In December 2024, the Hyperliquid platform, specializing in decentralized derivatives trading, recorded a record open interest of $6.7 billion, reflecting exceptional growth in trading activity and investor confidence in the platform.
---
Unprecedented growth in open interest
According to the CoinGecko report for 2024, open interest in the top ten protocols for decentralized perpetual contract trading increased by 104.3% during 2024, peaking at $6.7 billion in December. Among these protocols, Hyperliquid stood out as the largest contributor, capturing 66.2% of the total open interest by the end of the year, compared to only 7.7% at the beginning of the year.
---
Growth factors
Several factors contributed to this rapid growth:
Launch of HYPE token: On November 29, 2024, Hyperliquid launched its native token HYPE, resulting in over $1 billion in USDC flowing into the platform and increasing the total value locked (TVL) to $3.2 billion within a month.
Increased trading volume: The platform recorded a daily trading volume of $22 billion in January 2025, reflecting growing interest from traders.
Surpassed other platforms: Hyperliquid outperformed platforms like Uniswap and Jupiter in terms of market capitalization, reaching $6.7 billion, reflecting investor confidence in the platform.
---
Future of Hyperliquid
With this rapid growth, Hyperliquid faces challenges such as managing the future distribution of HYPE tokens and ensuring price stability. However, the platform's strong performance indicates significant potential in the decentralized derivatives market.
---
