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Hyperliquid is up about 60% at the start of the year, but it remains roughly 30% below its all-time high reached last year. The token’s recent momentum is being tested as new competitors move toward offering perpetual futures to retail users.
Hyperliquid is a decentralized exchange where traders buy and sell cryptocurrencies, including through futures trading. Its rapid growth is closely tied to perpetual futures—derivatives contracts with no expiration date that allow traders to speculate without holding the underlying asset.
Perpetual futures can support high leverage, with leverage cited as up to 100x. The article also notes that these products are highly risky and can trigger immediate liquidation if prices move against positions. Hyperliquid is described as being off-limits to U.S. customers, with users in the United States receiving a restricted-jurisdiction warning.
Globally, Hyperliquid is described as accounting for about 70% of total on-chain trading volume for perpetual futures. The platform launched about 18 months ago and is described as ranking among the largest cryptocurrencies, with a market cap cited at $10 billion. The article states Hyperliquid is up 1,177% since launch, including a 60% increase at the start of 2026.
The article argues that Hyperliquid’s dominance may be at risk as new entrants seek to take market share. It notes that, until recently, many competitors were other decentralized exchanges, which it characterizes as a smaller threat.
That dynamic could change if centralized crypto exchanges and prediction market platforms expand into perpetual futures for retail customers. The article cites Coinbase Global as an example of a centralized exchange that wants to offer perpetual futures once it receives full approval from U.S. regulators.
In addition to centralized exchanges, the article says Kalshi and Polymarket are also moving into perpetual futures. To offer these contracts, they would need regulatory sign-off from the Commodity Futures Trading Commission (CFTC). The article frames the potential timing of that approval as a key factor for Hyperliquid’s competitive position.
The article includes the following snapshot of Hyperliquid-related market data: market cap of $9.8 billion, current price of $41.01, a day’s range of $40.70 to $41.79, and a 52-week range of $19.59 to $59.30. It also cites volume of 160M.
It further notes that the HYPE token is down about 30% from its all-time high in September 2025.
The article presents two interpretations of Hyperliquid’s performance. One view highlights the 60% gain at the start of the year, contrasting it with Bitcoin being down about 10%. The other view emphasizes the token’s decline from its September 2025 peak and suggests that if perpetual futures become widely available through centralized exchanges and prediction platforms, Hyperliquid’s appeal could weaken.
Overall, the article’s central point is that the competitive landscape for perpetual futures could shift quickly if additional platforms receive regulatory approval to offer these contracts to mainstream retail users.
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