Hyperliquid’s averaged $6.4B in daily trading volume over the past 3 months: Blockworks Research

A Blockworks Research report looked at how Hyperliquid has maintained its hype and how it can build out its businesses

article-image

CryptoFX/Shutterstock and Adobe modified by Blockworks

share

This is a segment from the Empire newsletter. To read full editions, subscribe.


When I talk to folks about success stories in crypto, Hyperliquid is often the common answer. 

“Over the past three months, the platform has averaged $6.4 billion in daily trading volume, which sits just above 50% of the daily trading volumes of Bybit and OKX,” Blockworks Research’s Boccaccio wrote in a recent report. 

“As of today, the BTC OI [open interest] on Hyperliquid sits at $1.4B, which is 15% of Binance ($9.2B), 46% of OKX ($3B) and 25% of Bybit ($5.6B),” Boccaccio wrote. 

To put that into perspective, Jupiter Perps — the closest competitor to Hyperliquid — averages $704 million in daily trading volume, 88% lower than Hyperliquid.

A look at perps DEX volumes across the board. 

Boccaccio also noted that Hyperliquid’s UX and ability to list popular tokens quickly have helped boost its popularity. 

Hyperliquid’s core businesses are HyperCore (the order book exchange) and HyperEVM (the EVM network). Right now, HyperCore is the dominant business, with a valuation of $11.2 billion to HyperEVM’s $61 million. 

But that “discrepancy” is warranted, Boccaccio wrote, “given that the core product is, and should be, the HyperCore, while the HyperEVM initially will likely act as a supporting chain.”

The report notes that HyperEVM could be a more profitable product later on, especially if it integrates token launchpads, SocialFI, NFT marketplaces on the chain.

Guess there’s a reason for all that HYPE.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Research Report Templates.png

Research

Maple Finance has successfully navigated significant market challenges through its strategic pivot to secured lending (Maple v2) and the launch of its Syrup product. Syrup has become a primary growth driver, delivering sustainable, outperforming stablecoin yields and rapidly increasing TVL. The upcoming custody-first Bitcoin staking product (istBTC) presents another significant avenue for expansion. Crucially, Maple has achieved operational profitability, a key inflection point that, combined with a fully vested token and active buyback mechanism, strengthens its investment case. While valuation metrics suggest potential undervaluation relative to peers and growth, the primary forward-looking risk identified is the long-term sustainability of its current high-take-rate collateral staking revenue model.

article-image

In 2014, Microsoft virus scanners were detecting viruses in Bitcoin software

article-image

Ledn’s Mauricio Di Bartolomeo explained how this cycle’s been different for the lender

article-image

The shorts looking for funding range from charming animated series to gritty live-action dramas

article-image

Money, it turns out, is emergent, like consciousness

article-image

Bridge flows churn in both directions as risk appetite returns

article-image

Even with an uncertain outlook thanks to tariffs, Big Tech executives are still ramping up their AI investments