At the WebX 2025 conference in Tokyo, BitMEX co-founder Arthur Hayes stated that the token HYPE of the decentralized exchange Hyperliquid could increase in value 126 times within three years. Following his remarks, the price of HYPE briefly surpassed $47.
Hayes justified his outlook by pointing to the expected growth in stablecoin usage. According to his calculations, Hyperliquid’s annual fees could rise from $1,2 bln to $258 bln. The forecast triggered a positive response from traders: the token recorded noticeable gains in unstable market conditions and outperformed most other assets.
Hyperliquid operates as a decentralized derivatives exchange focused on perpetual futures. This allows trading with leverage without owning the underlying asset. Hayes’ support highlights the growing importance of the platform in the DeFi sector.
Hyperliquid Expands Volumes
According to DefiLlama, Hyperliquid’s daily trading volume reached $1,56 bln over the weekend. August fees amounted to $93 mln, matching the July peak. The platform accounts for more than 75% of the entire decentralized perpetual futures market, surpassing dYdX and other competitors.
The total value locked (TVL) on Hyperliquid now stands at $685,75 mln, slightly below the February peak. High activity and support from major players continue to drive interest in the HYPE token.
Bet on Stablecoin Growth
Hayes’ forecast is tied to the anticipated expansion of stablecoin trading volumes, which he believes will significantly increase Hyperliquid’s fee revenue. The dollar peg and other stable asset connections simplify DeFi service usage.
This aligns with regulatory changes in the United States, including initiatives led by SEC Chairman Paul Atkins aimed at easing retail investor access to cryptocurrencies and tokenized assets. These measures could bring additional liquidity to projects like Hyperliquid. The agency recently announced Project Crypto to reform the crypto market.
Despite risks tied to low liquidity and the complexity of such investments, the platform relies on a deflationary tokenomics model. Ninety-seven percent of fees go toward HYPE buybacks. Hyperliquid has not raised venture funding and remains community-focused.
Hyperliquid Surpasses Robinhood for the Third Consecutive Month
The platform has maintained its lead over Robinhood in trading volume for the third straight month. In July, the gap reached 39,1% – the largest since the series began. According to DefiLlama, Hyperliquid processed $330,8 bln in combined spot and futures volume. Robinhood, by comparison, recorded $237,8 bln across all segments for the same month.
According to an August 13 report, Robinhood’s July share included $209,1 bln in stocks, $195,8 mln in options, and $28,7 bln in cryptocurrencies. Hyperliquid’s $93 bln advantage marked a record lead.
Jon Ma, an analyst at Artemis, reported that in May Hyperliquid processed $256 bln in operations compared to Robinhood’s $192 bln, while in June it recorded $231 bln against Robinhood’s $193 bln.
By August 25, Hyperliquid’s cumulative volume since the beginning of 2025 was approaching $2 trln. After processing $226,4 bln in June, the platform grew to $330,8 bln in July. As of publication, August already recorded $349 bln in spot and futures transactions.
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