Hyperliquid becomes the world's most liquid cryptocurrency trading platform? HYPE token surges over 10% in response

“Hyperliquid has quietly reached an important milestone: becoming the most liquid trading venue in global crypto price discovery.” On January 27, 2026, Hyperliquid founder and CEO Jeff Yan announced this in his first tweet of the new year.

This brief message immediately sparked widespread attention in the cryptocurrency community. It not only announced a decentralized trading platform’s challenge to centralized giants in key metrics but also once again focused market attention on its native token HYPE.

01 Thunder in Silence

At the beginning of 2026, Jeff Yan dropped a heavy bomb in the crypto world with a tweet. Known for his low-profile and pragmatic approach, the founder unusually announced publicly: Hyperliquid has become the most liquid in global crypto price discovery.

To substantiate this claim, he directly attached a comparison chart of order book depth for BTC perpetual contracts on Binance and Hyperliquid. The chart clearly shows that at key price points, Hyperliquid’s order book density has surpassed.

This is not just a vague vision but a declaration based on on-chain verifiable order data. Jeff Yan further pointed out that, under the promotion of the HIP - 3 team, Hyperliquid has also grown into one of the platforms with the strongest liquidity in traditional financial asset perpetual contracts.

02 The Growth Engine Behind the Data

This milestone achievement did not come out of nowhere; it is backed by explosive growth in the Hyperliquid ecosystem data. On the same day, the official disclosed that the total open interest of its HIP - 3 decentralized exchange has exceeded $790 million, setting a new record.

This number grew by over 200% in just one month, mainly driven by a surge in market demand for trading traditional safe-haven assets like gold and silver amid global macroeconomic uncertainties.

The HIP - 3 protocol was launched in October 2025, allowing qualified developers to deploy their own perpetual futures markets on Hyperliquid’s HyperCore infrastructure.

Currently, the ecosystem’s TradeXYZ platform has become the largest HIP - 3 DEX, with a daily trading volume of approximately $129 billion, accounting for about 90% of the market share in this field.

03 Market Immediate Feedback: HYPE Token Soars

Stimulated directly by this series of positive news, Hyperliquid’s native governance and utility token HYPE recorded a significant increase of over 13% within 24 hours.

As of January 27, HYPE’s price successfully broke through the downward trend line that had persisted for over a month and stabilized above the 20-day exponential moving average, indicating a strong short-term bullish momentum.

For users seeking to trade HYPE, mainstream trading platforms like Gate offer a convenient and liquid trading environment. Investors can capture market dynamics in real-time and participate in trading through these platforms.

04 The Disruptor Jeff Yan and His “Outlier” Philosophy

Hyperliquid’s rise is fundamentally different from most crypto projects, deeply imprinting the unique philosophy of its founder Jeff Yan.

A former high-frequency trader and gold medalist in physics Olympiad, he chose a path of full self-financing and rejection of all venture capital.

“If Bitcoin had conducted Series A funding early on, Bitcoin today might not be what it is now,” Jeff Yan explained in an interview.

He believes that early internal advantages distributed through venture capital would leave permanent “scars” in the protocol’s history, which conflicts with his vision of building a fully neutral, permissionless infrastructure.

Therefore, Hyperliquid relies entirely on profits from its other trading company, Chameleon Trading, to support development. When the HYPE token was launched in November 2024, up to 31% of the supply was directly allocated to community users rather than venture capital firms.

05 More Than Just a DEX: A Future-Oriented Financial Underlying Network

Hyperliquid’s ambitions go far beyond becoming a high-performance decentralized perpetual contract exchange. Jeff Yan envisions building a layer 1 blockchain that underpins all financial activities.

The core of this network is a Layer 1 blockchain tailored specifically for high-frequency trading. It abandons general-purpose smart contract platforms and is built from scratch to support on-chain order books and sub-second finality.

This design enables it to handle up to 200,000 transactions per second, providing a user experience comparable to top centralized exchanges while maintaining full decentralization and non-custodial features.

Based on this high-performance infrastructure, Hyperliquid is evolving into a modular financial protocol layer. The HyperEVM, launched in early 2025, offers an Ethereum-compatible environment, allowing developers to directly build complex financial applications on it.

Today, applications like Felix (collateralized debt position protocol) and HyperLend (lending protocol) manage hundreds of millions of dollars in assets, forming a thriving ecosystem.

Market Impact and Future Outlook

The milestone event for Hyperliquid occurred after the unlocking of 12.46 million HYPE tokens on January 6. Facing potential market sell pressure, the platform’s substantial growth and milestone achievement have strongly supported the token price and market confidence.

This event clearly indicates that the competition in the DeFi derivatives track has escalated. Future success will depend not only on trading volume and user experience but also on ecosystem prosperity, protocol openness, and whether it can truly become the foundation of the next-generation financial infrastructure.

For traders, whether investing in HYPE or using Hyperliquid for low-slippage, high-liquidity derivatives trading, closely monitoring its technological iterations and ecosystem development is crucial.

Future Outlook

On Hyperliquid, the order book for gold perpetual contracts has first shown a smaller bid-ask spread than the New York Mercantile Exchange. A traditional commodities trader on social media lamented: “The scepter of price discovery is quietly slipping from Wall Street’s glass towers to globally distributed nodes.”

When Jeff Yan posted that deep order book chart surpassing Binance, he proved one thing: in the crypto world, the strongest fortress is often not built by loud marketing but by lines of silent code and real liquidity flowing.