The native token of decentralized exchange Hyperliquid, HYPE, surged 18% with daily trading volume shooting up by 148% to $346.6 million.
By Bhushan Akolkar
Editor Julia Sakovich
Updated
3 mins read
Decentralized exchange Hyperliquid has been on investors’ radar recently, with native crypto HYPE HYPE $19.97 24h volatility: 5.4% Market cap: $6.67 B Vol. 24h: $206.60 M price surging 18% in the last 24 hours, while eying fresh all-time highs above $35. Today’s massive price pump comes along with a 148% surge in daily trading volumes, now shooting to $346.6 million.
Hyperliquid, a prominent player in the decentralized finance (DeFi) space, recorded several new milestones, thereby showing significant on-chain growth. According to the official announcement, the HYPE open interest touched a record $8.9 billion, showing massive bullish sentiment among traders.
On the other hand, Hyperliquid raked in a massive $5.4 million in platform fees amid massive trading activity on the decentralized exchange. Additionally, the total value locked (TVL) of USDC stablecoin on the DEX shot up to $3.2 billion.
Hyperliquid platform revenue – Source: Artemis
What sets Hyperliquid apart is its revenue model, which outpaces major competitors like Ethereum ETH $1 845 24h volatility: 2.6% Market cap: $222.72 B Vol. 24h: $14.22 B and Solana SOL $150.7 24h volatility: 2.6% Market cap: $78.04 B Vol. 24h: $3.80 B . Unlike many rivals, HYPE operates without inflation, ensuring that 100% of its revenues are directed back to its community and token holders.
HYPE has claimed the top spot as the best-performing asset among the top 100 cryptocurrencies by market capitalization. In a remarkable move, HYPE recently surpassed Avalanche AVAX $21.65 24h volatility: 2.4% Market cap: $9.03 B Vol. 24h: $343.15 M , solidifying its position in the competitive crypto landscape.
A crypto whale has shocked the digital asset market by expanding a 40x leverage long Bitcoin position to an unprecedented $1.1 billion on the decentralized exchange Hyperliquid. This marks the first-ever trade on the platform to surpass the $1 billion milestone, leaving the crypto community astounded.
The X account “James Wynn” has claimed responsibility for the massive position, which is currently up $36 million, according to data from Hypurrscan’s block explorer. Crypto market veteran Arthur Hayes called it the best advertising for Hyperliquid while asking his followers to take HYPE price to $100.
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
The whale used a $28.4 million margin position across multiple trades to build the Bitcoin position, now valued at $1.13 billion. The average entry price for Bitcoin in the trade was $108,065, with BTC trading at $110,446 at press time.
Wynn’s long position initially faced a loss of approximately $16.3 million but quickly rebounded as Bitcoin surged past $110,000 on May 21. Currently, the position remains secure above its liquidation price of $103,790, with Bitcoin climbing further to approach $112,000 in early trading on May 22.
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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.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
