Hyperliquid data has surged significantly, with contract open interest nearing mainstream trading platform.

Recently, the decentralized derivatives exchange Hyperliquid has once again become the focus of the crypto market. Despite facing challenges in the past, the platform is gradually challenging the position of traditional centralized exchanges with its outstanding data performance and rapid expansion of its ecosystem.

Core data hits a new high

On May 23, Hyperliquid's open interest reached $9.31 billion, more than doubling from the peak of $4.4 billion in December last year. Among these, Bitcoin and Ethereum accounted for about half of the contract holdings. This data is already comparable to some mainstream trading platforms, ranking between 5th and 7th in terms of Bitcoin contract holdings.

On the same day, Hyperliquid's trading volume reached $714 million, nearly tripling since the beginning of the month. In the past 30 days, the platform generated fees of up to $62 million, ranking 8th in revenue, surpassing several well-known public chains.

Significant increase in capital inflow

From early March to early April, Hyperliquid experienced a capital outflow, decreasing from $2.47 billion to $1.85 billion. However, with the return of large traders and the emergence of substantial contract orders, the capital inflow began to reverse. As of May 26, the net inflow has increased to around $3.5 billion, setting a new record. Since May, the average daily net inflow has reached $53 million, with the highest single-day net inflow hitting $240 million.

The recent influx of funds is closely related to some well-known traders opening large contracts on the platform. Their actions have become the focus of market attention, inadvertently promoting Hyperliquid. The transparency of these on-chain operations has become a unique advantage for the platform as a decentralized exchange.

Token Performance and Ecosystem Development

The governance token HYPE of Hyperliquid began to surge significantly after hitting a low of $9.3 in April. On May 27, HYPE reached a peak price of $39.9, an increase of approximately 329%, with a market capitalization exceeding $12.9 billion at one point, surpassing some well-known public chain tokens.

In terms of the ecosystem, Hyperliquid has also made progress. Several external DeFi protocols have begun deploying on the platform, while several platform-exclusive protocols have a TVL exceeding $100 million. As of May 27, Hyperliquid's TVL reached $1.46 billion, with the number of protocols increasing to 27, of which 16 are platform-exclusive. Several new protocols have launched point programs, presenting potential airdrop opportunities.

In addition, the platform has added multiple cross-chain bridge tools, supporting the direct transfer of more on-chain assets. In terms of stablecoin issuance, Hyperliquid ranks sixth with a market value of $3.6 billion, surpassing some public chains that have been established for a longer time.

Challenges Faced

Despite the good performance of most data, Hyperliquid still faces some challenges. The number of new users is growing slowly, with only a few hundred new users added daily, far below the initial levels of the platform. Although the number of daily active traders has increased, there is still a gap compared to centralized exchanges.

In terms of trading categories, Bitcoin, Ethereum, and Solana have long accounted for about 50% of the trading share, while other tokens find it difficult to break through, and newly launched tokens struggle to form a "listing effect". Recent token auctions have also been relatively quiet, with auction prices ranging between $20,000 and $30,000.

The previous security incident had a certain impact on the HLP treasury. Although the earnings have recovered and reached a new high, the deposit amount has not fully returned to the level before the incident, indicating that the trust of some large deposit users has not been completely rebuilt.

Overall, Hyperliquid has performed remarkably well recently, with significant growth in core data and high market attention. However, the growth of new users and the rebuilding of trust will still take time. Nevertheless, Hyperliquid has proven itself to be an emerging force in the trading platform space that cannot be ignored.