Hyperliquid [HYPE] has regained a portion of the market share it lost in 2025 following heated competition from Aster [ASTER], Lighter [LIT], and other rivals.
According to Dune data, the platform’s market dominance rose from a recent low of 18% seen in December to over 33% at the end of January.
That’s a 15% jump in market share, thanks to booming equity perpetuals (perps) that have positioned it as a key cross-asset platform.
Source: Dune
How equity perps fueled Hyperliquid’s growth
Hyperliquid was initially focused on crypto perps or derivatives that allow traders to speculate on prices with leverage.
They are called perpetuals because they don’t expire with strict deadlines like Options, so one can hold them indefinitely, provided they pay fees to keep the positions open.
The platform unveiled a similar offering for equity and commodities via an upgrade, HIP-3, enabled by third-party integrations.
Interestingly, the recently volatile precious metals market has cemented Hyperliquid as a crucial cross-asset trading platform.
On Friday, silver and gold ranked among the top five assets by trading volume on Hyperliquid. Silver traded $3 billion in volume, while gold closed at nearly $700 million. The other top assets were Bitcoin, Ethereum, and HYPE, while Solana [SOL] ranked sixth.
According to crypto VC partner and trader McKenna, 30% of Hyperliquid’s overall trading volume is driven by non-crypto assets. He added,
“Let me repeat, Hyperliquid will bring in more daily volume from TradFi perpetuals than digital asset perpetuals.”
Source: X
Impact of the equity perps boom on HYPE
The equity perps boom was expected to be net positive for the native token, HYPE.
It is a bullish catalyst because the higher the equity perps’ trading volume climbs, the more fees are generated, which drives HYPE buybacks and burns.
In fact, DeFiLlama data showed the positive correlation between the recent rebound in generated revenue, perps volume, and HYPE price.
The average weekly revenue has increased from $11 million to $15.5 million, and the HYPE price has mooned by 70% over the same period.
Source: DeFiLlama
On the price charts, the altcoin had given back some of the gains amid bearish pressure on Bitcoin. But defending $28 zone as support could reinforce a potential breakout above $36 if the equity perps’ traction extends.
However, breaking below $28 support would invalidate the bullish outlook and trap HYPE back in the December price range of $20-$28.
Source: HYPE/USDT, TradingView
Final Thoughts
- Hyperliquid’s market share has increased from 18% to 33% amid equity and commodity perps trading surge
- Non-crypto assets now account for 32% of Hyperliquid’s overall trading volumes
