A Blockworks Research report looked at how Hyperliquid has maintained its hype and how it can build out its businesses
CryptoFX/Shutterstock and Adobe modified by Blockworks
This is a segment from the Empire newsletter. To read full editions, subscribe.
When I talk to folks about success stories in crypto, Hyperliquid is often the common answer.
“Over the past three months, the platform has averaged $6.4 billion in daily trading volume, which sits just above 50% of the daily trading volumes of Bybit and OKX,” Blockworks Research’s Boccaccio wrote in a recent report.
“As of today, the BTC OI [open interest] on Hyperliquid sits at $1.4B, which is 15% of Binance ($9.2B), 46% of OKX ($3B) and 25% of Bybit ($5.6B),” Boccaccio wrote.
To put that into perspective, Jupiter Perps — the closest competitor to Hyperliquid — averages $704 million in daily trading volume, 88% lower than Hyperliquid.
Boccaccio also noted that Hyperliquid’s UX and ability to list popular tokens quickly have helped boost its popularity.
Hyperliquid’s core businesses are HyperCore (the order book exchange) and HyperEVM (the EVM network). Right now, HyperCore is the dominant business, with a valuation of $11.2 billion to HyperEVM’s $61 million.
But that “discrepancy” is warranted, Boccaccio wrote, “given that the core product is, and should be, the HyperCore, while the HyperEVM initially will likely act as a supporting chain.”
The report notes that HyperEVM could be a more profitable product later on, especially if it integrates token launchpads, SocialFI, NFT marketplaces on the chain.
Guess there’s a reason for all that HYPE.
Get the news in your inbox. Explore Blockworks newsletters:
- Blockworks Daily: Unpacking crypto and the markets.
- Empire: Crypto news and analysis to start your day.
- Forward Guidance: The intersection of crypto, macro and policy.
- 0xResearch: Alpha directly in your inbox.
- Lightspeed: All things Solana.
- The Drop: Apps, games, memes and more.
- Supply Shock: Bitcoin, bitcoin, bitcoin.
Mon – Wed, October 13 – 15, 2025
Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.
Industry City | Brooklyn, NY
TUES – THURS, JUNE 24 – 26, 2025
Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.
SUN – MON, JUN. 22 – 23, 2025
Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]
Research
Helium stands at a pivotal moment in its evolution as a decentralized wireless network, balancing rapid growth, economic restructuring, and global expansion. With accelerated growth in domestic DAUs and Hotspots supporting its network, Helium is leveraging strategic partnerships and innovative proposals to scale internationally. The recent implementation of HIP 138, “Return to HNT,” has unified its token economy under HNT, simplifying participation and strengthening liquidity, while HIP 139’s phase-out of CBRS refocuses efforts on scalable Wi-Fi offload. Meanwhile, governance shifts under HIP 141 raise questions about centralization as Nova Labs consolidates control over the roadmap.
news
Breaking headlines across our core coverage categories.
The MIT research-based protocol is live in private testnet — laying the foundation for decentralized RAM
The Balkan micronation went from Bitcoin economy to blockchain buzzwords in 10 years
While BTC’s year-to-date price drop resembles that of the S&P 500, some crypto stocks have fared way worse
The first batch of earnings reports from big banks shows lending is on the rise, a sign businesses and consumers are feeling better about the economy
Movement is “conducting an internal investigation stemming from recent events,” according to a company Slack message
Four firms prepare their launches on the Toronto Stock Exchange while the SEC mulls proposals
