In an unexpected move that has turned heads across the crypto world, Hyperliquid, a rising decentralized exchange, has surpassed both Ethereum and BNB Smart Chain in monthly trading volume for perpetual contracts. With over $214 billion traded in the last 30 days, Hyperliquid’s performance signals growing momentum behind the HYPE token—and some analysts believe it could be gearing up to outperform Bitcoin in the third quarter of 2025.
According to on-chain analytics platform DeFiLlama, Hyperliquid recorded more trading activity than its better-known competitors by a significant margin. BNB Smart Chain handled $44 billion, while Ethereum processed $30 billion over the same period. This means Hyperliquid’s volume was approximately five times greater than BNB’s and seven times higher than Ethereum’s.
But the platform’s impressive trading volume is only one part of the story. Hyperliquid has also emerged as a leader in revenue generation, collecting over $62.5 million in fees over the past month. Its cumulative revenue now exceeds $300 million, placing it among the top crypto applications in terms of earnings. These strong fundamentals have helped position the HYPE token as a potential breakout star for the remainder of 2025.
Many crypto analysts are beginning to take notice. One such analyst, known as Ansem on social media, described HYPE’s current valuation—between $10 billion and $15 billion—as deeply undervalued. He believes Hyperliquid has the potential to reach a $100 billion market cap in this cycle, which would represent nearly a tenfold increase from current levels. According to his estimates, this would bring the value of each HYPE token to approximately $299.
Ansem is not alone in his outlook. Ryan Watkins of Syncracy Capital also views Hyperliquid as a major contender in the crypto derivatives market. He notes that Hyperliquid’s product offering—particularly its focus on on-chain perpetuals—gives it a significant edge. Unlike traditional futures contracts, perpetuals do not have an expiration date, allowing traders to hold positions indefinitely. This feature, combined with the high leverage typically available on such platforms, has made them particularly attractive to professional and high-risk traders.
One major factor contributing to Hyperliquid’s popularity is its lack of KYC (Know Your Customer) requirements. This allows users in regions with heavy restrictions to access the platform, giving it a broader international user base. A senior executive at Jump Trading recently described Hyperliquid as a serious competitor to Binance, signaling growing institutional interest in the project.
However, not everyone is convinced that the ride will be smooth. Some industry observers have raised concerns about short-term competition, especially as mainstream platforms like Robinhood and Coinbase prepare to introduction their own regulated versions of perpetual products. These regulated alternatives could attract more conservative investors who prioritize compliance and transparency.
At the same time, HYPE’s recent price action has been relatively muted. The token has shown signs of weak bullish momentum in recent weeks, likely reflecting overall market fatigue following a slow end to Q2. Still, data from CoinGlass suggests that significant liquidity is concentrated around the $35 to $45 range, indicating potential support and resistance zones that could trigger large price movements. Interestingly, one crypto whale recently deposited $16.5 million into the platform to open a long position on HYPE, showing continued confidence among high-net-worth investors.
Whether HYPE can live up to the hype remains to be seen. Its dominance in trading volume and revenue generation is undeniable, but external competition and broader market conditions will likely play a key role in determining its short-term price direction.
As the third quarter begins, all eyes are on Hyperliquid. With growing institutional interest, increasing user adoption, and bullish sentiment from respected analysts, HYPE may well be one of the most important tokens to watch in the second half of 2025. For investors seeking high-upside opportunities in decentralized finance, it could be the start of something much bigger.
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