Hyperliquid's Price Drops 6.44% Amidst Record Trading Volume

Hyperliquid's latest price was $43.07, down 6.442% in the last 24 hours. The cryptocurrency has shown remarkable growth in its trading activity and platform adoption over recent months. The protocol has surpassed Robinhood's monthly trading volume for three consecutive months in 2025, with a notable 39.1% higher volume than Robinhood in July. This trend indicates a sustained expansion since June 2025, with the platform approaching a cumulative spot and perpetual trading volume of $2 trillion year-to-date as of August 25.

Hyperliquid's performance has been particularly impressive, achieving a new 24-hour spot volume all-time high of $3.4 billion. This milestone has contributed to the protocol's volume exceeding established platforms, including surpassing Coinbase in spot volumes. The platform's operational growth is a key part of its broader adoption trajectory, reflecting its increasing popularity and user base.

User adoption has been a significant driver of Hyperliquid's expansion. The number of active addresses on its EVM-compatible smart contract layer, HyperEVM, surpassed 518,000 by the end of the first half of 2025. This represents a substantial 78% increase since the beginning of the year, largely driven by participation from small wallet holders. Daily transaction volumes averaged 208,000 during the first half of 2025, with peaks reaching 315,000 during high-activity periods.

Platform accessibility enhancements have also played a crucial role in Hyperliquid's growth. The launch of HyperUnit in February 2025 facilitated easier engagement for retail users by allowing direct deposits and trades without requiring token wrapping. This feature has contributed to spot trading volumes exceeding $8.4 billion in the first six months of 2025 alone. The protocol also maintains a token buyback mechanism where 97% of trading fees are allocated to repurchasing HYPE, reinforcing tokenomics designed to support scarcity.

Market interest in Hyperliquid remains pronounced, with elevated futures open interest exceeding $2 billion. Retail activity is also observable through heightened social media engagement across key platforms. The protocol's decentralized perpetuals trading has gained notable market share, accounting for 6.1% of total volume against centralized exchanges. This highlights Hyperliquid's competitive positioning within the decentralized finance ecosystem, showcasing its ability to attract users and maintain a strong presence in the market.