Hyperliquid market share jumps to 33% as equity perps drive HYPE recovery
Hyperliquid (HYPE) regained market share lost in 2025, rising from 18% in December to over 33% by end of January, according to Dune. The surge is attributed to a boom in equity and commodity perpetuals (perps) introduced via upgrade HIP-3 and third-party integrations. Non-crypto assets now account for roughly 30–32% of Hyperliquid’s trading volume. Notable volumes: silver ~$3 billion and gold ~$700 million traded on the platform recently; top assets by volume included BTC, ETH and HYPE. DeFiLlama data shows weekly revenue climbed from $11M to $15.5M alongside a ~70% rally in HYPE price. Traders view rising perps volume as bullish for HYPE because fees fund token buybacks and burns. Key technical level: HYPE defending $28 is crucial — a sustained hold supports a potential breakout toward $36, while a drop below $28 risks returning the token to the $20–$28 December range. Primary keywords: Hyperliquid, HYPE, equity perpetuals, perps volume, HIP-3.
Bullish
The news is bullish for HYPE and Hyperliquid because the platform’s market-share rebound (18% → 33%) is driven by a significant inflow into equity and commodity perpetuals. Increased perps volume is directly linked to higher fee generation; fees fund HYPE buybacks and burns, which are deflationary for supply and supportive of price. Data-backed revenue increases (weekly revenue up from $11M to $15.5M) and a ~70% recent HYPE price rally reinforce a positive feedback loop: higher volume → higher revenue → token buys/burns → upward price pressure. Short-term impact: elevated volatility and potential price appreciation as traders rotate into HYPE to capture momentum, especially if $28 support holds and institutional/tradFi perps volumes continue. Liquidity concentration in non-crypto perps (≈30%) may amplify intraday volumes around macro events (e.g., precious metals moves), increasing short-term trading opportunities and risk. Long-term impact: if non-crypto perps remain a consistent source of volume, Hyperliquid could sustain higher revenue streams, supporting continued buybacks and a structurally stronger tokenomics profile for HYPE. Risks: dependence on continued TradFi perps demand and broader crypto market conditions (Bitcoin weakness can still drag altcoin performance). A break below $28 would likely negate bullish thesis and push HYPE back into prior range, increasing downside for traders.