Hyperliquid has sharply regained market share, climbing from 18% in December to 33% by the end of January. This 15-point surge is attributed to booming trading volumes in equity and commodity perpetual contracts. The platform’s native token, HYPE, has risen approximately 70% alongside increased weekly revenue.
The decentralized exchange Hyperliquid has recovered a significant portion of the market share it lost in 2025. According to Dune data, its dominance rebounded from a recent low of 18% to over 33% in one month.
This growth is fueled by booming equity and commodity perpetuals, positioning it as a key cross-asset platform. On a recent Friday, silver and gold ranked among the top five assets by trading volume on the exchange.
Silver traded approximately $3 billion in volume, while gold closed at nearly $700 million. Crypto VC partner McKenna stated that 30% of Hyperliquid‘s overall volume now comes from non-crypto assets.
He added, “Let me repeat, Hyperliquid will bring in more daily volume from TradFi perpetuals than digital asset perpetuals.” The expansion into new asset classes was enabled by an upgrade known as HIP-3.
The surge in equity perps trading volume is a positive catalyst for the native token HYPE. Higher volumes generate more fees, which drive token buybacks and burns.
DeFiLlama data shows a correlation between rising revenue, perps volume, and the HYPE price. Average weekly revenue increased from $11 million to $15.5 million as the token’s price rose roughly 70%.
On price charts, the altcoin faces a key test at the $28 support level. Holding this zone could reinforce a potential breakout, while a break below would invalidate the bullish outlook.
