Hyperliquid Surges with $6.4B Daily Trading Volume, Outpacing Rivals in Derivatives Market
In a rapidly evolving crypto landscape, a new player is rising fast. Hyperliquid, a decentralized derivatives exchange, has quietly become a major force in crypto trading, averaging a staggering $6.4 billion in daily volume over the past three months, according to a recent report from Blockworks Research.
This figure places Hyperliquid ahead of many competitors in the decentralized finance (DeFi) space, trailing only behind centralized heavyweights like Bybit and OKX. In fact, its trading volume more than triples that of its nearest decentralized competitor, Jupiter Perps, which averages just $704 million per day.
Blockworks analyst Boccaccio attributes Hyperliquid’s ascent to its responsive user experience and agility in listing trending tokens—two features that resonate strongly with today’s fast-moving crypto traders.
Currently, Hyperliquid’s operations are split between two core products: HyperCore, a high-performance order book exchange, and HyperEVM, its own EVM-compatible blockchain network. Unsurprisingly, HyperCore leads the pack in terms of valuation, coming in at an estimated $11.2 billion, compared to HyperEVM’s $61 million.
That valuation gap isn’t necessarily a drawback, according to Boccaccio, who writes, “The core product is, and should be, the HyperCore, while the HyperEVM initially will likely act as a supporting chain.” Still, there's significant future potential in HyperEVM, especially if it begins to integrate features like token launchpads, NFT marketplaces, and SocialFi applications—areas poised for growth in the next market cycle.
Looking at open interest (OI) on the platform, Bitcoin futures OI on Hyperliquid stands at $1.4 billion. While that’s 15% of Binance’s OI and about a quarter of Bybit’s, it's a remarkable figure for a newer entrant, reinforcing the platform’s strong growth trajectory.
As crypto markets become increasingly fragmented between centralized and decentralized platforms, Hyperliquid’s performance offers a glimpse into a possible future where fast, flexible, and user-friendly DeFi solutions give traditional exchanges a run for their money.