Hyperliquid Hits $10 Billion Market Cap! You Won’t Believe Their Rise Over dYdX! 💰🚀

by

So, let me get this straight: A platform called Hyperliquid—apparently all the rage in the world of perpetuals—just eclipsed dYdX. Yes, that would be the same dYdX that’s been around like a frequent flyer for five years, while Hyperliquid is the new kid on the blockchain, barely out of crypto diapers, now boasting a staggering $1.5 trillion in trade volume. Count it. 1.5 trillion. Are we sure that’s not just Monopoly money?

In fairness, Hyperliquid has also been embroiled in its fair share of drama. Remember when they delisted the beloved JELLYJELLY like it was last season’s Gucci? Major drama! This move came faster than I can say “short squeeze,” which I’ll confess sounds more like a green juice cleanse than a trading term. Still, let’s give them credit; they’ve been dusting off their reputation like a cat burglar in a tuxedo, and the volume keeps rolling in—think vibrant dance floor on a Saturday night, but with less glitter and more algorithms.

And Just Like That, Hyperliquid Overtakes dYdX

Hyperliquid, this high-performance L1 trading blockchain, is pulling off surprises like a magician at a children’s birthday party. Earlier this month, they managed to snatch more than 60% of the perpetuals market like it was the last cookie in the jar! And poof—just like that, their HYPE token sashayed to a three-month high. Who knew crypto could be so… fashionable?

Just yesterday, analysts were hitting refresh on their screens, only to find that Hyperliquid’s all-time trading volume had not only approached but overtaken dYdX’s—something they achieved in four years. Let’s take a moment to process that epic flex. We have

Hyperliquid’s all-time volume is nearing $1.5t and surpassing what dYdX achieved in four years

Hyperliquid

— hantengri (@0xhantengri) May 20, 2025

and I can practically hear the gasps from the crypto nerds.

While dYdX was busy training its little token to help pay users’ trading fees, Hyperliquid refused to play the same game. Nope, they went all out with genuine word-of-mouth charm—like that friend who can sell you a used car with the finesse of a Broadway star. It seems they’ve hit the sweet spot in what they’re calling “functionality” and “quality.” Entering the scene right as crypto perpetuals decided to throw a rager in 2024 surely didn’t hurt, either.

Hyperliquid proudly flaunts its token buyback strategy—more intriguing than a plot twist in a soap opera. It’s been like eating your cake and having it too: repurchasing 17% of all circulating HYPE tokens. Meanwhile, dYdX reportedly tried to follow suit… just months later and with none of the panache. And let’s talk growth; in the last month, HYPE’s market cap has been inching its way to an absurd $10 billion. I mean, when do we get a marching band to celebrate this?

While Hyperliquid is soaring like a proverbial rocket, they’ve also flirted with controversy. Last year’s Lazarus Group security breach claims? They denied those more emphatically than I deny my age at family gatherings. And then, there was the JELLYJELLY delisting scandal that threw a wrench into their affairs. Market manipulation accusations were tossed around like confetti. But oh, did they recover quickly. It’s as if someone whispered, “Reputation management, darling,” and they were off to the races.

And here we are today, with Hyperliquid setting records like that overqualified friend who just can’t stop winning. They also recently achieved an all-time high in open interest, brushing against $8 billion. If they can keep this zing factor going, they might just whip up a lead in the merging chaos of DeFi’s perpetual market rivalries. What’s next, a reality TV show? Stay tuned!

Read More

2025-05-22 01:19