ARK Invest CEO Cathie Wood has called the HYPE token the “next Solana.” This is especially evident in its dominance in the DEX space. Notably, the perp DEX trading volumes crossed the $2 trillion milestone in this quarter.
Cathie Wood’s Case for Hyperliquid
In a recent interview, Cathie Wood drew parallels between Hyperliquid and Solana’s early breakout years. She noted how fast Solana moved from a standard blockchain system to a major player in the industry.
Wood confirmed that ARK Invest is studying Hyperliquid closely. She also shared that they are consulting economist Art Laffer, who has ties to the project. Although ARK has not made a move yet, Wood argued that the platform’s rise in perp DEX trading makes it worth watching. She suggested that Hyperliquid’s trajectory could follow Solana’s if liquidity and adoption continue to accelerate.
Analysts have also contributed to its bullish projections. Crypto analyst Ardi argued that recent price dips in HYPE were routine retracements. He also noted the token has repeatedly bounced back to new all-time highs.
In another post, Ardi described the perp DEX trading as the defining narrative of the altcoin season. He suggested that investors only need to pick the proper protocols, naming HYPE and Aster among the contenders.
Perp DEX meta is going to be the biggest narrative of the alt season.
That doesn’t mean you need to buy every Perp DEX which launches.
You just need to pick 1 of the 3 main contenders of the meta and ride it into glory. $HYPE $ASTER $???
— Ardi (@AltcoinArdi) September 26, 2025
Adding to the token’s bullish momentum, Bitwise filed for a Hyperliquid ETF with the U.S. SEC. This aims to provide traditional investors with direct exposure to HYPE, eliminating the hurdles of wallets and on-chain execution.
Perp DEX Trading Volume Hits $2T In Q3
According to DefiLlama data, the perp DEX trading volume hit around $1.8 trillion this quarter. This volume already surpasses the total for all of 2024. This can be attributed to the growing activity on decentralized platforms.
For example, in August, Hyperliquid posted a monthly revenue of $106 million. This was a 23% increase from July. It is also recorded nearly $400 billion in perpetual trading volume in that month.
Meanwhile, competition is also intensifying in the sector. Just recently, Aster outpaced HYPE in daily fee revenue tenfold. The platform secured $14.3 million in just 24 hours compared with Hyperliquid’s $1.17 million.
Aster’s gains have only amplified interest in the perp DEX trading sector. Michael van de Poppe projected higher valuations for the token thanks to its surging volume. He described the current setup as “a pure paradise for traders.”
Cathie Wood’s bold comparison of HYPE to Solana suggests that institutions are beginning to take notice of the DEX platform.