- Hyperliquid hit $29B in daily trading volume with $7.7M in fees, capturing 35% of all blockchain fee revenue.
- HYPE token is trading near $47, just under its ATH, backed by bullish RSI and MACD signals.
- With $1.57T yearly volume, record revenues, and institutional adoption, Hyperliquid is quickly challenging CEX dominance.
Hyperliquid, the decentralized derivatives platform that’s been stealing attention lately, just hit a jaw-dropping $29 billion in 24-hour trading volume. Along with that, the protocol pulled in $7.7 million in fees in a single day, a number that would make even top centralized exchanges blink twice. The token behind it all, HYPE, is now hovering at $47, less than 5% shy of its all-time high of $49.86.
Growth That Feels Hard to Ignore
Over the past four months, Hyperliquid’s total value locked has almost doubled, now sitting at $610 million. Fees are exploding too—$97.7 million over the past month, which, incredibly, makes up around 35% of all blockchain fee revenue right now. That’s not a small slice, it’s dominance. On the market side, HYPE has climbed 13% in just a week, adding roughly $2 billion in market cap. Zooming out further, the platform handled $1.57 trillion in trading volume over the last 12 months, with Q2 2025 revenue topping $300 million.
Taking on the Giants
Hyperliquid didn’t start big. Launched in 2023 on Arbitrum, it later shifted to its own Layer-1, designed specifically for speed and scale—an ambitious bid to take on the CEX heavyweights. It’s working. Last month alone, Hyperliquid hit record highs: $320 billion in perpetual trading volume and $86.6 million revenue, grabbing the largest slice of blockchain revenue share at 35%. Its market share against centralized exchanges reached 6.1% in August, with particularly sharp gains against Bybit and OKX. The team isn’t slowing down either, eyeing spot trading and permissionless liquidity pools next, while allocating 388.88M HYPE tokens for community rewards to fuel growth.
HYPE’s Price Outlook
On the charts, HYPE is showing strength. The daily RSI points to bullish momentum without tipping into overbought territory, hinting at room to run. The token is testing the upper Bollinger Band near $49.50, suggesting both pressure and resistance, with support sitting back near $42 and deeper at $36 if things turn south. The MACD also flashed bullish, crossing above the signal line with rising histogram bars—another green light for upside momentum.
Meanwhile, Hyperliquid is gaining traction among institutions, drawn to its high-speed Layer-1 infrastructure. In a surprising twist, Nasdaq-listed Sonnet BioTherapeutics announced an $888M merger with Rorschach I LLC to launch a HYPE treasury. With analysts calling for a breakout, HYPE may not just be approaching a new ATH—it could end up being one of the top buys of the month.
