Hyperliquid’s averaged $6.4B in daily trading volume over the past 3 months: Blockworks Research

This is a segment from the Empire newsletter. To read full editions, subscribe . When I talk to folks about success stories in crypto, Hyperliquid is often the common answer. “Over the past three months, the platform has averaged $6.4 billion in daily trading volume, which sits just above 50% of the daily trading volumes of Bybit and OKX,” Blockworks Research’s Boccaccio wrote in a recent report. “As of today, the BTC OI [open interest] on Hyperliquid sits at $1.4B, which is 15% of Binance ($9.2B), 46% of OKX ($3B) and 25% of Bybit ($5.6B),” Boccaccio wrote. To put that into perspective, Jupiter Perps — the closest competitor to Hyperliquid — averages $704 million in daily trading volume, 88% lower than Hyperliquid. A look at perps DEX volumes across the board. Boccaccio also noted that Hyperliquid’s UX and ability to list popular tokens quickly have helped boost its popularity. Hyperliquid’s core businesses are HyperCore (the order book exchange) and HyperEVM (the EVM network). Right now, HyperCore is the dominant business, with a valuation of $11.2 billion to HyperEVM’s $61 million. But that “discrepancy” is warranted, Boccaccio wrote, “given that the core product is, and should be, the HyperCore, while the HyperEVM initially will likely act as a supporting chain.” The report notes that HyperEVM could be a more profitable product later on, especially if it integrates token launchpads, SocialFI, NFT marketplaces on the chain. Guess there’s a reason for all that HYPE. Get the news in your inbox. Explore Blockworks newsletters: Blockworks Daily : Unpacking crypto and the markets. Empire : Crypto news and analysis to start your day. Forward Guidance : The intersection of crypto, macro and policy. 0xResearch : Alpha directly in your inbox. Lightspeed : All things Solana. The Drop : Apps, games, memes and more. Supply Shock : Bitcoin, bitcoin, bitcoin.