Hyperliquid’s averaged $6.4B in daily trading volume over the past 3 months: Blockworks Research

A Blockworks Research report looked at how Hyperliquid has maintained its hype and how it can build out its businesses

April 17, 2025 11:00 am

CryptoFX/Shutterstock and Adobe modified by Blockworks

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When I talk to folks about success stories in crypto, Hyperliquid is often the common answer.

“Over the past three months, the platform has averaged $6.4 billion in daily trading volume, which sits just above 50% of the daily trading volumes of Bybit and OKX,” Blockworks Research’s Boccaccio wrote in a recent report.

“As of today, the BTC OI [open interest] on Hyperliquid sits at $1.4B, which is 15% of Binance ($9.2B), 46% of OKX ($3B) and 25% of Bybit ($5.6B),” Boccaccio wrote.

To put that into perspective, Jupiter Perps — the closest competitor to Hyperliquid — averages $704 million in daily trading volume, 88% lower than Hyperliquid.

*A look at perps DEX volumes across the board.*

Boccaccio also noted that Hyperliquid’s UX and ability to list popular tokens quickly have helped boost its popularity.

Hyperliquid’s core businesses are HyperCore (the order book exchange) and HyperEVM (the EVM network). Right now, HyperCore is the dominant business, with a valuation of $11.2 billion to HyperEVM’s $61 million.

But that “discrepancy” is warranted, Boccaccio wrote, “given that the core product is, and should be, the HyperCore, while the HyperEVM initially will likely act as a supporting chain.”

The report notes that HyperEVM could be a more profitable product later on, especially if it integrates token launchpads, SocialFI, NFT marketplaces on the chain.

Guess there’s a reason for all that HYPE.

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