The native token of the decentralized derivatives exchange Hyperliquid was among the few cryptocurrencies to post gains over the past 24 hours, as crypto entrepreneur Arthur Hayes told a Tokyo audience he expects it to increase 126x over the next three years.
Hyperliquid (HYPE) rose nearly 4% in the last 24 hours, currently trading at $45.64, after briefly surpassing $47 earlier in the day.
BitMEX co-founder Arthur Hayes made the prediction during the WebX 2025 conference in Tokyo on Monday. He stated that the expansion of stablecoins could drive the DEX’s annualized fees to $258 billion, up from its current annualized revenue of $1.2 billion.
Hyperliquid is a decentralized exchange for perpetual futures—derivative contracts without an expiry date—allowing traders to take leveraged positions on crypto assets without owning them directly.
Perpetual contracts and DEX trading volumes hit record highs
Hyperliquid saw its total open positions reach a record 198,397 on Monday, according to analytics platform Hypertracker.
At the same time, open interest—the value of contracts yet to be settled—surpassed $15 billion, while total wallet equity hit $31 billion.
The DEX’s trading volume also reached an all-time high of $1.56 billion over the weekend, per DefiLlama, with transaction fees climbing to $93 million so far this month, matching July’s record.
DefiLlama data further shows that total value locked (TVL) on the derivatives DEX currently stands at $685 million, just below its February peak.
Hyperliquid eating competition
Data provider Redstone released a detailed report on Hyperliquid last week, noting that “in less than two years, the exchange went from zero to consistently capturing over 75% of the decentralized perpetual exchange market, previously dominated by dYdX.”
The report added that Hyperliquid now processes up to $30 billion in daily volume, approaching Binance-level volume on certain pairs.
Hyperliquid’s token, HYPE, reached an all-time high just under $50 on July 14 and is currently only 7% below that peak.
