DEX Growth Outpaces Centralized Giants

$HYPE According to analytics firm Artemis, Hyperliquid processed approximately $2.6 trillion in notional trading volume in 2025 — nearly double the $1.4 trillion recorded by Coinbase, one of the largest centralized exchanges globally.

This milestone highlights a powerful trend:

Traders are increasingly migrating toward on-chain trading venues, particularly platforms specializing in decentralized perpetual futures.

The growth suggests rising confidence in:

Self-custody trading models

Transparent on-chain liquidity

Permissionless market access

Competitive execution and low latency infrastructure

Hyperliquid is positioning itself at the center of this structural shift.

HIP-3 Markets Driving Momentum

A major catalyst behind this growth has been Hyperliquid’s permissionless perpetual markets (HIP-3).

These markets recently recorded $5.2 billion in daily trading volume, with strong participation in precious metal contracts such as silver.

The significance here is clear:

Traders are diversifying beyond traditional crypto pairs

Real-world asset exposure via perpetuals is gaining traction

On-chain derivatives are expanding beyond purely digital assets

This evolution reinforces the idea that decentralized exchanges are no longer niche alternatives — they are becoming serious competitors to centralized platforms.

Price Weakness vs Fundamental Strength

Despite impressive usage metrics, Hyperliquid’s token price has shown softness. This divergence between volume growth and price decline reflects broader market uncertainty and short-term sell pressure.

Such disconnects are not uncommon during market rotations, where fundamentals strengthen while speculative sentiment temporarily weakens.

Key Support Levels to Watch

From a technical perspective, the $25–$26 zone is a critical support region.

A sustained break below this level could expose downside toward $22.

However, stabilization above this range may trigger renewed accumulation.

If broader market conditions improve, strong protocol fundamentals could become a catalyst for sentiment reversal.

The Bigger Picture

The contrast between record trading volume and near-term price weakness underscores an important reality:

Hyperliquid’s ecosystem growth remains intact.

With trillions in annual volume, expanding permissionless markets, and rising participation in non-crypto derivatives, Hyperliquid is demonstrating that decentralized perpetual exchanges are not just a trend — they are reshaping market structure.

Whether price follows fundamentals in the near term will depend on market conditions, but the long-term trajectory of on-chain derivatives appears stronger than ever.

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