’s largest cryptocurrency exchange [1]. These metrics suggest substantial room for continued growth.

Looking ahead, Hyperliquid plans to expand beyond perpetual futures trading to include spot trading and permissionless liquidity provision [1]. The platform has also allocated 388.88 million HYPE tokens for community rewards and emissions, fostering user engagement and encouraging developer contributions. As regulatory frameworks for DeFi continue to evolve, Hyperliquid's compliant approach to derivatives trading and institutional partnerships place it in a strong position for sustained growth.

Overall, Hyperliquid’s record-breaking performance—marked by $29 billion in daily trading volume, near-all-time highs for HYPE, and growing institutional adoption—demonstrates its emergence as a major player in the decentralized derivatives market. With its unique architecture, strong fee generation, and deflationary tokenomics, the platform is well-positioned to compete with both centralized and decentralized rivals as the DeFi ecosystem matures.

Source: [1] Hyperliquid Sets Record $29B Trading Volume as HYPE Token Surges to Near All-Time High of $49 (https://coinmarketcap.com/community/articles/689ef708ff2e395bd96c6104/)