The native token of the decentralized derivatives exchange Hyperliquid, HYPE, rose nearly 4% in the last 24 hours to over $45, following a major prediction by former BitMEX CEO Arthur Hayes.
At the WebX 2025 conference in Tokyo, Hayes said HYPE could grow up to 126x in the next three years. Additionally, he said the expansion of US-backed stablecoins could boost Hyperliquid’s annualized fees from the current $1.2 billion to $258 billion in the future.
Further, the US is aiming to redirect the $10–13 trillion Eurodollar market into government-backed stablecoins. This would increase liquidity in decentralized finance (DeFi) platforms like Hyperliquid and Ethena.
At the time of writing, HYPE’s price was just 8% below its all-time high of $49.86 reached in July, with a market cap of $15 billion. Its 24-hour trading volume surged to $270 million, with a 78% increase in 24 hours.
Hyperliquid Market Activity
Hyperliquid is a decentralized exchange (DEX) that allows trading of perpetual futures, contracts without an expiry date, letting traders take leveraged positions on crypto assets.
The exchange has been seeing record activity recently. As per the Hypertracker analytics platform, total open positions hit nearly 196,462, and open interest climbed above $15 billion. Total wallet equity peaked at $31 billion. Over the weekend, trading volume reached $1.56 billion, as shown in DefiLlama. Moreover, the transaction fees hit July’s high of $93 million.
In less than two years, Hyperliquid grew from nothing to controlling over 75% of the decentralized perpetual exchange market. For comparison, dYdX had 73% at the start of 2024 but fell to just 7% by the end of the year. Hyperliquid now handles up to $30 billion in daily trades, nearly matching Binance on some trading pairs.
Also Read: Hyperliquid Takes 80% of DeFi Perps Market, Hits $30B Daily Volume
