Hyperliquid Tops Ethereum on Some Days, Drawing Hedge Funds as $800 Million Venue Expands
Updated
Updated · CoinDesk · Jun 2
Hyperliquid Tops Ethereum on Some Days, Drawing Hedge Funds as $800 Million Venue Expands
3 articles · Updated · CoinDesk · Jun 2
FalconX said Hyperliquid now exceeds Ethereum in trading volume on some days for its clients, as hedge funds and institutional investors shift activity to the decentralized derivatives venue.
Range-bound bitcoin and ether, ETF outflows and macro uncertainty have pushed speculative capital into more volatile altcoins and themes including HYPE, Zcash and AI-linked tokens, FalconX's Joshua Lim said.
Hyperliquid is also winning flows because it offers deep liquidity and early access to hard-to-trade markets such as pre-IPO perpetuals tied to companies like SpaceX.
The platform generated about $800 million in 2025 revenue and has expanded from crypto perpetuals into tokenized stocks, commodities and prediction-style markets.
That growth is feeding a broader bet that crypto-native venues could become 24/7 trading hubs for many asset classes, though regulatory risk remains a key constraint and Hyperliquid still restricts U.S. users.