Hyperliquid spikes as Arthur Hayes predicts 126x upside in Tokyo

The native token powering the decentralized derivatives exchange Hyperliquid was one of the few tokens to post a gain over the 24 hours, as crypto entrepreneur Arthur Hayes told an audience in Tokyo he expects it to 126x over the next three years.

Hyperliquid (HYPE) has gained almost 4% over the last 24 hours and is now trading at $45.64 — though it briefly reached over $47 earlier in the day.

BitMEX co-founder Arthur Hayes made the forecast at the WebX 2025 conference in Tokyo on Monday local time.

Hayes said that stablecoin expansion would push the DEX’s annualized fees to $258 billion while its current annualized revenue is just $1.2 billion.

Hyperliquid is a decentralized exchange for perpetual futures, derivative contracts without an expiry date, allowing speculators to take leveraged positions on crypto assets without owning them.

Open perps, DEX volume at an all-time high

Hyperliquid total open positions hit an all-time high of 198,397 on Monday, according to the Hypertracker analytics platform.

Meanwhile, open interest, or the value of contracts yet to be settled, climbed above $15 billion, and total wallet equity peaked at $31 billion.

Hyperliquid DEX volume also hit an all-time high of $1.56 billion over the weekend, according to DefiLlama. Transaction fees have also reached July’s all-time high of $93 million so far this month.

DefiLlama also shows that the total value locked for the derivatives DEX is currently $685 million, just shy of its February peak.

Hyperliquid eating competition

Data provider Redstone published a comprehensive report on the exchange last week in which they said, “In a span of less than two years, they went from zero to consistently capturing over 75% of the entire decentralized perpetual exchange market,” previously held by dYdX.

Hyperliquid now processes up to $30 billion daily, “getting close to matching Binance’s volume on some pairs,” it added.

HYPE hit an all-time high of just below $50 on July 14 and is currently just 7% away from that peak.