Hyperliquid’s HYPE Token Soars Near All-Time Highs
Hyperliquid’s native token, HYPE, is on the brink of reaching its all-time high as the decentralized derivatives exchange continues to dominate the on-chain perpetual futures market, capturing over 80% of the market share.
The platform has witnessed a significant surge in its average daily trading volumes, now ranging between $2-6 billion, following a recent partnership with the popular Phantom wallet and network upgrades. In the past 24 hours alone, trading volumes have surged to an impressive $8.4 billion, pushing the lifetime volume past $1.88 trillion.
While the current trading volume is below the previous all-time high of $18 billion, the platform has maintained strong averages since its breakout in 2024.
Hyperliquid now leads the decentralized perpetuals market, boasting a total value locked (TVL) exceeding $480 million, as reported by DefiLlama. This growth places Hyperliquid ahead of its competitors in the decentralized finance landscape.
The platform’s success is attributed to its proprietary layer-1 blockchain, featuring an on-chain order book that sets it apart from other decentralized exchanges relying on automated market maker models. This infrastructure is designed to offer high-throughput and low-latency trading, akin to centralized exchanges.
Investor optimism is fueled by Hyperliquid’s unique “real yield” model, where trading fee revenues are distributed to HYPE token stakers. With a fee of 0.025% for takers and 0.002% for makers, collected fees are used to buy back and burn HYPE tokens, creating deflationary pressure.
The platform’s Hyperliquidity Provider (HLP) vaults play a crucial role in this ecosystem, enabling users to provide liquidity and earn a share of the platform’s revenue.
A recent partnership with Phantom, a popular Solana-based wallet with over 15 million users, is expected to onboard a significant number of new traders to the Hyperliquid platform, further enhancing trading volume and liquidity.
Co-founder Jeff Yan emphasizes a user-centric approach, focusing on building a platform that users genuinely want to engage with, rather than just chasing airdrops. This approach has resonated within the DeFi community, with Hyperliquid’s user base surpassing 500,000 and total deposits exceeding $88 billion.
The recent “CoreWriter” upgrade, launched last week, is reinforcing bullish sentiment. It allows HyperEVM decentralized applications to interact directly with HyperCore’s perpetual exchange, combining centralized exchange performance with decentralized finance functionality.
Despite its rapid growth, Hyperliquid has faced challenges, such as a security breach in March 2025 that resulted in nearly $12 million in losses for liquidity providers due to an exploit related to the HLP vaults.
Currently trading at around $41.60, the HYPE token has seen a 7% increase in the last 24 hours, reflecting market interest in Hyperliquid’s fundamental strengths and strategic initiatives.
With its market dominance, sustainable yield model, expanding user base through key partnerships, and innovative upgrades, Hyperliquid is poised to solidify its position as a prominent player in the on-chain derivatives sector, continuing its trajectory of success.