Hyperliquid: Breakthrough Infrastructure or Overhyped Bubble?

Hyperliquid is emerging as the leading decentralized perpetual derivatives exchange, accounting for approximately 70% of the perp volume on DEX and equivalent to 13.6% of Binance’s monthly perp volume. This platform generates around $116 million in revenue each month, most of which is redistributed to users, thereby fostering greater community engagement.

Hyperliquid’s growth momentum comes from a seamless trading experience similar to centralized exchanges, large-scale airdrop programs, and ecosystem expansion strategies through HyperEVM and HIP proposals. However, the project also faces several risks, including increasing legal pressures, trade-offs related to decentralization, limited reinvestment capacity, and upcoming token unlocks that could exert selling pressure. Therefore, Hyperliquid is both a symbol of DeFi infrastructure innovation and a potential target for overvaluation.