In under two months, HYPE ETFs have pulled in $330M, absorbing 2.2% of HYPE's market cap. Bitcoin's ETFs took years to reach that share.
At @Hyperliquidx Summit NYC on July 16, Bitwise CIO @Matt_Hougan answers the questions: who's buying the HYPE? And what's driving that demand?
Cointelegraph can do better and they know it.
You are comparing Spot volume.
Hyperliquid does >10 Billion in Perps Volume
But if you want a real comparison rather check open interest
Robinhood chain is just a copycat version of Solana.
That DEX volume spike is pure memecoin hype—nothing special or sustainable.
Don't even compare it to Hyperliquid. They're not in the same league.
BREAKING: Hyperliquid generated $71.1 million in fees last month, more than Ethereum, Solana, and BNB Chain combined.
The three biggest L1s made $33.4 million between them.
It's true that Solana is crushing it with 24-hour app revenue — roughly double Hyperliquid's.
But here's the catch: SOL's price performance has been terrible.
This highlights a key difference in token economics:
On Solana, most of that revenue flows straight into the pockets of the individual dApps and protocols. $SOL holders get almost nothing. There's very little value accrual back to the SOL token itself.
Hyperliquid works differently. The majority of its revenue comes from its own perpetuals DEX. And 97% of that is used to buy back $HYPE tokens and burn them — directly boosting scarcity and value for HYPE holders.
Same high on-chain activity, but very different outcomes for token holders.
Revenue ≠ Token value accrual.
For years, Americans were pushed offshore to trade perpetual futures while the rest of the world could trade them at home. This spring, U.S. regulators finally opened a compliant path to these markets here. Today, the largest U.S. exchange, CME, went to court to close it.
This is what happens when one company controls a market. By @BetterMarkets' count, CME runs about 92% of U.S. exchange-traded derivatives. When one venue holds that much volume, everyone else carries the cost. Less choice, higher prices.
Perpetual futures are the first genuinely new derivatives product to reach U.S.-regulated markets in over a decade. More competition among exchanges is best for the people who actually use these markets. These products deserve clear rules.
The real question is whether Americans get access to innovative new financial products, or whether one incumbent keeps them locked out. We think they deserve access. As CFTC @ChairmanSelig put it: "Incumbents will always fear the future." But none of us should fear the incumbents.
CZ Admits Binance Cannot Compete With Hyperliquid
Binance founder CZ (@cz_binance) says Hyperliquid (@HyperliquidX) $HYPE occupies a niche that Binance cannot compete in, according to remarks made on the Galaxy Brains podcast.
Speaking on the Galaxy Brains podcast, CZ described Hyperliquid's innovation as "awesome."
He added that Binance would not pursue the same model given its regulatory experience.