Hyperliquid’s market share surges to 33% – Can HYPE target $36 next?

ambcryptoОпубліковано о 2026-01-31Востаннє оновлено о 2026-01-31

Анотація

Hyperliquid's market share surged from 18% in December to 33% by the end of January, driven by the introduction and success of its equity and commodity perpetuals (perps). Non-crypto assets, such as silver and gold, now account for 30% of the platform's trading volume, positioning it as a key cross-asset trading platform. This growth has positively impacted the native token HYPE, with increased trading volume generating higher fees, which fuel token buybacks and burns. Weekly revenue rose from $11 million to $15.5 million, and HYPE's price increased by 70%. Maintaining support above $28 could lead to a breakout toward $36, while a drop below may push it back to the $20-$28 range.

Hyperliquid [HYPE] has regained a portion of the market share it lost in 2025 following heated competition from Aster [ASTER], Lighter [LIT], and other rivals.

According to Dune data, the platform’s market dominance rose from a recent low of 18% seen in December to over 33% at the end of January.

That’s a 15% jump in market share, thanks to booming equity perpetuals (perps) that have positioned it as a key cross-asset platform.

How equity perps fueled Hyperliquid’s growth

Hyperliquid was initially focused on crypto perps or derivatives that allow traders to speculate on prices with leverage.

They are called perpetuals because they don’t expire with strict deadlines like Options, so one can hold them indefinitely, provided they pay fees to keep the positions open.

The platform unveiled a similar offering for equity and commodities via an upgrade, HIP-3, enabled by third-party integrations.

Interestingly, the recently volatile precious metals market has cemented Hyperliquid as a crucial cross-asset trading platform.

On Friday, silver and gold ranked among the top five assets by trading volume on Hyperliquid. Silver traded $3 billion in volume, while gold closed at nearly $700 million. The other top assets were Bitcoin, Ethereum, and HYPE, while Solana [SOL] ranked sixth.

According to crypto VC partner and trader McKenna, 30% of Hyperliquid’s overall trading volume is driven by non-crypto assets. He added,

“Let me repeat, Hyperliquid will bring in more daily volume from TradFi perpetuals than digital asset perpetuals.”

Impact of the equity perps boom on HYPE

The equity perps boom was expected to be net positive for the native token, HYPE.

It is a bullish catalyst because the higher the equity perps’ trading volume climbs, the more fees are generated, which drives HYPE buybacks and burns.

In fact, DeFiLlama data showed the positive correlation between the recent rebound in generated revenue, perps volume, and HYPE price.

The average weekly revenue has increased from $11 million to $15.5 million, and the HYPE price has mooned by 70% over the same period.

On the price charts, the altcoin had given back some of the gains amid bearish pressure on Bitcoin. But defending $28 zone as support could reinforce a potential breakout above $36 if the equity perps’ traction extends.

However, breaking below $28 support would invalidate the bullish outlook and trap HYPE back in the December price range of $20-$28.

Final Thoughts

  • Hyperliquid’s market share has increased from 18% to 33% amid equity and commodity perps trading surge
  • Non-crypto assets now account for 32% of Hyperliquid’s overall trading volumes

Пов'язані питання

QWhat was Hyperliquid's market share at the end of January, and what was this a significant increase from?

AHyperliquid's market share rose to over 33% at the end of January, which was a significant increase from a recent low of 18% seen in December.

QWhat new type of perpetuals, introduced via HIP-3, was a key driver behind Hyperliquid's recent growth?

AThe introduction of equity and commodities perpetuals (perps) via the HIP-3 upgrade was a key driver behind Hyperliquid's recent growth.

QAccording to the data, what percentage of Hyperliquid's overall trading volume is now driven by non-crypto assets?

AAccording to the data, 30% of Hyperliquid's overall trading volume is now driven by non-crypto assets.

QHow does the increase in trading volume from equity perps directly benefit the native token, HYPE?

AThe increase in trading volume generates more fees, which are used to drive HYPE token buybacks and burns, making it a bullish catalyst for the token's price.

QWhat is the critical price level for HYPE that, if broken, would invalidate the bullish outlook and trap it in its December price range?

AThe critical price level is $28. Breaking below this support would invalidate the bullish outlook and could trap HYPE back in the December price range of $20-$28.

Пов'язані матеріали

Annual Salary of Millions Competing for Electricians, Meta Rushes to Open Its Own Technical School

The AI boom is facing an unexpected bottleneck: a severe shortage of skilled construction workers and electricians. As tech giants like Meta, OpenAI, and Alphabet race to build massive data centers—such as OpenAI's $16 billion "Stargate" project—they are hitting a critical labor wall. The U.S. needs an estimated 130,000 more electricians, 240,000 construction workers, and 150,000 supervisors by 2030 for AI infrastructure alone, but tens of thousands of electrician jobs go unfilled each year. While AI companies offer high premiums, with electricians earning up to $280,000 annually, worker scarcity still causes massive losses—delays on a single project can cost $14.2 million per month. The complexity of building AI data centers, which require immense power (equivalent to powering hundreds of thousands of homes), sophisticated electrical systems, and advanced liquid cooling solutions, demands highly skilled technicians who are in short supply. To combat this, companies are investing heavily in training. Meta has committed $115 million to a free training school offering tuition, housing, and stipends, targeting 5,000 new workers. OpenAI is partnering with unions to secure skilled labor. These efforts are paying off, with a significant rise in Gen Z interest in trade schools over college. However, the power demands are staggering. AI data centers are driving a rapid surge in electricity consumption, projected to account for up to 12% of U.S. power use by 2028 and raising costs for consumers. Furthermore, the construction boom is project-based, leading to a potential future glut of trained workers once building peaks, which could depress wages industry-wide. The race for AI supremacy now depends as much on skilled hands as on advanced chips.

