TLDR
- Hyperliquid still leads in perp DEX open interest with 62% despite volume share dropping to 8%
- HYPE token trading at $47.12, up nearly 5% in 24 hours with $12.7B market cap
- Analyst Patrick Scott argues Hyperliquid remains most investable perp DEX based on revenue and liquidity
- Community price target of $60 gaining traction as price forms higher lows
- Hyperliquid maintains ~$3M daily fee generation despite competition from Aster
Hyperliquid’s HYPE token has been making steady gains in recent days, even as the decentralized perpetual futures exchange faces intensified competition in the evolving DeFi landscape. The token is currently trading at $47.12, representing a nearly 5% increase in the last 24 hours, with a substantial market capitalization of $12.7 billion and daily trading volume exceeding $540 million.
The perpetual futures market has undergone significant transformation over the past few years. According to DeFi analyst Patrick Scott, perp DEXes have grown from less than 2% of centralized exchange (CEX) perpetual trading volume in 2022 to more than 20% as of last month. This shift indicates a broader trend of traders moving away from centralized platforms like Binance toward decentralized alternatives.
Despite this growth, Hyperliquid has experienced a notable decline in market share. Once commanding 45% of perp DEX volume, it has recently fallen to just 8%. Meanwhile, Binance-affiliated competitor Aster has seen explosive growth, reaching more than $270 billion in weekly trades. Other emerging platforms such as Lighter and edgeX have also posted impressive gains in activity with triple-digit percentage increases.
However, Scott maintains that Hyperliquid still stands out among its competitors for several key reasons. The exchange continues to generate strong revenue while trading at what he describes as reasonable multiples compared to peers.
Perhaps most importantly, Hyperliquid maintains dominance in open interest, controlling approximately 62% of the perp DEX open interest market. Scott emphasizes that unlike volume and revenue which measure activity, open interest measures liquidity and tends to be “much stickier.”
Expansion Beyond Perp Trading
Hyperliquid’s strategic expansion efforts could further strengthen its position in the broader DeFi ecosystem. These initiatives include the HyperEVM network, which already hosts over 100 protocols and $2 billion in total value locked.
The platform is also developing USDH, a stablecoin backed by reserves held with BlackRock and Superstate. Additionally, the HIP-3 initiative would enable builders to launch new perps markets by staking large amounts of HYPE, creating what Scott describes as a “supply sink” for the token.
These diversification efforts could potentially reduce Hyperliquid’s dependence on perpetual futures trading alone, creating multiple revenue streams and use cases for the HYPE token.
Technical analysts point to several bullish indicators for HYPE. The token has been forming higher lows after a corrective phase, establishing support around the $42 level. Moving averages are beginning to align favorably for bulls, with the Relative Strength Index (RSI) suggesting room for further upside.
The community has coalesced around $60 as a fair value target, with this psychological level becoming an anchor for expectations of HYPE’s next upward movement. Technical breakout levels to watch are between $44 and $49, where sustained closes would pave the way toward higher valuations.
Fee Revenue Demonstrates Resilience
Even as competition intensifies, Hyperliquid continues to generate approximately $3 million in daily fees. This consistent revenue stream provides evidence of the platform’s resilience and ability to maintain user engagement despite Aster’s growing market share.
Some community members speculate that “El Jefe” may introduce new mechanisms that could potentially increase daily fees to over $10 million. Such developments would significantly alter the competitive landscape, potentially reasserting Hyperliquid’s dominance despite recent challenges.
Scott does caution that his bullish thesis would be invalidated if Hyperliquid’s open interest or revenue were to materially decline, or if the USDH stablecoin failed to gain liquidity over the next year. For now, he maintains that Hyperliquid is better positioned than competitors that are relying heavily on incentive programs to drive growth.
HYPE token is currently available for trading on multiple exchanges with a daily volume of over $540 million, demonstrating continued strong interest from traders and investors despite the shifting market dynamics.
The post Hyperliquid (HYPE) Price: Token Reaches $47.12 as Analysts Set $60 Target appeared first on Blockonomi.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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