- Hyperliquid is the biggest onchain derivatives exchange.
- The Hype token is up 60% in the last month.
- The market is in a rotation cycle, says one analyst.
Just a couple of months ago, Hyperliquid was just one of many decentralised exchanges in the marketplace.
Now it’s suddenly mixing it up with Binance, OKX, and other exchange heavyweights thanks to a shift in how traders are allocating capital across crypto markets.
The onchain derivatives platform clocked $244 billion in trading volume in May, which is only 10% of Binance’s $2.3 trillion derivatives haul for the month.
But still, to notch that level seemed highly unlikely a short time ago.
“There’s clearly a broader rotation toward newer DeFi primitives that solve for speed and usability, and Hyperliquid benefits from this,” Mike Cahill, CEO of Douro Labs, a Pyth Network contributor, told DL News.
“Especially as users get tired of the limitations and slow iteration cycles of…
