Hyperliquid HYPE Grabs +69% of Perp Traders as Rivals Fade

Ben Graham · 5 horas atrás

Crypto assets are volatile, which means opportunities for those who are ready. After years of centralized exchange (CEX) dominance led by Binance and Coinbase, the trading scene is changing fast. Less than three years after launching, Hyperliquid is giving Binance and top CEXs a run for their money.

Recent on-chain data shows that Hyperliquid now controls about +69% of all daily active users trading perpetual futures on decentralized exchanges (DEXes).

HYPERLIQUID CONTROLS 69% OF PERP DAILY ACTIVE USERS

Hyperliquid now accounts for 69% of all daily active users trading perpetual futures, underscoring its dominant position in the onchain derivatives market and growing trader migration toward its platform. pic.twitter.com/LVKUXblBBI

— Crypto Town Hall (@Crypto_TownHall) January 12, 2026

That dominance shows up in volume too, with daily trading volume pushing past $27Bn on August 15.

(Source: Coinglass)

The shift fits a wider DeFi trend where traders chase speed, tight spreads, and familiar tools. As the scene shifts, HYPE, the native token of Hyperliquid, is also riding the wave. At spot rates, Hyperliquid HYPE8 $24.64 2.64% Hyperliquid HYPE8 Price $24.64 2.64% /24h Volume in 24h $92.67M Price 7d Learn more crypto is steady, hovering around $25, up nearly +3% in the last 24 hours.

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Hyperliquid and The Rise of Perpetual Futures

Perpetual futures, often called perps, are crypto contracts that let you bet on price moves without owning the coin. Think of them like a rolling wager with no expiry date. You can go long if you expect prices to rise or short if you expect a drop.

Hyperliquid runs these perps on a decentralized perp DEX.

A DEX is like a stock exchange without a company in the middle. Trades settle on‑chain, so users keep custody of their funds.

Why does 69% matter? Daily active users show where real traders spend time. When most of them cluster on one platform, liquidity follows. That means faster fills and lower slippage for users.

Hyperliquid’s rise did not happen overnight.

It launched in early 2023, then exploded after its HYPE token airdrop in November 2024, which pulled in hundreds of thousands of traders.

By Q3 2025, open interest hit $15Bn.

(Source: Coinglass)

For clarity, open interest is the total value of open trades. It acts like a crowd size gauge. Big numbers mean heavy participation.

The technical edge matters too. Hyperliquid uses a central limit order book, or CLOB. That is the same system used by traditional exchanges. Orders line up by price. Traders, including those of top Solana meme coins, like it because it feels familiar and reacts fast.

Older perp DEXs like dYdX and GMX now sit outside the top 10, overtaken by new platforms like Lighter and Aster.

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What’s Next for HYPE Crypto?

It remains to be seen whether surging interest in Hyperliquid will lift prices. At the moment, HYPE USDT has support at $22.5. If bears push above December 2025 lows, HYPE crypto may sink to $17 or lower. And HYPE might just drag lower.

The Hyperliquid team plans to release millions of HYPE every month for the next two years. On January 6, they release $331M of HYPE.

(Source: Tokenomist)

Despite the wavy price action and HYPE bearish momentum, on X, one analyst thinks buyers still have what it takes to push the coin higher.

$HYPE / $USD – Update

Swept a key area here. Double bottom on HYPE perhaps ? pic.twitter.com/3HQcO0dalM

— Crypto Tony (@CryptoTony__) January 7, 2026

HYPE USD has found a floor above $20, and if some of the best cryptos to buy tick higher, HYPE crypto will likely follow.

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