Hyperliquid Surpasses $1.5 Trillion in Trading Volume, Outpaces dYdX

Hyperliquid, a trading platform built on high-performance Layer 1 technology, has achieved a significant milestone by surpassing $1.5 trillion in all-time trading volume, outpacing the established platform dYdX. This accomplishment is particularly noteworthy given that Hyperliquid only launched in 2023, while dYdX has been operating for five years. The surge in Hyperliquid’s success is driven by its robust product offerings, strategic token buybacks, and organic growth through user referrals. Unlike dYdX, which relied on incentives such as reimbursement of trading fees using its native token to attract users, Hyperliquid focused on product functionality and quality. This approach has allowed Hyperliquid to capture more than 60% of the perpetuals trading market, with its HYPE token reaching a three-month high, reinforcing investor confidence.

Hyperliquid’s strategy includes committing a significant portion of its trading fees to token buybacks, a move that has allowed the platform to repurchase 17% of the circulating HYPE tokens. This proactive approach has driven its market cap upwards towards the $10 billion mark. The platform’s HYPE token generation event (TGE) is scheduled for 2024, and it has benefited from a booming market for crypto perpetuals trading, demonstrating a more sustainable growth approach.

Despite its rapid rise, Hyperliquid has faced major controversies, including allegations surrounding a security breach linked to the Lazarus Group. The most notable incident occurred in March 2025, when it delisted JELLYJELLY during a short squeeze, prompting accusations of market manipulation. However, Hyperliquid responded promptly, initiating measures to repair its public image. Recent metrics suggest its efforts have been fruitful, as the platform has now reached an all-time high in open interest, surpassing $8 billion. This powerful momentum could position Hyperliquid favorably in the highly competitive DeFi perpetuals market.

The ongoing development of Hyperliquid indicates a promising trajectory for the platform. As it continues to innovate and solidify its offerings, the increased trading volume reflects a growing trust among users. Moving forward, maintaining transparency and addressing user concerns will be crucial in establishing long-term success. Furthermore, if Hyperliquid sustains its current momentum, it could establish a commanding lead over its competitors in the decentralized finance (DeFi) sector. With the right strategies in place, the platform is poised for further growth and an expanded user base, potentially reshaping the dynamics of crypto trading.

In summary, Hyperliquid’s recent achievement of surpassing $1.5 trillion in trading volume marks a significant milestone, showcasing its ability to compete effectively against established platforms like dYdX. The combination of strong product quality, strategic buybacks, and adaptive operational methods places Hyperliquid in a strong position within the evolving landscape of cryptocurrency trading. As it continues to address challenges and build reputation, the future looks promising for Hyperliquid in the decentralized finance market.