The native token of the decentralized derivatives exchange Hyperliquid has become one of the few cryptocurrencies to record an increase in the past 24 hours, after cryptocurrency entrepreneur Arthur Hayes shared in Tokyo that he expects the token to increase in value by 126 times over the next three years.
In the past 24 hours, Hyperliquid (HYPE) has increased nearly 2% and is trading at 44.47 USD at the time of writing. Also today, at one point the price of HYPE reached 47 USD.
This bold forecast was made by the co-founder of BitMEX during the WebX 2025 conference held in Tokyo today, Monday (August 25). Hayes emphasized that the expansion of the stablecoin market could boost the annual revenue of this DEX from the current 1.2 billion USD to 258 billion USD.
Hyperliquid is a decentralized exchange specializing in perpetual futures contracts – a derivative product without an expiration date, allowing speculators to open leveraged positions on cryptocurrencies without directly owning them.
The number of open positions and DEX trading volume reached a new record
According to the analysis platform Hypertracker, the total number of open positions on Hyperliquid reached a record high of 198,397 today. Alongside that, the Open Interest (OI) index – which is the total value of outstanding contracts – also surpassed 15 billion USD, while the total value of wallet assets peaked at 31 billion USD.
The trading volume on Hyperliquid has also seen a strong increase, reaching an all-time high of 1.56 billion USD over the past weekend, according to data from DefiLlama. The trading fees of HYPE have also hit a record in July, with 93 million USD recorded just for this month.
Additionally, DefiLlama reported that the total value locked (TVL) on this DEX derivatives exchange is currently at 685 million USD, just slightly lower than the peak level in February.
Hyperliquid 'dominates' the market
According to a comprehensive report published last week by data provider Redstone, 'in less than two years, from zero, Hyperliquid has risen to dominate over 75% of the decentralized perpetual futures exchange market', which previously belonged to dYdX.
Currently, Hyperliquid can handle trading volumes of up to 30 billion USD per day, 'approaching the volume of Binance in some trading pairs'.
HYPE peaked near 50 USD on July 14, and at the time of writing, this altcoin is only about 7% away from its record level.
