Hyperliquid, a decentralized perpetual futures platform built on its own Layer-1 blockchain, has surpassed $10.1 billion in open interest. The milestone, announced by the project on May 26, 2025, reflects rising engagement across the platform and a growing share of DeFi derivatives trading.
The protocol also reported $5.6 million in daily trading fees and a total USDC value locked (TVL) of $3.5 billion, placing it among the top decentralized finance ecosystems by on-chain activity.
The new open interest figure more than doubles Hyperliquid’s December 2024 mark of $4.3 billion. This growth has been fueled in part by the performance of its native HYPE token, which has played a central role in community engagement and revenue distribution.
Since launching in November 2024, HYPE has rallied by more than 800%, with the price reaching a new all-time high of $39.68 earlier today. CoinGecko data now ranks HYPE as the 13th-largest cryptocurrency, with a market cap of approximately $12.6 billion based on a circulating supply of 330 million tokens.
HYPE Token Momentum and Community-Driven Model
The HYPE token’s surge follows Hyperliquid’s unconventional approach of rejecting venture capital and instead prioritizing decentralized ownership.
Seventy percent of HYPE tokens were allocated to the community, and the platform redistributes its revenue, generated from trading fees, funding fees, and liquidations, through an incentives framework that includes the Hyperliquid Points (HLP) program and a user assistance fund.
Hyperliquid’s emphasis on community incentives and self-custody has resonated with traders migrating from centralized exchanges. The platform’s open interest jumped by 13.45% in the last 24 hours alone, and its trading volume has also climbed to $2 billion, according to Coinglass.
This growth coincides with broader user interest in non-custodial trading platforms, especially in the wake of increasing regulatory pressures on centralized exchanges and user demand for transparency.
Hyperliquid’s Infrastructure and Industry Impact
Hyperliquid’s technical framework is designed for high performance and scalability. Its blockchain processes up to 100,000 orders per second and achieves sub-second finality, offering a responsive trading environment without the need for centralized intermediaries.
This infrastructure supports perpetual swaps, a type of derivative that mimics traditional futures contracts but without expiration dates. Popularized by BitMEX in 2016, perpetuals have become a central product in the DeFi derivatives space.
In October 2024, Hyperliquid recorded over $1.3 billion in daily trading volume, placing it ahead of several competitors in the decentralized trading sector.
The platform’s performance has attracted market participants seeking both efficiency and decentralization, with many seeing it as a viable alternative to exchanges like dYdX and GMX.
Hyperliquid’s rise suggests a growing appetite for decentralized infrastructure capable of supporting high-frequency derivatives trading, even amid volatility.
As of now, Hyperliquid continues to expand its user base, while the HYPE token remains a focal point for on-chain activity. Whether the protocol can sustain this momentum may depend on its ability to maintain high performance under increasing load and continue incentivizing liquidity and user participation without external capital backing.
