The question is whether Hyperliquid can sustain this momentum and become a comprehensive, round-the-clock financial exchange built on crypto rails.
Hyperliquid has emerged as one of crypto’s strongest performers this year, even as the broader market has faltered.
The decentralized trading platform, launched in 2023, first gained traction as a venue for on-chain perpetual futures. It has since expanded into commodities, foreign exchange, pre-IPO companies, prediction markets, and stablecoin-related services. Meanwhile, asset managers have raced to offer exchange-traded funds tied to its native Hyperliquid (HYPE) token.
Investors are taking notice. HYPE rose 94% in the three months through late May, according to FalconX. It reached a record high after the first U.S. HYPE ETFs launched, and currently trades at a fully diluted value of more than $65 billion, CoinMarketCap data shows.
Michaël van de Poppe, founder and CIO of MN Capital and MN Fund, says the token could reach $100 or more if demand for altcoins continues to strengthen.
The question is whether Hyperliquid can sustain this momentum and become a comprehensive, round-the-clock financial exchange built on crypto rails.
If it succeeds, Hyperliquid could become “one of the systems that most of traditional finance runs on in the future,” Ryan Rasmussen, head of research at Bitwise, told CoinDesk.
The HYPE token has outperformed the broader crypto market this year. Source: CoinMarketCap
Beyond Crypto Perpetuals
Hyperliquid’s core perpetual-futures business lets traders take leveraged long or short positions without an expiry date. That business has grown rapidly. Trading volume surged from about $50 billion in 2023 to $2.9 trillion in 2025, according to data from DefiLlama.
The platform is now using that foundation to move beyond crypto. Its HIP-3 system lets third-party developers launch new perpetual markets, including a SpaceX-linked contract from Trade.xyz that generated $33 million in first-session volume.
Hyperliquid is also moving into prediction markets through its new HIP-4 outcome contracts. Users can trade events such as U.S. inflation data and Federal Reserve decisions from the same account they use for crypto derivatives.
Crucially, these markets trade around the clock, giving Hyperliquid an advantage when traditional venues are closed.
That became clear in March, when Iran-related oil volatility erupted during a weekend and traders turned to Hyperliquid’s crude oil perpetual futures before CME markets reopened.
JPMorgan reportedly said Hyperliquid’s oil contract hit $1.7 billion in peak daily volume and $300 million in open interest as traders reacted to geopolitical developments outside traditional market hours.
Hyperliquid’s exchange has seen explosive growth. Source: DefiLlama
A Token With Revenue Behind It
Hyperliquid’s trading activity feeds directly into the HYPE token.
The platform collects a fraction of trading volume in fees, about 99% of which are used for open-market HYPE purchases. Researchers at 21Shares estimate Hyperliquid generated nearly $900 million in revenue last year.
A new agreement with Coinbase could add another major revenue stream by giving Hyperliquid a share of the interest earned on the reserves backing USDC (USDC) held on the platform. Analysts estimate the deal could generate $135 million to $160 million in annual revenue for HYPE buybacks, with significantly more upside if deposits grow.
This model is drawing attention from Wall Street.
Asset managers including 21Shares, Bitwise, and Grayscale have launched U.S. ETFs tied to HYPE. FalconX said the first funds from 21Shares and Bitwise drew a combined $53 million within days, while Grayscale later entered with a lower 0.29% sponsor fee and staking exposure.
Interest extends beyond ETFs. Intercontinental Exchange CEO Jeffrey Sprecher has called Hyperliquid “bigger than Nasdaq” by daily volume. Grayscale has also framed Hyperliquid as potential infrastructure for future financial markets.
Traditional investors are pouring into HYPE ETFs. Source: Blockworks
The Risks Behind the Rally
Hyperliquid’s expansion is also drawing scrutiny.
Two of the largest U.S. derivatives exchange operators, CME Group and Intercontinental Exchange, have urged regulators to examine manipulation and sanctions-evasion risks on Hyperliquid.
Meanwhile, competition is mounting. Crypto exchanges, prediction markets, and traditional financial venues are all pursuing parts of the same opportunity Hyperliquid has seized.
Yet Hyperliquid’s crypto-native roots—including round-the-clock trading and permissionless market creation—remain a key differentiator.
“Hyperliquid is not directly comparable to another project in either crypto or traditional finance,” Grayscale wrote. “If it continues to execute well … we think Hyperliquid could become a financial services juggernaut.”
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