# Hyperliquid Related Articles

HTX News Center provides the latest articles and in-depth analysis on "Hyperliquid", covering market trends, project updates, tech developments, and regulatory policies in the crypto industry.

The 'True and False Prosperity' of Perpetual Contracts: Can You See Through It?

Perpetual futures (perps) have become a dominant force in crypto trading, with volumes surging to about 75% of spot trading activity. While cumulative perp trading volume doubled to $14 trillion in just the past six months—exceeding the total volume of the previous four years—this growth occurred even as the total crypto market cap fell nearly 40%. However, volume alone can be misleading. To better understand market depth and trader conviction, Open Interest (OI) is a critical metric. OI has tripled from ~$4B last February to ~$13B now, indicating increased capital commitment. The OI-to-volume ratio rose from 0.33x to 0.49x over the past year, though it fluctuated significantly—peaking at ~0.72x mid-year before dropping after a major liquidation event in October. At the protocol level, platforms like Hyperliquid show strong capital efficiency, converting over 45% of daily volume into open positions and generating a take rate of ~3.2 bps. Others, like Aster, prioritize capital retention over fee maximization. The key takeaway is that sustainable growth in perp markets depends not just on high volume, but on growing OI and converting trading activity into sticky, confident capital.

marsbit2 days ago 03:11

The 'True and False Prosperity' of Perpetual Contracts: Can You See Through It?

marsbit2 days ago 03:11

The 'True and False Prosperity' of Perpetual Contracts: Have You Seen Through It?

The article "Perpetual Contracts: Real or Illusory Boom?" examines the explosive growth of perpetual futures (perps) markets, arguing that trading volume alone is a misleading metric. While perps have become dominant—growing from 44% to 75% of DEX spot volume since February 2025—this surge doesn't necessarily reflect meaningful capital deployment. Key insights include: - Total perp volume doubled to $14 trillion in just six months, even as crypto market cap fell 40%. - Open Interest (OI), which measures unrealized risk exposure, only grew ~50% in that period, indicating much of the volume is from rapid capital recycling rather than new committed capital. - The OI/Volume ratio (a measure of capital efficiency) rose from 0.33x to 0.49x over the past year, but with significant volatility, including a sharp drop after a major liquidation event in October. - Protocol-level analysis shows Hyperliquid leads in capital efficiency (OI/Vol >45%) and fee generation (~3.2 bps take rate), while others like Aster prioritize capital retention over fees. The conclusion: True market health is best read by combining volume with OI and fee data. Sustainable platforms will be those that optimize for "conviction" (long-term capital) rather than just incentivized volume.

比推2 days ago 19:29

The 'True and False Prosperity' of Perpetual Contracts: Have You Seen Through It?

比推2 days ago 19:29

Why Hyperliquid is ‘quietly outgrowing’ Coinbase on THESE fronts

Hyperliquid, a decentralized exchange (DEX), is significantly outperforming Coinbase in key metrics, with nearly double the notional trading volume ($2.6T vs. $1.4T). Its native token, HYPE, has also delivered superior investor returns, up 32% YTD compared to COIN's 27% decline. Both platforms are competing to become an "everything exchange," but Hyperliquid has rapidly expanded beyond crypto into tokenized assets like gold and silver, which now account for over 30% of its volume. It currently handles 10% of Binance’s perpetual volumes, 32% of Bybit’s, and 24% of OKX’s. Despite regulatory risks being a concern, Hyperliquid’s growth continues, with its token eyeing key support levels amid renewed market interest.

ambcrypto2 days ago 06:31

Why Hyperliquid is ‘quietly outgrowing’ Coinbase on THESE fronts

ambcrypto2 days ago 06:31

Is There More to Kyle Samani's Exit from the Crypto World?

