HyperLiquid Surpasses $8 Billion in Daily Trading Volume, HYPE Token Nears All-Time High

HyperLiquid, a decentralized derivatives exchange, has achieved a significant milestone by surpassing $8 billion in daily trading volume, pushing its native token, HYPE, close to its all-time high. This surge in trading volume is part of a broader trend that has seen HyperLiquid capture over 80% of the on-chain perpetual futures market. The platform's average daily trading volumes have consistently ranged between $2 billion and $6 billion, with a recent spike to $8.4 billion in the past 24 hours, marking a lifetime volume of $1.88 trillion.

HyperLiquid's growth can be attributed to several factors, including a new partnership with Phantom wallet and recent network upgrades. The platform's total value locked (TVL) now exceeds $480 million, placing it ahead of its competitors in the decentralized finance landscape. HyperLiquid's proprietary layer-1 blockchain, which utilizes an on-chain order book, provides high-throughput and low-latency trading, similar to centralized exchanges. This infrastructure sets it apart from many other decentralized exchanges that rely on automated market maker models.

The platform's "real yield" model, where revenue from trading fees is distributed to HYPE token stakers, has fueled investor optimism. HyperLiquid charges a 0.025% fee for takers and 0.002% for makers, with the collected fees used to buy back and burn HYPE tokens, creating deflationary pressure. This mechanism directly ties the token's value to the platform's trading volume. The Hyperliquidity Provider (HLP) vaults are an integral part of this ecosystem, allowing users to provide liquidity and earn a share of the platform's revenue.

HyperLiquid's recent partnership with Phantom, a popular Solana-based wallet with over 15 million users, is expected to onboard a substantial number of new traders to the HyperLiquid platform, further boosting its trading volume and liquidity. The exchange's co-founder, Jeff Yan, has emphasized a user-centric approach, stating that the platform was built to be used, not just for farming airdrops. This philosophy has resonated within the DeFi community, with the platform's user base growing to over 500,000 and over $88 billion in total deposits.

The recent "CoreWriter" upgrade, which launched last week, has also underpinned bullish sentiment. It allows HyperEVM decentralized applications to interact directly with HyperCore’s perpetual exchange. HyperCore went live in March and enabled seamless asset transfers and smart contract development within the HyperLiquid ecosystem, combining centralized exchange performance with decentralized finance functionality. Despite its rapid growth, HyperLiquid has faced challenges. In March 2025, the platform experienced a security breach. The incident, which involved an exploit related to the HLP vaults, resulted in nearly $12 million in cumulative losses for liquidity providers.

HyperLiquid's HYPE token is currently trading at approximately $41.60, reflecting a nearly 7% increase in the last 24 hours as the platform's fundamental strengths and strategic initiatives continue to attract market attention. Its market dominance, sustainable yield model, and expanding user base through key partnerships position the exchange as a formidable player in the on-chain derivatives sector as it goes from strength to strength.