HYPE price rises as Hyperliquid nears $1 trillion milestone

The Hyperliquid token rebounded on Monday as the network approached a key milestone in trading volume.

The price of Hyperliquid (HYPE) rose to $25.80 on Monday, climbing more than 25% from its lowest level over the weekend.

Data compiled by DeFi Llama shows that Hyperliquid’s monthly trading volume surged to a record high of $366 billion in January, surpassing the previous month’s $341 billion.

Hyperliquid’s daily trading volume jumped by 57% on Monday, reaching $16.54 billion. Over the past seven days, the platform has handled nearly $60 billion in volume, bringing its cumulative trading volume to $842 billion. At this pace, the network is likely to surpass the $1 trillion mark this month.

Hyperliquid monthly volume | Source: DeFi Llama

Hyperliquid, the largest player in the perpetual futures industry, continues to gain market share against competitors. Its monthly volume of $58 billion far exceeded Jupiter’s $10.2 billion, dYdX’s $3.1 billion, and SynFuture’s $3.6 billion.

The surge in trading volume has led to a sharp increase in Hyperliquid’s protocol fees. Data from DeFi Llama shows that its monthly fees jumped to a record high of $51.4 million, up from $10.4 million a month earlier.