Hyperliquid Surpasses $1 Trillion in Perps Trading Volume Amid Market Downturn

Hyperliquid, a decentralized perpetual exchange (DEX), has achieved a significant milestone by surpassing $1 trillion in total perpetual contract (perps) trading volume. This accomplishment is notable given the broader market downturn, where major sectors have posted losses. Despite a slight growth today, the market's challenges remain evident.

According to data from DeFiLlama, Hyperliquid's cumulative trading volume has surged to $1.1 trillion. This rise in activity underscores its growing appeal among traders. The platform now commands over 60% of the market share among perps platforms, solidifying its position as a powerhouse in decentralized finance (DeFi).

Hyperliquid has also gained widespread attention after a whale trader opened a 40x leverage BTC short position worth $423 million, triggering a “whale hunt.” However, these developments have not significantly impacted the platform’s native token, HYPE, which has been underperforming and maintaining a consistent downtrend. Over the past day, HYPE depreciated by 3.4% and traded at $12.9, marking lows not seen since December 2024. The platform has faced increased scrutiny following concerns about potential money laundering.

Despite these struggles, an analyst predicted that HYPE could reach $50-$100, citing its status as the leading crypto DEX and its high-throughput Layer 1 blockchain. The platform averages $6.7 billion in daily volume, a significant increase from $1.1 billion in October. This surge has increased its market share relative to Binance, jumping from 2% to 9% in just six months. If Hyperliquid can maintain just a fraction of its growth rate, it could reach approximately 20% of Binance’s volumes by the end of the year, according to the analyst.

This expansion could significantly boost the HYPE token’s valuation. The analyst highlighted several factors that could fuel Hyperliquid’s continued success, including the recent addition of native spot Bitcoin (BTC) trading, coin margin functionality, and the possibility of launching a delta-neutral stablecoin. Another key development is the evolution of Hyperliquid’s Layer 1 blockchain ecosystem, which has attracted over 50 projects and holds over $2.3 billion in USDC and BTC deposits. The analyst added that Hyperliquid has strong potential to establish itself as the third most used blockchain within the next few years, following and .