Hyperliquid Leads Perpetual DEX Market
Hyperliquid dominates the perpetual decentralized exchange (DEX) sector. The platform reports $1.2 billion in annual profits. It exceeds competitors like Aster and Lighter in trading activity and liquidity. On October 30, 2025, Hyperliquid recorded $12.9 billion in daily trading volume and $9.76 billion in open positions.
Since its launch, Hyperliquid has repurchased over $645 million of its native HYPE tokens from secondary markets. This buyback strategy highlights the platform’s strong market presence. Aster matched Hyperliquid’s trading volume but had only $3.2 billion in open contracts. Lighter saw $11.4 billion in trades and $1.8 billion in open contracts, showing lower engagement.
Market Trends and Trading Volume
DeFiLlama data shows the total 24-hour perpetual trading volume at $57.02 billion. The total open interest reached $17.81 billion. Over 30 days, cumulative trading hit $1.32 trillion despite a small 1.61% weekly decline. These figures confirm perpetual contracts remain key to on-chain activity.
Trading volumes stayed steady in 2022 and 2023. They surged sharply from mid-2024 onward. In 2025, Hyperliquid set new highs in trading volume and user participation.
Strong Buybacks and Growing Liquidity
Hyperliquid’s buyback program is unique. The platform’s $645 million repurchases make up 46% of all crypto token buybacks in 2025. This contrasts with other projects, where buybacks often fail to impact token prices significantly.
Buybacks reduce token supply and support price stability. They also signal confidence in the token’s long-term value.
According to Dune Analytics, $4.54 billion USDC has been bridged to Hyperliquid. This represents 62.26% of all USDC on Arbitrum. Deposits peaked between July and September 2025, showing rapid liquidity growth.
In October 2025, 21Shares filed with the U.S. Securities and Exchange Commission (SEC) for a Hyperliquid ETF. This follows Bitwise’s similar filing in September. Currently, HYPE ranks as the 11th largest crypto asset by market cap. Its price stands at $44.55, according to CoinMarketCap.
Hyperliquid’s rise highlights a shift in decentralized finance. Its profits, buybacks, and liquidity growth show increasing trader demand for perpetual DEXs.
