Hyperliquid News Today: Hyperliquid Surpasses $10B in HIP-3 Volume, Spurring DeFi Perp Expansion

Hyperliquid's HIP-3 markets have reached a major milestone, surpassing $10 billion in total trading volume. This achievement highlights the platform's expanding role in decentralized perpetual trading as user-created markets grow in popularity. The HIP-3 system allows traders to stake HYPE tokens and list new perpetual futures, transforming Hyperliquid into an open-access platform.

The success of HIP-3 marks a significant shift for Hyperliquid from a closed decentralized exchange (DEX) to a dynamic, permissionless market system. Builders can now create and operate their own perpetual markets by winning listing auctions, enabling nearly any asset or index to become a tradable perp. This innovation has led to the creation of new markets, such as equity perpetuals, and attracted both retail and institutional traders.

Data from December 2025 shows that Hyperliquid has maintained a strong market position despite increased competition. The platform reported $79.1 billion in 24-hour trading volume, with open interest at $66.7 billion. This is a slight lead over its rivals Aster and Lighter, which also saw strong performance in the same period. However, Hyperliquid is experiencing a narrowing gap in market share as newer platforms ramp up incentives and volume-driving strategies.

Market Share Pressures and Strategic Responses

Hyperliquid has seen its third-largest weekly outflow in history, exceeding $430 million, as rivals like Aster and Lighter gain traction. These platforms are leveraging points programs and airdrop speculation to attract traders, causing a shift in liquidity. While Hyperliquid still holds a leadership position in trading volume and open interest, the competitive environment is intensifying.

Cantor Fitzgerald has positioned Hyperliquid as a cash-flow-focused exchange, emphasizing its revenue generation and token buyback strategy as key drivers of long-term value. The firm argues that Hyperliquid's organic trading activity is of higher quality compared to the incentive-driven volume seen on platforms like Aster and Lighter. This view is supported by the platform's strong open interest metrics, which reflect real leverage and not just notional turnover.

Institutional Adoption and Regulatory Strategy

Hyperliquid has become a focal point for institutional adoption in 2025. The platform's 32% share of blockchain-generated revenue and $2.15 billion in total value locked (TVL) signal growing institutional confidence. Strategic partnerships with entities like Anchorage Digital and Circle's CCTP V2 have accelerated this trend. Additionally, Hyperliquid's regulatory alignment with frameworks such as the GENIUS Act and MiCAR has made it more attractive to regulated investors.

The platform's economic model further supports institutional participation. A take rate of 3.3 basis points ensures that 97% of trading fees fund HYPE buybacks, reinforcing a deflationary token supply. This approach aligns with strategies used by traditional asset managers and has attracted institutional capital, especially after the formation of Hyperliquid Strategies (PERR) on the Nasdaq in 2025.

Risks and Regulatory Headwinds

Despite its strong performance, Hyperliquid faces several risks. Regulatory scrutiny, particularly in the U.S., remains a concern. The SEC's rejection of leveraged crypto ETFs in December 2025 limited potential speculative inflows that could have boosted HYPE demand. Additionally, regulatory questions surrounding tokenized real-world assets (RWAs) and synthetic exposures could hinder Hyperliquid's expansion into new market segments.

Competition is another area of concern. Platforms like Aster and Lighter have introduced aggressive incentives and innovative features, such as cross-chain capabilities and enhanced privacy, which may threaten Hyperliquid's market share. Furthermore, broader macroeconomic factors, such as interest rate changes, could influence how institutions allocate capital across DeFi platforms.

What This Means for Investors

For investors, Hyperliquid's performance offers both opportunities and risks. The platform's strong on-chain metrics, including high trading volume and TVL, suggest continued growth potential. Cantor Fitzgerald's valuation model projects a potential $125 billion market cap for HYPE over the next decade, based on assumptions about fee growth and supply reduction. However, this optimistic forecast depends on Hyperliquid maintaining its competitive edge and regulatory compliance.

The recent $1 billion HYPE burn initiative, which reclassifies tokens in the Assistance Fund as permanently burned, is a strategic move to enhance scarcity and investor confidence. While the burn itself does not directly drive demand, it signals the platform's commitment to long-term value for token holders. This reclassification also aligns the token's fundamentals with the narratives that drive crypto market sentiment.

Investors should closely monitor key metrics such as open interest, TVL, and trading volume as indicators of Hyperliquid's market health. Additionally, developments in regulatory alignment and the success of its HIP-3 platform in expanding new asset classes will be critical for long-term growth. For now, Hyperliquid remains a key player in the DeFi perpetual trading space, with a strong foundation for further expansion.