“Hyperliquid managed to capture much of Solana’s momentum and potentially its market cap by offering a simple, highly functional product,” commented Matthew Sigel, Head of Digital Assets Research at VanEck. While Solana missed deadlines for software upgrades, Hyperliquid continued to capitalize on superior user experience in perpetuals trading.
The platform’s open interest soared to $15.3 billion in July, marking a 369% increase year-to-date. Over $5.1 billion USDC has now been bridged to the Hyperliquid Perps DEX. The integration with Phantom Wallet—a favored wallet among Solana users—contributed $2.66 billion in trading volume, generated $1.3 million in fees, and brought in 20,900 new users in July alone.
By tapping into a community of approximately 15 million monthly active Phantom users (previously almost exclusive to the Solana ecosystem), Hyperliquid instantly expanded its user base and liquidity. This migration is reflected in surging volumes and revenue for the platform.
Hyperliquid’s tokenomics reinforce this momentum: 97% of all platform fees are automatically used to buy back and burn HYPE tokens, tightening circulating supply as activity rises. As of writing, the HYPE token trades at around $34, down about 5% over the past 24 hours.
Perpetual futures—the core product on Hyperliquid—allow traders to speculate on the price movements of assets like Bitcoin and Ethereum without expiry dates, a market niche that’s drawing massive flows away from rivals like Solana.