- Hyperliquid topped $214B in monthly volume, outperforming BSC and Ethereum by a mile.
- Analysts believe HYPE is undervalued, with potential to hit a $100B market cap.
- Key price levels to watch include $35, $43, and $45—with a $16.5M whale long already in play.
Hyperliquid (HYPE) is crushing it right now. Like, no exaggeration—it just topped the entire on-chain perps market for the month. According to DeFiLlama, the platform racked up a wild $214 billion in trading volume over the last 30 days. To put that in perspective? BNB Smart Chain (BSC) came in second with $44B, and Ethereum… a distant third at $30B.
So yeah—HYPE did about 5x what BSC pulled, and 7x more than ETH. That’s not a typo.
Revenues Up, Eyes On
HYPE’s not just stacking volume—it’s making bank. It now ranks 7th among top crypto apps and chains by revenue over the past month. Fees collected? A clean $62.5 million. Cumulative rev? Over $300 million. That alone’s got investors leaning in, curious if this could be the trade of Q3.
Undervalued? Some Think So
Crypto analyst Ansem thinks HYPE’s current $10–$15 billion market cap doesn’t even scratch the surface. His take?
“Main trade in Q3 should be looking for swing longs here, will easily outperform Bitcoin & there’s still a ton of ppl sidelined on this trade.”
He even threw out a $100B market cap target. If that happens, we’re talking a $299 HYPE token. Lofty? Maybe. But the way this thing’s moving… who knows.
Syncracy Capital’s Ryan Watkins shares that sentiment. He pointed out HYPE’s deep moat in perps markets—a niche that’s only growing. And unlike other players, Hyperliquid skips the KYC. No hoops. No signups. Just trade. It’s particularly attractive in regions with, let’s say, less regulatory wiggle room.
A Jump Trading exec even called it a “meaningful competitor to Binance.” That’s… saying something.
Risks? Yeah, They’re There
Now, to be fair—it’s not all moon and sunshine. Platforms like Robinhood and Coinbase are rolling out their own perp products, this time with regulatory guardrails. So Hyperliquid’s no-KYC edge might get tested.
Also, price action lately hasn’t been too wild. End-of-Q2 fatigue? Could be. According to CoinGlass’s 30-day liquidation heatmap, liquidity clusters are building at $35.1, $41.6, $43, and $45. That means if there’s a sweep, price could tag $43–$45 before cooling, or hit $35 first and then rebound.
Fun twist: a whale just dropped $16.5 million into a long position on HYPE. No pressure.
Short-Term Magnet Zones
Everything now hinges on what Bitcoin does next. But whether BTC pumps or chills, those liquidity pools are key levels to watch. In this market, liquidity is gravity. And HYPE? It’s hovering near those magnets.
