Key Notes
- HYPE approaches an all-time high above $35, fueled by record-breaking open interest of $8.9 billion and $5.4 million in platform fees.
- Hyperliquid's unique revenue model, which directs 100% of earnings back to its community and holders without inflation.
- A crypto whale stunned the market by placing a $1.1 billion 40x leveraged Bitcoin long on Hyperliquid.
Decentralized exchange Hyperliquid has been on investors’ radar recently, with native crypto HYPE HYPE $19.97 24h volatility: 5.4% Market cap: $6.67 B Vol. 24h: $206.60 M price surging 18% in the last 24 hours, while eying fresh all-time highs above $35. Today’s massive price pump comes along with a 148% surge in daily trading volumes, now shooting to $346.6 million.
Hyperliquid Witnesses Strong On-Chain Growth
Hyperliquid, a prominent player in the decentralized finance (DeFi) space, recorded several new milestones, thereby showing significant on-chain growth. According to the official announcement , the HYPE open interest touched a record $8.9 billion, showing massive bullish sentiment among traders.
On the other hand, Hyperliquid raked in a massive $5.4 million in platform fees amid massive trading activity on the decentralized exchange. Additionally, the total value locked (TVL) of USDC stablecoin on the DEX shot up to $3.2 billion.
Hyperliquid platform revenue – Source: Artemis
What sets Hyperliquid apart is its revenue model, which outpaces major competitors like Ethereum ETH $1 845 24h volatility: 2.6% Market cap: $222.72 B Vol. 24h: $14.22 B and Solana SOL $150.7 24h volatility: 2.6% Market cap: $78.04 B Vol. 24h: $3.80 B . Unlike many rivals, HYPE operates without inflation, ensuring that 100% of its revenues are directed back to its community and token holders.
HYPE has claimed the top spot as the best-performing asset among the top 100 cryptocurrencies by market capitalization. In a remarkable move, HYPE recently surpassed Avalanche AVAX $21.65 24h volatility: 2.4% Market cap: $9.03 B Vol. 24h: $343.15 M , solidifying its position in the competitive crypto landscape .
Crypto Whale Places Record $1.1 Billion Leveraged Bitcoin Bet on Hyperliquid
A crypto whale has shocked the digital asset market by expanding a 40x leverage long Bitcoin position to an unprecedented $1.1 billion on the decentralized exchange Hyperliquid. This marks the first-ever trade on the platform to surpass the $1 billion milestone, leaving the crypto community astounded.
The X account “James Wynn” has claimed responsibility for the massive position, which is currently up $36 million, according to data from Hypurrscan’s block explorer. Crypto market veteran Arthur Hayes called it the best advertising for Hyperliquid while asking his followers to take HYPE price to $100.
This is the best advertising for $HYPE .
Let's take this mother fucker to $100.
Yachtzee https://t.co/LYru8GfB8t
— Arthur Hayes (@CryptoHayes) May 21, 2025
The whale used a $28.4 million margin position across multiple trades to build the Bitcoin position, now valued at $1.13 billion. The average entry price for Bitcoin in the trade was $108,065, with BTC trading at $110,446 at press time.
Wynn’s long position initially faced a loss of approximately $16.3 million but quickly rebounded as Bitcoin surged past $110,000 on May 21. Currently, the position remains secure above its liquidation price of $103,790, with Bitcoin climbing further to approach $112,000 in early trading on May 22.
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