• Hyperliquid has truly taken the lead in on-chain perpetuals, now commanding a significant 70% of the entire market share.
  • This powerhouse blockchain facilitated an astounding $175 billion in perpetual protocol trades just last month alone.

Hyperliquid has really carved out a strong position for itself in the crypto industry, thanks to its distinctive platform. Since 2024, they’ve been particularly focused on dominating the perpetual protocol market, and it’s clear their efforts are paying off. According to The Block Data analytics, Hyperliquid impressively captured 70% of the market share in the past month.

Last month was huge for Hyperliquid, with a recorded volume of $175 billion. And the momentum continues – they’ve already processed $83 billion this month, showing potential for even more growth as we head towards the next month. This impressive growth really underscores the increasing popularity of decentralized derivatives trading within the crypto space.

Looking at the broader picture, DeFiLlama indicates that the total volume of perpetuals is over $7.8 billion. Incredible as it sounds, Hyperliquid alone accounts for a massive $4.765 billion of this volume in just the last 24 hours! Solana’s Jupiter DEX comes in second place with a volume of $579.02 million. Following behind, ApeX Protocol, Vertex Edge, RabbitX Fusion, and GMX also hold positions with notable perpetual volumes.

HYPE Records Over 10% Monthly Surge Amidst Increasing On-chain Activity

The native token of Hyperliquid, HYPE, is currently trading at $16.68, showing a slight uptick of 1.23% over the last 24 hours. Looking at recent performance, HYPE has seen impressive price jumps of 9.67% over the week and a robust 11.41% over the past month. While its market capitalization stands strong at $5.58 billion, its 24-hour trading volume has also surged by over 17%, indicating heightened market activity.

HYPE token kicked off this month with an 8% surge, accompanied by a significant 47% spike in trading volume. Looking ahead to 2025, price prediction estimates suggest the token could potentially reach between $18.485 and $27.340. Even bearish forecasts anticipate a price level around $8.834.

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