Hyperliquid Trading Volume Exceeds Ethereum on Certain Days as Institutions Shift to High-Volatility Assets

HYPE-3.88%
ETH-5.23%
BTC-6.1%
ZEC5.23%
According to CoinDesk, FalconX reports that Hyperliquid's decentralized derivatives platform recorded trading volumes exceeding Ethereum on certain trading days, with institutional and hedge fund capital shifting from range-bound Bitcoin and Ethereum to higher-volatility assets including HYPE, Zcash, Venice, and AI concept tokens. The firm attributed the move to low implied volatility in BTC and ETH near historical lows amid macro uncertainty and spot ETF outflows. Hyperliquid attracts institutional capital by offering perpetual contracts on pre-IPO companies like SpaceX, tokenized equities, commodities, and prediction market-like instruments for 24/7 on-chain trading. The platform generated approximately $800 million in revenue in 2025.
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