- Hyperliquid records $3.4B daily spot volume with $1.5B from Bitcoin trades.
- Arthur Hayes predicts HYPE could surge 126x if Hyperliquid’s annualized fees climb to $258B.
- Open interest hits $15B as Hyperliquid rises to 2nd-largest BTC spot venue.
Hyperliquid has reached a new 24-hour spot volume record of $3.4 billion, driven primarily by increased Bitcoin and Ethereum deposits facilitated through Hyperunit. The decentralized exchange now ranks as the second-largest venue for spot Bitcoin trading across both centralized and decentralized platforms, with $1.5 billion in daily BTC volume alone.
The platform’s native HYPE token gained 3% over the past 24 hours despite the market weakness. However, it remains 9% below its all-time high of $49.75 reached on July 14, 2025. The token’s resilience comes as BitMEX co-founder Arthur Hayes projected a 126x price increase over the next three years during the WebX 2025 conference in Tokyo.
Hayes Projects Massive Fee Growth From Stablecoin Expansion
Hayes attributed his bullish HYPE forecast to anticipated stablecoin expansion that could drive Hyperliquid’s annualized fees from current levels of $1.2 billion to $258 billion. This projection assumes continued growth in the decentralized derivatives market and increased adoption of perpetual futures trading without expiry dates.
The platform’s fundamentals support Hayes’ optimistic outlook, with total open positions reaching an all-time high of 198,397 according to Hypertracker analytics. Open interest has climbed above $15 billion while total wallet equity peaked at $31 billion, indicating substantial user engagement.
Transaction fees have already reached July’s all-time high of $93 million this month, while DEX volume hit a record $1.56 billion over the weekend, according to DefiLlama data. These metrics suggest the platform is getting hold of increasing market share in decentralized derivatives trading.
Market Position Strengthens Amid Competitor Challenges
Hyperliquid’s rise to become the second-largest BTC spot trading venue highlights the changing market situation as traders seek alternatives to centralized exchanges. The platform’s ability to facilitate $1.5 billion in daily Bitcoin volume positions it competitively against established players.
Hayes’ 126x projection, while ambitious, shows confidence in decentralized finance infrastructure development and institutional adoption of on-chain trading venues. However, such extreme price predictions should be evaluated against current market conditions and competitive dynamics.
The platform’s current metrics suggest strong user adoption and revenue generation. However, achieving Hayes’ projected fee levels would need massive market expansion beyond current cryptocurrency trading volumes.
Related: Hyperliquid (HYPE) Price Prediction for August 26
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