High lipids reach a spot volume of $300 million daily and revenue of $87 million per month. High lipids currently control almost 80% of the decentralized permanent market. However, risks such as centralisation of validators and volume dependence still persist.
Hyperliquid’s native token hype rose 21.7% to date in August, solidifying its place among the best-performing large cryptocurrencies.
At around $45, the tokens are below the ever-high $49.75 in July, with daily trading volumes continuing to skyrocket.
The question many investors are asking is whether this momentum could continue or whether the gatherings risk losing steam as the broader market situation changes.
Momentum is based on strong basics
Unlike most altcoins that struggled during this month’s market pullback, the hype remains resilient.
After Jerome Powell suggested possible rate cuts in September, Bitcoin returned from its peak at $117,000 to $111,000, but Hyperliquid numbers continued to rise.
Spot trading on the platform reached a record $3 billion, $1.5 billion in Bitcoin alone, reaching a record $3 billion, making it the second largest venue for Spot BTC trading in both centralized and decentralized exchanges.
At the same time, the exchange marked the strongest month on record, generating $93.5 million in fees and nearly $87 million in revenue this month.
These metrics highlight a platform that not only attracts traders, but also converts activity into substantial cash flow. This contrasts with rivals who struggle to expand their revenue despite a surge in volume.
A new star in the permanent futures market
The rapid rise of Hyperliquid is also driven by its advantage in decentralized permanence, and now manages nearly 80% of the market.
According to Coingecko data, in the broader dispersed exchange category, high lipids control the largest market share, 18.4%.
At its peak, the platform handled $30 billion in daily transactions.
The exchange’s success stems from a combination of technical efficiency, including sub-second finality through hyper-buffet consensus, and a community-first approach with fee sharing incentives for traders and developers.
This strategy has led Hyperliquid to eat up established rivals such as Dydx. This reduced market share from 30% at the start of 2024 to just 7% by the end of the year from 30% to 30%.
Today, Hyperliquid’s trading share is stable at over 65%, sometimes touching 80%, solidifying its position as a permanent major decentralized exchange.
Big predictions, bigger risks
The rise in platforms has not been overlooked. In a keynote address at Webx Tokyo, Bitmex co-founder Arthur Hayes predicted that if hype exceeds $1.2 billion to $250 billion, it could rise 126 times over the next three years.
Looking at @cryptohayes, we predict the hype pumping 126x in Tokyo.
High fat. pic.twitter.com/pl8xi0gcsb
– Alex Svanevik🐧 (@Asvanevik) August 25, 2025
The market responded quickly, with prices for hype spiked temporarily, and trading volumes surged by more than 60% in 24 hours.
Still, Hayes himself admits that his bold call is only about a quarter of an hour. Analysts also warn that high lipids face risk.
The platform relies heavily on sustained trading volumes and is vulnerable to long-term economic downturns in the Bear market.
With only 16 validators, concerns remain about centralization and transparency.
The lack of open source code and reliance on small teams also puts it at risk of running.
Can the rise in high lipid prices continue?
For now, the foundations of hype seem strong enough to support recent gatherings.
Its increased fee revenue, record spot volume and overwhelming market share in perpetual futures point to a platform running with incredible accuracy.
Oak Research’s valuation estimates place the fair value of the hype between $32 and $49, suggesting that it is traded near the high end of the conservative model but not over-stretched.
The extension of the meeting depends on the broader market situation and Hyperliquid’s ability to manage risk.
If trading on the chain continues to grow and the platform continues to maintain its current adoption pace, the hype may have room for high climbs.
