The Bull Case (Still) for Hyperliquid
$1.25B in earnings. On track to flip Nasdaq. And it’s only 2 years old.
While people are still debating whether crypto is “back”, Hyperliquid is already processing ~$6.8B/day on a fully on-chain order book.
Even with heavy FUD this week - the largest token unlock looming, calls that “everyone will take profit” - $HYPE barely flinched. Still sitting just ~4.5% below ATH.
Meanwhile, Bitcoin is in an ~11% pullback, and broader sentiment has clearly cooled. That relative strength stands out.
Hyperliquid is quietly becoming a full financial stack:
Perps + prediction markets + pre-IPO synthetics + full DeFi via HyperEVM
A few things that shouldn’t be ignored:
• $HYPE is back at ATHs, but with a lower market cap than before. That’s deflation at work.
• ~99% of fees flow into buybacks and burns, ~$591M annually
• ~$800M annualized revenue, run by a team of ~11
• Jeff Sprecher, CEO of Intercontinental Exchange (owner of the New York Stock Exchange), on Hyperliquid:
“If you haven’t heard about it… it’s bigger than Nasdaq… and it’s 11 people.”
• Hyperliquid Strategies ($PURR) - the Nasdaq-listed proxy for HYPE exposure - is being added to the Russell 2000 and 3000
• Allium Labs has a $190 bull case on $HYPE.
• Now the 3rd largest exchange by open interest:
Binance $22.2B | Bybit $10.5B | Hyperliquid $8.5B | OKX $6B
• Spot ETFs (THYP, BHYP) launched mid-May: ~$99M net inflows, ~$119M AUM
Hyperliquid has clearly grown beyond “just another exchange”. It’s starting to look like a real on-chain financial system.
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