Hyperliquid’s native token HYPE was one of the few digital assets to trade higher on Monday, buoyed by bullish comments from BitMEX co-founder Arthur Hayes, who told an audience in Tokyo that the token could rise by as much as 126 times over the next three years.
At publication time, HYPE was trading at $45.64, up nearly 4% in 24 hours, after briefly touching above $47 earlier in the day. The rally followed Hayes’ remarks at the WebX 2025 conference, where he projected that stablecoin growth could propel Hyperliquid’s annualized fee revenue from $1.2 billion currently to $258 billion in the coming years.
Hyperliquid has quickly emerged as one of the dominant players in decentralized derivatives trading. The exchange specializes in perpetual futures contracts, which allow traders to take leveraged positions without expiry dates. According to analytics platform Hypertracker, the protocol hit an all-time high of 198,397 open positions on Monday. Open interest climbed above $15 billion, while total wallet equity reached $31 billion.
Trading activity has also surged. Over the weekend, Hyperliquid processed $1.56 billion in daily volume, according to DefiLlama. The platform’s transaction fees for August have already matched July’s record $93 million. DefiLlama data also show that the exchange’s total value locked (TVL) stands at $685 million, just shy of February’s peak.
A recent report from data provider Redstone highlighted the speed of Hyperliquid’s ascent, noting that in less than two years it captured more than 75% of the decentralized perpetual exchange market, overtaking rival dYdX. Daily volumes on Hyperliquid are now approaching those of centralized giant Binance on certain trading pairs.
HYPE reached an all-time high just under $50 on July 14, and at current prices sits only 7% below that level. Hayes’ bold forecast, combined with record activity metrics, has reinforced investor optimism that the platform could cement itself as the market leader in decentralized derivatives.
