Hyperliquid has surpassed $1.57 trillion in perpetual futures trading volume over the past year, while its HYPE token continues its bullish trajectory.
Decentralized exchange Hyperliquid HYPE $40.59 24h volatility: 6.3% Market cap: $13.55 B Vol. 24h: $281.27 M has surpassed $1.571 trillion in perpetual futures trading volume over the past 12 months.
According to Sealaunch data on Dune Analytics, the platform earned $56 million in fees and revenue this month, bringing its cumulative revenue to $310 million.
Notably, Hyperliquid recorded $248 billion in perpetual futures volume in May alone. For June, the exchange has already achieved $208 billion, significantly outpacing its competitors, with all other onchain perpetual platforms combined reaching $140 billion in the same period.
Airdrop Fuelled Growth and HyperEVM Expansion
Hyperliquid’s trading volume saw a notable increase at the end of 2024 during the $1.2 billion HYPE token airdrop campaign. This strategic distribution helped onboard new users and boost liquidity on the platform, positioning Hyperliquid as a leader among decentralized perpetual exchanges.
Earlier this year, Hyperliquid expanded its ecosystem by launching HyperEVM, an Ethereum-compatible network for seamless deployment of smart contracts and decentralized applications.
Hyperliquid’s native cryptocurrency, HYPE, has emerged as one of this year’s top performers, gaining 1140% since launch.
HYPE is trading around $39.69 at the time of writing. In June alone, HYPE gained over 27%, adding more than $2 billion in market capitalization.
HYPE Price to $48?
On the daily HYPE price chart, Bollinger Bands show a tightening structure, indicating a potential breakout. The price is above the mid-band (20-day SMA) at $38.49, with the upper band near $43.45 acting as immediate resistance.
HYPE price chart with RSI and Bollinger Bands | Source: Trading View
Meanwhile, the RSI is suggesting mild bullish strength without being overbought. If it climbs further above with strong volume, a bullish continuation would be confirmed with a price target of $48 in the mid-term.
Meanwhile, the MACD seems to be on the verge of a bullish crossover if the trading volume maintains. If HYPE fails to hold above the $38 buy wall, it could test $35 and $33.50 support levels.
HYPE price chart with MACD | Source: Trading View
BitMEX co-founder Arthur Hayes previously predicted that HYPE could reach $100 if the buzz around popular crypto trader James Wynn’s trading continues.
This is the best advertising for $HYPE.
Let's take this mother fucker to $100.
Yachtzee https://t.co/LYru8GfB8t
— Arthur Hayes (@CryptoHayes) May 21, 2025