Kyle Samani, co-founder of Multicoin Capital, recently announced his departure from the crypto industry, sparking controversy due to his subsequent critical remarks. Shortly after leaving, he expressed disillusionment with Web3 and blockchain, claiming they are merely financial ledgers with limited impact—a statement he quickly deleted. He later attacked Hyperliquid, accusing it of facilitating crime and operating opaquely, which many viewed as hypocritical given his past success and influence in crypto. This abrupt shift has led to speculation about underlying reasons for his exit. Analysts note that Multicoin Capital continues investing in Hyperliquid, and co-founder Tushar Jain included it in the firm’s future investment themes, while omitting Samani’s favored DePIN sector. Some, like Ran Neuner, suggest Samani may have been forced out due to internal conflicts, possibly bound by non-compete clauses. Despite Samani’s exit, other industry leaders like Tushar Jain, Haseeb Qureshi, and Chris Dixon reaffirm their belief in crypto’s future. They argue that the industry is maturing, moving from pioneers to builders, and compare its evolution to the early internet—foundational infrastructure must precede broader applications. The consensus remains that crypto’s narrative and potential are far from exhausted.

Odaily星球日报02/10 03:32

Is There More to Kyle Samani's Exit from the Crypto World?

Odaily星球日报02/10 03:32

Arthur Hayes Puts $100K On Hyperliquid (HYPE) Outrunning Every $1B+ Altcoin

Arthur Hayes, co-founder of BitMEX, has placed a $100,000 bet that the Hyperliquid (HYPE) token will outperform every altcoin with a market cap over $1 billion during a specific period in 2026. This wager, made against Multicoin Capital's Kyle Samani, who criticized Hyperliquid for being "everything wrong with crypto," reframes the debate into a performance-based challenge. The bet comes amid analysis of Hyperliquid's new HIP-3 product, which offers non-crypto derivatives like equity and commodity perpetuals. Early data suggests these traditional finance instruments are gaining traction, accounting for 31% of the platform's volume. However, a stress test during a silver selloff revealed liquidity gaps compared to established venues like COMEX. Hayes's bet ultimately tests whether Hyperliquid's growth narrative and 24/7 access to non-crypto markets will translate into superior token performance.

bitcoinist02/09 13:13

Arthur Hayes Puts $100K On Hyperliquid (HYPE) Outrunning Every $1B+ Altcoin

bitcoinist02/09 13:13

No Need to Wait for Monday's Open: Hyperliquid's HIP-3 Is Becoming a Pricing Reference for CME

Based on a detailed analysis of Hyperliquid's HIP-3 silver perpetual contract during a period of extreme market volatility, this report compares its performance against the CME/COMEX benchmark. Key findings indicate that for retail-sized orders, Hyperliquid offered competitive spreads (median 2.4 bps vs. COMEX's 3 bps) and execution quality pre-crash. However, the platform exhibited thinner order book depth and higher tail execution risk during the sell-off, with some trades deviating over 50 bps from the mid-price. A significant advantage emerged during weekends when CME is closed: Hyperliquid provided continuous 24/7 trading, processing $257 million in notional volume with compressed spreads (median 0.93 bps). This continuous price discovery mechanism effectively priced the Sunday reopening auction, with its final price closer to CME's open than Friday's close. While weekend liquidity is structurally lower, the platform demonstrates a unique use case for pre-open hedging and price discovery. The report concludes that HIP-3 is effective for retail and mid-sized flows but remains capacity-constrained for large institutional orders compared to traditional futures venues.

marsbit02/09 07:33

No Need to Wait for Monday's Open: Hyperliquid's HIP-3 Is Becoming a Pricing Reference for CME

marsbit02/09 07:33

Kyle Criticizes Hyperliquid Four Days After Leaving, Arthur Hayes Responds with a $100,000 Bet

In the midst of a market downturn, Hyperliquid ($HYPE) has nearly doubled in value since January, drawing both praise and criticism. Kyle Samani, the recently departed co-founder of Multicoin Capital, publicly criticized the project, calling it representative of crypto's classic problems: founders "fleeing their home country," facilitating crime, being closed-source, and permissioned. Arthur Hayes, BitMEX co-founder, responded not by addressing the criticisms but by proposing a $100,000 bet: that HYPE would outperform any large-cap crypto of Kyle’s choosing from February 10th to July 31st. Kyle did not accept the wager, aligning with his earlier, since-deleted tweet expressing that crypto is "not as interesting as many thought." The article dissects Kyle's critiques, noting that Hyperliquid's operational structure (offshore entity, U.S. user ban) is standard industry practice. It suggests his harsh tone may stem from a personal desire to distance himself from the industry post-departure, contrasting with his former firm, Multicoin, which was revealed to have built a significant $46 million position in HYPE around the time of his exit. The exchange highlights a classic crypto divide: those who have left the "table" often critique from an ethical standpoint ("should"), while those still invested argue primarily with price action ("will it pump"). The discussion quickly devolved into personal attacks about wealth and portfolio performance, underscoring how deeply entrenched financial interests are in shaping narratives within the space.

