Key Insights:
- Hyperliquid leads DEXs with $11.5B daily volume
- $1B capital raise: HYPE token jumps over 10%, crossing the $40 mark
- Hyanned to boost HYPE liquidity
- Platform earns $24.6M in weekly trading fees
Robinhood has officially listed Hyperliquid’s native token, HYPE, for spot trading, expanding its crypto offerings to U.S. clients. This move highlights Robinhood’s strategy to diversify its token listings amidst growing competition in the decentralized exchange (DEX) space.
The HYPE token saw a notable surge in its value following the listing. It jumped over 10%, breaking the $40 mark, up from an intraday low of around $35. This price movement follows Hyperliquid’s strong performance in recent months, with a 66% year-to-date gain. Last month, HYPE reached an all-time high of nearly $60 before pulling back due to the broader crypto market slump.
Hyperliquid’s Growth Amid Market Competition
Hyperliquid’s listing on Robinhood comes at a time when it has regained the top spot among perpetual DEXs in terms of trading volume. According to DeFiLlama data, Hyperliquid recorded $11.515 billion in 24-hour trading volume, far surpassing competitors such as Aster and Lighter, which had volumes of $10.38 billion and $10.26 billion, respectively. Open interest on Hyperliquid also stands at a robust $6.908 billion, further underscoring its market dominance.
While Hyperliquid has reclaimed its top position in terms of daily trading volume, Aster has recently seen a surge in its seven-day trading volume, reaching $91.5 billion. Hyperliquid’s seven-day volume stands at $64 billion, while Lighter recorded $60 billion.
Strategic Moves to Support HYPE Token Value
The momentum surrounding the HYPE token is further fueled by Hyperliquid’s upcoming $1 billion capital raise. The company plans to allocate a portion of these funds toward accumulating more HYPE tokens, which could further boost its token’s value. Hyperliquid’s business model also involves using a portion of its fees for HYPE buybacks, potentially increasing demand for the token.
In terms of fee generation, Hyperliquid ranked fourth among decentralized exchanges, earning $4.26 million in the last 24 hours and $24.61 million over the past week. These fees play a crucial role in sustaining the value of HYPE and providing liquidity on the platform.
