HyperLiquid surpasses $8 billion in daily trading volume, bringing HYPE token close to record levels.

Hyperliquid’s native token, HYPE, is nearing its historical peak, driven by the decentralized derivatives exchange capturing over 80% of the on-chain perpetual futures market.

The platform has experienced an increase in its average daily trading volumes, now consistently ranging between $2-6 billion, a rise that aligns with a new collaboration with Phantom wallet and recent network enhancements. In the last 24 hours, trading volume has surged to $8.4 billion, surpassing $1.88 trillion in total lifetime volume.

HyperLiquid volume (source: DefiLlama)

Nevertheless, trading volume remains significantly below its peak of $18 billion earlier this year, although averages have remained robust since the breakout in 2024.

The decentralized exchange now holds a dominant position in the perpetuals market, with its total value locked (TVL) exceeding $480 million, according to data from DefiLlama. This expansion positions Hyperliquid ahead of its rivals in the decentralized finance sector.

The platform’s growth is supported by its proprietary layer-1 blockchain, which employs an on-chain order book, setting it apart from many other decentralized exchanges that depend on automated market maker models. The infrastructure is crafted to deliver high-throughput and low-latency trading, emulating the performance of centralized exchanges.

Investor confidence is bolstered by the platform’s “real yield” model, where revenue generated from trading fees is allocated to HYPE token stakers. Hyperliquid imposes a 0.025% fee for takers and 0.002% for makers, with the accumulated fees utilized to repurchase and burn HYPE tokens, thereby creating deflationary pressure.

This mechanism directly connects the token’s value to the platform’s trading volume. The Hyperliquidity Provider (HLP) vaults play a crucial role in this ecosystem, enabling users to supply liquidity and earn a portion of the platform’s revenue.

Hyperliquid’s recent collaboration with Phantom, the widely-used Solana-based wallet boasting over 15 million users, is anticipated to attract a significant number of new traders to the Hyperliquid platform, further enhancing its trading volume and liquidity.

The exchange’s co-founder, Jeff Yan, has highlighted a user-focused approach. In an interview with ChainCatcher, Yan remarked, “We wanted to build something that people actually wanted to use, not just for farming airdrops.” This philosophy seems to resonate within the DeFi community, as the platform’s user base has expanded to over 500,000, with total deposits exceeding $88 billion.

The recent “CoreWriter” upgrade, which was launched last week, is also supporting positive sentiment. It enables HyperEVM decentralized applications to interact directly with HyperCore’s perpetual exchange. HyperCore went live in March and facilitated seamless asset transfers and smart contract development within the Hyperliquid ecosystem, merging centralized exchange performance with decentralized finance capabilities.

Despite its rapid expansion, Hyperliquid has encountered challenges. In March 2025, the platform suffered a security breach. The incident, which involved an exploit related to the HLP vaults, led to nearly $12 million in total losses for liquidity providers.

Hyperliquid’s HYPE token is currently trading at around $41.60, reflecting an almost 7% increase in the past 24 hours as the platform’s fundamental strengths and strategic initiatives continue to draw market interest.

Its market dominance, sustainable yield model, and growing user base through significant partnerships position the exchange as a strong contender in the on-chain derivatives sector as it continues to progress.

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