HYPE Hits New All-Time High as Hyperliquid Dominates DeFi Revenue

Decentralized perpetuals exchange Hyperliquid’s rise to prominence continues, with the HYPE token crossing the $50 mark last night to reach a new all-time high.

HYPE is up 19% over the last week, and 5% over the last 24 hours. The token rallied 20% from $42.50 to $51 over the last two days, while BTC is flat over the same timeframe.

The ecosystem has been the standout performer of 2025, but is receiving even more attention after a massive weekend where Hyperliquid commanded more BTC spot volume than both Coinbase and Bybit as a Bitcoin whale converted more than $2 billion worth of BTC into ETH via Hyperliquid, demonstrating the decentralized exchange’s ability to handle such large transactions efficiently.

Hyperliquid is on track for another record-breaking month in terms of revenue, having earned $97 million so far in August after raking in $86.5 million in July. July marked a landmark month for the ecosystem as Hyperliquid accounted for 35% of all blockchain revenue, according to VanEck.

Hyperliquid’s Layer 1 blockchain, the HyperEVM, is scaling in tandem with the exchange and the token, with its total value locked (TVL) reaching new all-time highs almost every week. At $2.65 billion in TVL, HyperEVM is the eighth-largest chain by DeFi TVL, and the sixth-largest Layer 1.

While the ecosystem’s revenue is driven by its increased market share in both perpetual derivative and spot trading, digital asset funds are becoming increasingly involved in the chain’s development.

Galaxy Digital, headed by Mike Novogratz, has been publicly bullish on HYPE for some time now, but Galaxy’s Head of DeFi, Michael Marcantonio, announced today that Galaxy is now a validator on Hyperliquid after the DEX increased its validator set from 21 to 24.