Hyperliquid Reports Record Trade Volume

Hyperliquid announced on social media platform X that its trade volume exceeded $22 billion in the 24 hours leading up to 11:41 p.m. ET on Monday. This figure surpassed the previous record of $21 billion set just a day earlier. Additionally, Hyperliquid reported $4.7 billion in open interest and $9.5 million in protocol revenue.

Meanwhile, data from DefiLlama indicates that Hyperliquid’s highest single-day perpetual trading volume occurred on January 18, reaching nearly $19 billion. On Monday, the perpetual trade volume was $13.4 billion, while Sunday’s volume stood at $15.6 billion.

The increase in trade volume is attributed to the recent listing of two memecoins: Official Trump (TRUMP) and Melania Meme (MELANIA), associated with U.S. President Donald Trump and First Lady Melania Trump. Hyperliquid allows users to trade these tokens with leverage of up to 3x for long and short positions.

Both memecoins experienced heavy volatility with significant price drops; the Official Trump cryptocurrency fell 28.3% to $41.37, and the Melania Meme token dropped 53% in the past 24 hours. This decline followed Trump’s inauguration, which lacked mentions of cryptocurrencies, contrary to expectations.

Hyperliquid, hosted on its custom Layer 1 blockchain, has become popular among DeFi users due to lower fees, higher speed, and a user interface similar to centralized exchanges. The Block’s data dashboard shows Hyperliquid processed over $235 billion in perpetual trade volume last month, part of a total perpetual protocol volume of $369 billion.

According to DefiLlama, Hyperliquid ranks as the fifth-largest decentralized derivatives exchange by estimated total value locked, following Jupiter Perpetual Exchange, Drift Trade, GMX, and dYdX.