The native token powering the decentralized derivatives exchange Hyperliquid has emerged as one of the few tokens to register a gain over the past 24 hours. Crypto entrepreneur Arthur Hayes informed an audience in Tokyo that he believes it will increase by 126 times in the next three years.
Hyperliquid (HYPE) has seen a nearly 4% rise in the last 24 hours, currently trading at $45.64, although it briefly surpassed $47 earlier in the day.
Arthur Hayes, co-founder of BitMEX, made this forecast during the WebX 2025 conference in Tokyo on Monday local time.
He suggested that the expansion of stablecoins could drive the decentralized exchange’s yearly fees to $258 billion, while its present annual revenue stands at merely $1.2 billion.
Hyperliquid serves as a decentralized exchange for perpetual futures, enabling speculators to take leveraged positions on crypto assets without owning them, through derivative contracts that have no expiration date.
Arthur Hayes speaking at WebX 2025 in Tokyo. Source: Alex Svanevik
Open perps, DEX volume at an all-time high
Total open positions on Hyperliquid reached an all-time high of 198,397 on Monday, according to the analytics platform Hypertracker.
Additionally, open interest, or the value of unsettled contracts, surpassed $15 billion, and total wallet equity peaked at $31 billion.
The volume on Hyperliquid DEX also achieved a record high of $1.56 billion over the weekend, according to DefiLlama. Transaction fees have also reached July’s all-time high of $93 million so far this month.
Related: Hyperliquid revenue surges as it takes users from Solana: VanEck
DefiLlama further indicates that the total value locked for the derivatives DEX stands at $685 million, just shy of its peak in February.
Hyperliquid total wallet equity peaks. Source: Hypertracker
Hyperliquid eating competition
A report published by data provider Redstone last week pointed out that “In less than two years, they have moved from zero to consistently capturing over 75% of the entire decentralized perpetual exchange market,” previously dominated by dYdX.
Hyperliquid is now processing up to $30 billion in volume daily, “getting close to matching Binance’s volume on some pairs,” the report noted.
HYPE reached an all-time high of just under $50 on July 14 and is currently just 7% below that peak.
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