The Hyperliquid story didn’t stop on Thursday

On Thursday, we published a deep dive on Hyperliquid and why its recent run wasn’t just price action.

Since then, the data has only strengthened the case.

Hyperliquid’s share of total perp DEX volume has climbed¹ back above 26%, the highest level since the October 10 liquidation event. For months, the big question was whether competitors would take open interest share as incentives faded. That never happened. Hyperliquid has quietly held around 50% of perp DEX open interest the entire time.

Then there’s silver.

On Friday alone, silver traded roughly $3 billion on Hyperliquid. For context, the CME traded about $130 billion notional the same day. That means Hyperliquid captured close to 2% of the world’s primary silver market for an asset it listed just 30 days ago.

HIP-3 markets are now generating meaningful revenue as well. Trade.xyz posted² $372k in 24-hour revenue, surpassing Lighter and ranking just behind Jupiter. Trade.xyz also printed a new all-time high of $4.28 billion in daily volume.

We didn’t just describe the Hyperliquid run. We uncovered why it’s happening, and where it might go next.

That article is paid, but we’re offering a free trial.

If you’re on the fence, there’s really no downside.

Here’s the article:

1  https://x.com/patfscott/status/2017271616691175517?s=20

2  https://defillama.com/protocol/perps/tradexyz