Hyperliquid Tops Perp DEXs with $40.7B Weekly Volume as HYPE Faces Large Unstaking
Hyperliquid has surged to the top of perpetual-futures DEXs, recording about $40.7 billion in weekly volume and roughly $9.6 billion in open interest — higher than rivals Aster and Lighter combined. The rise reflects sustained user activity and deeper liquidity on Hyperliquid, with traders increasingly parking leveraged positions on-chain rather than rotating incentive-driven volume. However, HYPE, Hyperliquid’s native token, has weakened amid a broader market pullback and significant near-term unstaking risk: on-chain data shows over 3.2 million HYPE (≈$80M) set to become unstaked within days, including large tranches tied to a Tornado Cash–funded wallet (1.5M HYPE) and Continue Capital (1.2M HYPE). The team’s ongoing large monthly HYPE distributions and past token releases (a $331M distribution in January referenced in earlier reporting) add ongoing inflationary supply that can weigh on price. Traders should note the key divergence: platform usage, liquidity and leverage availability are rising, which reduces slippage and supports order flow on Hyperliquid, while token-specific factors (unstaking, concentrated wallets, emissions) and marketwide weakness create short-term sell pressure for HYPE. Immediate trading implications: elevated liquidity and leverage make Hyperliquid attractive for large perp flow and reduced slippage; expect short-term volatility in HYPE around unstaking dates and emissions; downside targets and support levels cited in earlier reporting (near $22.50 support, possible targets toward $17 if bearish pressure persists) remain relevant. Over the longer term, if large sell pressure from unstaked HYPE and ongoing emissions subsides while protocol activity stays high, platform fundamentals could stabilize and reduce token downside risk.
Bearish
Net impact on HYPE is bearish. Positive on-chain metrics for Hyperliquid — large weekly volume (~$40.7B), higher open interest (~$9.6B) and deeper liquidity — increase protocol utility and reduce slippage, which supports long-term fundamentals for platform usage. However, multiple token-specific negatives outweigh those benefits for price in the near term: large imminent unstaking (≈3.2M HYPE ≈ $80M), concentrated wallets linked to Tornado Cash and Continue Capital, and ongoing large monthly HYPE emissions create a steady supply overhang. Marketwide weakness that coincided with recent HYPE declines (~8% drop to mid-$20s) increases the probability that at least a portion of unlocked HYPE will be sold, amplifying downward pressure. Short-term traders should expect elevated volatility and potential further downside around unstaking and emission dates; longer-term downside can be capped if sell pressure is absorbed and protocol activity remains high, but until emissions and concentrated unlocks are resolved the token’s price bias is negative.