Hyperliquid spikes as Arthur Hayes predicts 126x upside in Tokyo

The native token powering the decentralized derivatives exchange Hyperliquid was one of the few to post a gain over the last 24 hours, as crypto entrepreneur Arthur Hayes told an audience in Tokyo he expects it to increase 126x over the next three years.

Hyperliquid (HYPE) has gained almost 4% over the last 24 hours and was trading at $45.64 at the time of writing, though it briefly reached above $47 earlier in the day. 

BitMEX co-founder Arthur Hayes made the forecast at the WebX 2025 conference in Tokyo on Monday. Hayes said that stablecoin expansion would push the DEX’s annualized fees to $258 billion, from its current annualized revenue of $1.2 billion. 

Hyperliquid is a decentralized exchange for perpetual futures, derivative contracts without an expiry date, allowing speculators to take leveraged positions on crypto assets without owning them.

Open perps, DEX volume at an all-time high

Hyperliquid total open positions hit an all-time high of 198,397 on Monday, according to the Hypertracker analytics platform. 

Meanwhile, open interest, or the value of contracts yet to be settled, climbed above $15 billion, and total wallet equity peaked at $31 billion. 

Hyperliquid DEX volume also hit an all-time high of $1.56 billion over the weekend, according to DefiLlama. Transaction fees have also reached July’s all-time high of $93 million so far this month. 

DefiLlama also shows that the total value locked for the derivatives DEX is currently $685 million, just shy of its February peak. 

Hyperliquid total wallet equity peaks. Source: Hypertracker 

Hyperliquid eating competition

Data provider Redstone published a comprehensive report on the exchange last week in which they said, “In a span of less than two years, they went from zero to consistently capturing over 75% of the entire decentralized perpetual exchange market,” previously held by dYdX. 

Hyperliquid now processes up to $30 billion daily, “getting close to matching Binance’s volume on some pairs,” it added.

HYPE hit an all-time high of just below $50 on July 14 and was just 7% away from that peak at publication.