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Hyperliquid’s native token has posted an 80% gain over the past three months, while Bitcoin rose about 10% in the same period. The move is drawing attention to a divergence between token performance and underlying activity on the platform.
Crypto analyst Michael Nadeau said the market is paying more for each dollar of revenue Hyperliquid generates. The fully diluted price-to-sales ratio reached 47.3, up 67% from last quarter—an outcome that typically runs counter to how valuations behave when fundamentals weaken.
Over the last 90 days, Hyperliquid’s perpetual decentralized exchange generated $153.8 million in fees, down 13% from the previous quarter. The figure remains up 12.3% year-over-year. Nearly all fees—99%—were used for HYPE buybacks.
Average daily trading volume increased 6% quarter-over-quarter to $7.07 billion. However, open interest fell sharply to $7.6 billion, a 51% decline from the peak.
Active addresses rose 6.6% quarter-over-quarter, averaging 46,000 per day, suggesting some user growth even as derivatives positioning appears to be shrinking.
Hyperliquid holds 72% market share among decentralized perpetual exchanges. But when centralized platforms are included, the protocol captures about 5% of total volume, leaving the broader derivatives market still dominated by centralized venues.
Capital flows point to growing caution. $3.36 billion is currently bridged into Hyperliquid, down 44% from the peak. Over the past 90 days, $730 million left the network, including $500 million since early April.
Not all segments are contracting. The HIP-3 framework—allowing third parties to launch perpetual DEXs on Hyperliquid’s infrastructure—saw volumes jump 973% quarter-over-quarter. Daily volumes reached $2.58 billion, representing 36% of total activity.
By contrast, the HyperEVM segment showed deterioration. Revenue fell 33% quarter-over-quarter to $1.84 million, and active addresses declined as well. Stablecoin supply on HyperEVM rose to $1.83 billion, driven mostly by USDC inflows, though the data does not indicate whether that capital translated into higher usage.
Token dynamics over the past 90 days show buybacks outpacing new issuance, creating net deflation for HYPE. The buyback yield dropped to 2.55% on a fully diluted basis, indicating the deflationary effect is not large. In addition, core contributor token unlocks are scheduled to continue through 2027, which could add supply pressure later.
The core tension highlighted by the figures is that HYPE’s price has risen faster than Hyperliquid’s revenue and fee generation. With fees down 13% quarter-over-quarter and open interest down 51% from peak levels, the data suggests traders and capital flows are not fully aligned with the token’s performance.
At the same time, HIP-3’s 973% volume expansion indicates meaningful developer and ecosystem activity, with third-party perpetual DEXs now accounting for more than a third of total trading volume. Whether that growth can offset the broader signs of weakening positioning and faster outflows will be a key question for the platform’s next phase.
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