Hyperliquid Dominates Perps While Its Valuation Runs Hot

This edition of our Quarterly Altcoin Spotlight turns to Hyperliquid, the decentralized derivatives exchange that has grown into a roughly $74 billion network on a fully diluted basis since its token launched in late 2024. The headline numbers are remarkable: Hyperliquid now commands about 80% of open interest and roughly 70% of trading volume across all decentralized perpetuals exchanges, and about a third of its trading activity now comes from real-world asset markets rather than pure crypto speculation. The quarter's data tells a story of a business firing on nearly every operational cylinder - while trading at a valuation that leaves almost no room for error.