However, trading volume still sits well below its all-time high of $18 billion earlier in the year, though averages have remained strong since the 2024 breakout.
The platform’s ascent is built on its proprietary layer-1 blockchain, which utilizes an on-chain order book, which distinguishes it from many other decentralized exchanges that rely on automated market maker models. The infrastructure is designed to provide high-throughput and low-latency trading, mirroring the performance of centralized exchanges.
Fueling investor optimism is the platform’s “real yield” model, where revenue from trading fees is distributed to HYPE token stakers. Hyperliquid charges a 0.025% fee for takers and 0.002% for makers, with the collected fees used to buy back and burn HYPE tokens, creating deflationary pressure.
The mechanism directly ties the token’s value to the platform’s trading volume. The Hyperliquidity Provider (HLP) vaults are an integral part of this ecosystem, allowing users to provide liquidity and earn a share of the platform’s revenue.
The recent “CoreWriter” upgrade, which launched last week, is also underpinning bullish sentiment. It allows HyperEVM decentralized applications to interact directly with HyperCore’s perpetual exchange. HyperCore went live in March and enabled seamless asset transfers and smart contract development within the Hyperliquid ecosystem, combining centralized exchange performance with decentralized finance functionality.
Its market dominance, sustainable yield model, and expanding user base through key partnerships position the exchange as a formidable player in the on-chain derivatives sector as it goes from strength to strength.
