- Hyperliquid reaches a daily spot volume of $3 billion and monthly revenue of $87 million.
- Hyperliquid now controls nearly 80% of the decentralized perpetuals market.
- However, risks such as validator centralization and dependence on volume remain.
The native Hyperliquid token, HYPE, rose 21.7% in August, securing its place among the best-performing large-cap cryptocurrencies.
Trading around $45, the token sits just below its July all-time high of $49.75 while daily trading volumes continue to climb.
Many investors are asking whether this momentum can hold or if the rally risks losing steam as broader market conditions change.
Momentum built on strong fundamentals
Unlike many altcoins that struggled during this month’s market pullback, HYPE has remained resilient.
While Bitcoin fell to $111,000 from a $117,000 peak after Jerome Powell hinted at a possible rate cut in September, Hyperliquid’s metrics continued to improve.
Spot trading on the platform hit a record $3 billion in a single day, including $1.5 billion in Bitcoin alone, making it the second-largest venue for BTC spot trading across centralized and decentralized exchanges.
Meanwhile, the exchange generated $93.5 million in fees and nearly $87 million in revenue this month, marking its strongest month on record.
These figures highlight a platform that not only attracts traders but converts activity into significant cash flow, in contrast to competitors that often struggle to scale revenue despite surging volumes.
Rising star in the perpetual futures market
Hyperliquid’s rapid growth has been driven in part by its dominance in decentralized perpetuals, where it now controls roughly 80% of the market.
In the broader category of decentralized exchanges, Hyperliquid holds 18.4% market share, the largest slice according to Coingecko data.
At its peak, the platform processed up to $30 billion in daily trades — a level reached by only a few decentralized exchanges.
The exchange’s success stems from a mix of technical efficiency, including second-level finality enabled by the HyperBFT consensus, and a community-oriented approach that incentivizes traders and developers through fee sharing.
That strategy allowed Hyperliquid to eclipse notable rivals like dYdX, whose market share fell from 30% in early 2024 to just 7% by year-end.
Today, Hyperliquid’s trading share has stabilized above 65% and at times reached 80%, cementing its position as the leading decentralized exchange for perpetuals.
Big forecasts, bigger risks
The platform’s rise has not gone unnoticed. At WebX Tokyo, BitMEX co-founder Arthur Hayes predicted that HYPE could appreciate 126x over the next three years if its fee revenue grows from $1.2 billion to over $250 billion.
Watching @CryptoHayes predict HYPE pumping 126x in Tokyo.
Hyperliquid. pic.twitter.com/PL8xI0gcsB
— Alex Svanevik 🐧 (@ASvanevik) August 25, 2025
Markets reacted quickly: HYPE’s price spiked briefly and trading volume rose more than 60% within 24 hours.
However, Hayes himself acknowledges that his bold predictions are correct only about a quarter of the time. Analysts have also warned that Hyperliquid faces notable risks.
The platform relies heavily on sustained trading volumes, making it vulnerable to prolonged bear markets that reduce activity.
With only 16 validators, concerns remain about centralization and transparency.
The lack of open-source code and reliance on a small team also expose it to execution risk.
Can the Hyperliquid price rally continue?
At present, HYPE’s fundamentals appear strong enough to support its recent rally.
Growing fee revenue, record spot volumes, and a dominant share of the perpetuals market point to a platform operating with exceptional efficiency.
OAK Research estimates a fair value for HYPE between $32 and $49, suggesting the token trades near the upper end of conservative models but is not severely overvalued.
Whether the rally can continue will depend on broader market conditions and Hyperliquid’s ability to manage its risks.
If on-chain trading continues to grow and the platform maintains its current adoption trajectory, HYPE could still have room to move higher.