Hyperliquid (HYPE) is gaining momentum in the crypto market by redefining on-chain perpetuals. Priced around $38, the project now commands a market cap exceeding $12 billion, positioning itself as one of the most advanced trading platforms in the decentralized ecosystem.
A new generation Layer 1 blockchain
What sets Hyperliquid apart is its infrastructure. Unlike traditional DEXs, it operates on a custom-built Layer 1 blockchain developed from scratch. Its core engine, called HyperBFT, can process over 100,000 operations per second with block times under one second delivering speeds rivaling centralized exchanges.
This enables a smooth and responsive trading experience entirely on-chain.
Real utility across the ecosystem
Hyperliquid offers much more than basic perpetual trading. Its feature set includes:
- On-chain limit orders, stop-loss and take-profit triggers
- Integrated vaults and liquidity solutions
- Cross-chain native deposits from Ethereum, Solana, and over 30 networks
- No off-chain execution, all handled on its proprietary chain
Crucially, the project rejected venture capital and conducted no private sale. Over 70% of the token supply was distributed via airdrop, reinforcing community alignment.
Key numbers
| Metric | Value |
|---|---|
| Price | ~$38 |
| Market Cap | ~$12.7 billion |
| Circulating Supply | ~333 million HYPE |
| All-Time High | ~$49.80 (July 14, 2025) |
| Daily Volume | ~$230 million |
| Perpetuals DEX Share | ~71% market dominance |
Hyperliquid has now surpassed platforms like dYdX in trading volume and performance, while keeping a lean, native-first architecture.
Opportunities and challenges
Hyperliquid is quickly becoming the preferred choice for serious traders. Its economic model redistributes trading revenue back to token holders, offering incentives aligned with platform growth.
Still, there are caveats:
- Only around 16 validators raise decentralization concerns
- The project is new and untested in major crises
- Withdrawals are mostly limited to USDC
Looking forward
Hyperliquid proves that speed, usability, and transparency can coexist on-chain. As traders seek better performance with trustless execution, this platform may set the standard for the next generation of DEXs.
source: CoinMarketCap, CoinGecko, Cointelegraph, Blocmates, GetBlock, CoinLedger, Terminal3
