Arthur Hayes says Hyperliquid’s HYPE could climb 126x in three years.
Hyperliquid DEX hit $1.56B daily volume and $15B open interest.
Platform now captures 75% of decentralized perpetual exchange market.
HYPE trades near $46, just 7% below its all-time high of $50.
Hyperliquid’s HYPE token recorded gains over the past 24 hours after Arthur Hayes projected a 126x upside at a Tokyo conference. Speaking at WebX 2025, the BitMEX co-founder said he expects Hyperliquid’s annualized fees to surge from $1.2 billion to $258 billion within three years, driven by the expansion of stablecoins and derivatives demand.
The forecast fueled interest in HYPE, which rose nearly 4% to $45.64, briefly surpassing $47 during Monday’s session. The token is now within range of its all-time high of $50 set in July.
Exchange Activity Reaches Record Levels
Hyperliquid, a decentralized exchange specializing in perpetual futures, has seen accelerating activity across its platform. On Monday, the total number of open positions reached 198,397, the highest on record, according to data from Hypertracker.
Open interest, representing unsettled contracts, climbed above $15 billion, while wallet equity across the exchange reached $31 billion. Over the weekend, Hyperliquid’s trading volume hit $1.56 billion, according to DefiLlama, matching activity levels seen on leading centralized exchanges.
Transaction fees collected so far in August reached $93 million, equal to July’s record levels, underscoring rising adoption.
Market Share Expands Rapidly
Data provider Redstone reported last week that Hyperliquid has become the dominant player in decentralized perpetual trading. In less than two years, the platform has grown to consistently control over 75% of the market, overtaking dYdX.
Hyperliquid now processes up to $30 billion in daily trading volume across pairs, bringing it close to Binance levels on select markets. Analysts note that this rapid rise reflects user demand for onchain perpetual futures with deep liquidity.
HYPE Token Nears Previous Highs
The HYPE token, which underpins the Hyperliquid ecosystem, has benefited directly from the surge in activity. It traded around $46 at press time, about 7% below its July peak of $50.
The recent rally has positioned HYPE as one of the few digital assets posting daily gains while broader crypto markets traded sideways. Hayes’ remarks added to optimism among traders who see Hyperliquid’s revenue growth and market capture as strong fundamentals for the token.
Hyperliquid’s ability to secure a leading position in the decentralized derivatives sector continues to attract both institutional and retail interest, setting the stage for further competition with centralized players.
AloJapan.com