HYPE Defies Volatility as Hyperliquid Takes Over Perp Market Share

• HYPE held near $32 despite volatility as Hyperliquid expanded perpetual DEX market share beyond 30 percent.
• Hyperliquid generated higher daily fees than Ethereum and Tron while accelerating token buybacks and supply reduction.
• HIP-3 volumes and users surged, showing adoption growth as on-chain perpetual trading gained structural momentum.

Bitcoin plunged from $90,000 to $60,000 before recovering to $70,000 in recent weeks. 

The sharp volatility rattled crypto markets. But HYPE maintained its $32 price level throughout the turbulence.

The token has since gained 60% from its recent bottom, according to analyst Wise Advice. Open interest fell from $8.4 billion to $5.39 billion during the price increase. This divergence indicates lower leverage in the rally compared to previous price movements.

Hyperliquid’s platform metrics show significant shifts in the decentralized perpetual futures landscape.

Platform Generates $5.5M in Daily Fees

Hyperliquid recorded $5.5 million in fees over 24 hours, as noted by Wise Advice in a recent analysis. The figure exceeded Ethereum’s $3.1 million and Tron’s $2.4 million during the same timeframe.

The platform has implemented a buyback program tied to fee revenue. Data shows $5.25 million in buybacks executed within 24 hours. Seven-day buybacks totaled $25.9 million, while the 30-day figure reached $62.9 million.

These buybacks removed 2.32 million HYPE tokens from circulation over the past month. The program automatically converts a portion of trading fees into token purchases.

Trading volume on the platform has increased substantially in recent weeks. Higher activity levels translate directly to larger fee generation and subsequent buyback amounts.

HIP-3 Commodities Feature Records $5.2B Volume

HIP-3, which enables commodities trading on Hyperliquid, hit $5.21 billion in daily volume. Gold and silver contracts processed over $20 billion in 10 days, according to the data shared by Wise Advice.

This represents approximately 1% of COMEX daily volume. Two weeks prior, the figure stood below 0.1%. The increase marks a tenfold jump in relative market presence.

HIP-3 has recorded $55 billion in total volume since launch. The feature has processed 39.9 million trades across more than 103,000 users. These metrics indicate adoption beyond cryptocurrency-specific trading pairs.

The commodities feature allows traders to access traditional asset exposure through blockchain infrastructure. It operates without traditional intermediaries or account requirements.

Perpetual DEX Market Share Reaches 30%

Hyperliquid crossed the 30% threshold for perpetual DEX market share. This marks the first time the platform reached this level since September, based on Wise Advice’s analysis.

The platform has posted growth for five consecutive weeks. Other perpetual DEX venues have experienced stabilization or consolidation during the same period.

Hyperliquid’s share of total perpetual futures volume, including centralized exchanges, continues reaching new highs. The data suggests on-chain perpetual trading is gaining ground relative to centralized platforms.

Market observers note that centralized exchange volumes fluctuate with broader conditions. Decentralized alternatives appear to be capturing an increasing portion of overall activity.

Current Price Action and Technical Levels

CoinGecko shows HYPE trading at $31.45 with $408.8 million in 24-hour volume. The token declined 5.25% over 24 hours and 2.48% across seven days.

Technical charts show the token consolidating after reaching $38.49. HYPE pulled back toward its 20-day moving average at $28.93 but remains trading above it. The RSI indicator sits at 55.76.

Support sits at $28.90 and resistance levels at $34.50 and $38.50. The current price action reflects typical consolidation following a sharp upward move.

The token’s recent behavior contrasts with broader market volatility. While major cryptocurrencies experienced significant drawdowns, HYPE maintained relative stability before its subsequent rally.

Hyperliquid’s combination of fee generation, market share gains, and token buybacks presents a case study in decentralized exchange growth. Whether these trends continue depends on sustained user adoption and trading volume in coming months.

The post HYPE Defies Volatility as Hyperliquid Takes Over Perp Market Share appeared first on Live Bitcoin News.

Source: https://www.livebitcoinnews.com/hype-defies-volatility-as-hyperliquid-takes-over-perp-market-share/