The native token of the decentralized derivatives exchange Hyperliquid is among the few to have gained in value over the past 24 hours, as crypto entrepreneur Arthur Hayes shared with an audience in Tokyo his expectation of a 126x increase over the next three years.
Hyperliquid (HYPE) has seen nearly a 4% increase in the last 24 hours, trading at $45.64 at the time of writing, although it briefly surpassed $47 earlier in the day.
Arthur Hayes, co-founder of BitMEX, made this prediction at the WebX 2025 conference in Tokyo on Monday. Hayes stated that the expansion of stablecoins could elevate the DEX’s annualized fees to $258 billion, up from its current annual revenue of $1.2 billion.
Hyperliquid serves as a decentralized exchange for perpetual futures, which are derivative contracts that lack an expiration date, enabling speculators to engage in leveraged trading on crypto assets without ownership.
Open Perpetuals, DEX Volume at Record Levels
Total open positions on Hyperliquid reached an all-time high of 198,397 on Monday, according to the Hypertracker analytics platform.
Open interest, representing unsettled contract values, exceeded $15 billion, while total wallet equity peaked at $31 billion.
Hyperliquid’s DEX volume also surged to a record $1.56 billion over the weekend, according to DefiLlama. Transaction fees have already reached July’s record high of $93 million this month.
Related: Hyperliquid revenue spikes as it draws users from Solana: VanEck
DefiLlama further indicates that the total value locked in the derivatives DEX currently stands at $685 million, nearing its February peak.
Hyperliquid Surpassing Competitors
A detailed report published by data provider Redstone last week stated, “In less than two years, they have grown from nothing to regularly capturing over 75% of the decentralized perpetual exchange market,” previously dominated by dYdX.
Hyperliquid now processes up to $30 billion daily, “getting close to matching Binance’s volume on some pairs,” the report noted.
HYPE reached an all-time high just below $50 on July 14 and was only 7% away from that peak at the time of publication.
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