HyperLiquid’s perpetuals trading volume has exceeded $500 billion in 2024, with Ether leading recent activity at $7 billion.
By Anisha Pandey
Edited by Julia Sakovich
Updated
3 mins read
Popular on-chain perpetuals trading protocol HyperLiquid is rewriting the rulebook in decentralized finance (DeFi). The platform has surpassed $500 billion in cumulative perpetuals trading volume, marking a 15-fold increase this year alone, according to DefiLlama.
What’s particularly striking is Ether’s ETH $3 430 24h volatility: 6.1% Market cap: $413.03 B Vol. 24h: $25.51 B dominance over Bitcoin BTC $99 836 24h volatility: 3.3% Market cap: $1.98 T Vol. 24h: $56.49 B in this explosive growth. Over the past week, HyperLiquid recorded an average daily trading volume exceeding $5 billion, representing more than 45% of the total on-chain perpetuals market.
Ether perpetuals outpaced Bitcoin this week, accumulating a trading volume of $7 billion — 18% higher than Bitcoin’s $5.94 billion during the same period, as per stats from HyperLiquid’s analytics page.
Ether’s dominance isn’t limited to trading volumes. It also leads in cumulative notional open interest on the platform, with $857.5 million worth of ETH perpetuals active. This accounts for nearly 25% of HyperLiquid’s total open interest of $3.49 billion, hinting at sustained investor confidence in Ethereum as it trades just below its $4,000 resistance level.
HyperLiquid’s remarkable success owes much to its targeted approach as a purpose-specific protocol. The protocol is popular for prioritizing efficiency and user-centric design, resulting in massive growth this year.
Adding to its growth, Hyperliquid introduced its native token, HYPE, during a token generation event on November 29. In just two weeks, HYPE has skyrocketed over 450%, reaching a market value of $5.69 billion. With a current market cap of $4.87 billion, the token is already vying for a spot among the top 200 cryptocurrencies.
As of writing, HYPE is trading around $17.96, up by around 0.3% in the past 24 hours.
A major portion of this success stems from a strategic airdrop, wherein HyperLiquid distributed 31% of HYPE’s near-billion supply to users based on trading activity points. Valued at $1.9 billion, the airdrop surpassed layer-2 solution Arbitrum’s $1.5 billion valuation. Moreover, as per the announcement, the platform has reserved around 388 million HYPE tokens for future rewards and emissions. This community-centric allocation has helped the token gain more traction in December.
The introduction of HYPE is expected to expand HyperLiquid further, positioning it as a leader in decentralized platforms.
Perpetual trading has seen explosive growth in recent years, with the total value locked (TVL) in DeFi derivatives soaring from under $65 million in early 2021 to over $7.3 billion today. On-chain volumes now reach millions of dollars daily, fueled by enhanced liquidity pools and scalable solutions like Layer 2 and Layer 3 networks.
These advancements have made perpetual contracts — offering leveraged positions and capital efficiency — more accessible, especially for large-scale traders. While still lagging behind centralized exchanges in volume, DeFi’s innovation is rapidly closing the gap.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
With a background in finance and a passion for innovation, Anisha has been covering the ever-evolving world of crypto for over four years. Her deep understanding of the crypto market have made her a trusted source for analysis and news. Whether it's dissecting the latest trends or decoding whitepapers, Anisha is dedicated to bringing clarity to the world of digital assets.
