- As of June, Hyperliquid was the third-largest player in the Bitcoin perpetual market, because why not?
- HYPE decided to outperform BNB by a staggering 230%, and guess what? It even got itself a corporate treasury. Fancy, huh?
In a bold declaration that can only be likened to unveiling the wheel at an ancient and somewhat bemused gathering, the Hyperliquid [HYPE] DEX has pranced into the crypto scene, strutting its stuff like it just won the lottery. Jump Tradingâs chief oracle, Dave Olsen, announced at the 2025 Coinbase State of Crypto Summit that
âHyperliquid is turning a lot of heads. They are the first meaningful competitor to Binance. Theyâre exposing some of the regulatory gaps in the regulatory framework to have U.S participation.â
Well, isnât that nice? Itâs like a cat bringing you a bewildered mouse to demonstrate its hunting prowess. Who knew exposing regulatory loopholes in the cryptocurrency cosmos could be so thrilling?
HYPE munching on BNBâs lunch?
To appreciate Hyperliquidâs meteoric rise, consider its uncanny ability to occupy substantial real estate in the Bitcoin perpetual market. It’s like spotting a unicorn in a field of ponies.
Back in mid-May, it was merely the fourth wheel after OKX and Bybit, while Binance was hogging all the fun with its BTC Open Interest (OI). But by June, to everyone’s surpriseâexcept perhaps the fortune tellersâHyperliquidâs BTC OI ballooned to almost $3B, leaving OKX in its dust. Itâs practically the lone wolf of DEXes amid the CEX stampede!
Bybit, meanwhile, sits at a respectable second with $5.5B, while Binance sits on its throne at $8B, probably wondering who this new challenger is. Rumor has it that Bybit could soon be flipping its hair nervously as Hyperliquid closes in.
Enter Ryan Watkins of Syncracy Capital, who confidently predicted that the perps market might just become a $100B opportunity. That’s a lot of counting needed on the abacus, but it surely means a boost for Hyperliquid.
â(Perps) could easily become a $100B+ revenue opportunity within 5 years. Hyperliquid.â
The increasing DEX to CEX ratio is like watching a tortoise slowly but surely outpace the hare! Now, DEXes handle 27% of total trading volume, a jump from a paltry 10% in 2024. Who said slow and steady doesn’t win the race?
For the HYPE token holders, the olâ âbuy low, sell highâ game is paying off handsomely, with gains that would make even the most stoic investor crack a smile. The altcoin rocks an astonishing recovery of over 300% since April and is now hitting new highs. But let’s not count our chickensâor in this case, tokensâbefore theyâve hatched!
In a twist of corporate drama, HYPE welcomed its first treasury company, Tony G Co-Investment Holdings, which decided to buy 10,000 HYPE tokens for a mildly eye-watering $438.82K. It seems this little crypto saga is only getting started.
But hold your horsesâwhat of the fierce rivalry between HYPE and BNB? Which digital diva will offer better investor returns? According to the ever-intriguing HYPE/BNB ratio, it appears HYPE is winning by a hefty margin of over 230% since those fateful April lows.
With the moat appearing ever wider, who knows? HYPE may still have a better shot at returns, even as BNB nurses its wounds. The altcoin is trading at $38 at press time, the stage set for a dramatic showdown!
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2025-06-13 14:08