Cryptocurrency derivatives platform Hyperliquid has reported significant traction in its equity and crypto perpetuals markets. Its newly launched equity perpetual products have surpassed $1 billion in trading volume, while daily Open Interest neared a record $800 million. The platform’s founder claims it now offers deeper liquidity than Binance for bitcoin perps. Following the news, the platform’s native HYPE token rose 24% to approximately $28, though analysts note it remains 52% below its all-time high.
The cryptocurrency derivatives platform Hyperliquid is seeing notable growth in its perpetual contracts markets. Its recently deployed equity perpetuals, which allow leveraged trading on traditional stocks, have crossed $1 billion in total trading volume.
Daily Open Interest on the platform is approaching a record $800 million. This underscores strong demand despite a broader lull in the cryptocurrency market.
Founder Jeff Yan stated the platform has achieved an important milestone. “Hyperliquid has quietly achieved an important milestone of becoming the most liquid venue for crypto price discovery in the world,” he said, citing deeper order books than Binance for bitcoin perps.
The platform’s native HYPE token jumped 24% following the updates, rising from $22 to $28. The token now faces a key overhead resistance level near $28, which has acted as supply pressure since mid-December.
According to analyst Ericonomic, bearish catalysts like monthly token unlocks have significantly eased. Only about 10% of the 9.92 million HYPE unlocked in the past two months was sold, which the analyst described as a ‘trickle’ rather than a ‘cliff’.
Selling pressure from major whales has also eased, though Hyperliquid Strategies is accumulating team unlocks. The top 10 buyers accumulated nearly $200 million worth of HYPE over the past 30 days, helping stabilize prices.
A significant portion of leveraged long positions has been wiped out, creating a structural setup for potential recovery. However, the platform’s overall revenue remains muted despite the growing trading traction.