marsbit02/09 04:53

Kyle Criticizes Hyperliquid Four Days After Leaving, Arthur Hayes Responds with a $100,000 Bet

marsbit02/09 04:53

From the Wild Path to the Table: Why Compliance is the Inevitable Route

The article "From the Fringes to the Main Table: Why Compliance is the Inevitable Path" discusses the critical shift toward regulatory compliance in the cryptocurrency and blockchain industry, using key players like Binance, Coinbase, and Hyperliquid as case studies. It highlights how Binance leveraged regulatory arbitrage to become a global leader by 2017 but faced increasing pressure from regulators, leading to its compliance efforts in jurisdictions like Abu Dhabi (ADGM) by 2025. Meanwhile, Coinbase capitalized on U.S. regulatory frameworks under evolving policies, though its growth in derivatives markets remained limited. Hyperliquid emerged as a significant player by exploiting gaps left by larger exchanges, capturing about 15% of Binance's market share through derivatives and ventures into non-traditional areas like precious metals and prediction markets—yet its long-term sustainability hinges on eventual compliance. The piece argues that compliance is no longer optional but essential for scalability and legitimacy, especially as Real-World Assets (RWA)—such as tokenized stocks, bonds, and stablecoins—gain traction. Regulatory clarity, particularly from the U.S. and China, is reshaping the landscape, forcing once-"underground" economies to formalize or risk exclusion from major markets. The conclusion underscores that while regulatory arbitrage offers short-term advantages, the future of crypto and DeFi depends on integrating into established financial systems under clear rules.

比推02/09 04:15

From the Wild Path to the Table: Why Compliance is the Inevitable Route

比推02/09 04:15

Hyperliquid – Record daily revenue of $6.84M, but HYPE hits the brakes

Hyperliquid achieved a record daily revenue of $6.84 million on February 5th, its highest since October, largely driven by a surge in trading volumes for real-world assets (RWA) like silver and gold. These TradFi assets now make up over 30% of the platform's volume. A significant portion of the revenue, $5.25 million, was allocated to buying back HYPE tokens, with 160.75k tokens repurchased that day. Despite strong fundamentals and a growing market share of 6.7% in perpetual markets, HYPE's price faced a bearish divergence. After an 84% rally to $38, it cooled off below key moving averages, with potential consolidation between $27-$38 if market sentiment remains weak.

ambcrypto02/08 07:02

Hyperliquid – Record daily revenue of $6.84M, but HYPE hits the brakes

ambcrypto02/08 07:02

After the Tide Recedes, How Many Truly Resilient Crypto Projects Remain?

Title: After the Tide Recedes: How Many Truly Resilient Crypto Projects Remain? In a prolonged crypto market downturn, projects demonstrating pragmatic and realistic visions are proving most resilient. This analysis highlights three key examples: 1. **Hyperliquid** addresses immediate trading friction by offering a decentralized exchange (DEX) for perpetual contracts, combining CEX-like features (high leverage, fast execution) with on-chain transparency. Its sustained activity post-airdrop reflects genuine user adoption. 2. **Canton Network** targets institutional finance needs by providing a blockchain infrastructure with "selective privacy" for regulatory compliance and business confidentiality. Backed by partnerships like DTCC (handling ~$3.7 quadrillion annually), it enables seamless integration with traditional finance. 3. **Kite AI** builds infrastructure for a future AI-driven economy, developing tools like "Agent Passport" for identity verification and the x402 protocol for autonomous payments. While not yet widely deployed, its vision aligns with the anticipated rise of AI agents as economic entities. Key evaluation criteria for project viability include: - Solving a real, existing problem (not manufactured demand); - Structurally sound solutions (technically, legally, economically); - Team execution capability (resources, expertise, track record). Projects failing these tests may see short-term gains but likely collapse in downturns. The current market stresses practicality over hype, emphasizing that realism is the only sustainable path forward.

比推02/05 20:16

After the Tide Recedes, How Many Truly Resilient Crypto Projects Remain?

比推02/05 20:16

活动图片

Market Analysis

Regulatory Policy