marsbit30 хв тому

Annual Salary of Millions Competing for Electricians, Meta Rushes to Open Its Own Technical School

marsbit30 хв тому

OpenAI No Longer Sells Its Most Expensive Model for Profit

OpenAI is shifting its business strategy away from promoting its most expensive, flagship models for every task. Recent price cuts—80% for GPT-5.6 Luna and 20% for Terra—signal a deeper change: the company now actively advises users that many tasks don't require the most powerful model. Instead, OpenAI recommends a tiered approach: use the high-end GPT-5.6 Sol for complex planning and analysis, then delegate execution to cheaper models like Luna. This mirrors moves by Anthropic, which recently launched Claude Opus 5 at half the price of its top model, Fable 5. Both companies are de-emphasizing flagship models as primary revenue drivers, using them instead for brand prestige and technological showcases. The industry is entering a "mass-market" phase, similar to automotive, where high-volume, cost-effective models handle daily operations and drive scale. OpenAI's price reductions are partly enabled by AI models themselves optimizing underlying code and infrastructure, creating a self-reinforcing cycle of efficiency gains and cost reduction. Competition is shifting from "who is smartest" to "who offers the best value." The goal is no longer selling individual models but fostering widespread API adoption and ecosystem lock-in. By making AI calls cheap and ubiquitous, companies like OpenAI aim to become the indispensable, utility-like infrastructure powering automated workflows—the "water and electricity" of software, quietly embedded everywhere.

marsbit30 хв тому

OpenAI No Longer Sells Its Most Expensive Model for Profit

marsbit30 хв тому

Suspected 4th Coldcard attack wave sweeps 389 Bitcoin: Galaxy’s Thorn

Coldcard hardware wallet users are facing a new wave of coordinated attacks targeting a firmware flaw, with researcher Alex Thorn flagging 218 recent transactions moving approximately 389 Bitcoin from potentially impacted addresses. The attack pattern shows a high rate of transactions targeting unique victim addresses, differing from previous waves. The vulnerability, which causes affected devices to generate weaker wallet seeds, is estimated to have impacted over 1,100 wallets, leading to around $90 million in Bitcoin stolen. Thorn advises affected users who control their keys may attempt to move funds with a higher-fee transaction before the attacker's transactions are confirmed.

cointelegraph37 хв тому

Suspected 4th Coldcard attack wave sweeps 389 Bitcoin: Galaxy’s Thorn

cointelegraph37 хв тому

Bitcoin Miners Are Waving the White Flag, But Their Stocks Are Soaring

Bitcoin miners are capitulating as evidenced by a sustained drop in network hash rate and a record-steep 19.9% decline in mining difficulty, signaling the shuttering of unprofitable machines. However, in a significant divergence from historical patterns, the stocks of publicly traded mining companies have soared, with one major player gaining over 430% in the past year, even as BTC's price fell roughly 46%. This surge is largely attributed to these companies pivoting toward the more lucrative AI narrative. Simultaneously, miners face a structural squeeze. Daily block reward revenue in BTC terms has hit a new all-time low following the latest halving, with current dollar-denominated daily revenue around $30 million compared to a longer-term average of ~$40 million. Fee revenue remains negligible, covering less than one block's subsidy over a 28-day average and accounting for only about ten minutes of the network's daily security budget. This capitulation cycle is unique: miner stress and crypto price weakness have decoupled due to alternative revenue streams (AI), while the long-term reliance on increasing bitcoin prices to offset shrinking subsidies continues, with fee income still far from filling the impending gap.

marsbit40 хв тому

Bitcoin Miners Are Waving the White Flag, But Their Stocks Are Soaring

marsbit40 хв тому

Will the Fed Definitely Raise Interest Rates in September? How Will Crypto and U.S. Stocks Withstand the Pressure?

The market's expectation for a September Fed rate hike surged dramatically in early August, jumping from under 50% to over 80% within a week. This shift followed a contentious July FOMC meeting, where a 9-3 vote to hold rates revealed growing dissent from hawkish members advocating for an immediate hike to combat persistent inflation. The primary catalyst for this repricing is rising oil prices, driven by renewed geopolitical tensions around the Strait of Hormuz, which threaten global supply. Energy costs directly influence inflation metrics, making the upcoming July CPI report (due August 12th) a critical data point. If it shows inflation reaccelerating, the probability of a September hike will solidify. For Bitcoin and crypto assets, this is typically bearish news. Bitcoin continues to behave as a high-beta, liquidity-sensitive risk asset. A rate hike raises the opportunity cost of holding non-yielding assets and could drive capital toward money markets, pressuring crypto prices in the short term. However, historical patterns suggest that if a hike is perceived as the end of a tightening cycle rather than the start, any negative price impact may be brief. U.S. stocks, particularly crypto-linked equities like Coinbase and growth-oriented tech stocks, are also vulnerable. Higher rates increase discount rates in valuation models, putting pressure on high-multiple companies. This coincides with a pivotal tech earnings season where investor focus has shifted from massive AI capital expenditure to tangible revenue and cash flow generation. Companies with negative cash flow and weak growth narratives could face heightened volatility if borrowing costs rise in September. In summary, a September Fed hike has evolved into a mainstream market scenario. Key factors to watch are oil prices, the July CPI report, and Fed communications, which will determine the final decision and its impact on volatile crypto and equity markets.

marsbit40 хв тому

Will the Fed Definitely Raise Interest Rates in September? How Will Crypto and U.S. Stocks Withstand the Pressure?

marsbit40 хв тому

Торгівля

Спот
活动图片