Hyperliquid metrics are exploding across the board:
> ATH in daily active users
> ATH in open interest vs. Binance, OKX and Bybit
> ATH in perp volume vs. major CEXs
> Daily revenue consistently above $4.5M
> Over $10B in open interest, more than all other perp DEXs combined
> HIP-3 markets have surpassed $3B in open interest
> TWAP inflows exceeding $20M per day
> Spot volume continues to set new records
> Stablecoin and capital inflows continue to trend higher
Hyperliquid
Been thinking about hyperliquid:native at $72 and the more I think about it, the more obvious the trade becomes.
Most people still regard Hyperliquid as a "perp DEX" that could "maybe kill Binance".
Hyperliquid is absorbing so many businesses, it's crazy to actually list them all.
Start with CEXs, the obvious play that everyone knows.
There is no reason to touch a CEX in 2026 anymore, the market has already acknowledged that.
CZ knows he's cooked and Binance won't survive, which is why he tried to make Aster a success. FAILED.
BNB to be absorbed alone is a $95b valuation that HYPE could eat.
But Hyperliquid is a far better product than CEXs, everyone knows that at this point.
On Hyperliquid you can deposit and withdraw spot tokens freely.
No "we've paused withdrawals," no proving your funds exist, no need to pray the exchange is actually solvent.
Binance, Coinbase, the whole cartel, they're offering a worse product with more counterparty risk. That entire business is getting absorbed.
Then the next play is HIP-3..
Permissionless markets, any asset, instant settlement, plugged into billions in existing liquidity.
Equity perps, treasuries, RWAs, all live.
The entire tradfi stack is coming on-chain, stocks, bonds, commodities, FX etc.
And it's settling on Hyperliquid, this is ALREADY HAPPENING.
Onramping to Hyperliquid is easier than a brokerage.
If you have ever tried opening a brokerage account in 2026 you will know what I mean.. the endless questionnaires.
Risk "appropriateness" tests, settlement delays, NO TRADING ON WEEKENDS OR AFTER-MARKET HOURS EVEN.
Hyperliquid is 24/7, settles instantly, and your margin actually earns.
It's a strictly better product.
It's only a matter of time until tradfi gets their lunch eaten, ALL BROKERAGES WILL DIE AT THE HAND OF HYPERLIQUID.
Then HIP-4 dropped and went straight for prediction markets.
Polymarket and Kalshi, fully onchain, with orderbook depth they can't match.
Still early phases I admit but so was HIP-3 when it first came out and now it does billions of volume daily.
So actually add up the addressable market.
Every centralized exchange, every prediction market, every sportsbook, every stock broker, every futures and FX venue.
What could the potential valuation of hyperliquid:native be?
TRILLIONS.
It's a business with a truly infinite upside potential/ceiling for once, it's extremely hard to find anything similar to it.
The last real bear case was legal risk, I could understand that.
But that's GONE NOW.
The CFTC has cleared the path, Hyperliquid is operating fully legal.
And the core reason it wins: composability requires shared state.
You can only build money legos on one execution layer.
Not across a dozen fragmented chains and bridges that turn into attack vectors.
Ethereum set out to be the settlement layer for all of finance, it couldn't execute.
Hyperliquid is becoming exactly what ETH was supposed to be.
The best products win in the end.
All roads lead to hyperliquid:native.
People will call you lucky because you farmed an airdrop and received “free” money.
But holding through TGE while almost every other major airdrop went to zero wasn’t luck. Not selling when $HYPE went from $2 to $7 within hours after launch, then ripped past $30 a few weeks later before nuking back to $9 wasn’t luck either. I know a lot of people who panic sold that dip. Same thing happened when $HYPE dropped from $60 back to $22.
You sat through DPRK FUD, the Jelly attack, competitor launches, ADL FUD, and months of volatility while countless people sold early and told you to do the same because “$HYPE will dip again anyway.” Open Twitter and you probably saw 10 charts a day calling for the top.
Meanwhile, a huge amount of airdrop recipients already exited long ago, and many others lost their spot bags trading perps, especially after portfolio margin made it easier to overleverage. You wouldn’t believe how many people are sidelined right now after overtrading away large $HYPE spot positions because they tried to time the market.
Now almost two years later, $HYPE is near $70 and Hyperliquid has become one of the few things still keeping many people interested in crypto at all. TradFi is only starting to realize that now.
That’s conviction, not luck.
While some users are once again complaining about Polymarket after the Paris Saint-Germain FC vs Arsenal FC market was resolved as a draw on @Polymarket because it only counted the 90 minutes of regular time.
The Outcome market on Hyperliquid was correctly resolved as a PSG win since it took the entire match into account.
hyperliquid shines a very bright spotlight on how much better tokens can perform if they don't have horrendous tokenomics
uniswap, jupiter, maker, solana, aave, lido
it makes me so sad to think about what could have been, but if hype continues to win then it makes me happy for a potentially bright future
success gets replicated and i really hope we see a new era of tokens launched that walk in hype's footsteps
true wealth redistribution through a token is fulfilment of the crypto promise, it is us proving that there is a better way than the blackbox of tradfi
token and team alignment is so important and yet so rare, i dream of a future where this is not the case