Key Insights:
- Hyperliquid leads decentralized derivatives in volume, open interest, and TVL.
- Ecosystem growth continues with rising users and active on-chain development.
- HYPE price action draws attention as traders monitor the $40 level.
Hyperliquid leads decentralized derivatives trading as new market data shows it topping rivals in volume, open interest, and TVL.
Strong on-chain activity and steady ecosystem growth have placed HYPE price action in focus, with traders watching a possible move toward $40.
Hyperliquid Leads DEX Derivatives Market by a Wide Margin
Hyperliquid now sits at the top of decentralized derivatives platforms based on current market data.
The platform recorded about $7.0 billion in 24-hour trading volume. Open interest stood near $8.79 billion, sparking hopes over a continuing surge in Hyperliquid price.
Total value locked reached about $4.17 billion. These figures placed Hyperliquid ahead of all listed rivals, the CoinGlass report showed.
Other decentralized exchanges showed lower activity across the same metrics. Aster ranked behind with reduced volume and open interest.
Lighter and edgeX followed next. Well-known platforms such as GMX and dYdX ranked further down the list. The difference highlights where traders are most active.
Higher open interest than daily volume suggests many positions remain open. This often points to longer-term trading strategies.
It also shows steady participation rather than brief speculation. Liquidity depth remains a key reason traders choose specific platforms.
The data was shared during a period of high derivatives usage across crypto markets.
Many traders continue moving activity away from centralized venues. Decentralized platforms now handle larger flows than in previous years. Hyperliquid appears to benefit from this broader shift.
Market positioning matters for network confidence. As a result, strong volume supports tighter spreads and smoother execution.
Higher TVL improves capital efficiency for traders. Together, these factors help explain Hyperliquid’s lead in the derivatives sector.
HYPE Ecosystem Growth Supports Long-Term Network Use
Hyperliquid also highlighted how much the project has changed over the past year. One year ago, the HyperEVM was not live.
Development activity was limited to a small group of early builders. Since then, the ecosystem has expanded across many teams.
The project now reports hundreds of teams building on the network. Regional communities have formed across different locations.
Local events and user groups have grown steadily. This expansion reflects wider developer interest in the platform.
Hyperliquid stated that growth occurred without external funding and that protocol fees are returned to the community.
Validators operate under a permissionless model. These design choices reflect the project’s stated values around open access.
Several releases were completed in 2025, including the HyperEVM launch and HyperCore integration, among others.
In addition, native USDC support was added, and permissionless perpetual deployment followed through HIP 3.
Usage metrics rose sharply compared with the prior year. Daily trading volume peaked near $32 billion.
Open interest reached $16 billion at its highest point. TVL climbed to about $6 billion, and user count increased to around 1.4 million.
Hyperliquid Price and Supply Metrics Remain in Focus
Hyperliquid (HYPE) price traded near $27.19 at the time of reporting. HYPE price posted a 4.02% gain over 24 hours.
Market capitalization stood close to $9.22 billion. Trading volume reached about $290.84 million during the same period.
Total supply is capped at 961.67 million tokens, thriving from a circulating supply that stands near 339.34 million.
Fully diluted valuation was listed at around $26.14 billion. These figures frame current market expectations.
Rising network activity often draws attention to native tokens. Some traders are watching whether the Hyperliquid (HYPE) price could revisit the $40 level.
That outcome would depend on broader market conditions. Sustained trading volume may also play a role.
Hyperliquid remains closely watched within decentralized derivatives markets. Its lead in volume and open interest continues to stand out.
Future performance will depend on continued user growth and stable network activity.
Source: https://www.thecoinrepublic.com/2026/01/06/hyperliquid-hype-price-watches-40-level-as-dex-lead-grows/
