Hyperliquid surpasses $4 trillion and launches prediction markets testing

Exchanges

The cumulative trading volume of perpetual futures on the Hyperliquid platform has exceeded $4 trillion. It took the project three years to reach this milestone.

Source: Reflexivity Research

The growth rate of trading volumes is accelerating. The exchange reached:

• the first $1 trillion in 733 days
• the second in 141 days
• the third in just 88 days
• the fourth in 141 days

The Hyperliquid Assistance Fund buyback volume exceeded $1 billion 15 months after the launch of the $HYPE token.

The project permanently removed 41.71 million tokens from circulation, representing 4.17% of total supply. At current prices, these assets are valued at approximately $1.35 billion.

Analysts at Reflexivity Research highlight the efficiency of the platform’s cyclical tokenomics: growing trading volumes generate more fees, which are used to buy back and burn tokens, gradually reducing the circulating supply of $HYPE.

Launch of prediction markets (HIP-4)

Hyperliquid developers launched the HIP-4 protocol on the testnet, introducing prediction markets.

At the initial stage, users have access to binary options tied to HyperCore base prices.

The new contracts:

• have a fixed expiration;
• are fully collateralized;
• operate within a fixed price range;
• do not use leverage;
• carry no liquidation risk.

The architecture supports multi-outcome markets, but at launch on the mainnet developers plan to limit it to one-day binary options on Bitcoin and the $HYPE token.

The main goal of this stage is testing technical reliability, smart contracts, and settlement processes.

The API for these markets works similarly to the spot trading API, and the documentation has already been published.

The team encouraged the community to test the protocol and report bugs.

$HYPE at $150

Former BitMEX CEO Arthur Hayes believes the $HYPE token could rise from about $34 to $150 by August.

He sees the main growth driver as liquidity migrating from centralized exchanges (CEX).

To reach this target, Hyperliquid’s projected annual revenue would need to increase from $843 million in March to $1.4 billion.

According to Hayes, this is achievable if the platform captures an additional 4% of the derivatives market from centralized exchanges, on top of its current 6% share.

The token’s price is also supported by the platform’s economic model — Hyperliquid allocates 97% of its revenue to buying back $HYPE from the open market.

Thus, increasing trading activity directly translates into demand for the token.

Democratization of TradFi

Hayes also highlighted the growing popularity of macro trading instruments on the platform.

Amid rising demand for traditional assets, the daily trading volume of perpetual oil contracts (CL-$USDC) exceeded $1.29 billion, surpassing the ETH-$USDC pair ($1.24 billion).

Contracts based on:

• oil
• gold
• silver
• U.S. stock indices

already generate about 10% of Hyperliquid’s revenue.

Hayes expects that further development of this segment could increase the exchange’s revenue by 160% in the coming months.

Technical analysis and token unlock effects

The Hayes-linked family fund Maelstrom previously correctly predicted a decline in $HYPE price due to a $11.9 billion token unlock.

Since then, the asset has fallen by about 40%.

From a technical analysis perspective, the daily chart shows a “cup and handle” pattern forming.

A strong breakout above $35.5 resistance could open the way to a short-term target of $50.

Source: Cointelegraph / TradingView

If buyers fail to maintain momentum, the price may pull back to support around $30, where:

• the 0.236 Fibonacci level
• the 50-day exponential moving average (EMA)

are located.

Earlier, on March 9, analyst Darkfost stated that rising oil prices are a negative factor for Bitcoin.

See also: "Kraken’s tokenized stock platform launches a points reward program"

#Hyperliquid (HYPE)

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