The latest crypto news is all about Hyperliquid – a decentralized exchange that’s not just catching up to centralized giants like Binance and Coinbase, but leaving them behind in volume, fees, and user growth. 

Over the past month, Hyperliquid has not only captured 31% of total blockchain revenue, but also surpassed Robinhood in total global trading activity. The rise is tied to a perfect storm of surging spot and perpetual volume, token demand, and whale-sized ETH transactions moving through the protocol.

While Layer-1 chains scramble to scale, Hyperliquid is already there. It clocks over 200,000 transactions per second and processes spot and futures trades entirely on-chain, making it one of the fastest, most transparent platforms in the DeFi arena. 

Momentum is now spilling into its ecosystem token, HYPE, and its public-market exposure play, HYLQ, as both investors and institutions start positioning themselves early.

Hyperliquid’s On-Chain Domination

In fact, retail traders aren’t the only ones watching. HYLQ, a Canadian-listed vehicle, is modeling its strategy after MicroStrategy’s BTC playbook – buying and holding HYPE tokens as a scarce treasury asset with long-term asymmetric upside. 

This corporate interest has turned HYLQ into a unique on-ramp for traditional investors seeking compliant exposure to the Hyperliquid ecosystem.

According to Syncrazy Capital’s Ryan Watkins, Hyperliquid could control 50% of blockchain revenue by late 2025. 

The platform is already drawing attention due to its explosive growth in HIP-3 markets, where traders speculate not only on crypto but also on prediction markets, equities, and macro events – all powered through Hyperliquid smart contracts.

Market-wide activity reinforces the trend. Bitcoin climbed 1.25% to $111,526, while Ethereum rebounded 4.45% to $4,629, dragging the entire altcoin sector up with it. Yet the spotlight has clearly shifted – all eyes are now on HYPE and Hyperliquid.

HYPE Hits New All-Time High

With liquidity pouring in, HYPE just smashed a new ATH of $51.07, gaining over 10% in 24 hours. The token’s monthly growth rate of 67% and buyback mechanics have made it one of the most deflationary assets on-chain. 

Roughly 97% of daily protocol revenue is allocated to repurchasing HYPE, estimated at $2.5 million per day, creating constant upward pressure.

Technical analysts, note that the token’s current resistance near $50.82 could open a run toward $55 or higher. Its circulating supply sits just under 334 million, and with a capped 1B total supply, HYPE is quickly becoming a whale target – and harder to acquire by the day.

Still, there’s a caveat: 9.9 million HYPE tokens are unlocking in November, and that event is likely to attract volatility. Traders and investors should keep a close eye on this supply injection, especially with demand rising across both spot and futures markets.

Key Reasons Traders Are Flocking to Hyperliquid

There are a few simple reasons Hyperliquid is winning the volume war:

• Blazing execution: Up to 200K tx/sec, under 1-second finality

• Layer-1 speed + DeFi transparency

• No VC funding, no unfair token unlocks

• Spot + perp trading on one chain, gasless and instant

Add to that a burn/buyback engine that’s already removed $850M+ worth of tokens, and it’s easy to see why Hyperliquid is the new DEX king.

But for those who can’t get direct access to HYPE? HYLQ is the bet – giving holders a way to ride this momentum through public markets while avoiding DeFi complexity.

What Is HYLQ and Why Is It Exploding?

While the spotlight has mostly been on HYPE, HYLQ is now making headlines of its own. 

Structured as a public company in Canada, HYLQ is the first to add HYPE to its corporate treasury, giving traditional finance players a way to bet on the ecosystem without touching DeFi directly.

Here’s what makes HYLQ unique:

• It’s fully compliant, offering public-market access to HYPE via shares

• It follows a playbook similar to MicroStrategy’s BTC strategy

• It allows equity investors to gain price exposure to Hyperliquid growth

HYLQ has positioned itself as a strategic vehicle to bridge TradFi and DeFi, and the move is resonating. The demand for Hyperliquid exposure is rising – and HYLQ is becoming the preferred access point for hedge funds, institutions, and retail alike.