Hyperliquid’s Market Share Reaches 33%

Hyperliquid’s Market Share Reaches 33% – Can HYPE Hit $36 Next?

Hyperliquid [HYPE] has reclaimed a significant chunk of market share that it lost in 2025 due to strong competition from platforms like Aster [ASTER], Lighter [LIT], and others. Recent data from Dune reveals that Hyperliquid’s market share has skyrocketed from a low of 18% in December to over 33% by the end of January. This represents a notable 15% increase in market share, driven by the rising popularity of equity perpetuals (perps), positioning Hyperliquid as a leading cross-asset trading platform.

Key Takeaways

Hyperliquid's market share increased from 18% to over 33% in January.
The rise is driven by equity perpetuals, positioning Hyperliquid as a leader in cross-asset trading.
30% of trading volume comes from non-crypto assets, highlighting diversification.
HYPE's value is positively impacted by increased trading volume and revenue.
Maintaining support at $28 is crucial for a potential price breakout above $36.

Hyperliquid

Hyperliquid Source: Dune

Fueling Growth with Equity Perpetuals

Hyperliquid initially concentrated on crypto perpetuals, which are derivatives that enable traders to speculate on asset prices using leverage. Unlike options, these perpetuals don’t have an expiration date, allowing traders to hold positions indefinitely as long as they pay the required fees.

Recently, Hyperliquid upgraded its platform to offer similar features for equity and commodities through HIP-3, thanks to integrations with third-party services. The volatile precious metals market has further established Hyperliquid as an essential platform for cross-asset trading. Last Friday, silver and gold were among the top five assets traded on Hyperliquid, with silver reaching $3 billion in trading volume and gold nearly $700 million. Bitcoin, Ethereum, and HYPE also ranked as top assets, while Solana [SOL] followed in sixth place.

According to McKenna, a crypto venture capital partner and trader, 30% of Hyperliquid's total trading volume originates from non-crypto assets. He emphasized, “Hyperliquid is poised to generate higher daily volume from TradFi perpetuals than from digital asset perpetuals.”

Hyperliquid Source: X

Impact of the Equity Perps Surge on HYPE

The surge in equity perpetuals is anticipated to have a positive impact on Hyperliquid's native token, HYPE. This increase serves as a bullish signal, as greater trading volume in equity perps results in more fees, leading to HYPE buybacks and token burns.

Data from DeFiLlama indicates a strong link between the rise in revenue from perps, trading volume, and HYPE’s price. Average weekly revenue has climbed from $11 million to $15.5 million, and during the same period, HYPE's price has surged by 70%.

Hyperliquid Source: DeFiLlama

While the altcoin has retraced some of its gains due to bearish pressure on Bitcoin, maintaining support around the $28 level could strengthen the potential for a breakthrough above $36 if the equity perps continue to gain momentum. Conversely, falling below the $28 support level would undermine the bullish outlook and could force HYPE back into the December price range of $20-$28.

Hyperliquid HYPE FI Source: HYPE/USDT, TradingView

Final Thoughts

Hyperliquid is demonstrating strong growth in a competitive landscape, driven by innovative trading options and higher demand for perpetuals. The future looks promising, but traders should monitor key support levels for further price movements.