Overview

• Hyperliquid reported a new 24-hour spot-volume high of roughly $3.4–$3.5 billion, with the venue now cited as the second-largest place to trade Bitcoin spot globally.
• HYPE trades around $45 after a brief 9% spike from about $43 to $47.4 that followed Arthur Hayes’ WebX presentation calling for a potential 126x gain by 2028.
• Hayes’ Maelstrom slide outlined a scenario built on a $10 trillion stablecoin supply and a 26.4% share of trading volume, translating to about $258 billion in annualized fees.
• Independent data and research indicate Hyperliquid has seized the majority of decentralized perpetuals activity—reported at roughly 75% to near 80%—with monthly revenue cited near $87 million.
• Analysts highlight risks including validator concentration reportedly around 16, limited open-source transparency, and heavy reliance on sustaining very high trading volumes.