Tanaka
Founder of Kollab3, DeFi Researcher
Perpetual DEXs are structurally taking over crypto leveraged trading, and Hyperliquid leads them with about $4.31T of cumulative volume, roughly 35-38% share. Per DeFiLlama and CoinGecko data, perp DEX cumulative volume passed $12.09T, with 2025 alone contributing $7.9T, and DEX share of perp trading versus centralized exchanges rose fivefold from 2.0% in January 2024 to 10.2% in January 2026, peaking near 19%. Challengers such as edgeX, Aster, Grvt and Lighter are catching up. x.com
Capital is flowing into crypto protocols that act like real businesses, which keeps Hyperliquid, Morpho and LayerZero bid. Markets are finally pricing execution and cash flow: Hyperliquid is taking volume and share from centralized exchanges, and Morpho's TVL has passed about $7B as capital chooses efficiency. Perp DEXs, lending infrastructure and cross-chain rails like LayerZero sit directly in the flow of money, even as retail attention chases high-beta AI and meme tokens. x.com
Hyperliquid's growing perp share feeds fees into HYPE buybacks even as the market shrinks. Its share among the top 12 perp DEXs rose from 25% in January to 43% in September, below August's 47% peak. Its trailing buyback yield is 3.52% versus 1.51% for the S&P 500, but depends on trading volume and shrinks on fully diluted supply as tokens unlock. Watcher Guru reported plans by the NYSE owner to bring HYPE perps to regulated US markets; $100 remains the chart target. x.com x.com x.com x.com x.com … Show more
Hyperliquid is taking share as infrastructure underpinning financial markets, supporting a long view on HYPE. Stan Druckenmiller said trade(xyz) is partnering with ICE to bring 24/7 perpetual futures on Hyperliquid to the US; that is welcome progress. x.com
ICE's planned US perps access could grow Hyperliquid's users, volume and revenue, but that growth may already be priced into HYPE. CFTC approval, a launch and actual US adoption are still needed; even then, extra fees and buybacks must beat expectations. ICE backing, Druckenmiller investing and Elon tweeting have made the story widespread. The easy HYPE trade looks over for average retail investors, though this call could be early. x.com x.com
Hyperliquid's credibility and distribution can compound because every credible institution or investor that steps in makes it easier for the next. Per trade[XYZ], it and ICE plan a U.S. market built on Hyperliquid, subject to CFTC approval. Traditional finance generated exceptional social proof in a single day for a platform with a working product, product-market fit and real revenue. This could be a defining moment, though it might also be euphoria. x.com x.com
ICE and trade[XYZ]'s planned U.S. venue gives Hyperliquid a concrete route into U.S.-regulated perpetual futures. It would use Hyperliquid infrastructure for 24/7 perps across equities, commodities, FX and crypto, subject to CFTC approval. For HYPE, this is blockchain adoption, not bitcoin exposure. x.com x.com
Hyperliquid's valuation looks stretched against what serious markets pay for exchanges, and perpetual futures have been, and always will be, a niche product with no real moat. x.com
Hyperliquid's buybacks return value to HYPE holders as its trading business grows. Its 2025 token buybacks totaled $817.79 million, more than Robinhood's $653 million in stock repurchases. Traditional finance moving onchain could bring hundreds of trillions in digital assets and quadrillions in derivatives volume; even at today's price, HYPE still has 100x potential. x.com x.com
All HYPE bears have been liquidated while sidelined bulls remain, leaving Hyperliquid's token headed higher. Everyone called it the most crowded trade. An attached chart pairs the move with trade[XYZ]'s announcement that it and ICE are bringing 24/7 perpetual futures on Hyperliquid to the US. x.com
HYPE is selling off because its big buyer has run out of money. The ETF has used up its entire at-the-market offering and is no longer buying, which explains the price action. x.com x.com
ICE's proposed Hyperliquid-based US perpetuals market could lift HYPE by driving more trading volume, fees and token buybacks. Per Cointelegraph, NYSE parent ICE plans the market; it still needs CFTC approval. x.com
